The city shall have the power to borrow money on the credit
of the city and also to issue or incur bonds and other evidence of
indebtedness, and such powers may be exercised to finance public improvements
or for any other public purpose not prohibited by the Constitution
and the laws of the State of Texas, and the city may issue refunding
bonds to refund outstanding bonds and other evidence of indebtedness
of the city previously issued or incurred. All such bonds and other
evidence of indebtedness shall be issued in conformity with the laws
of the State of Texas and may be secured by or paid, in whole or in
part, from ad valorem tax revenues, revenues derived from other taxing
powers of the city, revenues derived by the city from any fee or service
charge. including revenues derived from the operations of any public
utilities, utility systems, recreational facilities or any other municipal
function and may be secured by a mortgage on the physical properties
of such public utilities in payment of such debt to the extent not
prohibited by the Constitution and laws of the State of Texas. Such
bonds or evidence of indebtedness may be a charge upon and payable
from the properties, or interest therein pledged, or the income there
from, or both to the extent not prohibited by the Constitution or
laws of the State of Texas. The proceeds of bonds or other evidence
of indebtedness issued or incurred by the city shall be used only
for the purpose for which the bonds or other indebtedness were issued
or incurred.
(Ordinance 2022-090, ex. B, adopted 12/12/2022)