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ATTY/CHARTER AMENDMENTS/2018/2018 FINAL CHARTER AMENDMENTS REV: 07-18-18 VR Page 35 of 45 Section 64 deleted April 9, 1968, approved by Legislature April 29, 1968, Stats. 1968, Chapter 76. Section 65. BORROWING MONEY BY THE CITY: The cCity may borrow money for any municipal purposes by the issue and sale of bonds authorized by ordinance pledging the credit of the cCity or the property or revenue of any public utility owned by the cCity. 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 cCity which will increase the bonded indebtedness thereof beyond fifteen per cent (15%) of the assessed valuation of property in the cCity subject to direct taxation as shown by the last preceding valuation for cCity taxes; but bonds issued for the construction, acquisition, extension, or improvement of any income-producing utility owned by the cCity shall be deemed to increase the bonded indebtedness of the cCity 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 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