§ 3-507. Bonds; issuance of
The City is hereby authorized and empowered to issue bonds, from time to time, for the purpose of financing the cost of any improvement to the waterworks or wastewater system. The bonds and the interest thereon shall be payable solely and exclusively from the revenues of the waterworks or wastewater system as the case may be and shall not constitute general indebtedness of the City nor be an obligation or liability upon the City to pay the same from any funds of the City other than the revenues of the system. No holder or holders of any bonds issued under this article shall ever have the right to compel any exercise of the taxing power of the City to pay the bonds or the interest thereon. The bonds shall not constitute an indebtedness within the meaning of any debt limitation or restriction and shall not be within any statutory limitation upon the power of the City to issue bonds. It shall be plainly stated on the face of each bond that it does not constitute an indebtedness of the City but is payable solely from the revenues of its waterworks or wastewater system. The bonds may be authorized by resolutions of the Board of Public Works Commissioners. Notwithstanding the foregoing sentence, no bonds other than refunding bonds shall be authorized or issued under this article unless and until more than 50 percent of the legal voters of the City present and voting thereon at any annual or special City meeting duly warned for that purpose shall have first voted to authorize the project or improvement for which the bonds are to be issued. The warning shall describe in general terms the project or improvement, shall estimate its costs, and shall state the amount of bonds proposed to be issued to finance it. Except for purposes of refunding pursuant to section 508 of this charter, the City shall not issue bonds in excess of the amount set forth in the warning as aforesaid unless and until more than 50 percent of the legal voters of the City present and voting at any annual or special meeting duly warned for that purpose shall have first voted to authorize the issuance of additional bonds for any previously authorized project or improvement.
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