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Sec. 55. Borrowing Power of City Generally Bond Authorization Ordinances Procedure For Borrowing Pledging of Faith and Credit of City Tax Levy For Payment of Indebtedness.

The document discusses the city's borrowing power and ability to issue bonds. It states that the city may borrow money and incur debt for public purposes by issuing general obligation bonds, bond anticipation notes, or other forms of debt. Bond authorization ordinances do not require referendum and take effect upon final passage. The council determines terms of bond issuance and sale in accordance with the city's debt policy.

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52 views1 page

Sec. 55. Borrowing Power of City Generally Bond Authorization Ordinances Procedure For Borrowing Pledging of Faith and Credit of City Tax Levy For Payment of Indebtedness.

The document discusses the city's borrowing power and ability to issue bonds. It states that the city may borrow money and incur debt for public purposes by issuing general obligation bonds, bond anticipation notes, or other forms of debt. Bond authorization ordinances do not require referendum and take effect upon final passage. The council determines terms of bond issuance and sale in accordance with the city's debt policy.

Uploaded by

Matthew Gates
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Sec. 55.

 Borrowing power of city generally; bond authorization ordinances; procedure for


borrowing; pledging of faith and credit of city; tax levy for payment of
indebtedness.
In addition to any other borrowing power which the city may presently have, from whatever source derived,
and notwithstanding any other provision or limitation of public general or public local law:
the city may borrow money and incur indebtedness, from time to time, for any public purpose, and evidence
that borrowing or indebtedness by the issue and sale of its general obligation bonds, notes issued in
anticipation thereof, or other evidences of indebtedness (hereinafter collectively referred to as "bonds").
All bonds shall be authorized by ordinance, which ordinance shall not be subject to the referendum
provisions of section 12 of this Charter and shall be fully effective upon its final passage. The council shall
have the power to determine by such ordinance the form and terms and all other matters concerning the
issuance and sale of the bonds. The sale of bonds shall be in accordance with the city's debt policy, adopted
by resolution by the council.
(Ord. No. CA-5-82, § 1; Res. No. CA-8-16, § 1, 6-6-16 )

Created: 2021-03-31 19:29:43 [EST]

(Supp. No. 41, Update 2)

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