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 Coopersville
 Code of Ordinances
 CHARTER
 Chapter XI. BORROWING POWER

§ 11.1. MUNICIPAL BORROWING POWER.  

Latest version.

  • Subject to the applicable provisions of law, Council may, by ordinance or resolution, authorize the borrowing of money for any purpose within the scope of powers vested in the City and permitted by law and may authorize the issuance of bonds or other evidences of indebtedness therefor. Such bonds or other evidences of indebtedness shall include but not be limited to the following types:

    (a)

    General obligation bonds which pledge the full faith, credit and resources of the City for the payment of such obligations;

    (b)

    Notes issued in anticipation of the collection of taxes, but the proceeds of such notes may be spent only in accordance with appropriations as provided in Section 9.6 of this Charter;

    (c)

    In case of fire, flood or other calamity, emergency loans due in not more than five years for the relief of the inhabitants of the City and for the preservation of Municipal property;

    (d)

    Special assessment bonds issued in anticipation of the payment of special assessments made for the purpose of defraying the cost of any public improvement, or in anticipation of the payment of any combination of such special assessments; such special assessment bond may be an obligation of the special assessment district or districts alone, or may be both an obligation of the special assessment district or districts and a general obligation of the City.

    (e)

    Mortgage bonds for the acquiring, owning, purchasing, constructing, improving or operating of any public utility which the City is authorized by this Charter to acquire or operate;

    (f)

    Bonds for the refunding of the funded indebtedness of the City;

    (g)

    Revenue bonds as authorized by law which are secured only by the revenues from a public improvement or public utility and do not constitute a general obligation of the City; and

    (h)

    Bonds issued in anticipation of future payments from the Motor Vehicle Highway Fund or any other fund of the State which the City may be permitted by law to pledge for the payment of the principal and interest thereof.