ARTICLE IX: MUNICIPAL BORROWING POWER
SECTION 9.01 GENERAL POWER.
   Subject to the applicable provisions of state law and this Charter, the Council, by proper ordinance, 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 evidence of indebtedness therefor, and may pledge the full faith and credit of the city for the payment of the obligation created thereby.
SECTION 9.02 BORROWING LIMIT.
   The net bonded indebtedness incurred for all public purposes shall not at any time exceed 10% of the assessed valuation of all the real and personal property in the city, provided that in computing such net bonded indebtedness there shall be excluded money borrowed for the following purposes: tax anticipation notes; special assessment bonds even though they are also general obligations of the city; and revenue bonds and any other obligations excluded by statute or the state constitution from such limitations.
SECTION 9.03 SPECIAL ASSESSMENT BONDS.
   Bonds issued in anticipation of the payment of special assessments may be an obligation of a special assessment district or districts and a general obligation of the city. All collections on special assessment rolls shall be set apart in a special fund and shall be used only for the purpose or purposes for which they were levied and for the payment of the principal and interest of any bonds issued in anticipation of the payment of such special assessments. If there be any deficiency in the special assessment fund to meet the payment of any such principal and interest, money shall be advanced from the general funds of the city to meet such deficiency and shall be replaced in such general fund when the special assessment fund shall be sufficient therefor.
SECTION 9.04 BOND ISSUANCE AND RECORDS.
   Each bond or other evidence of indebtedness shall contain on its face a statement specifying the purpose for which the same is issued, and it shall be unlawful for any officer of the city to use the proceeds thereof for any other purpose, and any officer who shall violate this provision shall be deemed guilty of misconduct in office. All bonds and other evidence of indebtedness issued by the city shall be signed by the Mayor and countersigned by the City Clerk, under the seal of the city. Interest coupons may be executed with the facsimile signatures of the Mayor and City Clerk. A complete and detailed record of all bonds and other evidences of indebtedness issued by the city shall be kept by the City Clerk.