§ 10-601. Constitutional amendment.

Notwithstanding any other provision of this Article, the Mayor and Aldermen of the City of Savannah may issue general obligation bonds for street and drainage improvements and all costs necessary therefor including acquiring rights-of-way without submitting the issuance thereof to the voters of said City at a referendum, subject to the following restrictions and limitations:

(1)

The issuance of such bonds shall be authorized at a public meeting held for such purpose after at least ten (10) days notice in the official organ of said City and in at least one (1) of the daily newspapers of said City.

(2)

Not more than ten (10%) percent of the total unused bond capacity of said City and in no event more than one million dollars ($1,000,000.00) in the aggregate in such bonds so issued without a referendum shall be issued in any fiscal year.

(3)

The aggregate of all outstanding bonds, including those issued by vote of the people in a referendum and those issued under this amendment without a referendum, shall not exceed the limitations provided elsewhere in this paragraph.

(4)

Funds realized under provisions of this paragraph shall be expended only in accordance with existing paving policies of the Mayor and Aldermen of the City of Savannah in effect on January 1, 1972, to the end that property owners affected will continue to pay such present portion of paving costs unless the paving project is declared a public necessity.

(1972 Ga. Laws, page 1521, § 1)