Athens City Charter

Section 1. Be it further enacted, That some of the purposes hereby specifically authorized for which the bonds of the city may be issued and be given, 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 any property used in connection with any public utility owned or operated by the city, or upon any two or more credits, are the following:

For the acquiring of lands for the purchase, construction, re-construction, or extension of waterworks, public sewers, streets, alleys, buildings; and equipment for the fire department, bridges, and viaducts, gas or electric light works, power plants, police patrols and fire alarm systems; for hospitals, jails, workhouses, and other charitable, corrective and penal institutions; for courthouses, libraries and other public institutions, public works, public parks, parkways, boulevards, grounds, squares, and any other public improvements which the city may be authorized or permitted to make; for the purchase of lands or other property, real or personal, for school proposes; the construction or purchase of playgrounds, either in connection with the schools or separate therefrom; and the acquiring of lands and/or construction of buildings to be rented or leased for industrial uses; and for paying, refunding, or removing any bonded in debtedness of the City. The foregoing enumeration shall not be construed to limit any general provisions 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 purpose had been mentioned, and the authority to issue bonds for any of the purposes aforesaid, is cumulative and shall not be construed to impair any authority to make any public improvements.

Section 2. Be it further enacted, That bonds may be so issued as to be payable on a specified date or serially or subject to call and redemption.

Section 3. Be it further enacted, That the City Council shall estimate the probable life of improvements proposed to be erected or purchased with the proceeds of any such bonds and the term of such bonds shall not exceed such probable life, provided that such estimate, if erroneous, shall not affect the validity of such bonds.

Section 4. Be it further enacted, That in case of sinking funds bonds the amount of the annual installments to be paid into the sinking fund shall be fixed by the City Council for each bond issue.

Section 5. Be it further enacted, That all bonds of the city, except bonds for paying, refunding, or removing bonded indebtedness, and except bonds issued under the provisions of section 3408-3493, Code of Tennessee, except revenue bonds, shall be issued only with the assent of a majority of the qualified voters actually voting at an election held for the purpose, in the manner heretofore provided.

Section 6. Be it further enacted, That whenever any bonds, interest coupons, or other written evidence of the city's debt shall be paid and discharged, they shall be cancelled by the head of the Department of Finance.

Interest coupons and other evidence of debt shall be cancelled by stamping and punching, immediately upon their redemption.

The cancelled bonds, coupons, and other evidences of debt shall be exhibited to and verified by the City Council at its next meeting and shall be filed and presented for examination in annual audits.