[1]
Editor’s note(s)–Ordinance O-15-007, adopted at
a general election held May 9, 2015, amended Art. V in its entirety
to read as herein set out. Former Art. V, secs. 1–4, pertained
to similar subject matter, and derived from the original Charter;
an amendment adopted May 6, 1989, secs. 6, 9; and an amendment adopted
May 4, 1991.
The City shall have the right and power to borrow money upon
the credit of the City and to issue bonds of the City therefor, in
such sum or sums as may be deemed expedient, for the purpose of improving
the streets, purchasing or constructing sewers, erecting and maintaining
public buildings of every kind and for purchasing or constructing
waterworks and gas plants and systems and for the purpose of purchasing,
erecting, maintaining and operating an electric light and power plant
and such other public utilities as the governing authority may, from
time to time, deem expedient, and for any other purpose authorized
by state law.
(Ordinance O-15-007 adopted 5/9/15)
All bonds shall specify for what purpose they are issued, and
shall be sold for cash. When any bonds are issued by the City a fund
shall be provided to pay the interest on those bonds and create a
sinking fund to redeem said bonds. Said fund shall not be diverted
or drawn upon for any other purpose, and the custodian of the funds
of the City shall honor no drafts upon said fund except to pay interest
upon or redeem the bonds for which it was provided. The City shall
have the power to invest said sinking funds in securities secured
by the pledge of United States Bonds or Federal Agency Bonds, Texas
State or County Bonds, or Bonds of the City of Brenham, or other municipality,
or any school district, or any other investment authorized by state
law.
(Ordinance O-15-007 adopted 5/9/15)
Said bonds shall be issued for a period of time not to exceed
forty (40) years; shall be signed by the Mayor, countersigned by the
person acting in the capacity of City Secretary, and both principal
and interest shall be payable at such places and times as may be fixed
by the ordinance of the governing authority. All such bonds shall
be submitted to the Attorney-General of the State for his approval
and the Comptroller for registration, as provided by the State law;
provided, that any such bonds, after approved, may be issued by the
City, either optional or serial, or otherwise, as may be deemed advisable
by the governing authority.
(Ordinance O-15-007 adopted 5/9/15)
Before the issuance of any bonds the same shall be submitted
to a vote of the qualified voters of the City as required by the General
Laws of the State.
(Ordinance O-15-007 adopted 5/9/15)
