1810 ORD DIRECTING OPENING OF STREET, IMPROVING SAME WITH CONCRETE CURB AND GUTTER AND DRAINAGE STRUCTURESORDINANCE NOp 1810 .
AN ORDINANCE DIRECTING THE OPENING OF A STREET, IMPROV-
ING THE SAME WITH CONCRETE CURB AND GUTTER AND DRAINAGE
STRUCTURES, EXTENDING FROM GRAHAM STREET, EAST TO THE WEST
BOUNDARY LINE OF NORTH MAIN 5TREETp WHERE THE SAME WILL IN-
TERSECT WITH PINE BLUFF STREET; PROVIDING FOR THE RECEIPT OF
BIDS FOR THE CONSTRUCTION QF SAID STREET, CURB AND GUTTER,Q
AND DRAINAGE STRUCTURES, AND ENGINEERING SERVICES, ON
FEBRUARY 3, 1967, AT THE CITY COUNCIL ROOM9 IN THE CITY HALLg IN
THE CITY OF PARIS; PROVIDING FOR THE ISSUANCE OF TIME WARRANTS
FOR THE PAYMENT QF THE CONTRACT PRICE OF SAID STREET EXTEN-
SION AND IMPROVEMENTS SY THE CITY OF PARISs IN AN AMOUNT OF
$603% 000. 00, TO BE ISSUED IN THREE TIME WARRANTS OF THE DENOMINA-
TIQN OF $202 000. 00 EACHy THE FIRST PAYABLE QNE YEAR FROM THE
DATE OF ISSUANCEp THE 5ECOND PAYABLE TWO YEARS FROM THE DATE
OF ISSUANCE, AND THE THIRD PAYABLE THREE YEARS FROM THE DATE
OF ISSUANCE; SAID TIME WARRANTS TO BEAR INTEREST AT THE RATE
OF 4°o PER ANNUM FROM THE DATE OF SALE.
WHEREAS, the CityCouncilaf the City of Paris has heretofore deter-
mined that it is necessary and to the best interests of the City of Paris to ex-
tend Graham Street, East, so that the same will intersect with the West Line
of North Main Street, immediately opposite the spot where Pine Bluff Street
intersects the E. B. Line of North Main Street; andp
WHEREASa right of way has been procured by the City of Paris for
the opening of said street; ands
WHEREAS, the Professional Engineera Robert Hayter, has submitted
plans and specifications for the extension and construction of said street; ands
WHEREAS9 said plans and specifications havebeen approved by the
City Council of the City of Paris; and,
WHEREASp the City Council has determined thzt the construction of
such street is necessary for the best interests of the City of Paris; NOW,,
THER EFOR E,,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS;
1. That the City of Paris advertise for and receive bids for the con-
struction of said street, curb and gutter, drainage structures, engineering ser-
vices, and incidental construction to complete such work; said bids to be re-
ceived at 7:00 o=clock P. M. on Febru,ary 3, 1967, at the Council Rooms in the
City HalZ of the City of Paris9 Texas.
2. That time warrants of the City of Paris, Texas, payable to bearer,
be issued in an aggregate amount not to exceed $602 000. 00, providing funds for
the aforesaid obligatinn_ acz fe%1i--
No. Two, for the sum of Twenty Thousand and No/100 DoJlars
($209 000. 00),, dated February 15, 1967, payable to bearer, and
due on or before February 15s 1969, and bearing interest from
the date of sale until paidm at the rate of four per cent (4%)
per annums interest payable annually as it accrues.
No. Three9 for the sum of Twenty Thousand and No/100 Dollars
P0, 000. 00), dated February 159 1967,, payable to bearer, and
due on or before February 15, 1970, and bearing interest from
the date of sale untLl paida at the rate of four per cent (4%)
per annum, interest payable annually as it accrues.
The Mayor of the City of Paris, Richard W. Nafe, is hereby au-
thorized and directed to issue such time warrants on behalf of the City of
Paris, Texas, and the City Clerk or the Acting City Clerk shall attest the
same.
3. There is hereby created a special fund in the City Treasury, to
be known as the "Graham Street Extension Time Warrants, Series 1967,
Sinking Fund", and for that purpose and to that end there sha11 be levied
and collected annually and paid into said fund one-third of the aggregate
amount of the time warrants described above, sam46`;being one-third of the
principal on all of said time warrants and also the interest accruing annually
thereon, to pay the same as they accruea and said monies are appropriated
to that end.
4. That the sum of $202 000. 00, plus interest, shall be placed in the
Budget each year to retire said time warrants as they become due.
5. This ordinance shall become effective frcm and after passage.
Passed and adopted this 12th day of December, A.D., 1966.
Mahor
ATTEST:
s City Clerk
APPRQ-3,TED TO
ity Attorney. ~