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RULE §53.41General Obligation Bond Elections

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.

Source Note: The provisions of this §53.41 adopted to be effective January 1, 1976.

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