The water revenue bond ordinance shall fix the details of the bonds to be issued, including their date, number, denomination and maturity, which cannot exceed 40 years from their date and their maximum rate of interest which shall not exceed eight percent per annum. The bonds shall be sold in such manner as may be determined in the water revenue bond ordinance and they shall be sold at a price of not less than par. The water revenue bond ordinance shall further provide that it will be plainly stated on the face of each water revenue bond that the same has been issued under and pursuant to the provisions of this ordinance and that such water revenue bond does not constitute an indebtedness of the City of Chicago within any constitutional or statutory provision or limitation as to debt. The water revenue bond ordinance shall further set forth and contain such provisions and covenants as may be deemed necessary or advisable for the assurance of the prompt payment of the water revenue bonds thereby authorized and as may be thereafter authorized and including the prompt payment of water revenue bonds or certificates theretofore issued and which by their terms are payable from the revenues of the Chicago Water System and may be then outstanding.
(Prior code § 7-69)