1259 ORD PROVIDING FOR ISSUANCE OF COP WATERWORKS AND SEWER IMPROVEMENT AND EXTENSION REVENUE BONDS SERIES 1952f ; a - _
ORDZMN~'i NO.
WERIFASp the City Council hae heretoloxe determined that
3t iffi to the best intepreet of the City and of it' citiztas that it iaeue
revenue bonds of said City far the purpc►se of improving snd eztending the
City'e iriaterworks ansi Sevex System; and
WHERM., pursuent tb auch detetrmination, the City Council
of the City of Pariffi, Texas, passed an ordinsnce an October 1951, calling
an election on the following prmpositians:
PRQPtSITTQN N(1. 1
"uhtll the C3ty COU21Ci1 pP thlt C1ty of Pax'iS, '1'exats,
be authorized to issue the bande of said City in tht emaunt
of $150,000.00, matvrixig merially in auch inst;allments as may
be fixed by the City Council, the meucimum maturity bei.ng aat
mors than Taenty F3.qe (25)3'ears fram their date, besring in-
terest at a rste nc>t to excaed Threea and orre-hali (3-21%) Pex'
cent per annum, far the purpose of improving and eatending the
City's Watervorks 3ystemj to be insu4c1 in accurdatnce with and
secured in tha mannex grovided ia Artic].es 11I1-111$, both
iaclusive, at the Revised Civil Statutes of Texas, 1925, as
smended, each bond tc> be conditioned thet tbe holder thereaf
shall never have the rigtr.t ta demsrid payment of uaid obligations
out aP tu2ads raised cr to be raised by taxatian., secured bq s
pledge of the ntt rtvanues froat the ogerittion of eaid Water-
works Symtem, and 1f the 3ever Irnprovement and Extension
Revenue Bonds are vated sa provided ia Pragosition Nc. 2, to
be oecwred additioxu3.ly by a pledge of the net revenues from
the operation of said Sever Sy*stem. The probabl.e period of
usefulness beizg 50 years. "
PROPCSITION NO. 2
"Shnll the City COuncil flf the City of Paris„ Texsa,
be author3z+ed to issue the bonds at eaid City in the az+ount
of $$00, Ct0Q. C0} maturing aerla3.ly in such 3nstsllmenta a►s na,y
be fized by the City Council, the maacimum maturity being not
more than Tnenty Five (25) y+ears from the3.r date~ baarirg in-
terest at s rate not to exceed Threa and ane-hslf (}N) ger
cent pe,r enaum, fvr the pu:rpnse of improving end extending the
City's 3wer Syst,em,, to ba iesuod in accordauco with end secwr-
etd in the manner pravided in Articles llilw1118, both incltzsive.,
i
- _
of the Revis+ed Civil Ststutes of Texas, 1925: a-s at►ended., each
bond tar be cnn8itianeci that the hcider thereof eha1.1 nevor have
the right to demand payment of ssid dbligatians aut of funds
xsise+d or tcr be reia.d by tazatiQn., secvrea by spledge of the
net rerrenwrts from t,hee aperation aP the Owrtr Syaten, aad iP
the Watorworlsa Incovemut aasd lxt,eaa3on Revenu+r Hon.ds sre
voted ss Pravided in Propositian No. I, tcr be seeuxed additianally
by a pledge of the not revenue• from t.he aperatiQa of said Water-
ncarlts Syetem. The prabable perimd of usefulnars traing 50 yeurs."
p aT1d
WAMM~ st the electican he1.d in ssid C3ty on the 34th
day of Oetober, 1951, & majoe3.ty crt the resi8*nt, qwa3.3f'3.ed electors rnrni.ng
taxable pzoperty in eaid C 3ty and vho had du3,V readerred t2e ssme fcr twmticm
vating at maid eleetion suatet3.red t~e propositicns tq isrue the bonds heaxein-
after desrribed by the 2'cllwing vote:
PRcaPOSITzex 90. 1
"PM TEa ISSUANcI ca~ ~ATMcRKs DUROVEMENT
AND XCE 1111 ~R8"VJM B4OS" 435 Yoteg;
"AGAIMT TI38 ISOMCE OP" WA'TMOM IMt3U-
~ ~M Donsa 107 qd'te8 .
~~~~N NO. 2
"PM TIJ~'i ISSUNCE 4W Z3WU DMQVMNi' AND
IMT111~SZCIN BEVIM BEOB" 44 voteisj
"AGAIMT 'I.'IN IBSUkNCE QF 8UM IbMC1VMNT
ADD RIVIM BAM" 98 Vates;
and
W .v it is ronaidered t,e> be tca the best interest ai°
the Cifiy that aaid bonds be autherizsd in cane issue secured by a Piret litn
oxa and pledge 4f the net revemue: f`raffi tb.e aperstian of the City'a Waterworks
and Smmr 8y'atemf snd
WHZRM, the City has autharity generallyi to pass this
eardin,ance autharizing the iseuar3ct of revenua baads Yor the purpaae of im-
proviag and axt,ending the City's Watervnrks and S+evex' System, undar the
Ccnstii:ution anrl St.atutes of the State of Toms, ineZuding particu].ar].y
Artieles 1111-111$., both inclueive, of the 1925 Revised Civil Statute• QP
Teura.s, ss amer;ded arr8 Chspter 163., Acts of the Regulmr Session ezt' the Forty
Secnnd Legistlature; tu3d
i1EMUM, it in nov neceasary and proger that the City
Counc3l proceed with the issuance of sneh re-venue bonds;
s$ ie mmnm By m mt couNeu orm crMr cF PAars:
AS
Agh
l. That to pxovide funds fcr the purgose of improving
auad extend3ng fifi,he City's Watwworks and SEerver System, pttcsuant bo the Con-
st3tutian and Statutes af thc State of Tecas, inclndir.tg particu].ar].y Articles
'.t.3..13 to 71.1.8p both inc3.usive,: af 1925 Revised Civi1. Statutes oP Texas, as
amande8, and Chapter 163, Acts of the Reguler seeeidn Qf thc Forty Secoud
Leg3.aZature, as armendo3, there tchall be 3ettusd "City vf Petris., Twcas, Water-
xorks and Sav+er Inprcrvement and Ict+ensicsn Rervenue 8onclsn, Series i952ft., aggre_
gati~ Five gundrea Fifty Thousana ($550, 000. c0) Dola.ars, numbered On* (1)
to Five Mmdrea Fifty t 55a1 both inclusi,re, of the aen4mi.nativn of tbne
Thousarad ($1, 000.0a) Dfll.tetrs esch.
