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<br />GENERAL OBLIGATION BONDS - These bonds are issued by the city following an election <br /> <br />in which the voters authorize their issuance for specific stated purposes, as well as the necessary <br /> <br />tax increases to support them. These bonds pledge the property or ad valorem taxing power of <br /> <br />the city. <br /> <br />CERTIFICATES OF OBLIGATION - These certificates have basically the same effect as <br /> <br /> <br />general obligation bonds except they do not require an election to authorize them. An election <br /> <br />can be petitioned by five percent of the registered voters of the city. These certificates are <br /> <br />issued on the authorization of the City Council. Repayment is based on the property taxing <br /> <br />power ofthe city, utility system revenues, or a combination ofthe two. <br /> <br />USER FEES - This method of financing requires the eventual user of each park to pay a fee for <br /> <br />the use of each facility. Fees to be charged users can be established to pay for debt service, <br /> <br />maintenance, and operation of the park system. <br /> <br />PRNATE OR CORPORATE DONATIONS - Donations from foundations, corporations, <br /> <br /> <br />and/or private individuals are often used to acquire and develop parks. The city should <br /> <br /> <br />constantly identify and pursue opportunities to receive such funding for parks. One avenue for <br /> <br />receiving donations is through the use of the Texas Parks & Recreation Foundation. This <br /> <br />foundation has been developed to help all communities in the State of Texas to maximize the <br /> <br />benefits of donations of land, property, and money. <br /> <br />11 <br />