The Council shall not borrow money or issue bonds in excess of one-half of one percent (1/2%) of the State equalized valuation, but not to exceed sixty thousand dollars ($60,000), unless authorized by the electors of the City at an election wherein the question is lawfully submitted. Before any borrowing is authorized by the Council, it shall, by an affirmative vote of at least five members, declare by resolution the necessity for such borrowing, the amount proposed to be borrowed and the purpose thereof.
(Amended November 3, 1970)