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<br />WIMUS, tht csty counc~l bas homtotore aa~termiuod ttw.w.
<br />It is t+~ ~~t. intereet of the Cit,y and +af i>s cS.ttz+sns that it iesue
<br />revOnue bm,a~ of said CiC;; for Lbe purpoim czf improving acxd exteruiing tile
<br />Ctty' s Waterwmr&~ Sever Systta; and
<br />MAS, puromut to vuc;u deteraic~~ion, ttle City CouncU
<br />of 1,L* C:ity c►f ~ris, ~Xexue, passed aza orcliname c~ the 16tti day of" Suly,
<br />1,)::6a cell9:n,g aaa e;leciiou on the Yo1lowing pr~Vositionsz
<br />PR 'iION NO. :l
<br />"~tutll the City Cos;nci.l of the city ciaf Paacis, `~emw
<br />be auUhortzed to isAtue the lottds tsf ftf.d City in the skmourt"",
<br />or $2,2403{'100«f1),, m►tur1~ serially i.a sucti iuatalbrerits as
<br />msy be f-ixod by the City Council, the mxlmm maturity being
<br />racat =kt* thau `~.°~irrt.y Five (35) yaws from their da►►te, bearing
<br />Lntere~t at a re-te ~t to ex»+sed Fwc (4%) Per cent per an~~,
<br />for ttw purpww of 3.mprraving wA eartendi.ng i:tis City's Water~~
<br />vorke Szm , t+n be issued 3.n accordanre with and securewd in
<br />~ manor provided in Art3.cles UU-11l8;, 3~th inclueive, of
<br />the rievised Ci,vil Ststute* ot` 11*x", 1925, " amended# eacta
<br />bond to be ccnditiva*d tbAt the hal,der thereaf ea1.l never hav~
<br />the rigci't, to domnd pa;yment af said ticrne out at fUnds
<br />za.ised or to be raiaed by taxat1on,, secured b;; a p~ of Ute
<br />not r~veuueas trce the cperation +af tha Ci.ty's Watetwarlce arA
<br />Sever Sys°tem. "Z'he p le period taf usefulness beiug 50
<br />yoars« ,
<br />P~POSI.1tION 3.iSf • 2
<br />"Swa.l.l t?aQ C3,ty' Cs7uctcil of the Ci.ty Of Pi►I`38, `;~,°~txas,
<br />'#e azzthorized ttr issus Os bonds of aaid cf.ty in t~ amount of
<br />,000.00,, mturiaag serial'l;,r &n such ixiatallments as may,
<br />be f#.acwi by ttid City Cmucil, the aaacimum matuarity being ~ioc,
<br />a~~~e ttiaca ~'~'bArt,y Five {35} ;~ears from tiieir da►te, beartrg itx.
<br />-tex*es'ko ut a ratea nr3t; tv exceed Four {41~} per cent per onmn,
<br />for tt.~ ~ose of impt'ovirg anct ex^4enc3.iitp; the City*~ Sever
<br />:3ystemA ;Jo be issued in ~~~ordattoo v~~h arA aecured in the
<br />nuor provided ia Artieles :.3.11•1116, both inc2ueivej of the
<br />z.arvised '.tvil Statutes of Texas, l,r,-5r as amendod,, each bond
<br />t-o be cmid3:tiau+e+d :_hat the :ccs.l,der Lbereoi" sktr.ll newer have
<br />the ri.ght ta~ demand pa3wttt oS oaisl ab,li4lations aut of funds
<br />ra3.sed or tra be ratsed by taxatian,, se+cure+d by a plec3ge of t~4
<br />not rev~~~ frca the cperatian of the Ci.ty's Watea-works
<br />w3, ~~stem. 'I"he probable per;t~ of usefuLneea being
<br />50 years.
<br />
<br />~~~MAM, the e.1~tion hold said City aa tt*- 14th
<br />I€'Iay of August, 15):4, amajority +~f tiw- residoat,, qLm1if'iod electurs ovnirZ-
<br />taxab.1a propertv in said City and vto bsd dUly rendered: the SaM fO;v ta;XalUOU
<br />I v€s:;iug at said eloc,"'#.oa sustaine3 t4er prcpooi.t:ions txp issue► the bonds "Ilerein-
<br />ckerscribecl b„,a t-'4;~ follow3.ng vote:
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