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<br />Authorized General Obligation Bonds - None after this issue. <br /> <br />Anticlpated Issuance or General Obliption Debt <br /> <br />The City has called a bond election for May 2, 1992 in a total amount of $9,100,000. The City intends to issue approximately <br />$4,500,000 of this authority within the next 12 months. <br /> <br />Funded Debt Limitation <br /> <br />No direct funded debt limitation is imposed on the City under current State law or the City's Home Rule Charter. Article Xl, <br />Section 5, of the Texas Constitution is applicable to the City, and limits its maximum ad valorem tax rate to $2.50 per $100 <br />assessed valuation for all City purposca. The City operates under a Home Rule Charter which adopts the constitutional <br />provisioDl. <br /> <br />Other Obligations <br /> <br />The City has no unfunded debt outstanding as of March 1, 1992. <br /> <br />Pension Fund <br /> <br />All qualified employees of the City are members of the Texas Municipal Retirement System. The City employees also <br />participate in the U. S. Social Security program. <br /> <br />Covered employees of the City contn'bute S% of gross covered salary. The City'. contribution is detennined annually by <br />actuarial study. For the year ending September 30, 1991, the contnbution rate was 4.70". <br /> <br />15 <br />