Loading...
HomeMy WebLinkAboutRES 05.18.1936 - Calling an ElectionRESOLUTION BY the City Council of the City of Georgetown, Texas, calling an election on the question of the issuance of SIXTY THOUSAND (f 60,000.00) DOLLARS of Revenue Bonds, for the purpose of improving the present Light Plart System of the City of Georgetown. WHEREAS, there is a necessity of improving the present light plant and power system of the City of Georgetown, Texans and, MZREAS, it is considered to be to the beet interest of the City of Georgetown that necessary improvements be financed by the issuance of securities supported only by a mortgage placed on the existing system, the improvements to be constructed,, and by a pledge of net revenue from the operation of such system, to the extent of SIX EMMRED (.6w60000) DOLLARS out of each month s gross income from the operatl,on of said light plant and power system, and in no wise supported by an ad valorem tax on property 1n the City; ends wUREAS, the City Council of the City of Georgetown, Texans deems it advisable to issue Revenue Bonds of the said City for the purposes hereinafter mentioned; THER "FORE,, BE IT RESOLVED AND O RUER1,M BY THE CITY COUNCIL OF THE CITY OF GEORGETOWM9 TEXASt 1. That an election be held on the 23rd day of JUne, A. D. 1936, at which election the following proposition shall be submitteds •SHALL the City Council of the City of Georgetown, Texas, to authorized to issue Revenue Ronda of said City in the amount of SI= THOU63AND (.',*'600000.00) DOLLARS, maturing over a period not to exceed 20 years AZ bearing interest at the rate of not exeeeding r cents payable somi-annually, for they urpose of improving its �-A 13 existing light plant and power system, and to provide for the payment of principal and interest on said bonds by pledging the net revenues from the operation of such light plant and power system to the extent of SIX FIMRED, ($dt O*00) out of each sonth*s gross income, and further supporting said bonds by placing a mortgage on the present system and Improvements thereto in accordance with law, to the extent of said amount specified) provided the holders of said . bands shall never have the right to demand payment out of any funds raised and to be raised by taxations." g. That ,said election shall be held at the following place in the said City„ and the following named person is hereby appointed manager thereof, to -wits At the City Fire Station within said City* with the following election official: /? . „JJ Presiding Judges a. That said ele:c t ion shall be under the provi s ions of and in accordance with the laws governing the issuance of municipal bands in cities and towns, as provided in the general laws of Texas, and only qualified electors who own taxable property, in the State, County and City, and who have duly rendered the same for taxation,, shall be qualified to vote, and all such electors shall vote in the election precinct of said City* ALL VOTRRS who favor the proposition to issue the said bonds shall have written or printed on their ballots, the following wordet "FOR VR I',SUA14CR OF LIGBT PLANT A M POWER MYrIM REVEIME BONDS*" And those opposed to the proposition to issue the said bonds shall have written or printed on their ballots the words *AGA INST THE IsmAnn OF LIGHT FLATS AND POWER SYSTEM REVEM 8a1+tW** 4* A oopy of this order signed by the rayor of said City and attested by the City Secretary shall serve as a proper notice of said election. The Mayor is authorized and directed to cause this Notice of the election to be posted at three public places within said City for at least thirty full days prior to the date of said election* be The mayor is further authorized and directed to cause this notice to be published in some newspaper of general circulation published in said City once a week for four weeks, The date of the first publication shall not be less than thirty full days prior to the data of said *loot #on* PASSED AND APPROVED* this the 18th day of pay,, A. D. 1S3d: r ` RAYOR 9 CITY OF GEORGETO` N 9 TUA ` • A i'T'ES'Ti. tear -a ary, city or Georgetown. Texas* ,s