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Note–Charter Amendment No. 9, ratified May 6, 1969, amended Article V to read as herein set out. Former Article V, secs. 1–7, pertained to similar subject matter.
As used in this charter, “capital project” or “project” means (a) any permanent public betterment or improvement and any preliminary studies and surveys relative thereto; (b) the acquisition of property of a permanent nature; (c) the purchase of equipment for any public betterment or improvement or any other public purpose.
(Charter Amnd. No. 9, ratified May 6, 1969)
The city commission shall have the authority to appropriate so much of the revenues of the city, emanating from whatever source, for the purpose of retiring and discharging the accrued indebtedness of the City of Dumas, and for the purpose of contacting, purchasing, or otherwise acquiring, and thereafter maintaining, all public improvements and utilities of every nature now or hereafter authorized by the general laws of the State of Texas, and in furtherance of any and all such purposes shall have the power to borrow money upon the faith and credit of the city and to issue negotiable coupon bonds therefor, either optional, serial or otherwise, in such sum or sums as may be deemed expedient, to bear interest at a rate of not to exceed 6 per cent per annum, payable annually or semi-annually. The total debt of the City evidenced by bonds and time warrants shall never exceed maximum provided by Law of Texas contained in Title 28, Section 11.
(Charter Amnd. No. 9, ratified May 6, 1969)
The city commission shall further have authority to issue revenue bonds, duly authorized by the majority vote of qualified resident taxpaying voters, for the purpose of building, purchasing, improving, enlarging, extending or repairing its water system, sewer system, or any other public utility which it may own or hereafter acquire, either both or all, or any other self liquidating asset for which revenue bonds may lawfully be issued, and to mortgage or encumber any such system or systems and to pledge the income and revenue thereof for any such purpose, all in accordance with the power and authority provided in Article 1111 through 1118 and all subsections thereof, of the Revised Civil Statutes of Texas of 1925, as amended or hereafter amended.
(Charter Amnd. No. 9, ratified May 6, 1969)
Bonds for any of the purposes hereinabove indicated shall be issued and sold in conformity with the general laws of the State of Texas relating to the issuance and sale of city bonds. No bonds, except funding or refunding shall be issued until they have first been authorized by a majority vote of the fully qualified resident property taxpaying voters of the City who have rendered their property for taxation, voting at an election duly ordered and held to determine the question of the issuance of such bonds; and no bonds for any purpose shall be issued until they have been duly approved by the attorney general of the State of Texas and registered by the comptroller of public accounts, as required by general law. All bonds shall specify the purpose for which they are issued and shall not be sold for less than their par value and accrued interest, nor until after receipt of and consideration of bids for the bonds submitted in response to a public advertisement therefor. No general obligation bonds of the city shall be issued until after the city commission shall have provided a sinking fund to redeem the principal thereof at maturity. Funds provided to discharge bonded indebtedness of the city, or to pay the interest thereon, shall be and continue to be special funds for the particular purpose for which provided and shall not be drawn upon or diverted to any other purpose until the bonds for which provided, with interest thereon, are fully paid and discharged. The city commission shall, however, have the power and authority to invest said respective sinking funds in such securities as are or may be prescribed by law as eligible for investment of sinking funds of cities.
(Charter Amnd. No. 9, ratified May 6, 1969)
The city commission shall have the authority to pass all necessary resolutions, orders and ordinances to provide for the funding or refunding of the whole or any part of the existing debt of the city or any future debt or debts by cancelling the evidence thereof and issuing funding or refunding bonds in lieu thereof as provided by the general laws of the State of Texas, particularly Chapter 163, of the General Laws passed by the Forty-second Legislature at its regular Session in 1931, as now or hereafter amended.
(Charter Amnd. No. 9, ratified May 6, 1969)
Editor’s note–Charter Amendment No. 5, ratified May 1, 1993, amended the Charter by the addition of sec. 16 to article V. Sections 7–15 have been designated as reserved by the editor.
The Commission shall adopt a five-year capital improvement program by ordinance. Amendment to such five-year capital improvement program shall be by appropriation ordinance only.
(Charter Amnd. No. 5, ratified 5/1/93)