§ 7.08. Contents of bond ordinance.

Latest version.

An ordinance authorizing the issuance of bonds shall include a statement of the purpose or purposes of the issue, and if the purpose is to finance one or more capital improvement projects, it shall describe each of them sufficiently for purposes of identification, and shall estimate the cost of the project or projects and the portion thereof to be defrayed from sources, specifying them, other than the proposed bond issue. The bond ordinance shall also include the amount of the proposed issue, a statement showing the proposed issue to be within the limitation of indebtedness as provided in section 7.03, the probable life of the purpose or the average probable life of the purposes to be financed, as determined by the council, a declaration that principal of and interest on the proposed issue are to be paid from ad valorem taxes on real estate and tangible personal property and that the full faith and credit of the city are pledged to such payment, and the procedure for the sale of the proposed issue. All such matters relating to the authorization, issuance or sale of the bonds or notes may be provided by resolution.

(Acts 1954, ch. 440)

(Acts 1954, ch. 440)

                    
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