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<br />Anticipated Issuance of General Obligation Bonds <br /> <br />The City anticipates issuing the unissued balance of its authorized general obligation bonds within 1983-89 <br />fiscal year. <br /> <br />Funded Debt Limitation <br /> <br />No direct funded debt limitation is imposed on the City under current State law or the Chy's Home Rule <br />Charter. Article XI, Section 5, of the Texas Consthution is applicable to the City, and limits its <br />maximum ad valorem tax rate to $2.50 per $100 assessed valuation for all City purposes. The City <br />operates under a Home Rule Charter which adopts the constitutional provisions. <br /> <br />Other Obligations <br /> <br />Lease <br />Purchase Item <br />Copier <br />Copier <br /> <br />Term of Lease <br />60 Months <br />60 Months <br /> <br />Interest <br />Rate <br />9.75% <br />11.00% <br /> <br />Monthly <br />Payment <br />$ 456 .07 <br />1,516.97 <br /> <br />Balance at <br />9-30-88 <br />$ &,412.23 <br />24,572.77 <br /> <br />Pension Fund <br /> <br />All eligible employees of the City are members of the Texas Municipal Retirement System. The members <br />contribute 5% of their salaries and the City contributes a variable percentage (currently 4.29%) of their <br />salaries. The City's policy is to pay aU pension plan costs as they are accrued. The contribution rate is <br />not subject to annual adjustment as a result of actuarial valuations. The total amount paid to the System <br />in the year ended August 31, 1988, was approximately $216,977. <br /> <br />A - 10 <br />