2. Th,est ssid bonds oball be dated Januiry 1, 1952,, and
shall b+ear inttrest at the ratss ats feLltawa t
Bonds Naa. t0 345, both incl., 2-3/4% Ptx' annum3
&,ads No8. 346 to 554, „ + 3~ ~ annum,
piuysble Ju]-y lJ 1952,► mnd sem3-annually thhereatter pn Jantiary lst and Juiy
1st of each yeaar; principal axtc3 interest a~ said bonds sha7.1 be psya,ble in
lavful moaey of the iJnited Steut~e upom preeenfi,atioa aad surtender oY bond
or gzwper coupom at the First Nativnal. Bank 3n Dallae, Dol.las, Texas, ox,
at the option of #he halaer, at the Liberty National Be,nk in Paris, Psris,
Texas, and they sha.l.I mature ae follaw►s:
8OIM RUMBIBS MATUR1'3'SC DsA=
1
to
10,
both
incl.,
Jul.Y 1:
1952,
$ 10200U. t0
11
to
25,
"
July 1,
195
3~
15,tx'f0. t~3
G[3
t+t~1
ie
tt
tf~'
~
7.7.7'{,~'9
15! 000• 00
41
to
6o,
n
fia
s31i],31' 1j,
1755f
20s Q04. 00
61
to
$0,
Ju1,y I,
1956:
20, O0J. QO
$1
to
140~
July 1,
1957,
20, OC0. U4
101
to
125,
r
"
J„1,y 1.,
195$:
25, 000. ca~
126
4o
1,~''Q,
es
ii
JulY J•l
1957}
25700*0
151
to
17Jr'P
r
~
July 1,'
196C3,
25,0E30. C0
1IL L:
4o
24/Lfo
July 1'
1961'
2504Vs VW
201
to
22%
n
rr
July 1. J
1962.,
25' 00Q. 0Q
226
to
255a
JulY
1963~
30~000.03
256
to
285,
,
ta
July 1,
1964,
30, cwo. c0
2$6
to
315,
July l,
19651
38000.00
316
t0
~45i
pr
,i
eTuly 1'
1966:
~~POOQ. Q4
346
to
375a
JulY 1,
1967t
30000.00
376
to
414,
„
July 1s
1968,
35: 00t?. c0
hll
-GO
445'
rr
jtaly 1"
l969s
35044. (3d
4.46
to
48o,
,
.
July l,
19701.
35, cwa. cO
481
to
515,
T
"
Ju].yY 1:
1971,
35, cX0. 00
516
to
554~
"
Jtz2Y la
1972,,
35, p04.0v
a Adk ` •
3. In Bonds Nuabe~s Tbree H'tmctred FttrtY Sit (346) tc►
Fivs Hundred Fifty (550), boi:h inc3.usive? the City reaervea the opt3on aP
ca113ng eaeh such bond far re8emption pri4r to mateir3ty r,n a►zoy inttrest pay-
ment date on and mmfter Jul,y l, 1966, at par and accrt:ed iMfi.ereret to date eo
fixed, for rectemption. Thirty days' natice of uuch +».a]1 tha1l be given ia
vriting ta tht place aP p"nt and natice sha,12 tae plzbliahed in a Yine,ncial
publication guhlished in the City of New 2ark, Nent York. Said riotise eha].l
appeax in said pub3lcation fn at 1.maat ane isev.e, the date of sei3 3ssue be9ng
not lsss than thirty dsys prior to the da#.e eo fixed fo:r :redemptitin. If any
such bond is ca12ed for redemption in said manrer snd it fundNt suf'ficieat to
pay the redempt3Qn price ehall have beea duly placed in the bank of paymnt
by the ciate fi.zed for redemption, 1t sha1l not thRxeafter bear intereet.
4. Uch of ssid bonds sha3.1 be signed by the Msyor snd
count,eraigned by the City Clerk anr3 the ernpvtate o"l of the G3.ty of P'aris,
Texasi sha.31 be impressed upgn each of fihem. The facaimi].e s3gnatures of the
Mayw aAd City Clerk may► be 3.ithograpphed Ar grinted ugon the couponit attached
to ssid bonds and shall have the same eff'ect as if thtry had been signed by
them.
5. That said bvads ohs1l coxutitute "eeial obligationir
of ssid City of Paar'fae arnl each of sa3d bmnde ehall cvntain the pzovision that
tle holder 2rerecf shall never have the right to dow,nd paymnt of ae`3.d abli-
ga►tion out of fsnds raised or to be raissd by teumticm.
6. Tht forxm of sa,id banc8s eh811 be substsnt3.ally ag
1'oll.aves
NCl.U~ +f00. QO
The City of Pauris, in the County of Lamsr, State of Texas,
la municigal corporation duly incorp<xtate>d under the lws of the 9tste of Taxes,
I fpr value received., h.ereby acknovledges iteelf indebted to aad prc:►mises to IaY
Ito the bearer hereof on thc lst day of July, 19 , the svm caY
QNE THOLTSA:IVD DOLI,AR$
~
. Ask A~ 0
in 2awfUul maney of the United Sta-tes of =',.merica, vith 3raterest tlaarson from
dete hffirsat' at the x•ate o-f (*6) per cent per annum, pWabie July 1, 1952.,
and semi-annually thexeraYter on Ja,nuasy Lat acnd, J'uly lot of each year„ until
the principesl aum ehall Ue pa.'Ld, xhicb interest is payable in lawful money of
the 'tnited States of America, uBon preeentation snd surrrender of prapazr coupcsne
ae they nrveral3y became due, both principel anc2 intereat bei.ug psyable st the
gl:rst Natic,nal Hsnk in Da].las, Dallas, Texas, or, at the t3ption of the holder,
at the Lib+erty National Bank in Petris, Petri.s, Texas.
