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Money may be borrowed, within the limits fixed by the constitution and statues of the state now or hereafter applying to said Gardiner, by the issue and sale of bands or notes pledged on the credit of the City, the proceeds to be used for the payment of indebtedness of the City contracted for the acquisition of land, the construction and equipment of buildings and other permanent public improvements and the payment or refunding of bonds, notes and certificates of indebtedness previously issued. No order providing for the issue of bonds or notes shall be passed without public notice given by posting notice of the same in two public places in the City of Gardiner,
and publishing said notice in at least one daily newspaper circulated in said Gardiner at least 2 weeks before final action by the City Council, and the affirmative vote of at least six members of the City Council exclusive of the Mayor. Every issue of bonds shall be payable within a fixed term of years, if said bonds are issued in payment of indebtedness incurred for a permanent improvement, the term of such bonds shall not exceed the estimated period of utility of said improvement, but the declaration of the City Council embodied in the order authorizing the issue shall be a conclusive determination of the estimated period of utility thereof, and the term within which all bonds shall be made payable shall in no case exceed 30 years. Bonds issued after the adoption of this Charter, shall be made payable in annual, serial and approximately equal installments as pertains to principal, and interest shall be made payable semi-annually. Every order for the issue of
bonds shall provide for a tax levy for each year of an amount necessary to meet the payment of the annual, serial installment of principal and interest, and such amounts shall be included in the tax levy for each year until the debt is extinguished, provided, however that bonds issued to refund any indebtedness of this City of Gardiner existing prior to the adoption of the Charter or bonds issued to refund such bonds shall not be subject to the aforesaid requirement of being made payable in annual, serial and approximately equal installments.
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