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The City shall have power to borrow money and to issue revenue bonds or other such evidences of indebtedness therefor, the principal and interest of which are payable solely out of, and the only security of which is, the revenues of revenue-producing utilities and enterprises; but only when authorized by the Council for the acquisition, construction, reconstruction, repair, improvement, extension, enlargement, and/or equipment of said utilities and enterprises, and ratified at an election by a majority of those qualified to vote and voting on the question. Revenue bonds issued to pay the cost of a facility to be used by ten (10) customers or less for the purpose of promoting economic development in and around the City, may be authorized by the Council without an election if the debt is payable solely by the users.

(Amended by Proposition, February 13, 1979.)