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A. Acquisition: The city may acquire by purchase, gift or eminent domain any land suitable for park or recreational purposes, to improve same for such use and to appropriate and expend such sums each year for said purpose out of any monies in the park fund as the council shall direct; provided that the tax levy for the purpose shall be subject to all legal tax limitations and restrictions.
B. Bonds: Whenever the council shall deem it advisable to acquire, improve or equip one or more tracts of land for such use, it may issue and sell bonds to defray the cost and shall, by resolution, determine the amount of same, the form of the bonds, when payable, the denominations of same, the dates of the maturity and the rate of interest thereon, and the full faith and credit of the city shall be and is hereby pledged to the payment of the principal and interest of such bonds at their maturity, and the council shall, each year, include in the tax levy a sufficient amount for the payment of interest as it accrues and the accumulation of a sinking fund for the redemption of the bonds at their maturity.
C. Proceeds Of Bond Sales: The proceeds of any and all bonds issued and sold under authority of this section shall be used only for the purpose enumerated in this section. (Ord. 144; amd. 1967 Code §22.01)