When an issue of municipal bonds is proposed, before the same may be authorized, the Director of Finance shall prepare and furnish to the Mayor and to the Council a statement showing the condition of the City' s bonded indebtedness, if any, of the class of the proposed issue, and payable out of the same resources, including amounts and times of maturity of such outstanding bonds, and the state of the present resources out of which they are payable. If the proposed bond issue is for local improvements, the statement shall show the amount of bonded indebtedness for local improvements then outstanding, any portion of which is to be paid as the City's share thereof.
(Amended by electors 11-3-92)