1604 ORD CITY COUNCIL CONVENED IN SPECIAL MEETING

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ANk AM& ~ "Shail the City Council of the City of Paxis, Texas, be authorized to issue the bonds of said City in the amount of $400,000.00, maturing serially in such in- stallments as may be fixed by the City Council, the maxi- mum maturity being not more than Thirty (30) years from their date, bearing interest at a rate not to exceed Four and one-half (4J%) per cent per annum, for the purpose of improving and extending the City's Sewer System, to be issued in accordance with and secured in the manner pro- vided in Articles 1111-1118, both inclusive, of the Re- vised Civil Statutes of Texas, 1925, as amended, each bond to be conditioned that the holder thereof shall never have the right to dema.nd payment of sa3d obligations out of fl.inds raised or to be raised by taxation, secured by a pledge of the net revenues from the operation of the City's Waterworks and Sewer System. The probable period of useful.ness being 50 yeaxs," ; and WAEREAS, said election was duly held at the time and places speciPied after due notice as required by law had been given by posting and publication; and WHEREAS, there were cast at said election the following votes: "FQR THE ISSUANCE OF SEWER TMPROVIIMENT AIVD EXTENSION REVENUE BONDS" 4 44 Votes; "AGAINST THE I5SUANCE OF SEWER IlMPROVENIENT AND EXTENSIOId REVENUE BONDS" 72 Votes, as is reflected in the election returns heretofore filed with the City Clerk; and WHEREAS, only qualified taxpaying voters owning taxable property in said City and who had duly rendered their property for taxation were allowed to vote; BE IT ORDAINID BY THE CITY COUNCIL OF THE CITY OF PARIS~ TEXAS: l. Tha.t said election was duly called; that notice wa.s given in accordance with law and in accordance with the resolution calling the election; that the election was held in accordance with law; th,at the returns of said election have been made by the proper officers; that a majority of the qualified voters who own taxable property in said City and who have duly rendered the same for taxation voting at said election ha.ve in favor of the issuance of the bonds.