§ 7.01. Borrowing power.

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The council may, in the name and for the use of the city, incur indebtedness by issuing its negotiable bonds or notes for the purposes, in the manner provided in this chapter, and to the extent provided in this chapter and under the general law. The council may choose to issue bonds using the process set out in this chapter which includes use of a referendum on the bond authorizing ordinance or may use the procedure established by the Public Finance Act of 1991 in the state's general law, which does not include the use of a referendum. This Charter provision shall prevail over any general law. The council may, by ordinance, borrow money from a surplus in any city account provided a competitive rate of interest for short term tax-free municipal bonds is assigned.

(Acts 1987, ch. 68; Acts 1992, ch. 513)

(Acts 1987, ch. 68; Acts 1992, ch. 513)

                    
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