Sec. 110.503. - Useful life of projects funded.

Debt may be used to fund only projects with a useful life of five years or greater and a per-unit value of at least $25,000, unless projects with a lesser per-unit value are specifically approved in the legislation authorizing such funding. Debt may be issued over a period which does not exceed the average useful life of the capital items being financed. The average maturity of the issued bonds shall be structured within one year of the useful life of assets being financed. The list of projects financed with each new money debt issue, shall be delivered to City Council within 60 days of bond closing. (Ord. 2005-1373-E, § 3; Ord. 2011-405-E, § 10.7; Ord. 2015-483-E , § 1; Ord. 2025-434-E , § 1)