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Section 7.13. City Indebtedness 1
Except as provided in Sections 7.14 and 7.15, no obligations shall be issued to pay current expenses, but the council may issue and sell obligations for any other municipal purpose in accordance with law and within the limitations prescribed by law. Such obligations which do not exceed $50,000.00 in any one issue may be issued and sold without approval of the electors of the city. Except where an issue of obligations does not exceed $50,000.00, or where an election is not required by some other provision of this charter or by state law, no such obligation shall be issued and sold without the approval of a majority of the electors of the city voting on the question at a general or special election.
1. Section 7.13 amended by Ordinance 476, 4-7-1975, effective 7-6-1975.