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RFSOLUTION NO. 1423 <br />WHEREAS, the 62nd Texas Legislature, at its Regular Session, <br />1971, has passed Senate Joint Resolution No. 17, a proposed <br />amendment to add a new Section 49-d-1 to Article III of the Texas <br />Constitution; and, <br />WHF,REAS, said proposed amendment will appear on the ballot <br />at a Special Election to be held on May 18, 1971, as Aznendment <br />No. 4; and, <br />WHEREAS, proposed Aznendment No. 4 will permit the Texas <br />Water Development Board, on direction of the Texas Water Quality <br />Board, to issue additional water development bonds up to <br />$100 million for use in providing grants, loans, or combinations <br />thereof, to cities, towns, and political subdivisions, so that <br />these entities may quality for Federal matching funds for water <br />quality enhancement programs; and, <br />WHEREAS, the proposed Amendment No. 4 provides that bonds <br />authorized under this new Section 49-d-1 and all bonds author- <br />ized by Sections 49-c and 49-d of Article III, Texas <br />Constitution,may bear interest at not more than 6%, instead of <br />the existing rate of 47o; an d, <br />WHEREAS, the adoption by the people of proposed Amendment <br />No. 4 would make it possible for the State of Texas to realize <br />a greater return on tax dollars now going to Washington, since <br />the Federal matching share of costs would increase from a <br />maximum of 3311vo to 55/lo, as the State enters the program with <br />grants and loans; and, <br />WHEREAS, the increase in the maximum interest rate from <br />4% to 6%, as provided in Amendment No. 4, will make it possible <br />for the Water Development Board to sell its bonds in today's <br />competitive bond market; and, <br />WHgZEAS5 the passage of the proposed Amendment No. 4 would <br />make more funds available to assist local government in provid- <br />ing facilities to adequately treat and dispose of their wastes, <br />thereby enhancing the quality and quantity of the State's <br />water, and lifting some of the tax load from already over- <br />burdened city taxpayers; NOW, THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, <br />PARIS, TF.XAS, That it endorses Amendment No. 4 on the ballot at <br />the Special Election to be held on May 18, 1971. <br />BE IT FURTHER RESOLVED that the City Council of the City <br />- 4 rv-- th- - 4 oo- c +r. nr. t~ tho rinl l c nn Mav 1 R_ 107 <br />