ARTICLE IX
BORROWING
SECTION 9.01. POWER TO INCUR DEBT.
Council may, by ordinance, issue general bonds to an amount not exceeding two and one-half percent of the assessed valuation of real, personal, and public utility property within the City, for any purpose for which bond issues are authorized by State law. Issuance of general obligation bonds beyond two and one-half percent and up to seven and one-half percent of the assessed valuation shall be dependent upon the approval of such issuance by the voters, as provided by law. Mortgage revenue bonds and special assessment bonds shall not be included in calculating the above percentages of the net debt.
SECTION 9.02. MORTGAGE REVENUE BONDS.
Council may, by ordinance, issue mortgage revenue bonds for any purpose and in any total amount authorized by State law, following the procedure established by statute.
SECTION 9.03. SPECIAL ASSESSMENT BONDS.
Council may, by ordinance, determine to proceed with a public improvement, all or part of the cost of which is to be assessed against real property specially benefitted thereby. Council may establish by ordinance, the procedure to be followed in making such assessment and may in any case determine the proportion of the cost of such improvement which shall be paid from general receipts, taxes, bond or note issues and that which shall be assessed. It may also fix the manner and duration of the payment of special assessments.
SECTION 9.04. TAX ANTICIPATION NOTES.
Council may, by ordinance, issue notes in anticipation of the collection of taxes on whatever conditions may seem reasonable. Such notes shall be paid from the tax receipts of the year in which they are issued.
SECTION 9.05. EMERGENCY BORROWING.
Council may, by ordinance, borrow money and issue notes in case of public emergency as authorized by Section 133.29 of the Ohio Revised Code.
SECTION 9.06. PROCEDURE IN BOND ISSUES.
The procedure followed in authorizing and issuing bonds and applying the proceeds shall be in accordance with the provisions of the Uniform Bond Law of the State of Ohio in effect at the time.