§ 1.

(a)

The city council of the city of Bridgeport, by vote of the majority of the whole number of council members may authorize the issuance of bonds for the use of the city of Bridgeport, the property of which are to be used for any public work or improvement of a permanent nature, the purchase or taking of land or interests in land, the improvement of land taken or acquired for such public work or improvements, the purchase of equipment of a lasting character and for any other purpose for which cities and towns are authorized by the general statutes to issue bonds. Bonds for a single purpose may be authorized and issued at one time or from time to time and bonds for two or more purposes may be consolidated into a single bond issue which may be sold at one time or from time to time, all as the city council shall determine. The city council shall determine or shall authorize the city treasurer or the mayor, to determine the date, maturities, interest rate or rates, form, manner of sale and other details of the bonds of each authorized bond issue but such bonds shall conform to the provisions of the applicable general statutes as to maximum term, serial maturities, authentication and maximum rate of interest.

(b)

Bonds of the city of Bridgeport shall be signed by the mayor, treasurer and director of finance/comptroller of the city, provided that the city council may be permit such signatures to be executed with a facsimile of such signatures printed on the bonds. The coupons annexed to any bonds issued in coupon form shall bear the facsimile signatures of the mayor, treasurer and director of finance/comptroller. Any bonds of the city of Bridgeport and any coupons appended thereto, if properly executed, whether or not such execution shall be by manual signature or by the printing of facsimile signatures thereon shall be valid and binding according to their terms notwithstanding that, before the delivery thereof and payment therefor, any or all of such officers shall have for any reason ceased to hold office.

(c)

Any premium received from the sale of bonds less the cost of preparing, issuing and selling such bonds, shall be used to pay the principal of the first of such bonds to mature. The proceeds of bonds when received shall be delivered to the city treasurer and shall be kept by him/her in separate accounts according to the purpose or purposes for which such bonds were authorized and, except for premium, shall be used solely for such purpose or purposes, provided, if there should be any accumulation of interest from the investment of the proceeds of such bonds pending the accomplishment of the specific purpose or purposes for which such bonds were issued, such interest may be placed in a capital account to be used for the purpose of reducing the bonded indebtedness of the city or to be used for any purpose for which bonds of the city could be issued. If a surplus remains from the proceeds of bonds issued for a particular purpose or purposes after such a purpose has been accomplished, the city council may authorize the use of such surplus bond proceeds for any purpose for which bonds of the city could be issued or for paying the principal of such bonds as they mature. The city council, by vote of a majority of the whole number of members, may declare that a purpose for which bonds of the city have been issued has been abandoned and thereupon the balance of the proceeds of such bonds available for such purpose shall be deemed surplus bond proceeds and may be used as hereinbefore in this Section provided.

(d)

Nothing in this charter shall be deemed to affect adversely the validity of any of the outstanding bonds of the city of Bridgeport.