§ 13.1. Municipal Borrowing Power.

(a)

Subject to applicable provisions of law, the city may borrow money for any purpose within the scope of its powers which may be permitted by law, conducive to the public health, welfare and safety, and may issue bonds or other evidences of indebtedness thereof.

(b)

Whenever any portion of public improvements shall be assessed by or charged to the city-at-large, and the balance of such cost assessed against the property benefited, the Council may provide for the payment of the city's portion for such cost in installments. In such case, bonds may be issued in anticipation of the payment of the amount assessed against the city-at-large, the same as they may be issued in anticipation of the payment of the amount assessed against the benefited property. In such cases, the Council shall appropriate in each fiscal year an amount which is sufficient to pay the principal of and interest in such bonds which are required to be paid during that year.

(c)

Bonds may be issued in anticipation of the collection of special assessments levied with respect to one or more public improvements, but no special assessment district shall be required to pay the obligation of any other special assessment district and the ordinance or resolution authorizing such bond issue shall so provide.

(d)

All collections on special assessment rolls or on any combination of such rolls shall be set apart in a separate fund and shall be used for the purpose for which levied, and for the payment of principal and interest on bonds issued in anticipation of such special assessments. If there is any deficiency in any special assessment fund to meet the payment of the principal or interest to be paid therefrom, moneys shall be advance[d] from the general or appropriate fund of the city to meet such deficiency, and shall be replaced in the fund from which advanced when the special assessment fund shall be sufficient therefore.

(e)

Each bond or other evidence of indebtedness shall contain a statement specifying the purpose for which the same is issued, and the proceeds thereof shall not be used for any other purpose except for the retirement of such bond issue.

(f)

All bonds and other evidences of indebtedness shall be signed by the Mayor and countersigned by the Clerk, under the seal of the City. Interest coupons may be executed with the facsimile signatures of the Treasurer. A complete and detailed record of all bonds and other evidence of indebtedness shall be kept by the Treasurer.