The City shall have the power to borrow money on the credit of the City in accordance with the Constitution and laws of the State of Texas as the same may be amended from time-to-time, for permanent public improvements or for any other public purpose not now or hereafter prohibited by the Constitution and laws of the State of Texas, including funding economic development programs permitted under the Constitution and laws of the State of Texas. The City shall have the power to issue bonds and other obligations payable from ad valorem taxes levied and collected by the City, revenue bonds, funding and refunding bonds, certificates of obligation, contractual obligations, notes, warrants and any other evidences of indebtedness permitted by the Constitution and laws of the State of Texas as are now authorized or as may hereafter be authorized to be issued by the Constitution and laws of the State of Texas. The City shall have the right to refund any outstanding bonds or obligations by the issuance of refunding bonds in accordance with the provisions permitted by the then applicable laws of the State of Texas.
No bonds, warrants or certificates of indebtedness or any other borrowing or [of] monies shall be made and the City shall not become obligated for same to be used for the operation of the regular administrative and operating budgets of the City of Granbury.
(Section 8.01 amended by an election held November 6, 2018)
(Section 8.01 amended by an election held November 6, 2018)
Editor’s note–Former section 8.02, pertaining to manner of issuance was deleted and repealed by an election held on November 6, 2018.
No bonds issued by the City of Granbury shall be invalid because they are sold for less than par value and accrued interest. The council shall have the right to reject any or all bids. In the event the City shall have received authorization for the issue of bonds but shall not have issued said bonds within five (5) years from the date of voter authorization, such authorization shall become null and void.
(Section 10.01 amended by resolution 11-12 adopted on May 19, 2011, at an election held on May 14, 2011; amended by an election held November 6, 2018)
Editor’s note–Former section 8.03.1, pertaining to debt obligations was deleted and repealed by an election held on November 6, 2018, which was formerly added by an election held November 7, 2006.
It shall be the duty of the Council to levy an annual tax sufficient to pay the interest on and provide the necessary sinking fund required by law on all outstanding general obligation bonds of the City. The interest and sinking fund shall be deposited in a separate account and shall not be diverted to or used for any other purpose than to pay the interest and principal on all such bonds issued by the City of Granbury. The sinking fund maintained for the redemption of any debt may be invested in any interest bearing bonds of the United States Government, and/or secured bonds of the State of Texas as may be provided by the laws of this State. The Council may also deposit City monies in any state or national chartered financial institution which is insured by the Federal Government.
(Section 10.01 amended by resolution 11-12 adopted on May 19, 2011, at an election held on May 14, 2011; amended by an election held November 6, 2018)
The City shall have power to borrow money for the purpose of construction, purchasing, improving, extending, or repairing of public utilities, recreational facilities or any other self- liquidating municipal function not now or hereafter prohibited by the general laws of the State, and issue revenue bonds to evidence the special obligation created thereby. Such bonds shall be a charge upon and payable solely from the properties, or interest therein, acquired and the income therefrom, and shall never be a tax obligation of the City. Revenue bonds issued by the City may, within discretion of the City Council, be submitted for approval by a majority of qualified voters, voting at an election held for such purpose. The Council shall have authority to provide for the terms and form of any purchase agreement, contract, mortgage, bond or document desired or necessary for the issuance of revenue bonds, and the acquisition and operation of any property or interest.
(Section 10.01 amended by resolution 11-12 adopted on May 19, 2011, at an election held on May 14, 2011; amended by an election held November 6, 2018)
All bonds, warrants and certificates of indebtedness shall be signed by the Mayor, countersigned by the City Secretary, and sealed with the seal of the city in the manner provided by general law, and shall be payable at such times and place or places as may be fixed, not more than forty (40) years from their date. It shall be the duty of the Mayor, when such bonds are authorized to be issued, to forward the same to the Attorney General of the State of Texas for approval and for registration by the Comptroller of Public Accounts.
(Section 10.01 amended by resolution 11-12 adopted on May 19, 2011, at an election held on May 14, 2011; amended by an election held November 6, 2018)
The Director of Finance or other officer of the City designated by the City Council shall keep, or cause to be kept, for and on behalf of the City, a complete bond registry and books, showing all bonds, warrants and certificates of indebtedness issued, the date and amount thereof, the rate of interest, maturity, etc., of all bonds or other indebtedness surrendered and other transactions of the Council having reference to the refunding of the indebtedness of said City.
(Section 10.01 amended by resolution 11-12 adopted on May 19, 2011, at an election held on May 14, 2011; amended by an election held November 6, 2018)
All monies received by any person, department or agency of the City for or in connection with affairs of the City shall be deposited in depositories that meet Federal and State financial requirements. All checks, vouchers, or warrants for the withdrawal of money from such depositories shall be signed by the City Manager or the Deputy City Manager, or by the Mayor in the absence of the City Manager and his deputy. Each check, voucher and warrant shall be countersigned by the City official designated by the city council. Provided that the Council, under such regulations and limitations as it may prescribe, may by ordinance authorize the use of machine-imprinted facsimile signatures of said Mayor, City Manager, or Deputy City Manager on such checks, vouchers, and warrants. Two non-facsimile signatures shall be required for all checks in excess of $5,000.00.
(Section 10.01 amended by resolution 11-12 adopted on May 19, 2011, at an election held on May 14, 2011; amended by an election held November 6, 2018)