Official:An Ordinance authorizing the Bond Committee to sell bonds at public or private negotiated sale, to provide funds toward various capital municipal purposes; providing for appropriations to the Sinking Fund Commission for the payment of such bonds; authorizing agreements to provide credit or payment or liquidity sources for the bonds in connection with issuance of the bonds, and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City; and fixing a day and providing for arrangements for holding the election for obtaining such consent.
Sponsor: Council President Clarke
Introduced: June 6, 2013
Signed: September 12, 2013
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill allows the city to borrow up to $94 million through general obligation bonds for various capital projects and expenditures. The city council must hold a public election to get voter consent before increasing the city's debt.
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