In keeping with the Constitution of the State of Texas and not contrary thereto, the City shall have the power to borrow money on the credit of the City for any public purpose or for any permanent improvement not now or hereafter prohibited by the Constitution and laws of the State of Texas, and shall have the right to issue all tax bonds, revenue bonds, funding and refunding bonds, time warrants and other evidence of indebtedness as now authorized or as may hereafter be authorized to be issued by cities and towns by the laws of the State of Texas. Bonds and warrants of the City shall be issued in the manner provided by the Constitution and/or general laws of the State of Texas.
In any budget year in anticipation of the collection of the property tax for such year, whether levied or to be levied in such year, the Council may by resolution authorize the borrowing of money by the issuance of negotiable notes of the City, each of which shall be designated “Tax anticipation notes for the year __________” (that is, stating the budget year). Such note shall mature and be payable not later than the end of the fiscal year in which the note shall have been issued.
In any budget year in anticipation of the collection or receipt of other revenues of that budget year, the Council may by resolution authorize the borrowing of money by the issuance of negotiable notes of the City, each of which shall be designated “Special revenue note for the year _____” (that is, stating the budget year). Such note shall mature and be payable not later than the end of the fiscal year in which the note shall have been issued.
The notes issued pursuant to the two preceding sections may be sold at not less than par and accrued interest in private sale without previous advertisement, but such sale shall be authorized by the Council.
All bonds and other evidences of indebtedness of the City having been issued and sold and having been delivered to the purchaser thereof or delivered to the claimant thereof shall thereafter be incontestable and all bonds issued to refund outstanding bonds or other evidence of indebtedness previously issued shall and after said issuance be incontestable.
The City Council shall have the power to issue Time Warrants in accordance with and as regulated by TEX. REV. CIV. STAT. art. 2368-A, known as the “Bond and Warrant Law of 1931,” and all amendments thereto.
The City Council shall have the authority to purchase equipment on a lease-purchase plan and to enter into such contracts as may be necessary for the purchase of such equipment. Such purchase shall be on plans and specifications and competitive bids on all items over fifty thousand [dollars] ($50,000.00). This shall not apply to emergency items.
(Amended by Ordinance 823 at an election held on May 15, 2017, ex. B, sec. VI)