§ 12.3. Refunding of bonds.

The Council is authorized and empowered to issue refunding bonds, on the credit of the city, for the purpose of taking up and retiring any outstanding city bonds, when the object and purpose of such action is the relief of the tax payers or a resulting economy to the municipality. Said refunding bonds shall be in such form and amount as the exigency under which they are issued requires, and which to the Council shall seem most in the interest of the city.