Prior to the adoption of Legislative Updates on 11/13/2000, Article CH-7 read as follows.

Article CH-7 ARTICLE VII Local Bonds and Franchises

ARTICLE VII

LOCAL BONDS AND FRANCHISES

Sec. 7.010 Acquisition, operation of municipal utilities. The City may, in the manner and for the purposes provided in this charter and Nevada Revised Statutes as they apply to cities, grant franchises and acquire in any manner any public utility, and hold, manage and operate it, either alone or jointly, with any level of government or instrumentality or subdivision thereof.

Sec. 7.020 Borrowing money.

1. Subject to the limitations imposed by this article, the City may borrow money for any corporate purpose, including without limitation any purpose expressly authorized by this charter or by Nevada Revised Statutes for a city, and for such purpose may issue bonds or other securities. The Local Government Securities Law, as amended from time to time, applies to all securities so issued, except for securities issued under section 6.020.

2. Any property tax levied to pay the principal of or interest on such indebtedness must be levied upon all taxable property within the City as provided in NRS 350.590 to 350.602, inclusive.

3. Any ordinance pertaining to the sale or issuance of bonds or other securities, including, without limitations, securities issued under section 6.020, may be adopted in the same manner as is provided for cases of emergency. A declaration by the board of supervisors in any ordinance that it is of this kind is conclusive in the absence of fraud or gross abuse of discretion.