1.   Notice and hearing shall be as provided by state law.
   2.   Unless authorized by the electors of the City at a duly held referendum election, the City Commission shall not authorize or allow to be authorized, the issuance of revenue bonds or enter into lease purchase contracts or any other unfunded multi-year contracts for the purchase of real property or the construction of any capital improvement, the repayment of which extends beyond the end of any fiscal year. (Approved by the voters of the City of Lake Mary at the Election held on Nov. 5, 1991)
   3.   Water and Sewer Enterprise Fund. In order to meet a public emergency affecting the safety, health and welfare of the citizens, to meet regulatory conditions imposed, or to avoid a financial loss to the utility and where the requirements cannot be met through the prudent use of existing reserves, by the affirmative vote of three members of the Commission the City may, by ordinance, incur debt in the Water and Sewer Enterprise Fund. The debt must be used within the water and sewer enterprise fund and must be retired from revenues derived from the sale of water and sewer services. The maturity of the debt shall not exceed 80% of the expected useful life of the assets purchased. This paragraph supersedes limitations provided for on the issuance of debt provided for on the issuance of debt provided elsewhere in this Charter.
(Amendment approved by voters 9-1-87; amendment approved by voters 11-8-88; amendment approved by voters 11-4-92; amendment approved by voters 1-31-12)