HomeMy WebLinkAboutORD 10.18.1910 - Ordinance Electric Light PlantAN ORDINANCE AUTHORIZt7f TIM I SSOANCB 07 PONDS FOR THE PcTR-
POSE OF CONSTRTICTING AN RIYCTRIC ZIORT PLANT IN THE CITY OF
GEORGHTOYDN, TF7AS, AND PROVIDING FOR TRF LEVY AND COLLECTION OF
A TAX TO PAY TRE INTEREST AND ('RRATE A SINKING FUND FOR THE FR -
DE" -TION OF SAID BONDS AT MATURITY.
W'kereas, at an sleetion keld for the purpose on the 17th
day of Oetober,A.D.,1910,a majority of tke qualified voters,wke
are property tax payers of the City of Georgetown, Texas, voting
at said electian, sustained the proposition to issue tke bonds
kereinafter described by a vobe of 214 for the issuance of bonds
to a vote of 25 against tke issuance of bonds, tkerefore,
1. Be it ordained by the City Council of ,the Citi* of
Georgetown, Texas, tkat tke bonds of said City to be called "CiJT
of Georgetown Electric Ligkt Ponds," be issued under and by vir-
tue of Article 4869 Revised Statutes of Texas, 1890, for tke
purpose of constructing an electric ligkt plant in said City.
t. Said bonds skall be numbered consecutively from One to
Tkirteen., inclusive, skall be of the denomination of One Tkous-
and (f1,000.00) Dollars sack, aggregatin& tke sun of Tkirtoen
Thousand 013,000.00) Dollars.
3. Tkey skall be dated tke let day of December, 1910,
skall become due and payable Forty years from their date, but
may be redeened at tke pleasure of the City at any time after
Ten years from their date.
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d. Tkey skall bear interest at the rate of five per cent
per annum payable semi-annually on tke lot day of December and
tke let day of June of sack year.
5. Principal and interest shall be payable on presentation
and surrender of bond, or proper coupon, at tke office of tke
State Treasurer at Austin, Texas, or at tke Fourtk National Bank
New York, N. Y., or at tke Barris Trust and Savings Bank,Ckicagq
Ili.
6. Said bonds shall be signed by tke Mayor, eountersigned
by tke City Secretary and registered by tke City Treasurer, and
tke seal of tke City skall be impressed upon sack of tkem.
7. Tke tae -simile signatures of tke payor and City Secret-
ary may be litkograpked on tke coupons.
8. It is furtkor ordained by the City Council, tkat to pay
tke interest on said bonds and create a sinking fund sufficient
to disokarge tkem at maturity, a tax of five cents on tke One
Hundred Dollars valuation of all taxable property 6n said City
of Georgetown, Texas, skall be annually levie" on said proper-
ty and annually assessed and collected until said bonds and in-
terest are paid, and said tax is kers and now levied for tke
current year, and for each succeeding year wkile said bonds are
outstanding, and the same shall be assessed and collected for
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(2)
9. It is also •rdatned tkat R. X. Ward, Mayor of said City,
be aatkorized to take and keTe okarge of said bonds pending tkek
investigation by tke Attorney General, and upon tkeir approval
and registration scall %aye aut=kerity to negotiate tkeir sal®
and receive for tke City tke proceeds tkereof.
Passed and approved on tke 18tk day of October, A .D .,1910 .
R. 1. WARD,
Mayor of tke City of Georgetown, Texas.
Attest: GRO. REARRY,
Secretary of tke City of Georgetown, Texas.