2rhis boad is aane of aseries ci3' bcnds of ].ike taaor and
e3"f'eet, etcerpt as to number, 3xiterest rat*,, maturityand right of pr3or re-
dremption, numbered One (I.) tca Firta Hundred Fif'ty (550)s bcath inclusive, of the
deaeminatian of one Thouaand ($It 034. Q4) Aol'Lara each, aggreBatinB Five Hun;dzed
Fifty Thcusand ($554, O0p. Qt3) ])ollaro, 3.ssuW by the City of Fe,r3s, Texaa, Par
the ptrpo8e of improvir3g ancl extendixg the City's Waterwaarks and Sar►er System,
3n accox'dance with the Constitution and 1,a1►s of ths State Oi Texas, and the
I C}aarter of eaid City, and puxeruaxtt to an oxdinance paslted by the C3ty Council,
dv.],y recordect in the m.3.nutes of aa3.d City Cpuncil.
Th+e date of thia bond in confcarmt.ty vith the ordinance
labove mentioned 3.s Janu~ry 1, 1952.
**(Tha City reeervea the aption o2' ca1.l.ing this bond f'car
redamption priar td maturity pn uy ixiteretst paymeaat date an snd after Ju1y
1, 1966, at par and sccrued interest, gr4vided thirty dwa' nctice of auch
call is given isa xriting ta tha p3.ace of peymant aad prvvided said nc►tice ie
published ?..n a financial pubZicatimn publiehec3 in the City ai' Nor Yark, Naw
York. Said notics shall sppear in said publ3.catic►n in at le"t ane issue, the
,date of said 3ssue being not lea* than thirty days pricas to the data so fixed
for redemgtion. If sueh bcnd is called itrr rsdemption in said arwner and iP
furrdffi sufficient tcr pay the red*mpt3on price shall have been duly pa.aced in !
th+e bank of payment iay the s3ate► fixed #`c+r redemption, it shs].l not thexeafter
I beaar interest) .
a ..UL - a
ThO h+Older hereaf shall aever have the right to demsnd
paymell't Of "thi8 flb1igat3t3II Otit Af ftXIIds 2"!l$B!!a Ok' tO be 2"lL1gAd by tgmtipn.
Each successive holder of this btrnl and esch euccessivea holder of each caP the
couparu hereto attacheti, ie conclurivelY "vm*d to torego an8 xennownce hi,e
equities in favw of eubsaQtstnt holdars fbr va3.ue withmut natice, and t,o agree
that tliix bt>nd anrl eech OP tlae coupons hfteta attatched, msy be negotiated by '
de].ivOry bY anY ptrEa4n havi ~
n8 Posreecsion hereof, hO`W&tsstwer auch pos"seion
my ham3 been acquit`1ed,. an;d thet s.ny holder wco aha71 hs,ve taken thfs bond !
i
e+r anY of t,he Cc>uPOna f-roza aay person for valuee and vithout notice, thareby ~
~
hu acquire8 absolute t3tIe thereto, f'ree fraan any d,aPensts enfcrceable
agsin9t auy pr3ar hold+er and Pree -from aIJ, eg,uities atnc3 c183ms of crvner,ship i
of az.y sucli prior ho3.der. Tiie City af Parris and ita ofPicislg ortd the ps3'In8 ~
agent hereinabCve named sbe11 not be affee;tdsd by mV notice to the ecazttrary.
The City reservex the rigbt to igoue sdditional bonds an
s paz'itywith such bonrls for t~tezvorks axd seNer imprqvmenteE snd extenaioas,'
under the conditiona stated in tho ardir,sxtce sutbarizing thi.s bcnd, said bonds
be"Lng p"ble fro-z the esme cource as are the Bonde of this isaue and secured
by th~ same revenues stad eha].l be ar~ a par3'W tri-th this issu+e of bonds.
AM ZT TS IINMY CUTIFIffi) AND RECITID that the iasuance
bf this bdnd and the series raf vliicri it is a pnrt., is duljr autharized by Zatr
aud by a mejor3.ty of the rwident, qua].ified sl.ec'tors awning taxabl.e prapartY
in aaid City., and t+rho have duly rencear°ed the same frnr taxmtian., vatirg e,t an
e2ectiau held for° that gurpase within said Gity; that all acts, cvuditians
end things required to exist precadent tG arad in tYse i~suanct C►f this bond
tty ren8er the sama laxful snd va.I.id have '!~n proPet',]„Y done, 2xave h$gpened
au2d been perfarmed i.z► reEular and ciue time, fcrm and menmr as tequised by
the Constitut3on arnl Iawra flf the 5t.ate ~f Teices, and the ordinancae herein-
a'bave ment3.cued snd that this series of ra►venue bcynds daes not eacesd say
corst3tutional, statutory ox charter li,mitationsp and thet provision hae beem
ma8t for the gaymexrt caf the prin.cipal and intarest of thie bon~ and the series
of vhich it is a part by irreqocabl,y pledging ta the paymut theseof ret
revenuss of th:e Watervorlss snd Sever System of tL.er City of Paxie.
i Adlbk
AdOL .
I15' TZ€#TIMONY thO City Council of the Cit~f
Paris, Tvmsr hss caus►ed the seal of eaid c3ty to be imgrasecd hereon aud
thie band to be signed bp the Mayor of sa,id Gityttnd ctmtsrsigaed by the
City Clerk, stnd hae cauaed the wne"d coupons to be signed by the facsimil.e
eigrtaturei3 of th!e MetyCar and Cfty C].erk.
