Charter: Article V
Department of Finance (cont.)
Section 5.19. Incurring indebtedness
The city may incur indebtedness and issue its negotiable bonds in evidence thereof for any purpose which may be authorized hereunder, or for any purpose which may be authorized now or hereafter by the laws of the State of Missouri with respect to any municipality.
Section 5.20. Specific purposes
Some of the purposes hereby specifically authorized, for which the bonds of the city may be issued, sold, pledged or disposed of on the credit of the city, or solely upon the credit of specific property owned by the city, or solely upon the credit of income derived from property used in connection with any public utility owned or operated by the city or upon any two or more such credits, shall be:
- The acquiring of land; the purchase, construction, reconstruction, repairs and improvement upon or extension of the following: Water systems, including lakes and reservoirs; public sewers, sewage disposal plants, buildings and equipment for the police and fire departments, other public buildings and equipment therefor; facilities and equipment for the collection and disposal of garbage and refuse; bridges, viaducts, subways, tunnels, railroads, bus lines; terminals for bus, air and railroad travel and their equipment; warehouses, public market facilities, airports, and equipment therefor; street lighting systems, gas or electric utility systems, hearing and power plants, telephone and telegraph systems, facilities for radio and television broadcasting and reception; off-street parking facilities, or any other public utility or equipment therefor; public housing, hospitals, orphan homes, industrial schools, jails, workhouses and other charitable, correctional or penal institutions and equipment therefor; golf courses, swimming pools and other recreational facilities and their equipment; parks, parkways, streets, boulevards, grounds or any other public improvement.
- The paying, refunding or renewing of any bonds issued by the city, whether general obligation bonds or revenue bonds, and the establishment of a local improvement fund to be used for the purpose of paying cash for local improvements, such fund to be replenished from time to time by the payment into it of the proceeds of special assessments made on account of such local improvements.
The foregoing enumeration shall not be construed to limit any general provision of this Charter authorizing the city to borrow money or issue and dispose of bonds, and such general provisions shall be construed according to the full force and effect of their language, as if no specific purposes had been mentioned; and the authority to issue such bonds for any purpose aforesaid is cumulative and shall not be construed to impair any authority to make any public improvements under any provision of this Charter or of any law.
Section 5.21. Vote required for issuance of bonds
Whenever by Constitution of the State of Missouri or other applicable law a vote of the electors of the City of Springfield shall be required prior to the issuance of any bonds of the City, then no such bonds shall be issued unless and until a proposal to issue the said bonds of the City of Springfield shall have been submitted to the qualified electors of the City at an election held for that purpose and the necessary vote in favor of the issuance of said bonds shall have been received.
Approved by vote of the people October 1, 1968.
Section 5.22. Conduct of election
Notice of any such election shall be given, and such election shall be held, conducted, and the returns thereof made, canvassed and declared in the manner provided by ordinance and by the laws and constitution of the State of Missouri.
Section 5.23. Debt statement
Prior to the adoption of an ordinance calling or providing for the holding of an election at which any question of incurring indebtedness shall be submitted, the director of finance shall prepare, swear to, and file for public inspection in the office of the city clerk a special debt statement which shall set forth:
- The aggregate principal amount of all outstanding bonds and notes of the city.
- Deductions, if any, permitted by the constitution and general laws.
- The amount of existing net indebtedness.
- The amount of net indebtedness after the issuance of the bonds authorized by such bond ordinance.
- The assessed valuation of taxable tangible property within the city as shown by the last completed assessment for state and county purposes.
- The aggregate principal amount of bonds and notes which the city may issue pursuant to law.
This debt statement, after approval by a majority of the council, shall be published with the notice of the bond election and shall be presumed to be accurate.
Section 5.24. Sale of bonds
All general obligation bonds, public utility bonds or sanitary sewer revenue bonds issued under this Charter shall be sold at public sale upon sealed proposals after notice published at least once in a newspaper published in Springfield, Missouri, such publication to be made at least ten days prior to the date of sale; provided, however, this section shall not apply if the City is selling sewer revenue bonds to a governmental agency. The director of finance shall mail notices by direct mail to all parties and financial institutions which in his opinion may be interested in the purchase of such bonds or who shall make written application therefor.
Section 5.25. Issuance of refunding bonds
For the purpose of refunding, extending and unifying the whole or any part of its valid outstanding bonds, the city may issue refunding bonds not exceeding in amount the principal of the outstanding bonds to be refunded and the accrued interest to the date of such refunding bonds. The council shall provide for the payment of interest at not to exceed the same rate, and the principal of such refunding bonds, in the same manner as was provided for the payment of interest and principal of the bonds refunded.