Page 384 - CityofSouthlakeFY26AdoptedBudget

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 be incontestable and all bonds issued to refund in exchange for outstanding bonds previously
Appendix
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.

D.
ADMINISTRATION OF BUDGET

384 FY 2026 City of Southlake | Budget Book