§ 2-993. General obligation bonds.

(a)

Referral of ordinances and resolutions increasing bonded indebtedness. Any resolution or ordinance introduced in the council which has the purpose of calling for the public advertising of the city's intent to increase the general obligation bonded indebtedness in the annual bond fund or any other general government fund of the city, shall be preceded by a financial feasibility or affordability study, provided by the chief financial officer, indicating the city's ability to absorb additional debt at the levels indicated by the proposed legislation. The resolution or ordinance shall be referred to the appropriate council committees of purview as established in section 2-131, and the committee on finance shall recommend action to the council earlier than the third meeting after having received for consideration such resolution or ordinance.

(b)

Recommendations of executive branch. The mayor is directed to present to the council the recommendations of the executive branch on the use of general obligation bonds for general purposes during the next succeeding fiscal year no later than December 31 of each year.

(c)

Board of education recommendations. The board of education is directed to present to the council the recommendations of the board on the use of general obligation bonds for school purposes during the next succeeding fiscal year of the city no later than December 31 of each year.

(Code 1977, § 1-1049; Ord. No. 2014-43(14-O-1464), § 1, 10-15-14 )