Sec. 4-24. - Bond ordinance.

(1)

The City shall authorize the issuance of bonds by a "bond ordinance" passed by the affirmative votes of a majority of all the members of its Council, as provided by this Charter.

(2)

A bond ordinance shall contain in substance at least the following provisions:

(A)

An appropriation of a sum of money for a capital project, described in brief and general terms sufficient for reasonable identification;

(B)

To finance the said appropriation, an authorization of the incurring of indebtedness by the issuance of bonds in a stated amount, pursuant to this Charter;

(C)

A statement of the estimated maximum cost of the capital project, including any sums theretofore or thereby appropriated;

(D)

A determination of the period of usefulness of the project, within the limitations of article IV, section 32 of this Charter;

(E)

A determination of the net debt of the City after issuance of the bonds thereby authorized, together with a declaration that the bonds thereby authorized will be within all debt and other limitations prescribed by the constitution and laws of the state.

(3)

The title of a bond ordinance shall state the amount appropriated for an indicated project and the amount of bonds authorized to finance the appropriation. Bond ordinances shall be cited in bonds and notes by title and date of final passage. A bond ordinance may not combine two or more projects.

(4)

The procedure for passage of a bond ordinance shall be the same as that for other ordinances of the City except that when published after final passage each bond ordinance shall be accompanied by a notice in substantially the following form:

Notice

The bond ordinance published herewith has been finally passed and the twenty-day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced as provided in the City Charter has begun to run from the date of the first publication of this notice. City Clerk