Whenever the Council, by resolution, deems it necessary and advantageous, it may borrow money from any bank for the purpose of financing any authorized capital improvement or other purpose as allowed by this Charter or by law.
Such loans shall be payable within a maximum period of seven years and shall be issued on such terms and in such manner as the Council may determine.
If the amount of the obligations to be issued to finance any such purchase exceeds one percent of the assessed valuation of the City, excluding money and credits, they shall not be issued for at least thirty days after publication in the official newspaper of a Council resolution determining to issue them; and if, before the end of that time, the petition asking for an election on the proposition, signed by at least a number equal to fifteen percent of the number of voters casting ballots in the last regular City election, is filed with the person designated by the Council, such obligations shall not be issued until the proposition for their issuance has been approved by a majority of the votes cast on the question at a regular or special election.
A tax levy shall be made for the payment of the principal and interest on such obligations as in the case of bonds as prescribed by law.
In lieu of borrowing money by bank loans as authorized by this Section, the Council may issue any other form of legal City obligation as allowed by law or by this Charter.