The Council may enter into installment contracts for the purchase of property or capital equipment. Each of such contracts shall not extend over a greater period than 20 years nor shall the total of principal payable under all such contracts exceed the sum of $100,000.00. All such deferred payments shall be included in the budget for the year in which the installment is payable.
(char. eff. Dec. 5, 1955; amend. eff. Mar. 12, 1979)