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 Danbury
 Code of Ordinances
 Part I. CHARTER
 Chapter VII. FINANCE AND TAXATION

  § 7-10. Borrowing.

Latest version.

  • a.

    The City Council shall have power to authorize indebtedness by issuing bonds or notes as provided by the General Statutes subject to the limitations thereof and the provisions of this section. The issuance of bonds and notes shall be authorized by ordinance adopted by the City Council with the affirmative vote of at least two-thirds ( 2/3 ) of the entire membership of the Council. No bond shall be issued for a term longer than the estimated life of the improvement for which they are issued and in no event, for a term longer than twenty years. Subject to the provisions of section 7-5, whenever the City Council votes to issue bonds or notes in a principal amount that would cause the total issuance of all bonds and notes authorized in any fiscal year to exceed three million dollars ($3,000,000.00), the ordinance authorizing such issue shall be submitted for approval or disapproval of the electors at the next municipal election or at a special City meeting called by the Mayor and warned for the specific purpose of voting on the question of such issue on the voting machines in the several voting districts.

    b.

    Bonds and Notes shall be authenticated by the seal of the City and the signature of the Mayor, and the Treasurer. In the absence, incapacity or vacancy of the office of Treasurer, the Director of Finance is authorized to sign bonds.

    c.

    Subsection a. above notwithstanding, the City Council may authorize, by ordinance, the issuance of notes or bonds for the payment of costs of extensions of new sewer service and new water service as provided in section 7-8, subject to limitations imposed by the General Statutes which ordinance is subject to section 3-9 of this Charter. Payment of said bonds and notes including debt service thereon shall be made by assessments of benefits on the properties benefitted by said extensions of new water and new sewer service as set forth in section 7-8. Said bonds may be issued for a term not to exceed twenty (20) years. Nothing herein shall be construed to prevent the City from pledging its full faith and credit to the payment of said bonds and notes.