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ARTICLE X <br />BORROWING <br />10 -1: Borrowing Authorized. The Town may borrow money by execution of any appropriate <br />or convenient obligation, security or instrument, including but not limited to, short and <br />long term notes, mortgages, bonds, revenue bonds, refunding bonds, improvement district <br />bonds, warrants, tax anticipation warrants, revenue anticipation warrants, purchase <br />money mortgages, lease purchase agreements and loan agreements. All borrowing shall <br />be subject to the limitations of this Charter and any provisions prescribed by ordinance. <br />10 -2: Requirements for Borrowing, <br />(A) Any borrowing which does not need to be repaid in less than one year, shall be <br />authorized by ordinance. <br />(B) Any general obligation debt pledging the full faith and credit of the Town shall <br />require the approval of the Town's electors at an election, except for such obligations <br />issued for water or sewer system purposes or for refunding such general obligation debt. <br />(C) Other borrowing shall not require an election, including loans secured by a pledge of <br />a special fund or revenues, sales tax revenue, utility and enterprise revenues, project <br />revenues, revenues from any Town imposed fees, assessments, charges or taxes, <br />improvement district assessments or revenues received from other governmental entities <br />or any combination thereof, so long as no portion of the general ad valorem property tax <br />is pledged to the repayment of such securities. <br />10 -3: Issuance of Revenue Bonds. Any Town owned business, enterprise or enterprise fund <br />shall be authorized to issue its own revenue bonds or such bonds may be issued on behalf <br />of such business, enterprise or enterprise fund in the name of the Town. The Town <br />Council shall remain the governing body and act in accordance with the requirements of <br />this Charter and applicable ordinances with respect to the administration of such <br />business, enterprise or enterprise fund and the issuance of any revenue bonds therefore, <br />except as may otherwise be prescribed by ordinance. <br />10 -4: Refunding Securities. The Town may issue bonds or other securities for the purpose of <br />refunding or providing for the payment of outstanding bonds and other securities on such <br />terms and conditions as may be determined by the Town Council. The proceeds of <br />refunding bonds or securities of the Town may be invested in securities other than direct <br />obligations of the United States or its agencies. <br />10 -5: Lease Purchase Obligations. The Town may, without an election, acquire real or <br />personal property for any public purpose by entering into rental or lease purchase <br />The Charter of the ToAm of Ridgway 23 <br />