[1]
Editor’s note–For facility in usage this one-section
article has been broken into four sections, one for each original
unnumbered paragraph; section numbers assigned and historical citations
inserted following each such section.
The governing authority of the city shall have power to appropriate
so much of the general revenue of the city as may be necessary for
the purpose of retiring and discharging the accrued indebtedness of
the city, and 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 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 in furtherance of any and all these subjects the city
shall have the right and power to borrow money upon the credit of
the city and to issue coupon bonds of the city therefor, in such sum
or sums as may be deemed expedient, to bear interest not to exceed
six per centum per annum, payable annually or semi-annually, provided,
that the aggregate amount of said bonds shall at no time exceed that
allowed by the laws of Texas.
(Char. 1916, art. VIII, sec. 1, ¶ 1)
All bonds shall specify for what purpose they are issued, and
shall be invalid if sold for less than their par value, and when any
bonds are issued by the city a fund shall be provided to pay the interest
and create a sinking fund to redeem said bonds, which fund shall not
be diverted or drawn upon for any other purpose, and the person acting
as custodian of said funds shall honor no drafts upon said fund except
for the purpose of paying the interest upon or redeeming the bonds
for which it was provided, or for investment of such sinking fund
in such securities as may be provided by law.
(Char. 1916, art. VIII, sec. 1, ¶ 2)
Said bonds shall be issued for a period of time not to exceed
forty 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 [bond clerk in office of state comptroller], as provided
by 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.
(Char. 1916, art. VIII, sec. 1, ¶ 3)
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.
(Char. 1916, art. VIII, sec. 1, ¶ 4; Ordinance 1538, sec. 1 (exh. A, chtr,
amd. 11), adopted 2/8/10)
