The frontiersman., 1962-04-19
CHAPTER xI MUNICIPAL BORROWING F,NFRAI AITTHOPJZATJ I'D

WHAT Gn Nt
 MUNICIPAL BORROWING GENERAL AUTHORIZATION TO BORROW MONEY
 Section Ill.
 ta) The City shall have the power to borrow money for any public purpose and to issue its evidences of indebted ness therefor. Such evidence of indebt- edness shall include. but not be limited to those enumerated in the following three categories:
 Q Bonds for capital improvements authorized by the Council and ratified by a majority of the electors qualified under Section 10.3 (b) and who vote thereon. voting at any regular or spec ial election;
 ta) General obligation bonds, the principal and interest of which are payable from taxes levied upon the taxable real and personal property in the city. and from any other sources of revenue and for the payment of which the full faith and credit of the city are pledged without limitation as to rate or amount:
 (b) Special assessment bonds which are issued in anticipation of the pay ment of special assessments, or any combination of two or more special as- sessnents. which bonds shall be both on obligation of the special as-
 
 eral obligation of the city;
 tc) General obligation bonds which are also secured by the revenue from a revenue producing utility, such bonds being issued for the acquisition, con- struction. or improvement of the utility:
 t2) Revenue bonds which are secur- ed only by the revenue producing pub lie utilities and do not constitute a gen. eral obligation or debt of the city Such revenue bonds shall be authorized by the Council and ratified by a majority of the electors qualified under Section 1o.3(a):
 t3) Those bonds and other obliga- tons which may be authorized by the Council and do not require ratification by the qualified electors of the City;
 ta) Revenue or tax anticipation notes which may be issued in antici- patton of the collection of any rev. enues. including taxes. in or during the current fiscal year of the City for the purpose of meeting appropria- tions during the year;
 tp) Disaster bonds or notes to be issued in case of fire. flood, wind, ex- plosion, war damage. volcanic action. earthquake. or other calamity for the preservation and rehabilitation of municipal capital improvements. in sum not to exceed two percent of the assessed value of all the real and personal property in the city. and due m not more than ten years:
 tc) Notes for loans from accuunu- lated reserves of the city on a defin- ite plan for the repayment thereof ana of isterest thereon as provided by the Council;
 'ol Bonds or notes on which a vote or the electorate is not required may be aothorized by the Council. No such ponds or notes shall be issued. how ever, until not less than thirty days nave passed from the date of Council authorization. The purpose of this sec tion IS to provide the electors of the city an opportunity to exercise their risnt for referendum. Disaster bonds or notes may be issued Immediately up- the Council. ' N- '' tel Each bond or other evidence of inoeotedness shall contain on it's face a statement specifying the purpose for wnhcn 1t is issued. No officer of the eny snail use the proceeds thereof for any other purpose. except that when eser tne proceeds of any bond issue pr part thereof remain unexpended
 lConfinued on page III