§ 8.11. Bonds and Financial Obligations.
The council may by ordinance authorize the issuance of any tax or revenue bonds, refunding bonds, certificates of obligation, warrants, notes, certificates of participation, tax anticipation notes or other evidence of indebtedness or obligation, for any permanent public improvement or any emergency, or any other public purpose not prohibited by law, subject only to the following limitations:
(a)
no general obligation bonds, other than refunding bonds, shall be issued except as approved by a majority vote at an election held for such purpose;
(b)
no indebtedness or obligation shall be issued except in compliance with the requirements of state law;
(c)
no form of indebtedness other than general obligation bonds approved by public vote may be issued without public notice and a public hearing being held in compliance with state law; the published notice shall clearly summarize the relevant statutory provisions providing for a petition and election, if any;
(d)
the authorization for bonds authorized but not issued shall expire ten years after the date of authorization;
(e)
the issuance of indebtedness of obligation should not have a repayment period greater than the life of the asset(s) as defined by General Accepted Accounting Principles purchased through the issuance of these indebtedness or obligations;
(f)
no indebtedness or instrument of obligation exceeding 5% of the annual assessed valuation of the city shall be issued without a binding referendum being placed on the ballot approving such expenditure.
( Ord. No. 889 , § 3(Props. 9, 10), 2-2-2016)