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<br />ORDIIdANCE N0, ~ 1253'
<br />B7C THE CITY CJDUNCZL OF THE CITY OF PARIS, TEXAS,
<br />CALLING A1V ELECTION ON THE PROPOSITION OF THE
<br />ISSIIANCE OF $150,000,00 WATERWORKS IMPftOVEMT
<br />AND EX`I'ENSION REVENUE BONDS AIdD ON THE PROFOSITION
<br />OF THE ISSUANCE OF $400,000,00 FOR SEWER IMPROVE+IEAIT
<br />AND EXTENSIOIJ REVENUE BONVS.
<br />WHEREAS, the City Council of the City of Paris, Texas, deems
<br />it advisable to issue the bonds of said City for the purposes hereinafter
<br />mentioned;
<br />BE IT ORDAIItiiED 3Y THE CITY COUATCIL OF THE CITY OF PARIS), `i'EXAS:
<br />la That an election be held in said City of Paris, Texas, on
<br />the 30th da9 of October, 1951, at which election the following propositions
<br />shall be submitted:
<br />PROFOSITION N0, 1
<br />"Shall the City Council of the City of Paris, Texasp
<br />be authorized to issue the borrls of said City in the amount of
<br />$150.,000.001 maturing serially in such installraents as may be
<br />fixed by the City Council, the maxim~um raaturity being not more
<br />than Twenty Five (25) years from their date, bearing interest
<br />at a rate not to exceed Three and One-half (30) per cent per
<br />annum., for the purpose of improving and extending the City's
<br />Waterworks System, to be issued in accordance with and secured
<br />in the manner provided in Articles 1111-1118, both inslusive.,
<br />of the Revised Civil Statutes of Texas, 1925, as amended, e ach
<br />bond to be conditioned that the holder thereof shall never have
<br />the right t o demand payment of said obligation out of funds
<br />raised or to be raised by taxation, secu red by a pledge of tYe
<br />net revenues froan the operation of said Waterworks System, and
<br />if the Sewer Improvement and Extension Revenue Bonds are voted
<br />as provided in Proposition No, 2, to be secured additionally by
<br />a pledge of the net revenues from tYe operation of said Sewer
<br />System. The probable period of usefulness being 50 years,"
<br />PROPOSITION N0, 2
<br />"Shall the City Council oP the City of Paris, Texas, be
<br />authorized to issue the bonds of said City in the amount of
<br />$400,000.00., maturing serially in such installments as may be
<br />fixed by the City Council, the maximum maturity being not more
<br />than Twenty Five (25) years from tYbeir date,bearing interest
<br />at a rate not to exceed Three and One-half (30) per cent per
<br />annum, for the purpose of improving and extending the City's
<br />Sewer System, to b e issued in accordance with and secured in the
<br />manner provided in Articles 1111-1118.. both inclusive, of the
<br />Revised Civil Statutes of Texas., 1925, as amended, each bond to
<br />be conditioned that the holder thereof shall never have the right
<br />to demand paynent of said obligations out of Punds raised or to
<br />be raised by taxation, secured by a pledge of the net revenues
<br />from the operation of the Sewer Systen, and if the Waterworks
<br />Improvement and Extensioh Revenue Bonds are voted as provided i.n
<br />groposition Noo l, to be secured additionally by a pledge of the
<br />net revenues from the operation of said Waterworks System. The
<br />probable period of usefulness being 50 years."
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