§ 8.28. Temporary debt.

Latest version.

The amount of unvoted debt incurred through bank notes, purchase contracts, and all other nonsecurity monetary obligations shall never exceed ten (10) percent of the previous year's tax collections in any one (1) year and shall not exceed twenty (20) percent in the aggregate in more than one (1) year before repayment. Bank notes, purchase contracts, and all other nonsecurity monetary obligations, shall be authorized only in cases of emergency and shall never be used for operating expenses of the city and shall never be converted into bonds.

(Approved at referendum 8-13-94)

                    
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