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8.C. - Page 42 year in which the total balance in said General Reserve Account exceeds thirty percent of the total amount of the General Budget for that year, the eCouncil may appropriate such excess for any eCity purpose without returning the same. Section 62. SURPLUS RETURNED TO GENERAL FUND: At the close of each fiscal year, if all demands against each fund have been paid or satisfied, and all disputed or contested demands fully determined, the eCouncil shall direct the Auditor to transfer all surplus moneys to the general fund, except such surplus moneys as may be in the several interest and sinking funds and in such other funds the disposition of whose surplus moneys is otherwise provided for. (As amended March 4, 1975; certified by Secretary of State March 20,1975•) Section 63 deleted April 9, 1968, approved by Legislature April 29,1968, Stats.1968, Chapter 76. Section 64 deleted April 9, 1968, approved by Legislature April 29,1968, Stats.1968, Chapter 76. Section 65. BORROWING MONEY BY THE CITY: The eCity may borrow money for any municipal purposes by the issue and sale of bonds authorized by ordinance pledging the credit of the eCity or the property or revenue of any public utility owned by the eCity. Every ordinance authorizing a bond issue, except ordinances authorizing such bond issues as are specified in Section 66 of this Charter, shall be passed only by a two-thirds majority vote of the electors voting thereon at a regular or special election. No bond shall be issued on the credit of the eCity which will increase the bonded indebtedness thereof beyond fifteen percent (15%) of the assessed valuation of property in the eCity subject to direct taxation as shown by the last preceding valuation for eCity taxes; but bonds issued for the construction, acquisition, extension, or improvement of any income-producing utility owned by the eCity shall be deemed to increase the bonded indebtedness of the eCity only to the extent that such utility is not self-supporting. Every issue of bonds shall be payable within a term of years not to exceed the estimated period of usefulness of the property or improvement for which issued, and in no case to exceed thirty-five (35) years. The City eCouncil of said eCity is also authorized to proceed under any general law of the State of California now in effect or hereafter to be enacted with reference to bonding said eCity and creating a bonded indebtedness thereon. (As amended November 4, 2003, certified by Secretary of State March 5, 2004.) Section 66. BORROWING MONEY ON SHORT TERM NOTES: Bonds or notes issued in anticipation of the collection of special assessments, and bonds, notes, or registered warrants on the Treasury, issued in anticipation of the collection of taxes, may be authorized by the eCity eCouncil by ordinance and shall not be deemed the creation of debt within the meaning of Section 65 of this Charter. Bonds, notes, or registered warrants on the Treasury Page 35 of 45 ATTY/CHARTER AMENDMENTS/2017/2017 DRAFT CHARTER AMENDMENTS REV: 11-29-17 JS