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Page 36 of 45 ATTY/CHARTER AMENDMENTS/2018/2018 DRAFT CHARTER AMENDMENTS REV: 06-25-18 VR The City cCouncil of said cCity 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 cCity 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 cCity cCouncil 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 issued in anticipation of the collection of the taxes of any fiscal year shall be issued only during the first four months of such fiscal year, and each such bond, note, or warrant shall specify that it is payable solely out of the revenues of the fiscal year in which issued, and before the close of such year) and shall not bear a higher rate of interest than four (4) per cent per annum more than the average of the rates of interest per annum paid to the City during the three (3) months next preceding the proposed date of issuance of such bonds, notes or warrants on investments of general municipal funds not required for immediate expenditure, and the total amount of such bonds, notes or warrants, authorized and issued in any fiscal year shall not, in the aggregate, be more than twenty-five per cent of the total appropriations of the cCity for such year. (As amended April 10, 1984, certified by Secretary of State June 21, 1984.) Section 67. CONTRACTS: Any public work or improvement costing more than ten thousand dollars ($10,000) shall be executed by contract, except where a specific work or improvement is authorized by the City Council based on detailed estimates submitted by the department authorized to execute such work or improvement directly. The City Council shall establish by ordinance the conditions and procedures for contracts for public works and improvements, and establish advertising and bidding requirements. The ordinance may provide that under specified conditions, which the awarding authority must find and determine to exist in each applicable instance, advertising and bidding may be dispensed with, except the ordinance may provide that where the expenditure required for a contract does not exceed a sum fixed by the ordinance, advertising and bidding shall be dispensed with.Every contract for any public work or improvement which is estimated to cost less than One Hundred Thousand Dollars ($100,000) shall be awarded to the lowest responsible bidder after solicitation of bids without public advertisement. Every contract for any public work or improvement which is estimated to cost One Hundred Thousand Dollars ($100,000) or more shall be awarded to the lowest responsible bidder after public advertisement and competition as may be prescribed by ordinance. The cCity cCouncil shall have the power to reject any and all bids, and solicit or advertise again. All solicitations and advertisements as to contracts shall contain a reservation of the foregoing right. All contracts entered into by the cCity shall be signed by the cCity mManager and any other officer or officers of the cCity as the cCouncil may by ordinance provide. 8.A. - Page 44