Whenever it shall be deemed advisable to issue bonds for any public, municipal purpose or purposes, the City Council is hereby authorized to issue bonds of said municipality under the seal of the corporation in an amount not to exceed fifteen (15) per centum of the assessed value of the taxable property within the limits of said City, said value to be determined by the latest completed assessment roll of the City, which shall be signed by the Mayor, counter-signed by the President of the City Council and attested by the City Manager with interest coupons attached, which shall be signed in a like manner.
(Ord. 956-06, passed 5-8-06, addition adopted by electorate 4-11-06)