Laserfiche WebLink
<br />Authorized General Obligation Bonds <br /> Amount Amount <br /> Date Amount Heretofore Being Unissued <br />Purpose Authorized Authorized Issued Issued Balance <br />Street Improvements 4-7-84 $ 4,000,000 $3,580,000 $ -0- $ 420,000 <br />Parks and Recreation 4-7-84 400,000 350,000 50,000 -0- <br />Library 4-7-84 450,000 -0- 175,000 275,000 <br />Firefighting Equipment 9-8-90 435,000 -0- 370,000 65,000 <br />Police Building 9-8-90 3,000,000 -0- 3,000,000 -0- <br />Library 9-9-90 2,135,000 -0- -0- 2,135,000 <br /> $10,420,000 $3,930,000 $3,595,000 $2,895,000 <br />Anticipated Issuance of General Obligation Bonds <br />Funded Debt Limitation <br />No direct funded debt limitation is imposed on the City under current State law or the City's Home Rule <br />Charter. Article XI, Section 5, of the Texas Constitution 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 />Other Obligations <br />The City has no unfunded debt outstanding as of March 31, 1991. <br />Pension Fund <br />All qualified employees of the City are members of the Texas Municipal Retirement System. The City <br />employees also participate in the U. S. Social Security program. <br />Covered employees of the City contribute 5% of gross covered salary. The City's contribution is <br />determined annually by actuarial study. For the year ending September 30, 199O, the contribution rate <br />was 4.25%. <br /> - 14 - <br />