Sec. 4-29. - Period of usefulness requirement.

(1)

Bonds shall mature not later than the expiration of the period of the probable usefulness of the capital project for which they are issued, as determined by certificate of the engineer or architect, approved by the Mayor, and stated in the bond ordinance, but the maximum period shall not exceed thirty (30) years.

(2)

The period of usefulness of each project shall be computed from the date of final passage of the bond ordinance by virtue of which the bonds are issued.

(3)

The determination of the Council, in the bond ordinance, as to the period of usefulness, shall be conclusive in any action or proceeding involving the validity of the bonds.