, Gity of ariap T~s.
Cb lvxos
Cit3► Cl.erk, Cty o is,5M--m
*{Honde NOS. 1 to 345., both 3.ncl. i 2•3/4% Per annum:
Bearrnds Hoa. 346 to 550,, " 't 3% per anzsum).
**(T2zig paragraph shm.7,d 'ke omitted f'rcam Bonda Nan. 1 to 345, bmth incl. )
7. The faGm of esid coupon echa]1 be substantially aa
ft3llovs:
lio.
~N THE 18T z&Y aF
: 19
~
The City of Par3s, Texas,, ouji. of revenues specified in
the band to vhich this eoups» is attacled, vi1.I payto the beater *(unltas
the bAnd tU vh1,Ch th311 CULtpC9Y1 iS attaGhldd Bh1~L1.l hllYe beeri p2'O-i'30t1sly P4Sd+C!!m.
ecl 1aa aecarzlance vwth its tetrms), ay thc F:2,rst Piationa.l Bank in Dal~s., DaZlae,
Texast oxi at the option of the halder, ufi the Liberty Nationa1. Ba.nk in Paacis,,
Paz'3.e, Texas, tho stm of }
Dollars in lavfuI maney QF the Un3ted States of Americsy safd sum be3ng
montho' interest due that day on "Cit3r of Paris, Tarms, iiaterwurka
and Sever IVrovwent and Exteasivn Ae"nue &aad, Series 1952", b+earing the
xxtambex hereiztaffier specified, t3atltd Januaxy l, 1952. °Phe hvlder heretyf "ll
nevrer have the right to demnd payment of t.tsis obligation out of funds raLised
ar to be raised by taxation. &>nd Nfl. .
Cit3r tqii-WK 2*6r,
*(Th3.s parenthet3.cal eaXoaeion stal1 bes printed c3n3y in e►upons matwring
danuwy 1, 1967, snd su'bseqta~esnt
a AMb, Agmkk & •
8. The Yorm of Comgtro3.ler' s certi.f3cate, rhich sha1l
be printed on the back of eseh band shull be substantially as falto►a z
QFFICE t!r Ct}MMQL3O :
BTATE OF TMLAS :
I Y tERTIFY that there is an tile and of recard in
my ottice a esrtif 3.cate of the Attasney Qeneral of the State of 2ems to 'Eht
efYect that this bond hss be+eu smmirued 1y hia a,s required by I.aw, and thst
he finda thst it has be+m 3ssued in cnnfarmity vith the Conatitution and Lne
of the Stafie of 7"eacas, aretd tIe Charter of said +C1ty's and that it is a valid
aad bindin$ speciat ob13gat3.4n v#' the City of Fari.s, 2ezaa, payable f'rom the
reveaues pledged tA its payment by and in the crdinance authc►riz3ng same,
sa.nd ea3d boad hss this claq been registersc3 by me.
WITM8 MY HM and seal of afftce mt Austin, Teaatec,
mp c 1lctoua a o
5tate Of Twm.
(SIPA,L)
9. (DIrTNITIOM) (a) The terra "Syst,effi" aae za.sed in this
ord3nuaace, shs1l mean the City's Waterwarks and 8erer System, iizcludiag all
presernt and tutvace eztensioiza, additions, rsplacwanta ancT fmparogementa
#.he"to.
(b) The term "Neet Rexv++tunuee"., a►s used in this ordinance,
ahn2.l meaa the graes r$aenues of the ffiyetem lAms the ezpe:nse of mperation
and mIli21te21QT1Ce., iTiClUding 8ll sa3.ariee; labOI'* matllT3.als., 2'epairf IRItd CZ•
tensioxes necessaty to render estYictent aervice,, prov3dec'i hantever, that only
such repairs and extensions, an iu the judgment of the Citg Ccnzncil= ressc►nab
an8 3'oirly ezercised, are necesstary tv keeB the plewt or uti2ity in operation
aud render adequate service to the City and the inhabitanta thYereof, or such
as mi.ght ba necesaary ta mitet aome physical accldent or cvndition t►hich wouI.d
ot,herrisa impair the Bvnds authorizad by this crrdinance and an,y sd4itidnal
bonda pormitted tA be tssued tvader Section 20 hereoi, shaiZ ba deducted in
d$'te1"l5Li21f.11g r'Not R@48t1'1LMl1{ °f •
(C ) Th6 t@r]Ti "Bolbd$ " 1lhaZ.1, I3]E:SYi th+rF $550,,000. Qd of b0l2f1s
authcr3zeed by th3.s ordinauco.
( a) 3.'he term pAdditinnml Bonas meane tne Additiana1
Bonds ahich tle City reservss the r3ght to issue under Sectian 20 hWooY.
~ - Ak
14, (PIn=) The Net Re'rentt*a af 'Ghe Syt'tem in an amaunt
eufticient to eetablish and metintsin the Ftutds lereinat'tex prpnided are heare-
by irrer"cably plsdged fvr tho pe~yaent exP the Bonde and the ddditic~xaa. Bcndsl
iP iesued ttn3er t.he ccmditfors and in the =uineY' specitied 3u thlsczrdinanete,,
and tle interast thereon,, and it is hereby card8inlrd thut ther Bonds and the
Additional Bondu if so issued, and the int+ertst thermon sha1.1 caastitutet a
Pirat liem upan raid Set Re'v+nxea.
1-1. (RSTM) T'hO City ecweaants and agro,es x3.th thee
holdera oP the 8auds and AdBitiona1. Ecands it` and ahen inov,edt
(a) That it vill at aLt timm cha,rge and ro1Uct Yor
setwicss readared by the systeem rs'tes sut#"icient to psy alt aperffiting, min-
tenance, deprociattiQa, raplncetnent and bettarment ezpanses, and other eosts
deduct3b1e 3n determ.ining "lret Revenues" u heraia detimdp and to psy the
interest c►n sdd prizicigal QP the Htands and ta tetablish and msintaia the ftiznds
ashoseiruud,Plter prcivided.
