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Waterworks and Sewer System Revenue Bond, <br />Series 1962, in the aggregate amount of <br />$500,000, for the purpose of improving <br />and extending the City's Waterworks System, <br />now outstanding in the principal amount <br />$490,000; and <br />of <br />WHEREAS, of the $2,240,000 of bonds authorized on <br />August 14, 1956 there remains $200,000 unissued Eonds, and of <br />the $2,500,000 of bonds authorized on September 21, 1965 there <br />will remain $200,000 of unissued Sewer System Bonds; and <br />WHEREAS, the bonds hereinafter authorized were duly <br />and favorably voted, as required by the Constitution and laws <br />of the State of Texas, at an election held in said City on the <br />21st day of September, 1965; and ! <br />WHEREAS, it is deemed essential that the bonds herein-I <br />~ <br />after authorized be issued payable from a lien on the net ~ <br />i <br />revenues of the City's Waterworks and Sewer System junior and ~ <br />r <br />subordinate to the lien securing the Series 1952, Series 1957, ~ <br />i <br />Series 1957-R, and Series 1962 first lien bonds hereinabove ~ <br />~ <br />ursuant to Vernon's Articles 1111 through 1118. ~ <br />described, p <br />BE IT ORDAINED BY THE CITY CCUNCIL OF THE CITY OF PARIS: ' <br />l, AUTHORIZATION OF BONDS. That to provide funds <br />ior the purpose of improving and extending the City's Water- <br />works System, pursuant to the Constitution and Statutes of the <br />State of Texas, there sha11 be issued "City of Paris Waterworks <br />and Sewer System Junior Lien Revenue Bonds, Series 1966," <br />aggregating $2,300,000. <br />2, DATE DENOMINATION PLACE OF PAYMENT. That said <br />bonds sha11 be dated January 10,1966, shall be of the denomina- <br />tion of $5,000 each; shall be numbered consecutively from 1 <br />through 460, and the principal thereof and interest thereon sha <br />