The municipality may borrow money for any public purpose, and issue its evidences of indebtedness therefor.
(a)
No general obligation bonded indebtedness may be incurred unless authorized by the assembly and ratified by a majority vote of those in the municipality voting on the question, except that refunding bonds may be issued without an election.
(b)
Tax or revenue anticipation notes shall be repaid within 12 months from their date of issuance. When the taxes or revenues anticipated are not received within this time, the assembly may renew the notes for a period not to exceed six months.
The assembly by ordinance shall provide for the form and manner of sale of bonds and notes including reasonable limitation upon the sale of bonds and notes to financial consultants of the municipality.
An action challenging the validity of obligations of the municipality or of an election or tax levy with respect to an obligation may be instituted only within 30 days after the adoption of the ordinance or resolution or certification of the election results, as the case may be.
Proceeds derived from the sale of obligations shall be used solely for the purposes for which the obligations were issued, or for payment of principal or interest or other charges with respect to the obligations.