(b) Le the Adaitivnal. Bcands are issued, or i.t the 8y.tem
ehould become legal.1y liable far snW other indebtodnass, the City wi11 f it
and me4intain retes and co].lect charges for the services ca#' the System euffi-
aient tc> diseharge such iadebtecirntas.
12. {FUM) A11 reverne clerived trom the aperation ofi
the Syrstem, eh,%Ll be kmpt sapsra'te t'rcm ather fuuc'Ls af the City. To that
end., the tc1.3.cawing special ftinci;t +etre :hereby qreateds
(a) City of Parir, Wa.terworks and Sen►ex Imprave-
me73$ AY1d BxU1'!B$o2] ReVeiltl@ Futld3 hQZ'@inaf't!'r Called "RgYQYil1lU
Fund"s
(b) City tif Peuri.m Wstertrorks and Smerr Imparovement
aMd 8`ac'teation Reversue Beads Tnterest and Rec3enqation B'und, here-
inaf'ter callesd "Intereet and EtedenWtion Fund";
(c) City of Paris Wateerrorka and 84Aror larprovettent
and Externsion Revenue Bonds, Series 1952 $esexve Fimd,, herein-
at'ter cal].ed "iReaervt frand";
(a) City cf Farie Waterrvorks and Sever Zmproveaent
and lgxtenaion Revenue 8onds, 8erite 1952 "Ccntingency and Im-
pxovownt F'und, hereinet`ter eslled "Contirge.ncy and Improve-
ment Fund".
a - a
13• (RVZM B"M) All revesufs af everry xaature r+e-
ceiv+td through the aperation ot' the Syatteffi#1s11 be degoe3trd frc►m dssy #,o
deq., as collectedt into the Aevenwe F=d, aad the reaavnsble and proper ec-
ponsoe taf apersting and maintaining,the System, iacludiag salerries, ia'bor
and materia3.e sheJa be paid theretrcm upon, approvsl of the City Cotmcil. Ta.e
City Treasurer shall not make aW d3eburmemnt t"rcm esid gund Par repai.rs 3n
exeesr af $1,000.00 or for extensicuus, exaept pursuant ta e resa3ution sdspted
by the City Couneil declaring t2utt it is the Judgmient of the City Gcmncil
that srech repa►irs ar ectens3.ons are necessary tc besp the plant, ox utility
in aperation aad renderr acciiequata servica to the City and the 3.nhabitants
thereof, c>r that such repairs c►r eattenrsions we ascessary ta meet aeme piyiical
accidsnt dr eanditien which wcauld othetrv3.se impaix the Bands and such
resolutian, 'Ln either case, sha1.3 rec3ter the facts and reasont f'or such
judgmont. Certified cra►pios oP ruch resqlut3on eha11 be furnished w3th+out
cElct to the BQndhold+Drs reqtustitig the samc., $uch reBo].utiwn s&.tll not ber !
;
bizsd3,rg or conclus3ve upt9n an„q Bcmdh,Qlder. The reveanues of the System not ~
actuslly raquired to Pay ezpensee a.ad eosts inr.urred aa; permitttd by this
Seaticyn ahall 'tyse depcysit,e3, ta the eatent requ3red, 3n the other funde !
croatad bythis ardinancar, each of xbich shall have priority theretc> in the
crder in rrhlch they are treated i.n the Foliowing sectiors. ,
14• ( TAND MWZiWPTlt?N FM) Qn ear before the
10th day of erach mc+nth, b+eginnin8 Januwy 10, 1$52 and coatiuuing t.hrcnugh
June lt?„ 1952j. the City sha1l 8epoeit in the Interrest and RedeMt3on Ftiind an
s%XTN
amaunt of mDnay not 1ose thaa ttxye-E#bh oP the next installmnt of pr3.ncipal
and intas'est aad beginning Suly 10, 1952, and Qn ox bsfore tb.e3t3th day of eaeh
mouth theareaftex, the City shall depoeit 3n the Iaterrest and Redenptit>n Fund
an ewunt vf axaaey not 3.esa thsn ane-aizth af the nezt semi-annual insta.ll.ment
aP interest snd cne-trrre3ith of the npct maturing pr#.ncips2.. The amodat re-
cei'vod i°rora the gurchataer of thebonds as intet'est acarued thoraon tt► the date
af del3vrery, eaad ther proce+sdp oP the bancLa found nat to be required far the
CtAmpSllttioT1 Q#' t$@ N8teT1tdrk!t and sever imprc+vements and extensione, sb:all aleo
be placed in the 1bterest azid Redemptian l'und.,which shs].1 reduce by such amount
. .w, Idelk •
the eume xhieh tould qtle:rwise be req,ui.red tc► be place+3 into the Interest and
R+~taemption Fuad tram the revernzee of the Syatem,
15. (PMMM PM) (?n pr bePorethe ZCYth dW oP each
month, baginuing Jauuary 10, 1952, there ehall be derpnited 3b the Reserve
Fund aa anount cf mney equu1 tca 25J6 of the amount the►n required to be paSd
into the! Intearest and Rldemption Fmd. R'2e Reserve Fxutd oha]1 be tused t,o pay
prirtcipal c►f sncl int+ereet oa tYte Bonds f'alY.3ag due at stay ti.mmie trh+sn thhert is
nat suPficient mon+ey aveilab].e in the Tnterest and Redemptlcm Fund. No pay-
ment rwed be nade 3n'to fihe Reserve Fmd a.fter t22erer sha11 have betu accum-
2ataed in eaid fund a,n amcvnt equa1 to $40, (?00, t9f#, eacept tla.st v2en said
Res+erv3 Ftaztd is reducod belcw that aaac►unt., paymente into the i"und ahalZ be
resumed and cuittnued unti.I such t3.me as the Fund las been xeetored to snch
sum. Money in th+e Reaeerve Fund my at the cygtion oY the C3.ty be invested in
d3rect obl3gatianr of the United Stettee af Amer3ca having maturitie►s not in
exeess of ten yeers i'rom the da.te vf the making trf such inveeatmexit. Ariy obli-
gstiflns in vla.ieh maney is so inv+eeted ahall be kept in etcroh► in the First
Netianal Bartk 3n I3+a].Us, I3al].asa Texas, slnd shall be prQmpt.ly so3d atid the
procodffi of salt a.pp].i.ed to the naking af psymernts requirred to be made f'°rom
the Reaerve Func3, vhenevex such Paymentas are neeessary to be made under thie
Section. The depoaits intv this Fund sha11 be eubdrdinate ta those requi.red
to be msde intc the Interest and Redemspticrn Furid.
