Page 320 - City of Colleyville FY22 Adopted Budget

DEBT ISSUANCE POLICY (Section 9.07):

GENERAL OBLIGATION BONDS: 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.

REVENUE BONDS: 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 function not prohibited by 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 properties, or
interest therein pledged, or the income there from, 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. All such bonds shall be issued in conformity with
the laws of the State of Texas.

BONDS INCONTESTABLE: 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 in exchange for outstanding bonds previously issued
shall and after said exchange, be incontestable.

USE OF BOND FUNDS: Any and all bond funds approved by a vote of the citizens of
Colleyville will be expended only for the purposes stated in the bond issue.

CERTIFICATES OF OBLIGATION: All certificates of obligation issued by the City
shall be approved by ordinance and issued in accordance with the laws of the State
of Texas.

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