Section 9.1 Within the limits of, and subject to the applicable provisions of the state law and this charter, the council, by proper ordinance or resolution, may authorize the borrowing of money for any purpose within the scope of the powers vested in the city and the issuance of bonds of the city or other evidences of indebtedness therefor, and may pledge the full faith, credit, and resources of the city for the payment of the obligation created thereby. The city shall also have power to issue special assessment, mortgage, revenue, or other types of bonds, beyond the debt limits fixed by law for the issuance of bonds or other evidences of indebtedness which are a general obligation of the city, in the manner and for the purpose permitted by this charter, the Constitution, and general laws of the State of Michigan. All collections on special assessment rolls shall be set apart in a special fund for the payment of principal and interest of any bonds issued in anticipation of the payment of such special assessments, and shall be used for no other purpose until such principal and interest shall have been paid or an amount accumulated in said fund which shall be sufficient to pay such principal and interest as the same shall fall due. No issued or unissued bonds to secure funds for any purpose other than that for which they were specifically authorized.
Section 9.2 All bonds or other evidences of indebtedness issued by the city shall be signed by the mayor and countersigned by the clerk under the seal of the city. Interest coupons may be executed with the facsimile signature of the mayor and clerk. A complete and detailed record of all bonds and other evidences of indebtedness issued by the city shall be kept by the clerk or other designated officer. On the payment of any bond or other evidence of indebtedness the same shall be cancelled.
Section 9.3 The city may enter into installment contracts for the purchase of property or capital equipment. Each such contract shall not extend over a period greater than that permitted by law. The total amounts of principal payable under all such contracts shall not exceed a sum permitted by law. All such deferred payments shall be included in the budget for the year in which installment is payable.