§ 16.6. Bond Proceeds.

Whenever the proceeds of any bond issue, or any part of it, remain unexpended and unencumbered for the purpose for which the bond issue was made, the council may, by the concurring vote of not less than five members, authorize the use of unexpended and unencumbered funds:

(1)

For the retirement of the bond issue, or

(2)

If the bond issue has been fully retired, then for the retirement of other bonds or obligations of the city provided for by this section; provided that in the case of special assessment bonds, this charter shall govern, or

(3)

For such other purposes as may be permitted by specific law, or

(4)

If such funds cannot be used as above permitted, then in any manner approved by a vote of not less that five members of the council.