Skip to code content (skip section selection)
Subject to applicable provisions of law and this Charter, the Council may, by ordinance or resolution, authorize the borrowing of money for any purpose within the scope of powers vested in the City and permitted by law and may authorize the issuance of bonds or other evidences of indebtedness therefor. Such bonds or other evidences of indebtedness shall include, but not be limited to, the following types:
(a) General obligation bonds which pledge the full faith, credit, and resources of the City for payment of such obligations.
(b) Notes issued in anticipation of the collection of taxes, but the proceeds of such notes may be spent only in accordance with appropriations as provided in Section 7.7.
(c) In case of fire, flood, wind storm, or other calamity, emergency loans due in not more than five (5) years for the relief of inhabitants of the City and for the preservation of municipal property.
(d) Special assessment bonds issued in anticipation of the payment of special assessments made for the purpose of defraying the cost of any public improvement or in anticipation of payment of any combination of such special assessments; such special assessment bonds may be an obligation of the special assessment district or districts alone, or may be both an obligation of the special assessment district or districts and a general obligation of the City.
(e) Mortgage bonds for acquiring, owning, purchasing, constructing, improving or operating any public utility which the City is authorized by this Charter or by law to acquire or operate.
(f) Bonds for the refunding of the funded indebtedness of the City.
(g) Revenue bonds as authorized by law which are secured only by the revenues from a public improvement or public utility and do not constitute a general obligation of the City.
(h) Bonds issued in anticipation of future payments from the Motor Vehicle Highway Fund or any other fund of the State or Federal Government which the City may be permitted by law to pledge for the payment of principal and interest thereof.
(i) Budget bonds, which pledge the full faith, credit, and resources of the City, in an amount which, in any year, together with the taxes levied for the same year, will not exceed the limit of taxation authorized by this Charter.
(j) Bonds which the City is, by any general law of the State, authorized to issue, now or hereafter, which shall pledge the full faith, credit and resources of the City or be otherwise secured or payable as provided by law.