Page 329 - Southlake FY24 Budget

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, Appendix
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 be incontestable and all bonds issued to refund in exchange for outstanding bonds
previously issued shall and after said exchange, be incontestable.

9.34. Borrowing in Anticipation of Property Tax.

In any budget year, the Council may, by resolution, authorize the borrowing of money in anticipation of
the collection of the property tax for the same year whether levied or to be levied. Notes may be issued
for periods not exceeding one (1) year and must be retired by the end of the budget year in which issued.

9.35. Use of Bond Funds.

Any and all bond funds approved by a vote of the citizens of Southlake will be expended only for the
purposes stated in the bond issue.

9.36. 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.

9.37. Sale of Bonds.

No bonds issued by the City shall be invalid because they are sold for less than par value and accrued
interest. The Council shall have the right to reject any or all bids.

FY 2024 City of Southlake | Budget Book 329