16. (coN"PINGSNCY' A19Ti INEOYEMM FM) 4a cr befote
the 10th day af each nonth, betgi.nning January 10, 1952y there mheil be de-
i pasted in the CGntingencsr and Improvemecnt ftnd the sum af $200, 00 per mranth
i until the sum of $la, t00. t?Q has been aecwmu3.ated. In the eveat such amount
ehal2 be depletrad satd monthly psymnts shall be r+drsvaed and cantinued until
i
the 1"tzU amcaunt hts boen regtored. Money in the Cantingency and ITqncrmemient
Fund may be invsated tuider the conditions set forth in Section 15 zelating
to the inv+aetment of maaies ias the resexve acaount. This fuad shsll be ueed
tri pay ta;e cost Qf neeaeffia,r3r or +anergency repairs, tinder the circumstancee
and to the ext.ent permitted by 1m, for the paymeat of xhich no ather Punds
i are availsble.
17. (nZF;cMCNcM zN PURDS) If in sWisca.t year tne
eity shnl.3., for axzy x*esson, fsil tc pa,q into the Intereat aud Rea+euption Fund,
~ the Reserve Fumd and the Cc+atingency and Zmprcrvement pun<3 the ftU wnavnts
a .i.h~ ~ •
a'barve atipul.ated, amunts equivalent to xuch +3eficieacies sha2.1 be set apart
and paid inta said Fmds f'"rrrm the fi:rst aoat31ab2e ani unallacated reveaues of
the taUcrw9.ag f3.xcal y+eeEr ax yemre, and auch pV=ntx shalll be in addition
to tho enouaate bere3.nabv" pravided tn be otherrise paid intn xaid Funde
during tncb fiscal yeeer crr years.
1$. (XXtEIBS F4FMM) Any rvmnuee in eacsss of those
req,uired to oatsbliah end maiatain the Funds ua abare required my ho used
For the a•edem*t3an of Bonis or Additiarual Bonds then e1Sgible frsr prior re-.
daaptian, or for the ptzymnt of any Uvfully iesued aubordinate lien wa:ter
and sewer bonTs, or fox eatezes3.ans of th.e Syatem to the extsnt row or hem-
aPtcer permittesi b-y 3.aw, and if, in the opin3.on of a ceampetent and generally
recognized angineew, such erGens3.ons xi11 parc+duce suffieient rwenues to pay
far their maintenance snd opmzati+am aud vill 3mpose na additicnaI acpense on
the thau existing system, cr tor any otlier 3.awf"uZ parrpaue.
19• (SECtTRM CF FUNDS) !k].1. :ptnds created b3r thia
qrdinatnee shaIl be secux'ed in the msnae:r snd to the fullest extent perm3tted
by the ].awe of the State of Texaes far the aecurity of public f'unclu, anci such
tunds staa7.l be used only forr the purp4see perm,t'tted tn thie ordinance.
20. (.ADDZTIONAL BOI+TDS) The City rcservEeE the right tv
issue Additiansl HonBs, vhic:h when issusda sha21 be secured by and p~,yab1,e
Frcm afirst 33.en ora eand pledgwe of tha rnet revenues of the System in the same
manner and tw the eame extent as are tha borxde e.uthorized by this Qrdinance
and euch bonds sha11 be in a1l tespect,s of egva.l dignitg vith the BvAft. The
Additiom3. Bonds my be issuod ia arne or mcre insfAL].l.ments provided, hcvever,
that noae of the Ardditionat Bonc3s xhmLU be issued unleass
(a) Each of 'the Fiando creai:esi by t,hia trrdins.nce ctimtains
the amount of mDney than required to be c~n deposit therein;
(b) The Net garnirgm of the Syater. :ar mch of th+e ttrca
twelve rronths periade next gretceding the date of fi,ht issuance sre equal tra at
I.ea$t 1-1/2 times fihe requirements terr the payment of pr3ncipal and 3.nterest
on the then outstsndi-ng Bonds and A3ditionel Bonds Pcrx the yvar tthen the amunt
• ANk Amilk •
of such xeq,uirements ia grestest, as such ftet Earni.ngs are shrn►n by a report
of a certif3od publ3c aecov.ntant. The term "Net Earnin,ge°, as tased 3n this
Sectit3n shall aean ths gx'oss rev+emues aftex' deducting the expata" of aperstion
and ma3.ntene►nce but sot deductiztg ezpfmditures vhich wnder stata8ard acccunt3ng
practice sha11 be char,gad to capital expenditures=
(c) Acompettnt iud*Pendant engineer certi.fies in rrrritiag
hits opinion aa to wnnal earpowes and ineome and liet Fern3ngs of the Systom,
tbroughaut th.e lif'e of the Bdnde and the Additianal. Borids, and such certiFicate
ehors that the avearage annuaZ Het Berrings fr4m the System reill be et least
oxe azYd one-ha3f times tne arequirltmeats for the payment o> principsl and in-
ttreet on the then cautstaaading Bond.e and the Additional Bands for the year
vhen tke aamaunt of such requ3rawnts is the greatest;
(d) That th* proceeeds of such tavads eha1l be used solely
for the making of renewals, xeplacemezitav impx`ovements atnct eatteruicros of the
vat+erworke and sever aystem vhich may be detearmined by the City Couacil to be
necessary aaad econvmical2y feasible;
(e) Tne Aaaitianaz Bonds are maae to mature JUsY 1 «e OsCh
of the yr3ara i.n tfh3ch they are echeduled ta matwre;
(f) 'Zhe Adda.tiozas3 BQnda previous9,y slae,3..1 have bean vofi.ed
1ay the qua].ified paroPwt3t taxP~ng voterm of the City.
