Proposition I - General Obligation Bonds Charter Amendment

Shall Article VII, Section 12A be amended as follows: The City shall not issue general obligation bonds unless first submitted to all of the qualified voters in the City for their approval at an election duly called and held for such purposes, with the exception of the borrowing authorized by Section 9 and 10, Article VII, only. The ballot language for any general obligation bonds must include language that approval of the general obligation bonds may result in a tax increase. The City Council can issue refunding bonds for existing obligations without submitting the issue to the voters.