Editor's note–Former section 1, pertaining
to power to borrow, was repealed 11/7/2023.
The City shall authorize the issuance of bonds by a Bond Ordinance
passed by an affirmative vote of a majority of all members of the
City Council, and approved by a majority of the qualified property
taxpaying voters voting at an election called for the purpose of authorizing
the issuance of such bonds. The Bond Ordinance shall provide for proper
notice, the calling of the election, and the propositions to be submitted.
The latter shall distinctly specify:
(a)
The purpose
for which the bonds are to be issued, and, where possible, the probable
period of usefulness of improvements for which the bond funds are
to be expended;
(b)
The amount
thereof;
(c)
The rate
of interest;
(d)
The levy
of taxes sufficient to pay interest and sinking fund;
(e)
That the
bonds to be issued shall mature serially within a given number of
years not to exceed forty.
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The Bond Ordinance and the manner of conducting the election
shall in all respects conform to the general laws of this State.
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Editor's note–Former section 3, pertaining
to issuance of bonds, was repealed 1/25/1972.
All bonds of the City, after having been authorized and issued
in accordance with the provisions of this Charter and the laws of
the State, shall be advertised once a week for two consecutive weeks,
the first publication to be at least fourteen (14) days prior to the
time set for the sale, and shall be sold at public sale for the best
bid. The City Council shall have the right to reject any or all bids.
The ordinance authorizing any bonds or warrants to be issued
shall provide for the creation of a sinking fund sufficient to pay
the bonds or warrants at maturity, and make provision for the payment
of the interest thereon as it matures, and any surplus in any sinking
fund or any general fund may be invested in bonds of the State of
Texas, or in securities of the United States, or such funds may be
used for the purchase of the bonds or warrants of the City of Beaumont
which are not yet due, provided, however, that the price paid for
said bonds or securities shall not exceed the market value at the
time of purchase and the accrued interest provided for in said bonds
or securities, and provided further that no such bonds or securities
shall be purchased which, according to their terms, mature at a date
subsequent to the time of maturity of the bonds for the payment of
which such sinking fund was created. Neither interest nor sinking
fund shall be devoted to any other purpose whatsoever.
