(A) All long-term indebtedness in the form of bonds, notes or lease purchase obligations shall be incurred in the manner provided by law.
(B) Once lawfully incurred, the Town Treasurer shall make payments of principal and interest on the debt in accordance with the terms specified by the lender without further approval of the governing body.
(C) The manner of payment shall be consistent with the manner used for payment of goods and services.
(D) Current balances on outstanding debt shall be maintained by the Town Treasurer in the appropriate journals.
(Ord. 95-11-1, passed 11-7-1995)