Except as provided in this Chapter, obligations of the City may not be issued to pay current expenses. The Council may issue and sell general obligations pledging the full faith, credit and taxing powers of the City for any authorized corporate purpose except current expenses.
The Council may issue and sell revenue obligations for any public convenience from which a revenue is or may be derived. All obligations of the City, including obligations to finance facilities under the jurisdiction of the Public Utilities Commission, the Hospital Commission, or any other administrative commission are to be issued and sold by the City Council at the request of the respective administrative commission.