Page 520 - Southlake FY22 Budget

APPEnDIX

FInAnCIAL POLICIES

minimize any deficit, and for that purpose the Council may by ordinance reduce one or more appropriations.

9.23. Transfer of Appropriations.

At any time during the fiscal year the City Manager may transfer part or all of any unencumbered appropriation balance
among programs within a department, division, or office and, upon written request by the City Manager, the Council
may by ordinance transfer part or all of any unencumbered appropriation balance from one department, office or
agency to another.

9.24. Limitations.

No appropriation for debt service may be reduced or transferred, and no appropriation may be reduced below any
amount required by law to be appropriated or by more than the amount of the unencumbered balance thereof.

9.25. Effective Date.

The supplemental and emergency appropriations and reduction or transfer of appropriations authorized by this section
may be made effective immediately upon adoption of the ordinance or budget amendments.

C.

BORROWING

9.30. Authority to Incur Indebtedness.

The Council shall have the power to incur, create, refund and refinance indebtedness and borrow money for public
purposes; to issue special or general obligation bonds, revenue bonds, funding and refunding bonds, time warrants
and other evidences of indebtedness and to secure and pay the same in the manner and in accordance with the
procedures provided and required by state law.

Editors Note: Municipal bonds, Vernon’s Ann. Civ. St. art. 701 et seq.

9.31. 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 law and this Charter and to issue
refunding bonds to refund outstanding bonds previously issued. All such bonds shall be issued in conformity with
the laws of the State of Texas and shall be used only for purposes for which they were issued. Any bond, excluding
refunding bonds, to be issued under the provisions of this section shall not be issued without an election held in
accordance with the provisions of state law.

9.32. 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 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.

BUDGET BOOK | FY 2022 City of Southlake 519
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