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City of Portland

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Section 11-103 Water Bonds.

In order to provide funds for construction, reconstruction, replacement, extension, acquisition and maintenance of water plant and property, and the acquisition of water systems, the Council may issue bonds of the City in denominations and for terms the Council determines, in the same manner other bonds of the City are issued. These bonds shall be general obligations of the City, but primarily payable from water revenue. These bonds shall not be included within the debt limit elsewhere prescribed in this Charter. No bonds shall be issued under this section in any year which, with the net outstanding water bond indebtedness, would exceed the total original cost of existing plant and property of the water works and system. [Nov. 8, 1932, new sec. 228-1/2; 1942 recod., sec. 11-201; am. May 16, 1952; rev. Nov. 8, 1966.]