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Exhibit C <br />Proposed Amendment: <br />Section 65. BORROWING MONEY BY THE CITY <br />The city may borrow money for any municipal purposes by the issue and sale of bonds <br />authorized by ordinance pledging the credit of the city or the property or revenue of any <br />public utility owned by the city. Every ordinance authorizing a bond issue, except <br />ordinances authorizing such bond issues as are specified in Section 66 of this Charter, <br />shall be passed only by a two- thirds majority vote of the electors voting thereon at a regular <br />or special election. No bond shall be issued on the credit of the city which will increase the <br />bonded indebtedness thereof beyond fifteen per cent (15 %) of the assessed valuation of <br />property in the city subject to direct taxation as shown by the last preceding valuation for <br />city taxes; but bonds issued for the construction, acquisition, extension, or improvement of <br />any income - producing utility owned by the city shall be deemed to increase the bonded <br />indebtedness of the city only to the extent that such utility is not self- supporting. Every <br />issue of bonds shall be payable within a term of years not to exceed the estimated period <br />of usefulness of the property or improvement for which issued, and in no case to exceed <br />thirty (30) years. <br />The council of said city is also authorized to proceed under any general law of the State of <br />California now in effect or hereafter to be enacted with reference to bonding said city and <br />creating a bonded indebtedness thereon. <br />F: /Atty /Memos / /Agenda Charter Amendments <br />