It is the intention of Council that funding for the acquisition, construction and improvement of Brook Park Public Power shall be obtained by the issuance, from time to time as funds are required, of obligations by the City. It is the intention of Council that, to the maximum extent possible, such obligations shall be self-supporting obligations, the principal and interest and premium, if any, on which shall be paid from the revenues of the City's electric utility. Such obligations may consist of revenue obligations authorized and issued by the City pursuant to Article XVIII, Section 12 of the Ohio Constitution, other revenue obligations issued under authority of Article XVIII, Section 3 of the Ohio Constitution or general obligations of the City issued in accordance with Ohio law. To the extent that Council determines it to be in the best interest of the City to do so, Council may authorize the issuance of notes in anticipation of the issuance of long-term obligations to provide financing for Brook Park Public Power.
(Ord. 7711-1992. Passed 4-21-92.)