HomeMy WebLinkAboutORD 12.08.1913 - Water WorksAN ORDINANCE AUTHORIZING TTM ISSUANCE OF BONDS OF THE CITY
OF GEORGBT0SN, TFXAS, FOR TRE PURPOSE OF COMPIXTING THIS CONSTFITC-
TION OF THE WATER WOPKS PLANT OF SAID CITY, AND PRMUDING FOR THE
LAVY AND COLLECTDON OF A TAX TO PAY THE INTKRFST AND CREATE A
SINKING FUND FOR THR RFZFMPTION OF SAID BONDS.
Whereas, at an election keld on the 15th day of November,A.
D., 19139 the majority of the qualified voters, wko are property
tax payers of tie City of Georgetown, Texas, voting at said elec*tz
tion, sustained tke prop*sition to issue the bonds hereinafter de-
scribed, by a vote of 124 "For the issuance of bonds" to a vote
of 62 *Against the issuance of bonds." Tkerefore,
lot. Be it ordained by the City Council of tke City of
Georgetown, Texas, Haat the bonds of said City, to be called "City
of Georgetown Water Works Bonds, Second Series," be issued under z
and by virtue of tke provisions of Chapter One, Title 18, of tke
Revised Civil Statutes of Texas, 1911, for the purpose of complet-
ing tke construction of the Water Works Plant in said City.
2nd. Said Bonds shall be numbered consecutively from One(1)
to Twenty-seven (27) inclusive, and shall be of the denomination
of Five Hundred (W0.00) Dollars each, aggregating the sum of
Thirteen Thousand Five Hundred ($13,500.00) Dollars.
3rd. Tkey shall be dated the lot day of January, 1914;shall
become due and payables forty (40) years from their date, but may
be redeemed at the pleasure of tke City at any time after ten
gears from their date.
4tk. Tkey skall bear interest at tke rate of 5°fs per annum,
payable semi-annually on the let day of July, and on the lot day
of January of each year.
Stir. Principal and interest shall be payable on presentation
and surrender of Bond or proper coupon at the office of tke State
Treasurer, Austin, Texas, if said bonds are sold to the State
Sekeol Fund, but if not sold to the State Sekool Fund, tken the
same shall be payable at Tke Fourth National Bank, Now York, N. Y .,
6tk. Said bonds shall be signed by the Mayor, counter-signed
by the City Secretary and registered by tine City Treasurer, and
time Seal of the City skall be impressed upon eaek of them.
7th. Tire fae simile signature of the Mayor and the City Sec-
retary may be litkograpked on the coupons.
Stir. It is further ordained by the City Council, Haat to pay
the interest on said Bonds and create a sinking fund sufficient: to
discharge them at maturity, a tax of Five Cents on each One Hun-
dred ($100.00)Dollare valuation of all taxable property in tke
said•City of Georgetown, Texas, shall be annually levied on said
property and annually assessed and collected until said Bonds and
Interest are paid and said tax is here now levied for the current
year and for each succeeding year while said bonds are anatstranding,
and tke same shall be assessed and collected for the current year
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and annually hereafter and applied to tke purposes named.
Atti. It is also ordained that R. X. Ward be authorized to
take and leave charge of said Bonds pending their investigPtion by
tke Attorney General and upon their approval and registration small
kale authority to negotiate their sale and receive for the City
tke proceeds thereof.
Passed and approved on the ®tk day of 1ecember,A.D.,1913.
R . R. WARD,
Mayor of tke City of Georgetovm, Texas.
Attests GR4. KXATIRY,
Secretary of the City of Georgetown, Texas.
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14.