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10 -' <br />agreements, limited to a period not exceeding the useful life of the property acquired. <br />Lease property may be mortgaged or assigned, all or in part, during the teen of the lease. <br />Lease purchase obligations shall not create multi- fiscal year debt of the Town provided <br />such leases are subject to annual appropriation. <br />Terms and Conditions. The terms and conditions of any loan instrument including <br />redemption features, interest rate, maturity date and sale price shall be detenmined by the <br />Town Council. <br />General Obliization Debt Limitation. The issuance of general obligation debts shall be <br />limited so that the time of the issuance of debt the aggregate general obligation debt of <br />the Town excluding such debt for water and sewer system purposes does not exceed 3% <br />of the actual value of all taxable real and personal property in the Town, as determined <br />by the Ouray County Assessor. <br />Review of Proceedings. No action or proceeding at law or in equity to review or <br />question the validity of any acts or proceedings, to enjoin the performance, issue or <br />collection of any securities, or the levy or collection of any assessments, or for any other <br />relief against any acts or proceedings of the Town done under this Article, shall be <br />maintained against the Town unless commenced within 30 days after the performance of <br />the act or the effective date of the ordinance or other action authorizing borrowing the <br />money, or shall thereafter be forever barred. <br />The Charter of the TmNm of Ridgway 24 <br />