Page 458 - Southlake FY23 Budget

APPEnDIx
Financial Policies
FInAnCIAL POLICIES

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. Such bonds shall be a charge upon and payable from 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. All such bonds shall be issued in conformity with the laws of the State of
Texas.

9.33. Bonds Incontestable.

All bonds of the City having been issued and sold and having been delivered to the purchaser thereof, shall thereafter

BUDGET BOOK | FY 2023 City of Southlake 457
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