The city council shall have the power and is hereby authorized to assess, levy and collect ad valorem taxes on each one hundred dollars ($100.00) of assessed valuation of property situated in the city not exempt from taxation by the Constitution and the laws of the State of Texas, in the amounts and for the purposes as follows:
(a) 
To pay the general governmental operation expenses of the city for general improvements of the city and its property, including a public library, roads, bridges, streets, public parks, cemeteries, and other governmental purposes authorized by state law.
(b) 
To pay the principal of and interest on bonds of the city hereto authorized, and hereafter authorized, by the qualified voters of the city, or as otherwise authorized by state law.
Providing that the total amount of ad valorem taxes thus authorized to be levied shall never exceed in any one year an amount as authorized by the laws of the State of Texas.
(Ordinance 34-2020, sec. 4(Meas. 2), adopted 6/16/20, ref. 11/3/20)
The city council shall have the authority by ordinance to borrow money on the credit of the city and issue bonds therefor for permanent improvements and for any other lawful municipal purpose, including the purchase of fire fighting equipment, as may be determined by the city council, providing that no bonds shall be authorized unless the proposition for the issuance thereof has been approved by the majority of the qualified voters of the city voting at an election held for said purpose. Such election shall be ordered by the city council and notice thereof shall be given in the manner and for the length of time provided by the general laws of Texas applicable to cities and towns. Except as otherwise provided by laws relating to the issuance of bonds by cities and towns such election shall be held and conducted in accordance with the laws of the State of Texas governing general elections. The foregoing provisions requiring an election on the proposition for the issuance of bonds shall not apply to funding or refunding bonds issued or to be issued for the purpose of funding or refunding any valid indebtedness or any valid outstanding bonds of the City of Wichita Falls provided that such refunding bonds shall not bear interest at a rate exceeding the rate borne by the bonds thus refunded. All such bonds shall be issued in the manner provided by the general laws of Texas applicable to cities and towns.
The city council is authorized to issue, by ordinance, such other bonds, notes and obligations for municipal purposes as are authorized by the Constitution and laws of the State of Texas, subject to the procedures and limitations established thereby.
(Ordinance 34-2020, sec. 4(Meas. 1), adopted 6/16/20, ref. 11/3/20)
Whenever the city council, in fixing the general tax rate for the city, shall designate any portion of such rate to be levied for a specific purpose, a corresponding part of the revenue of the city derived from such general tax shall be set aside as a fund to be used only for the purpose so specified. No payments shall be made out of such special funds except for the satisfaction of the purpose for which it was established; but any such fund created for the payment of principal or interest of the bonded indebtedness of the city may be invested in any valid interest-paying bonds of the City of Wichita Falls, the United States, the State of Texas or in any legally issued bonds of any county, city or school district in Texas, as the city council may determine.
When so invested the bonds purchased and the interest thereon shall be held in trust for the particular fund from which the money was taken and shall not be sold or otherwise used except for the benefit of such fund.
Any balance remaining in any such special fund, after the purpose for which it shall have been created has been satisfied or abandoned, shall revert to the general fund of the city and shall be subject to appropriation by the city council for other municipal purposes.