SECTION 6.05. COUNCILMANIC BONDS.

Council’s right to issue bonds, or notes in anticipation of such issuance, shall be subject to the limitations now or hereafter provided by the Constitution and the Laws of Ohio and the further requirement that the Finance Director establish, set aside, and maintain a cash reserve in an amount equal to 20% of the outstanding principal balance, at any time, of the bonds or notes issued.

(Enacted May 4, 2010)