§ 12.2. Calamity bonds.

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In case of fire, flood or other calamity, the Council by a majority vote of its full membership may borrow for the relief of the inhabitants of the city and for the preservation of municipal property a sum not to exceed three-eighths (3/8) of one per cent of the assessed valuation of all real and personal property in the city, due in not more than five (5) years, even if such loan would cause the indebtedness of the city to exceed the limit fixed in this charter.

                    
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