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A. The City Council may initiate proceedings under this chapter by passing a resolution by a majority vote of all its members, determining that the public interest or necessity demands the acquisition, construction, or completion of any municipal improvement(s) or other work or improvement for which bond proceeds may be used, and ordering the submission of the proposition of incurring a bonded debt for the purpose set forth in said resolution to the qualified voters of the City at the next regular or special municipal election occurring not less than eighty-eight (88) days thereafter.

B. Such resolution shall state:

1. The object and purpose of incurring the indebtedness.

2. The estimated cost of the public improvements.

3. The amount of the principal of the indebtedness.

4. The rate or maximum rate of interest on the indebtedness, which shall not exceed eight percent, and need not be recited if it does not exceed four and one-half percent.

5. The date of the election.

C. The resolution may provide that the estimated cost stated therein of the public improvements includes any or all of the following:

1. Legal or other fees incidental to or connected with the authorization, issuance and sale of the bonds.

2. The costs of printing the bonds and other costs and expenses incidental to or connected with the authorization, issuance and sale of the bonds.

3. If the public improvements are revenue-producing public works, bond interest estimated to accrue during the construction period and for a period of not to exceed twelve (12) months after completion of construction. If such statement is made, the proceeds of the sale of the bonds may be used to pay such of the foregoing as are stated in the ordinance.

4. This subdivision shall not be construed to authorize the City to use the proceeds of the sale of bonds for a purpose for which it could not use its general fund.

D. Propositions for more than one object or purpose may be submitted at the same election. (Ord. 7115-NS § 1 (part), 2009)