21. (MA~3,'+~CF AND OPMTIOAI). 2he CitYshan mgintain
the Sytt'tew: in gnOd cclnc3itian and OperatE the m8me in ar1 /tfPiCient mannet' aa1d
st a xeasoaabl.e cost. So loug as any of the bontie are outstsnding t:}e C3ty
agreea to mainta,in inaturaace far the benefit of the holder crr hol.ders of tha
bcands,, an the ~ystem of a kind and itt an amunt vhi.eh uswe,].ly trould be carri+td
by privaate companiee ez►gsged in a similar tyge of businesi. Nothing in th.is
ord3.nance shs1l be conatrued as r+equiring tlae City to &Vsnd any t'unds vhich
are derr3.ved from staurces othor than the operatibn of tle Systaett., but nrathirag
hsre3,n shall be ccrz.ustrusd ata preventing the City fram doing eo.
22. (ACCt?UM AM FTSCAL YEAR) The City sha1+], keep
1roPer bvaks of records end accountr (aeparato iPrnm aI1 other recorde and
accovnts) ii2 Nh3ch ct;aplete and coxrect entriea Sha11 b~ mde of s21 trans-
actione relatirg to the System. The City viZl operate the System end rili
kemp ita bcioks of recorcis and sccounta an the basis of a fiscal year anding
Juae 30.
r _ _ •
23. (ACCMrrM RVaM) 4n cr priar to Sarptember i,
1952, And on ar prior tca SepteRmber let of euch year thereaf'ter, the City xi11
i'urnieh (witllottt cost) ta C. N. Buxt and CoWpWW, Da11ao, Teuas., and ar
y
Bondhol.der wPuo my so request, e s3gzisd ar cortif3od capy of a xepesxt by a
certified publ.ic accauntant covering •the nazt pr+eceding f"iscax yesr shoviag '
the fonov3ng informations ~
(a) Income ~r,d Zacperure S+att.ementy
(b) Ba7.ance Sizeet;
(c) Accountant' a c0MMeut regardin,g the naenner in
vh3.ch the City Y,as comp23.ed vith the rsquireaer,to of this or-
dtance= And his recomendatior► far arry clzangas or inpcov"eata
in the oge,ratifln of ~4he $y"za;
(d) List Of inutwctuice palieies in farce 8t the ead
of the fiscs2 yeer, shtving ac to "ch pollcy, the rimk cavered,
tae zam of fi.he iLturer, auce, the e.rp3.2Ratian date;
(e) The nux'ber propert:%es cflnnected vith each xretttm
and the tatal inctime from eaeh syatem fc►r the y+ear; I
, (f) TY~~e number of ur.met-ored custamers of eaeh system
aw the emd of the yesr;
(g) `1"he nurnbex of ga.l}.ona of vafi,ar registerard throuph
the master 2acter e_rm' the nuumm~er of galions sold during the yeemr.
24. (IRSPEC.'TION) Auy holder or ho3d++exxs of Boxeda shs11.
have the right st aI.l reasana,ble tims to inapaCt the Sysi:em and all records
accounts and data of the City re,2ating thereto.
25. (5.12cZA.L CavZWaS). The City hereby further
covenants aws fpl3.cwa :
(a) That 5*Lt ta" tne la,rful pmer -to Pleagre the re4snues
supparti.LZ this Uuue a boAft and h" l&Vl"ul],y pcercised said pavtsr under
thFd CQ-nstitutiGn BACI laN$ A1' tt1@ St&te of 1'eXaBD i21Clttding 118:Ld pmQt' Q7fi8$-
ing under Artic2es illl to 1118A iatytL inclttsivet Hevired Ci.v31 Ststtrtes of
-ke State of Texas, NtttYi amendsrente thereto; that t-he bot,rds issued hereuaderr,
arcd ~i~e Additional Bane3s
, xhen fusued, shail be ratab1y secured under said
p1edge of :ir9come in such uaatne:~ tha t, ar.e bond shsll have no preference over
aay other bond of thi$ i.resue.
a An~ _ •
(b) The City cavenants and representffi that ather thnn frnr
the payment of the Basds herein grqvided fvr, the rentaa revenwes and income
+of the 8ystem have sot in +eay t,annex been p3.sdgsd ta the p"nt caY ary debt
oa ob3igatian 4f the City ax af the Systom,
(c) That, ao 3.bng as any af aaid BO'd'O rsmsia outs
the City will nat se?1 or encumtear the isystesn or ar.y substa,ntial part there.
of, and thastt,, vLth the exceptit3n of the A+3ditiona.1. Bonds ezspressly permitted
by this ordimnce to 'ke issued, it w3.1l uat erncumber the revtuues therecaf
wn2ess such encwmbrance 3.s made junior and suboxdirate to s11 at' the pro-
v1S].021$ Qf ti1is t"!rdiII&i'1C8.
(d) No free sexvice af the System she1,l be allcavecll and
shcra.l.d the Cit,y or any of ite "ncies or iraatrumentalities make use of the
serviees and f"acilities af the Syatem, Pa3'mntaf the reaaansble value there-
of she].l be mde by the City out aP fuuzds trvm sources other than the
xevaenues snd ineome af the "tem.
{e} To the extent thet it lega1l,Y maY: the City fui^ther
covcnants and $grees tlxat, sv Icrzg ae ary of the Boxuis os Additione.l Bonds
or any ~nterest thereon are autstandirg, no Pranchiss shall be grsnted for
the installs tion ox operation caf any competing water systezn.p that the City
v3.11 prohibit the operatioD of an;y vat„er and sever tystem,, other than thet
cn►ned by the C3.ty, and the Qperation of any such system 'ty aryone ather than
th3.s City is hereby prohib3,ted.
