Subject to the applicable provisions of state law and this Charter, the Council, by proper ordinance or resolution, may authorize the borrowing of money for any purpose within the scope of the powers vested in the village and the issuance of bonds of the village or other evidence of indebtedness therefor, and may pledge the full faith, credit, and resources of the village for the payment of the obligation created thereby; provided that the net bonded indebtedness incurred for all public purposes shall not at any time exceed ten (10) per centum of the assessed value of all real and personal property in the village. The village shall also have power to issue special assessment, mortgage, revenue, or other types of bonds, beyond the debt limits fixed by law for the issuance of bonds or other evidence of indebtedness which are a general obligation of the village, in the manner and for the purpose permitted by the Charter, the Constitution, and the general laws of the State of Michigan, including Act. No. 278, P. A. 1909, under which the village is incorporated. Bonds issued in anticipation of the payment of special assessments may be an obligation of the special assessment district or may be both an obligation of the special assessment district and a general obligation of the village. 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, monies shall be advanced from the general funds of the village to meet such deficiency and shall be replaced in such general fund when the special assessment fund shall be sufficient therefor. Bonds issued by the village shall bear interest, as determined by the Council, up to the maximum amount allowed by law and the Constitution; provided, however, no bond shall bear interest at a rate higher than 1% above the highest rate paid on a bond of the County of Oakland issued during the 12 month period immediately preceding the date the interest rate on the bond is determined.
(Adopted 3-13-67; Amended 12-9-85)