Article 2 Financing of Revenue Producing Facilities

For financing the acquisition of any public utility operating or to be operated within City jurisdiction, or of utility plant or property used or useful in connection with operation within the City, or for the construction, establishment or betterment of a facility inside or outside the City owned or to be owned by the City, and producing or intended to produce revenue, the City may issue and sell interest bearing revenue bonds. Revenue bonds shall not be a general liability of the City and shall be paid solely from the revenues derived from the facility and other pledged facilities or from the rental, lease or sale thereof. The Council may secure these bonds by mortgage or similar encumbrance upon the plant and property, may pledge the revenues thereof and revenues from similar facilities, and may agree in the bond that the rates and charges shall be fixed at specific, general or minimum amounts. Issuance of the bonds shall be pursuant to ordinance which shall be subject to referendum. The bonds shall be issued and sold the same as other bonds of the City. The proceeds derived from the sale of the bonds may be used for the costs of advertising, bond issuance and sale, legal fees and costs, planning, engineering, inspection, administrative costs, the acquisition by any lawful means of plant and property, real or personal, and interests in land and structures, construction, reconstruction, remodeling, equipment betterment, additions to and supply of the particular facility, and related matters. [New sec. Nov. 8, 1966.]