The City shall have power to borrow money for the purpose of constructing, purchasing,
improving, extending or repairing of public utilities, recreational facilities or
facilities for any other self-liquidating municipal function not now or hereafter
prohibited by any general laws of the State and to issue revenue bonds to evidence
the obligation created hereby. Such bonds shall be a charge upon and payable solely
from the properties, or interest therein, acquired and the income therefrom, and shall
never be a debt of the City. All revenue bonds issued by the City shall first be authorized
by a majority of the qualified voters voting at an election held for such purpose.
The Council shall have authority to provide for the terms and form of any purchase
agreement, contract, mortgage, bond or document desired or necessary for the issuance
of revenue bonds and the acquisition and operation of any such property or interest.
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