7.64.060 Refunding of bonds.
A. By a majority vote, the City Council may fund or refund bonded indebtedness at, after, or before maturity and issue bonds of the City for the indebtedness, if:
1. The City has an outstanding indebtedness evidenced by bonds, warrants, notes or other evidences of indebtedness, or a judgment; or
2. Any department, board, or special fund of the City has an outstanding indebtedness evidenced by bonds, warrants, or notes or other evidences of indebtedness, and such indebtedness has been created for a purpose for which bonds of the City could have been lawfully authorized and issued.
B. Bonds to fund or refund the indebtedness shall not be issued unless authorized by the electors of the City voting at an election to be called and held for that purpose, in either of the following cases:
1. When the indebtedness is evidenced by warrants or by judgment obtained for indebtedness or liability incurred by the City exceeding the income and revenue provided for the year in which the indebtedness or liability was incurred.
2. When the indebtedness is that of any department, board, or special fund of the City, and has been incurred without submission of the proposition of incurring the indebtedness to the City electors, and without the assent of two-thirds of the electors voting at an election held for that purpose.
C. Any election for the purpose of approving indebtedness for refunding bonds shall be called and held pursuant to this chapter. (Ord. 7115-NS § 1 (part), 2009)