1258 ORD PROVIDING FOR ISSUANCE OF COP WATERWORKS AND SEWER IMPROVEMENT AND EXTENSION REVENUE BONDS SERIES 1952

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Alk - - AMh, cent per annuYa, for the purpuse of iriprozring anc ea"tendirig tYie ,ity's Se4rer S;-stem, to be issued in acecrdance with and secur- ed in the manner provided in Articles 1111-I118, both ir.clusive, of the Hevised Civil atatutes of Ter.as, 1925, as a*rlended, each bond to be conditioned that the iiolcler tk:ereof shall never have the right to der:and pay;nent of saiu obl'-gations out of funds raised or to be ra.ised by taxation, secured by a pledge of the net revenues fram the operatior_ of the Sewe: System, and if the 'Jdaterworks i:mr)rovernent and ~.^;xtension 3evenue Bcnds are voted as prov_ided in Yroposition Pio. l, tc be secured ad4ii:ior,aIly by apledge of the net revenues fror:i the operation of said 'J:ater- wor?cs Syste:n. lr~.e -orobable period of usefulness being 50 years." ; and at the election held in said Cityo un the 30th day of October, 1951, d ma. jorit;, cf the resident, alualified electors oT,,ming taxable property in said 'City and wlio had duly renrlered the same for taxa.tion votir.g at said electior. sustained the propositions to issue the bonds herein- after described b~: tYie follo~~.ng vote: PRoPoszTzoN No. 1 nFOR THI~, 13MU4~' ()F ':vf:T'~.~H,~GN.Ka I1,11PROVELENT AhdD TXTEi?SIUN 1,`E"T~iJTi BOPJDS" 435 `Totes; nAG4Il`dST TI-T; I33UriiCE, UF Ii11':-ZOT~;- i4w~i~1i ~i~'L "~:~Tr,l~~SI~~i~T 'r~,V"~1VtIr~ BOnili;~" 107 Jotes, ?RUPWITIuN l'10. 2 nFOR `PIHE IS6'iJAPdCE UF SE`JhR IT~irii.OV'i=T AND =Zdl:SI01`1 i ; 'Ei~UIE BOhDS" 4lali. Votes; IrAGAII,IS1 TIir; ISSliA.r:CE GF aEP.'Eit Tld1PROVi~--E;T 1',.INL LX_P=:11:VI31V j~+~TFJIVV'1'J J111d~S" 98 VOIieJ; and TWDE'~-rFAS, it is consiaered to be to the best ir~terest of the City that said borids be autherized in or_e issue secured by a first lien on and pledge of the net revenues fror: the operation of the Cityts`.iatenlorks and Sewer System; and the City h2s authority, generall~r, to pass this ordinance authorizing the issuance of revenue bonds for the purpose of iniprov- ing and extending the City's '4aterworks Jewer System, under the Constitution and Statutes of the State o° Texas, includin; particularly Articles 1111-111£3, both inclusive, of the 1925 =Levised Civil Statutes of Texas, as arnended and "hapter 163, kcts of the liegular Sess~ on of tre Forty Second Legislature; and W;-ErU~ASI it is now necessary and -aroper that the City Council p?°oceed with the issuance of such revenue bonds;