(a)
Borrowing: The council shall have the power, except as prohibited
by law, to borrow money or otherwise incur debt by whatever method
it may deem to be in the public interest.
(b)
General obligation bonds and certificates of obligation: The city shall have the power to borrow money on the credit of the
city and to issue general obligation bonds and certificates of obligation
for permanent public improvements or for any other public purpose
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 or certificates of obligation shall
be issued in conformity with the laws of the State of Texas and shall
be used only for the purpose for which they were issued.
(c)
Revenue bonds: The city shall have the power to borrow money
for the purpose of constructing, purchasing, improving, extending
or repairing of public utilities, recreational facilities or any other
self-liquidating municipal function not prohibited by the Constitution
and the laws of the State of Texas, and to issue revenue bonds to
evidence the obligation created thereby. Such bonds shall be a charge
upon and payable from the properties, or interest therein pledged,
or the income therefrom, or both. The holders of the revenue bonds
shall never have the right to demand payment thereof out of monies
raised or to be raised by taxation. All such bonds shall be used in
conformity with the laws of the State of Texas and shall be used only
for the purpose for which issued.
(d)
Adoption of ordinance: The procedure for adoption of any
ordinance relative to borrowing for capital improvements shall be:
(1)
A copy of the proposed ordinance shall be furnished to: (1) each
member of the city council, (2) the city attorney; and (3) any citizen
of the city for inspection upon request to the city secretary, at
least three (3) days before the date of the meeting at which the ordinance
is to be considered.
(2)
Any ordinance relative to borrowing for capital improvements may
be adopted and finally passed at the meeting at which it is introduced.
