§ 11.4. DEFERRED PAYMENT CONTRACTS.

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The City may enter into installment purchase contracts for any purpose authorized by law. Each of such contracts shall not extend over a period greater than fifteen years, nor shall the total amounts of principal payable under all such contracts exceed an amount equal to one-half of one percent of the assessed value of all the real and personal property in the City in any one fiscal year. All such deferred payments shall be included in the budget for the year in which the installment is payable.

(Amended 4-6-98)

                    
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