The city council hereby finds and determines that the issuance of bonds by the city for the purpose of providing a self-insurance reserve fund to pay tort judgments rendered against the city serves the public purposes of the city and constitutes a municipal affair which is a proper subject of legislation by the city as a charter city of the state of California. The city council further hereby finds and determines that the issuance of such bonds by the city is not inconsistent with or limited by the Charter of the city.
(Ord. 1664 §1 (part))