The council can, by a vote of five (5) of its members, establish by ordinance, a permanent improvement revolving fund for the purpose of financing public improvements, and can, by the same vote, authorize the issuance of general obligation bonds for the establishment and operation of the fund, or for increases in monies required for the operation of the fund. Expenditures can be made from the permanent improvement revolving fund only (1) for an improvement, the obligation for which is payable wholly or partially from the proceeds of special assessments levied or to be levied upon property specially benefited by the improvement, provided an ad valorem tax is levied, or other monies pledged for that portion of the expenditure not specially assessed or (2) for any public convenience from which revenue is or can be derived, provided, that the full faith and credit of the city is pledged to replace any deficiencies in such revenues or (3) for any other public improvement for which the issuance of general obligation bonds of the city is authorized, either by statute or this charter; provided that all requirements for the issuance of the general obligation bonds are complied with and the full faith and credit of the city are pledged to repay the expenditures to the permanent improvement revolving fund according to the laws authorizing the issuance of general obligation bonds.
(Section 7.14 amended by Ord. 2004-8, passed 4-5-2004; Ord. 2017-27, passed 7-24-2017)