Sec. 54. Opening, closing, improving, etc. streets; collection of cost­Sinking fund, tax to pay; ad valorem taxation generally.

   The Council shall have the power by ordinance, and is hereby authorized to levy annually for general purposes, and for the purpose of paying the interest and providing a sinking fund on the outstanding indebtedness of the City, and for paying the interest and making provisions for the sinking fund on such future bond or note indebtedness as may be authorized, an ad valorem tax on all real and personal property within the territorial limits of said City and upon all franchises granted by the City to any individuals or corporations not exceeding a total tax of one dollar and seventy-five cents ($1.75) on each one hundred dollars ($100.00) appraised valuation of said property; and the Council shall have the power by ordinance to provide for the rendition of all property so subject for taxation and the assessment and collection of the taxes so levied thereon. (Prop. 1, 5-5-90)

Sec. 55. Reserved. (Prop. 1, 5-5-90)

ARTICLE VI. BONDS AND NOTES*

[Note]

Sec. 56. Appropriations for retirement and discharge, and for other purposes; limitations on borrowing.

   The Council shall have authority to appropriate so much of the revenue of the City emanating from whatever source for the purpose of retiring and discharging the bonded indebtedness of the City, and for the purpose of constructing, purchasing or otherwise acquiring and thereafter maintaining and operating a water works plant, electric light plant, sewer plant, gas plant, and all other public utilities; and for the purpose of improving the public parks, markets and streets, erecting, repairing and constructing City hospitals, City halls, and such other public improvements as they from time to time may deem expedient, and, in furtherance of these purposes, they shall have power to borrow money upon the credit of the City and issue coupon bonds of the City therefor in such sum or sums as they may deem expedient to bear interest not exceeding six (6) percent per annum, payable annually or semiannually at such places as may be fixed by ordinance; provided that the aggregate amount of the bonds issued or to be issued by the Council for the purpose above set out shall at no time exceed ten (10) percent of the property within the City subject to ad valorem tax. (Prop. 1, 5-5-90)

*Charter reference­Borrowing money to finance public utility, § 48.