The city shall have the power, except as prohibited by law,
to borrow money by whatever method it may deem to be in the public
interest.
The city shall have the power to borrow money on the credit
of the city and to issue general-obligation bonds for permanent public
improvements or for any other public purpose not prohibited by the
Constitution and laws of the State of Texas, and to issue refunding
bonds to refund outstanding bonds of the city previously issued. All
such bonds shall be issued in conformity with the laws of the State
of Texas.
The city shall have the power to borrow money for the purpose
of constructing, purchasing, improving, extending, or repairing of
public utilities, recreational facilities, or any other self-liquidating
municipal function not prohibited by the Constitution and laws of
the State of Texas, and to issue revenue bonds to evidence the obligation
created thereby. Such bonds shall be a charge upon and payable from
the properties, or interest therein, pledged, or the income therefrom,
or both. The holders of the revenue bonds shall never have the right
to demand payment thereof out of monies raised or to be raised by
taxation; and such bonds shall never be a debt of the city. All such
bonds shall be issued in conformity with the laws of the State of
Texas.
All bonds of the city having been issued and sold and having
been delivered to the purchaser thereof, shall thereafter be incontestable;
and all bonds issued to refund and in exchange for outstanding bonds
previously issued shall, after said exchange, be incontestable.
