The City may borrow money for any municipal purpose as provided herein and issue the following securities to evidence such indebtedness:

(a) Short-term notes;

(b) General obligation bonds and other like securities;

(c) Revenue bonds and other like securities;

(d) Special or local improvement bonds and other like securities;

(e) Any other legally recognized security which the Council may provide.

The City, upon the affirmative vote of the majority of the entire Council in office at the time the vote is taken is hereby authorized to borrow money without an election in anticipation of the collection of taxes or other revenues and to issue short-term notes to evidence the amount so borrowed. Any such short-term notes shall mature before the close of the fiscal year in which the money is so borrowed except as is permitted in the provision of this Charter pertaining to Emergency Appropriations.

(a) No bonds or other evidence of indebtedness payable in whole or in part from the proceeds of general property taxes or to which the full faith and credit of the City is pledged, shall be issued, except in pursuance of an ordinance adopted and approved by two-thirds (2/3) vote of the entire Council, or until the question of their issuance shall, at a general or special election, be submitted to a vote of the electors and approved by a majority of those voting on the question.

(b) The Council shall determine which of the aforementioned methods of approval of such securities shall be utilized subject to the limitations of subsection 14.3(c) below.

(c) Pursuant to subsection (a) above, the Council may, without voter approval, issue such securities in total amounts not to exceed two percent (2%) of the assessed valuation of the taxable property within the City, as shown by the last preceding assessment for city purposes.

(d) General obligation bonds issued for acquiring water and rights thereto, or acquiring, improving or extending a City water system or sewer system or any combination of such purposes may be so issued without an election and upon a vote of approval by a majority of two-thirds (2/3) vote of the entire Council, without the restrictions contained in this section.

(e) The provisions of this Section shall not apply to Short-Term Notes, Revenue Bonds, Refunding Bonds, nor Special or Local Improvement District Bonds, which are provided for elsewhere in this Chapter.

The City, pursuant to ordinance, and without an election, may borrow money, issue bonds, or otherwise extend its credit for purchasing, constructing, condemning, otherwise acquiring, extending or improving a water, electric, gas or sewer system, or other public facility or income-producing project or for any other capital improvement; provided that the bonds or other obligations shall be made payable from the net revenues derived from the operation of such system, utility or other such project or capital improvement, and provided, further, that any two or more of such systems, utilities, projects or capital improvements may be combined, operated and maintained as joint municipal systems, utilities, projects or capital improvements, in which case such bonds or other obligations shall be made payable out of the net revenue derived from the operation of such joint systems, utilities or capital improvements.

In addition to the provisions of Section 14.4 relating to Revenue Bonds, the City shall have the authority to issue revenue bonds payable from the revenue and income of the project, facility, or improvement to be constructed or

installed with the proceeds of the bond issue, or payable in whole or in part from the available proceeds of a City sales and use tax which may be imposed pursuant to this Charter.

(a) The Council may authorize, by ordinance, without an election, issuance of refunding bonds or other like securities for the purpose of refunding and providing for the payment of the outstanding bonds or other like securities of the City as the same mature, or in advance of maturity, by means of an escrow or otherwise.

(b) Any refunding bonds or other like securities issued for the purpose of refunding revenue bonds or other revenue securities shall be payable from the revenues of the system, utility, income-producing project or other capital improvement that was acquired, extended or improved with the proceeds of the original bond issue.

The aggregate amount of bonds or other evidences of indebtedness of the City shall not exceed ten percent (10%) of the assessed valuation of the taxable property within the City as shown by the last preceding assessment for City purposes; provided however, in determining the amount of indebtedness, there shall not be included within the computation:

(a) Bonds or other evidences of indebtedness, outstanding or authorized to be issued for the acquisition, extension or improvement of a municipal water-works system, or municipal storm sewer, sanitary sewer, combined storm and sanitary sewers, or sewage disposal systems;

(b) Short-term note;

(c) Special or local improvement securities;

(d) Securities payable from the revenues of an income-producing system, utility, project, or other capital improvement or from City sales or use taxes.

(e) Long-term installment contracts other than real property acquisitions, rentals and leaseholds pursuant to Section 14.9.

(a) The terms and maximum interest rate of general obligation or revenue bonds or other like securities shall be fixed by the authorizing ordinance and such securities shall be sold to the best advantage of the City.

(b) Any refunding bond may be exchanged dollar for dollar for a bond refunded.

(c) All bonds may contain provisions for calling the same at designated periods prior to the final due date, with or without the payment of a prior redemption premium.

(a) In order to provide necessary land, buildings, equipment, and other property for governmental or proprietary purposes, the City is hereby authorized to enter into long-term installment purchase contracts and rental or leasehold agreements. Such agreements may include an option or options to purchase and acquire title to such property within a period not exceeding the useful life of such property. Each such agreement and the terms thereof shall be concluded by an ordinance duly enacted by the Council.

(b) The Council is authorized and empowered to provide for the said payments by a tax levy imposed upon property included within the boundaries of the City, or by rates, tolls or service charges imposed for the use of such property or any part thereof by others, or by any other available municipal revenue, or by any one or more of the above sources.

(c) The obligation created hereunder shall not constitute an indebtedness of the City within the meaning of the legal limitations on contracting of indebtedness by cities.

(d) Property owned, held or used by the City shall be exempt from taxation so long as it is owned, held or used by the City for authorized City functions.