(a) Subject to the applicable provisions of law, the City may borrow money for any purpose within the scope of its powers or which may be permitted by law, and may issue bonds or other evidences of indebtedness therefor.
(b) All collections on special assessment rolls or on any combination of such rolls shall be set apart in a separate fund and shall be used for the purpose for which levied, and for the payment of the principal and interest of bonds issued in anticipation of such special assessments. As to such of said bonds as are also a general obligation of the City, if there is any deficiency in any special assessment fund to meet the payment of the principal or interest to be paid therefrom, moneys shall be advanced from the general funds of the City to meet such deficiency, and shall be replaced in the general funds when the special assessment fund shall be sufficient therefor.
(c) Each bond or other evidence of indebtedness shall contain on its face a statement specifying the purpose for which the same is issued, and the proceeds thereof shall not be used for any other purpose, except that whenever the proceeds of any bond issued, or a part thereof, remain unexpended and unencumbered for the purpose for which said bond issue was made, the Council may, by a unanimous vote, authorize the use of such unexpended and unencumbered funds:
(1) For the retirement of such bond issue; or
(2) If such bond issue has been fully retired, then for the retirement of other bonds or obligations of the City provided for by this section; provided that in the case of special assessment bonds, such funds shall be refunded to the owners of property against which special assessments therefor were made, pro rata according to payments made toward the total cost of the improvement for which the bonds were issued; or
(3) For such other purposes as may be permitted by law, subject to the proviso in paragraph (2) above; or
(4) If such funds cannot be used as above permitted, then in any manner approved by a unanimous vote of the Council.
(d) No bond or other evidence of indebtedness, regardless of type or purpose, shall bear interest at a rate exceeding that fixed by law.
(e) All bonds and other evidences of indebtedness shall be signed by the Mayor and countersigned by the Clerk, under the Seal of the City. Interest coupons may be executed with the facsimile signatures of the Mayor and Clerk. A complete and detailed record of all bonds and other evidences of indebtedness shall be kept by the City Treasurer. Upon the payment of any bond or other evidence of indebtedness, the same shall be marked "cancelled" or otherwise defaced by the City Treasurer to indicate payment.