Section 11.02. Limitations.
(A) General obligations of the municipality. No general obligation bonded indebtedness may be incurred unless authorized by the assembly for capital improvements and ratified by a majority vote of those in the borough voting on the question, except that refunding bonds may be issued without an election and bond anticipation notes may be issued once the bond issue has been ratified.
(B) General obligations of service areas. No obligation by pledge of taxes to be levied in a service area may be issued unless authorized by the assembly for capital improvements and ratified by a majority vote from voters within the service area. Service area obligations may be additionally secured by a pledge of the municipality if the assembly authorizes and the areawide voters ratify the arrangement.
(C) Time limit on notes. Tax or revenue anticipation notes shall be repaid within twelve months from their date of issuance. When the taxes or revenues anticipated are not received within this time, the assembly may renew the notes for a period not to exceed six months.
(D) Limitations of sale. The Assembly by ordinance shall provide for the form and manner of sale of bonds and notes including reasonable limitation upon the sale of bonds and notes to financial consultants of the borough.