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<br />.A..lI bonds shall be serial bonds and shall specify for what purpose they are <br />issued. Such bonds shall never draw interest in excess of six perccnt (6010) per <br />annum and shall neyer be sold at less than par "lalue and aeeumulated interest, <br />exclusi"/e of commissions. ..A..ll bonds shall contain a redemption provision malung <br />them callablc at the option of the city upon or after the expiration of fifteen (15) <br />years from the date of issuance, or sueh redemption provision may be for a lesser <br />period than fifteen (15) years if sueh proyision will not materially affeet their <br />marketability or a favorable rate of interest. <br /> <br />The city shall have the power to issue bonds for permanent improvements and <br />all other lawful purposes as orovided by statutes of this state and uoon apvroval <br />by the qualified voters of this city at an election. Such bonds shall specify the <br />purpose for which they are issued and shall draw interest and be issued under <br />such terms as are in the best interests of the city. <br /> <br />EXPLANATION: The amendment removes outdated language in regard to the <br />city's authority to issue bonds. The 6 percent cap could prove too restrictive. <br /> <br />PROPOSITION 39: <br /> <br />Section 64. Advertising and sale of bonds. <br /> <br />All bonds of the city, after having been authorized and issued in accordance with the <br />provisions of this Charter and the laws of the state, shall be advertised <br /> <br />onee a week for two eonseeuthe weeks, the first publieation to be at least <br />fourteen (14) days prior to the time set for the sale, and shall be sold at public <br />sale for the best bid, either at auetion or upon sealed bids, and upon sueh other <br />terms and eonditions not ineonsistent with express provisions of law and of this <br />Charter, and as the city eouneil may order. <br /> <br />and sold in the manner most advantal!eous to the city and consistent with <br />standard practices for municipal bonds. and uoon such other terms and <br />conditions not inconsistent with express provisions of law and of this Charter. <br /> <br />The city council shall have the right to reject any or all bids. <br /> <br />18 <br /> <br />r .. " "r- .~" ..- <br />