The city may incur indebtedness by issuing its negotiable bonds,
pursuant to this charter, to finance any capital project, which it
may lawfully construct or acquire, or for any legitimate public purpose.
The bond election ordinance shall provide for proper notice,
the calling of the election, the propositions to be submitted and
for the form of the ballot. The ordinance shall specify:
(1) The purpose
of which the bonds are to be issued
(3) The maximum
rate of interest
(4) The levy
of taxes sufficient to pay interest and sinking fund or retirement
of principal
(5) That the
bonds to be issued shall mature serially within a given number of
years
The bond election ordinance and the manner of conducting the
election shall, in all aspects, conform to this charter and the general
laws of this State.
|
The city shall authorize the issuance of bonds by a “Bond
Ordinance” passed by the affirmative votes of the majority of
all members of its council. Revenue bonds may be issued by the council
under the authority of Articles 1111-1118, Revised Civil Statutes
of Texas, 1925, as amended and all other applicable provisions of
law and the Bond and Warrant Law of 1931.
An ordinance passed pursuant to a purpose, which has been authorized
by majority vote of the property taxpaying voters of the city of Cameron
at an election held for the purpose shall not be subject to referendum.
A bond ordinance may combine two or more related projects, in
which event it shall, for each project, establish a separate proposed
expenditure and state separately the estimated maximum costs and amounts
of down payments, but shall authorize a single issue of bonds to finance
the aggregate of the proposed expenditures thereby made. The title
of such bond ordinance may state the aggregate of the proposed expenditures
instead of the respective amounts.
Each bond ordinance relating to bonds not authorized by the qualified property taxpaying voters of the city of Cameron, shall be subject to permissive referendum on petition pursuant to the provision of Article
IX of this Charter, unless the bonds are authorized solely for a capital purpose made necessary as the result of fire, flood, or other disaster, or the bonds are to be issued to finance the improvement or extension of a municipally owned or operated utility or other public service enterprise.
All bonds issued under this Charter shall be sold at public
sale upon sealed proposals after at least ten days notice published
at least once in a publication carrying municipal bond notices and
devoted primarily to financial news, and at least ten days notice
published at least once in the official newspaper of the city; provided,
however, that this requirement shall not apply when refinancing is
to be done by the issuance of refunding bonds or new money bonds.