2022-049 - Ordering a City-Wide Special Election for 11-8-2022 propositions calling for amendments to the City Charter

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classification as promulgated by a nationally accepted classification program. Proposition K Paroposton K ballot lan gua Ye shall read: Shall Sections 61 through 66 of the Charter be amended to delete outdated language regarding the City's authority to borrow money and to replace it, as Sec. 61 only, with language that is consistent with current law and financial practices? ❑ For ❑ Against If Proposition K is approved by the voters on November 8, 2022, Sec. 61 of the Charter will thereafter read as follows and Sections 62, 63, 64, 65, and 66 shall be deleted: Sec. 61. Power to Borrow. The City shall have the power to borrow money on the credit of the City and also to issue or incur bonds and other evidence of indebtedness, and such powers may be exercised to finance public improvements or for any other public purpose not prohibited by the Constitution and the laws of the State of Texas, and the City may issue refunding bonds to refund outstanding bonds and other evidence of indebtedness of the City previously issued or incurred. All such bonds and other evidence of indebtedness shall be issued in conformity with the laws of the State of Texas and may be secured by or paid, in whole or in part, from ad valorem tax revenues, revenues derived from other taxing powers of the City, revenues derived by the City from any fee or service charge, including revenues derived from the operations of any public utilities, utility systems, recreational facilities or any other municipal function and may be secured by a mortgage on the physical properties of such public utilities in payment of such debt to the extent not prohibited by the Constitution and laws of the State of Texas. Such bonds or evidence of indebtedness may be a charge upon and payable from the properties, or interest therein pledged, or the income there from, or both to the extent not prohibited by the Constitution or laws of the State of Texas. The proceeds of bonds or other evidence of indebtedness issued or incurred by the City shall be used only for the purpose for which the bonds or other indebtedness were issued or incurred.