Subject to the applicable provisions of law as the same are now or may hereafter be enacted, the City may borrow money for any purpose within the scope of its powers, and may issue bonds or other evidence of indebtedness therefor. Such bonds or other evidence of indebtedness shall include but not be limited to:
(a) General obligation bonds which pledge the full faith and credit of the City for the payment thereof.
(b) Special assessment bonds which are issued in anticipation of the payment of special assessments for public improvements in a special assessment district or combination thereof, which bonds may be either an obligation of the special assessment district or districts, or both an obligation of such district and a general obligation of the City.
(c) Revenue bonds as authorized by law.
(d) Mortgage bonds for the acquiring, owning, purchasing, constructing, improving or operating of any public utility which the City is authorized by law to finance in this manner, or for such other purposes as may be authorized by law.
(e) Bonds issued in anticipation of future payments from the motor vehicle highway fund or any other source which the City may be permitted by law to pledge for the payment of principal and interest thereof.
(f) Tax anticipation notes as authorized by law.
(g) Calamity bonds issued in case of fire, flood, or other calamity as authorized by law.
(h) Bonds for the City's share of the cost of local improvements, which bonds may be issued as a part of, or independently of, any issue of special assessment bonds which are issued for the same improvement or improvements.
(i) Bonds for refunding indebtedness of the City.
(j) Time-purchase contracts as authorized elsewhere herein.
(k) Any other purpose recited in general law.
Each bond or other evidence of indebtedness shall contain on its face a statement of the purpose for which the same is issued and no officer of the City shall use the proceeds thereof for any other purpose, except that, whenever the original proceeds of any bond issued or a part thereof, remain unexpended and unencumbered for the purpose for which said bond issue was made, the City Council may authorize the use of such unexpended and unencumbered fund as permitted by law:
(a) For an additional extension or improvement of the facility or project for which the bond issue was made.
(b) For the retirement of such bond issue.
(c) If such bond issue has been fully retired or funds are segregated which are adequate for such purpose, then for the retirement of other bonds or obligations of the City.
(d) If there is no other indebtedness, or funds are segregated which are adequate for such purpose, then for such other purposes as may be permitted by law.
All collections on each special assessment roll or combination of rolls, in anticipation of which bonds have been issued, shall be set apart in a separate fund (but not necessarily a separate bank account) and shall be used for the purpose for which levied and for payment of the principal of and interest on such bonds. If there is any deficiency in a special assessment fund to meet the payment of the principal and interest to be paid therefrom, monies shall be advanced from the general fund of the City to meet such deficiency and shall be replaced in the general fund when the special assessment fund shall be sufficient therefor.
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