26. (BQliM ARE SPZG7AL OBLIGAT1'ONS) The Bonds tzre
spe►c3.a1 tabligations of the Cxty pWable from tLct pleclgoed revent,tea~ ar3d the
hcldex thereaf sha].1 rever have the right to demardpayment therec,f out af
finds rai.W or tci be raised by ta,itat3.on.
27• (AM4vAL $y ATTaRMx GWMAQ Th.e sandip etiid a
ccampleta xecord re3ating therretca al1aU be submitted to the Attorney Gtenera1
of Texas for his approvel, aI'd after he shal1 have agprtzved thatm., the Bcands
shal1 be depc>sited vxtli the Compt,roller of Ptzblic Accaunts for reg3.stration.
a a
2$. After the Bcnds horein autborized *ha1l ha" beea
iesusd, x,atice of sale thereaf slaa].3 be g3vett aa pmvSd+ed in the City Charter,
Bixbli catian of suc9x nctice ehall be in the "Thg Paris Neets at nevspaper
published atad oF gtitnersl circul,a.tion in the C3ty ot Paris3 and in "Ttie Teaas
Bond RePOrter". a ptablieatian earrY3.xg munlcipal bond notims and dsvofi,sd
pa'imaril,y to finsncial nente.
29• A11 ordimceu and resolutiony and perts thereof in
corsf23ct Le.rearith e3re hereby ex,@aressly rspoaUd and p4rticulerly E?rdixance
No. I25$ ,passed December 10, 1951, is hereby repealod.
PASSEH AND APP'R4YED this the ~ dsqr of December, 1951.
~ -I ty e Tex6s.
ATTESi:
~ :t ,i .64~
Ci Y~er s City 4 Pari~~ Twtas.
l~ •
j ; , ' 11
TALE ST.ATEw OF '!'Et~[,S
COL7,1Y GF L'1i';Ai;
C ITY Or PA'_j Ia
T;~1~b:
Alikh,
r?C;T1~,'L' vI' SPECT1:L :."~:~~~".T'li'rG
!
i0 '2I3E 1_i71:BEnS GF `~tE CI1Y COliidCTL CF Ti'~~~' .:;I1Y OF FfdiIs,
?dot=_ce is i::ereoy iven -1`hac a;~pecial iieei,~ng of the City i
!
}
Counc-~l or t'ie C_;_1yoi Par_s, Texas, w:_11 ue Le1u a-c -the _ City Hall
~
~ , P o . i.. , o-~i cile
wa_tii~.n sa-d -y, ~-6 3•00 o'cloc'r>, ' ~
i
13th day o-l" Jecember, 1911, for t,l,e purnose o#' Passin:g-r aiz oidinance '
- i
6
au~'rioi°.~ ir~ - e=_ss~,ance oy' 1~7;0,000.00 Jit~Yr of _ ris, `~exas, -~;terwor,~s !
i
;,ewer c 1- r',r.:-~eiisi_o_n i{evenue Bonds, I!
a-r~., .proverr _enL a~.d L~. Series 1952.
GIVEid AT ITE REC~Lis; '1 of the .,.,,yo-r ~his the _ 13th day oi' `
Deceriaber, 1051.
/ . , .
"i ty cler:_, C ity of l'aris, Tex.as .
( SEI1L)
~.~1VT~J'L!Sl T0 1~iL,FTI1JG
',Te, ~'rie unaersi~~~e~i, riembers of 'lie City Cov~7c~~.1 ai~d i
~
tiie :iayoz of -cile ~~-'-y of Par:s, Texas, hereby accept service of tne forego_;.ng ~
not~ce, wa:iJ int; any and al1 =rre;;ular:.ties in sucll service and conse~it and
ai,ree thac saicz s=iail be at cl:e `Gi;ae ana place tYlerein xlamed and ior
ihe purpose t-herein ata ~ea.
~
. , , 7e el,
. _
01.~_____
U
-k"
w
Liberty Natio.ial
Bank in
Paris~ Paris, Texas,, and
they sha11 ma.ture as
follows:
BONTa
iWNLBITO
MATUIRITY JA'1'E5
A?YOUNTS
1
to
10,
both
incl,,
July
1,
1952,
~ 10,000.00
11
to
25,
"
"
July
1,
1953,
15,000.00
26
to
ko,
It
July
1,
1954,
15,000.00
!+l
ta
6411
"
"
July
1,
1955,
20,000,00
61
to
80,
July
1,
1956,
20,C)00.00
81
to
10,
July
1,
1957,
20,000.00
lol
to
125,
July
1,
195$9
25,000.00
126
to
150,
July
1,
1959,
25,000.00
151
to
175,
Jul,,r
11
1960,
25,OC0,00
176
to
200,
July
1,
1961,
25,000,00
zol
to
225,
Ju1v
13
1962,
25,o0Cqoo
226
to
255,
July
1,
1963,
30,000,00
256
to
285,
"
"
July
1,
1964,
30,000.00
286
to
315,
"
"
July
1,
1965,
30,000.00
316
to
345,
"
"
Ju],y
1,
1966,
30,000.00
346
t0
375,
July
1,
1967,
30,000.00
376
to
410,
July
1,
1968,
35
, 000,00
411
t o
445,
J,.ly
1,
1969,
,
35, oao 0 00
446
to
480,
July
1,
1970,
35,000.00
La81
to
515,
Jul.y
1,
1971,
35~,000.00
516
to
550,
Jul~T
1,
1972,
37,000.00"
2. 'lhat all other sections of said orisina.l ordina.nce
shall r.enain unaffected bJ this amendment,
FASSED ANU A:'PRC?VED this the ~ day of Janua,ry, 1952.
` ATTEST:
✓Mayor, City of Par' s, Te30b.
i r . . - 1 ' .
City Clerk, City of Paris, Texas.