(a) In order to provide necessary land, buildings, equipment, and other property for governmental or proprietary purposes, the Council is hereby authorized to enter into long term installment purchase contracts and rental or leasehold agreements. Such agreements may include an option or options to purchase and acquire title to such property within a period not exceeding the useful life of such property. Each such agreement and the terms thereof shall be approved by ordinance.

(b) The Council is authorized and empowered to provide for payments of long term installment contracts, rentals and leaseholds by a tax levy imposed on property included within the boundaries of the City, or by rates, tolls, or service charges imposed for the use of such property or any part thereof by others, or by any other available municipal revenue or by any one or more of the above means.

(c) The obligations created pursuant to this section shall not constitute an indebtedness of the City within the meaning of the legal limitations of contracting of indebtedness by cities. (Added at election held Nov. 6, 1990)