Current through Reg. 49, No. 38; September 20, 2024
The following are the minimum requirements for statutory
compliance and documentary composition of transcripts prerequisite to approval
of city, town, or county general obligation bond issues
(1) Resolution, order, or ordinance calling
bond election.
(A) Minutes excerpt relative
to call of election.
(B) Findings:
advisable to call bond election, etc.
(C) Recitals and directions.
(i) Election date: not less than 15 nor more
than 30 days from resolution date, and polling hours.
(ii) Propositions text in full (must contain
purpose, amount, interest rate, maximum tax levy, and maturity date on serial
maturity within but not exceeding 40 years, creation of sinking
fund).
(iii) Places of election,
election officers and number of clerks, absentee voting provision with days and
hours of polling.
(iv) Election to
be held in accordance with Texas Election Code, applicable general laws and
laws regarding municipal elections.
(v) Ballot proposition, form and method of
voting (paper ballots, etc.).
(vi)
Notice to be posted and published per Article 704.
(2) Notice of election:
substantial copy of election resolution, ordinance, or order (addressed to all
qualified electors).
(A) Affidavit (or
certificate) of posting notice.
(i) Posted in
each election precinct and at city hall or courthouse.
(ii) At least 14 days prior to election or,
if a lesser period, designation of such period and statement of reasons longer
notice period cannot be afforded.
(iii) Copy of notice attached.
(B) Affidavit of publication of
notice.
(i) Published the same day in two
successive weeks, first publication not less than 14 days prior to election
date.
(ii) Named newspaper of
general circulation published in the city or, if no newspaper published there,
circulated in the city.
(iii) Copy
of notice as published attached.
(iv) Executed by officer or employee of the
newspaper, with job title indicated.
(3) Canvass resolution, ordinance, or order.
(A) Minutes excerpt relative to
canvassing.
(B) Recitations.
(i) All circumstances surrounding calling of
election, giving of notice, holding of election and return of ballots, finding
all having been legally had and done.
(ii) Tabulation of votes.
(C) Resolution, ordinance, or
order.
(i) Election duly and lawfully
held.
(ii) Result declared and
statement that city council, board of aldermen, or commission authorized to
issue the described bonds and levy and pledge taxes.
(4) Bond ordinance or order.
(A) Minutes excerpt relative to bond
ordinance or order passage.
(B)
Recitations.
(i) Election authority and
circumstances.
(ii) Amount to be
issued and recital identification of all prior issues, including amount of each
such issue, made under authority of the election ordered in paragraph (1) of
this section.
(C)
Ordinance or order.
(i) Designation of issue,
aggregate amount, purposes.
(ii)
Numbers, denominations, bond date (numbers corresponding to listed years and
maturity amounts must be set out).
(iii) Maturity schedule.
(iv) Interest rates and payment
dates.
(v) Redemption option, if
any.
(vi) Places of payment, names
of paying agents, manner of payment.
(vii) Description of manner of execution of
security and coupons.
(viii) Bond
form, coupon form (must refer to option for redemption, if any), form for
comptroller's registration certificate.
(ix) Creation of sinking fund, levy of tax
(for current year and to be levied each year during life of bonds) and
appropriation if first maturity occurs prior to next tax levy date.
(x) Facts of sale of bonds, mayor or county
judge to have charge of bonds pending attorney general approval.
(xi) Declaration as to mode of
sale.
(5)
Statement of taxable values.
(6)
Copy of official notice of sale, if any.
(7) Certificate of indebtedness: all
outstanding debt payable from taxes.
(8) Incumbency certificate.
(9) Incorporation certificate.
(10) Certificate regarding adoption of Texas
Civil Statutes, Title 28, if first issue for general law city.
(11) Debt retirement schedule, covering all
tax debt to be outstanding.
(12)
Appropriation certificate by chief financial officer of city, town or county
when first coupon due or first principal maturity comes before tax can be
levied to pay same.
(13)
Certification, as to home rule cities, of no charter amendment since approval
of last preceding bond issue, or, if amended, certified copies of all
amendments adopted since such approval.
