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Agh Amik
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<br />oRDzNr-,z%TCE Eoo 125$
<br />BY Ti;L LITY COUTdCIL OF T:l CITY 0F '_'ARSS, TLM-a, :ItO`JlU-
<br />ING r OR M~ ISSUANGE 0F' CIT Y :;F IPARIS, TEXAS, 11hTERWORKS
<br />r?ND SEWER lEi'ROV'.~i-:F,NT A'tvD El,'TI"IdSIVN I-LIn.;NliE BOivU::s. SE~TLS
<br />1952, zr1 THE AcGR:DGATL aMouNr OF $550,000,00, BEAHTINc
<br />TNTEREST AT Ti7, 1iATES i-l"NEITv`AFTEit S!~T rORTH; TO SLCCLM
<br />FUNDS FO,xi Tl',L i'L'nCOSL 0F It~iPrcOVIl1G AlJi) uX`1'END"IIVG TI3r.,
<br />.',I:TYtS IKkTE.110RKS :lii7 SEdLN. SYSTili; PM~SCRIBIhG TciE FOR',
<br />OF 3(7NJ; PIEDGIiuG 'I'IE R:::VENttES OF THE CITY~ S WATEtWOFtIi5
<br />APdu SETWI~R TO TI-M PC-.Y'i.NT OF T~''~: PRIINCIP:~L ANU
<br />S I'v7rEREST O:' S'AIli 3OV13; I'RGVIDIVG FUh THr, E1CPEII!SB OF
<br />i J:'L:LATIiti?C; 3nID SYSTEt,a.; i'L~KING Mii.TAI:d CCViItiAl\T.5 Ur Ti-M
<br />CIT`_' Ih- REF]t:iEi1CE TU lfi~ BOrIDS l;ND 'I'I~ D FU;Ji~ FFU%~i
<br />4tiHICH SAID : RIi;CII'riL .;.Nall ITJTEM,S'I' AFt~ TG ilE PATL'; PRO-
<br />' 'TIDING `l'HAT T'rE HULiiLiZ OR HULiF;ffOF SkID i30NDa SFIALL
<br />NEVLR i-ii":'i1', `iFiE RIGHT TO DE :.A.ND 11AYL-SE2' OF aAID OtiLTGAiTUM
<br />OU'I' OF Ai\'I' FUI:D;~ ;~ISI~L U:~, Tt: BJ,~ R.AIS=LD 3Y TPXATICiTd, AriD
<br />ru~PLALII:L~ ALL 0z iIP:APdCES IiI C0I1FLICi iltVIITfi.
<br />VTE!ER:EWAS, the City Council has heretofore deterr,.ined that
<br />= it is to the best interest cf the City and of its citizens that it issue
<br />; revenue bonds of said City for the purpose of isrlproving and extending the
<br />City' s'N'atero-rorks and 5ewer aystem; and.
<br />vulqLliE~'iS, pursuant to such determinati.on, the City Council
<br />of the City of Faris, "1'exas, passed an ordinance on Gctober b, 1951, caLling
<br />' an election on the followrlng propositior.s:
<br />PItOPWITIGI: NO. 1
<br />"Sha11 the City Council of the city of Paris, Texas,
<br />be authorized to issue the bonds of said City in the amount
<br />of =:'~150,000.0OJ r..a.tur ir:g seriall,y in such installments as m.ay
<br />be f ixed by the Cit,,, Council, the r,.aximzum maturity being not
<br />nore than Twenty Five (25) years from their date, bPa.ring, in-
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<br />terest at a rate not to exceed Three and one-half (32~~~ per
<br />cent pe r annizin., for the purpose of i=.proving and eictending the
<br />City's :aater:,;orks 5ysteirL, -.1-o be issued in accordance with and
<br />secured in t; e r:iannur provided iri Art,icles 1111-1118, both
<br />inclusive~ of the .t~.e~~_~ed Civ~l Sta.tutes of Texas, 1°?_j, as
<br />amended, each bond to be conditi-onea thut t}.e holder tnereof
<br />shall :iever have the right to de?:-sar,d uayn.ent of said obligations
<br />out of £unds raised or to be raised by taxation, secured by a
<br />pledge of the net revE:nues frwn thE operation of said Water-
<br />,~rorks System, znd if the aeti•;er 1r_inrovez_ier.t and IL'-xtension
<br />~tevenue »onds are voted as provided in -'roposition T.o. 2, to
<br />be secured additiona.ll.y by a pledge of the net revenues from
<br />the operation of said. Sewer SzTstem.. 'I'rie probable .oeriod of
<br />asefulness bein€; 50 years."
<br />PR01'O~ITTO,T i~~0. 2
<br />"Shall the Cit;T Council of the City of Paris, Texas,
<br />be a.uthorized to is sue tl^e borrd s of s wiH City ir, the aniount
<br />nf P:400,000.002 maturing serially in such installzients a.s may
<br />be fix_ed by the City Council, the iaa.ximum ,naturity being not
<br />more t?k:n Twenty Five (25) yearo from their date, bearir:g in-
<br />te^est at a rate not to excEed Three ar.d one nalf (3,;,;) per
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