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The Downtown Development Authority may, from time to time, issue bonds to finance capital improvements provided for under the development plan. Under no circumstances shall total bonded indebtedness for all primary capital improvements under the development plan exceed the debt limitation established in the plan, as it may be amended. Prior to the issuance of any debt, the Downtown Development Authority shall obtain the approval of the City Council. In review of annual downtown development budgets, the City Council shall be required to approve such revenues and expenditures as may be necessary to meet service payments on debt initially authorized by the City Council.
(Prior Code, § 1.293) (Ord. 426, passed 5-16-1983)