Whenever the Council, by resolution, deems it necessary and advantageous, it may borrow money from any bank for the purpose of financing any authorized capital improvement or other purpose as allowed by this Charter or by law. Such loans shall be payable within a maximum period of ten (10) years and shall be issued on such terms and in such manner as the Council may determine. If the amount of the obligations to be issued exceeds twenty-five hundredths of one percent (0.25%) of the assessor's latest gross market value, as finally equalized, of all taxable property within the City, excluding money and credits, they shall not be issued for at least ten days after publication in the official newspaper of a Council resolution determining to issue them; and if before the end of that time, a petition asking for an election on the proposition signed by 100 registered voters is filed with the City Administrator, such obligations shall not be issued until the proposition for their issuance has been approved by a majority of the votes cast on the question at a regular or special election. A tax levy shall be made for the payment of the principal and interest on such obligations as in the case of bonds as prescribed by law. In addition, the City may borrow money in accordance with the provisions of this section from sources other than banks.
(Source: Ordinance No. 64, Third Series; Effective Date: 4-11-89)