The city shall have the power to borrow money on the credit of the city and to issue general obligation bonds for making public improvements or for other public purposes not prohibited by the Constitution and laws of the State of Texas, and to issue refunding bonds to refund outstanding bonds of the city previously issued. All such bonds shall be issued in accordance with state law. For bonds requiring voter approval, the city shall indicate on the ballot proposition the amount of bond issuance authorization, estimated amount of repayment including principal and interest based on current market conditions, and the purpose of the bonds. (Amend. of 11-4-14, Prop. No. 1)
(a) The maximum bonded indebtedness of the city outstanding at any one time, and payable from taxation, shall not exceed 10 percent of the total assessed valuation of property shown by the last assessment roll of the city.
(b) The city may not issue general obligation bonds or property-tax-supported certificates of obligation, other than refunding bonds, with a maturity in excess of 10 years unless the bonds have first been authorized by a majority vote of the participating voters at an election held for that purpose. (Amend. of 5-1-93, Prop. No. 7)
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