TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
LOCAL OPTION-CITY CHARTERS
49-C:24 Borrowing Procedure.
Subject to the applicable provisions of state law and the rules and regulations provided by ordinance in the administrative code, the elected body, by resolution, may authorize the borrowing of money for any purpose within the scope of the powers vested in the city and the issuance by the city of other evidence of indebtedness therefor, and may pledge the full faith, credit, and resources of the city for the payment of the obligation created by such borrowing. Borrowing for a term exceeding one year shall be authorized by the elected body only after a duly advertised public hearing.
Source. 1991, 304:11, eff. Aug. 23, 1991.