§ 10.03. Bond elections.

Any proposition to issue new or additional bonds, as authorized herein, as well as the amounts of such issuance and the purpose of the same, shall be first submitted to a vote of the qualified voters of the city who are property taxpayers of the city, at an election to be held for that purpose. The time, place and manner of such election and the making of returns and declaring the results thereof shall be prescribed by ordinance as nearly in accord with the provisions of Revised Statutes of Texas and the laws regulating city elections as may be practical, and unless a majority of the qualified taxpaying voters, voting thereon in such election, vote in favor of the issuance of such bonds, the same shall not be issued; provided that the purpose of the issuance of bonds, as submitted at such an election, may include more than one object.

After an issue of bonds has been ordered, the council shall have power to issue bonds payable serially or otherwise as in its opinion may seem best. All bonds shall specify on their face for what purpose they are issued. When any bonds are issued by the city a fund shall be provided to pay the interest and create a sinking fund sufficient to pay the bonds at maturity, and said sinking funds may be invested in bonds of the State of Texas, or in bonds or obligations of the United States, or in bonds of the City of Silsbee, which are not yet due; provided that in the event it shall be deemed expedient to issue serial bonds payable in annual installments it shall be sufficient to provide for the payment of interest thereon and the annual installments as they mature.