Notwithstanding the limitations imposed by section 11-19 or any other provision of the charter, the City Council shall be authorized, without any further preliminaries or limitations, to incur a multiple-fiscal year financial obligation or bonded debt through the issuance of general obligation bonds or other securities not to exceed the principal amount of eighteen million five hundred forty thousand dollars ($18,540,000.00), to be paid from any legally available city revenues, assets, or funds. The proceeds of such bonds or securities, including investment earnings, shall be spent to acquire, construct, and equip a recreational sports complex, together with necessary incidentals. Such bonds or other securities shall mature at not more than fifteen (15) years from their issuance date, bearing interest at a net effective interest rate not to exceed 8.75%, and shall be issued at such times and upon such terms and conditions, including provisions for early redemption, with or without premium, in accordance with the law, all as the city council may determine. The city is authorized to collect, retain, and expend all revenues, from whatever source, necessary to pay such bonds or other securities, as well as all revenues generated by said complex and dedicated to its continued operation and maintenance, free from the revenue and expenditure limitations of Article X, Section 20(7)(b) of the Colorado Constitution or any such limitations that may be enacted in the future except by amendment of this charter by the registered electors of the city. (Ord. No. 98-50, § 1, 7-27-1998)