Sec. 59. Bond issuance to retire bonds.

   The Council shall have the power at any time to issue bonds for the payment of and retiring of outstanding bonds against the City, and such bonds issued for this purpose shall not be, while the bonds issued are outstanding, considered in determining whether the amount of bonds then issued by the City is in excess of the limit, or ten (10) percent of the value of the property within the City subject to ad valorem tax as provided for by section 45 of this Charter, but such bonds shall state upon their face the purpose for which they are issued and the money realized from their sale shall be used for the sole purpose of paying off and retiring other bonds of the City. (Prop. 1, 5-5-90)

Sec. 60. Specifying purpose of bonds, sinking funds; investment.

   All bonds shall specify for what purpose they are issued and shall not be sold for less than their par value and, when any bonds are issued, a fund shall be provided to pay the interest and create a sinking fund to redeem the bonds or to pay the interest and principal as the same matures, which fund shall not be diverted or drawn upon for any other purpose, and the custodian of the funds of the City shall honor no draft on said fund except to pay interest upon or redeem said bonds for which it was provided. The Council shall have the power to invest the sinking funds in United States bonds, Texas state or County bonds, or bonds of the City of Tyler. (Prop. 1, 5-5-90)

ARTICLE VII. INITIATIVE AND REFERENDUM*

[Note]

Sec. 61. Initiative petition and election.

   Upon petition of thirty (30) percent of the qualified voters, any ordinance may be submitted to the Council for enactment. If the Council shall fail to act within a month from the time of submitting the ordinance, or pass it in amended form, it shall be the duty of the Council to call an election within thirty (30) days after the expiration of the month, unless there be a regular election within sixty (60) days at which the ordinance may be submitted to the qualified voters. At this election, the original ordinance shall be printed on the ballot, and if the Council has amended the ordinance, then such ordinance shall also appear in the amended form and the voters be given an opportunity to choose between the two (2) or to reject both. (Prop. 1, 5-5-90)

   *Cross reference­Recall, etc., of Councilmembers, § 18.