Proposition C - Bond Issuance for Parks and Recreation

SHALL the City Council of the City of Carrollton, Texas, be authorized to issue general obligation bonds of the City in the principal amount of $26,530,000 for permanent public improvements and public purposes, to wit: acquiring, constructing, renovating, developing, improving, expanding, furnishing, and equipping park and recreational facilities, including the acquisition of any related land and rights-of-way therefor; such bonds to mature serially or otherwise over a period not to exceed thirty (30) years from their date, to be issued and sold in one or more series at any price or prices and to bear interest at any rate or rates (fixed, floating, variable, or otherwise) as shall be determined within the discretion of the City Council at the time of issuance or sale of the bonds; and shall the City Council of the City be authorized to levy and pledge, and cause to be assessed and collected, annual ad valorem taxes, within the limitations prescribed by law, on all taxable property in said City sufficient to pay the principal of and interest on the bonds?