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HomeMy WebLinkAbout0489_483483 Section 1. That an election is hereby ordered to be held in the City of Georgetown, texas, on the 26th day of February, 1966, such date being not less than fifteen (15) nor more than thirty (30) days from the date of the adoption of this order, at which election the following propositions shall be submitted to the resident legally qualified property taxpaying voters of said City, who own taxable property in the City and who have duly rendered the same for taxation, for their.action thereupon; PROPOSITION NO. 1 Shall the City Council of the City of Georgetown, Texas, be authorized to issue $50,000.00 revenue bonds of said City, maturing serially over a period of years not to exceed thirty (30) years from their date, bearing interest at a rate not to exceed five per cent (5%) per annum, for the.purpose of constructing extensions and improvements to the City's water worko.. system; said revenue bonds to be special obligations of the City of Georgetown, payable as to both principal and interest solely from and secured by a first lien on and pledbe of the revenues of the City's combined waterworks, sewer and electric light system, after deduction of reasonable operation and maintenance expenses? PROPOSITION N0, 2 Shall the City Council of the City of Georgetown, Texas, be authorized to issue $150,000.00 revenue bonds of said City, maturing serially over a period of years not to exceed thirty (30) years from their date, bearing interest at a rate not to exceed five per cent (5$) per annum, for the purpose of constructing extensions and improvements to the City's sewer system; said revenue bonds to be special obligations of the City of Georgetown, payable as to both principal and interest solely from and secured by a first lien on and pledge of the revenues of the City's combined waterworks, sewer and electric light system, after deduction of t'easonable operation and maintenance expenses. PROPOSITION NO. #3 Shall the City Council of the City of Georgetown, Texas, be authorized to issue $ 200,000.00 revenue bonds of said City, maturing serially over a period of years not to exceed thirty (30) years from their date, bearing interest at a rate not to exceed five per cent (5%) per annum, for the purpose of con- structing extensions and improvements to the City's electric light system; said revenue bonds to be special obligations of the City of Georgetown, payable as to both principal and interest solely from and secured by a first lien on and pledge of the.revenues of the City's combined waterworks, sewer and electric light system, after deduction of reasonable operation and maintenance expenses? Section 2. That the revenue bonds hereinabove mentioned in Propositions Nos. 1, 2 and 3 are to be ratably secured in such manner that no one bond shall have priority of lien over any other bond, it being the intent hereof to provide for the creation of an indebtedness against the City's combined water- works, sewer and electric light system for the purposes stated in said Propos- itions Nos. 1, 2 and 3, and such bonds submitted under those three propositions as are approved by the qualified voters voting at the election herein and hereby ordered, are to be issued in one or more installments, but as a single com- bined authorization, and such bonds shall be payable from the same source as are the "City of Georgetown Utility System Revenue Bonds, Series 1964," dated June 1. 1964, and secured by the same revenues, and shall occup.* a position of parity in all respects with the said Utility System Revenue Bonds, Series 196; and the holder or holders of such bonds shall never have the right to demand payment thereof out of any funds raised or to be raised by taxation. Section 3. That said election shall be held at the Fire Station in the City of Georgetown, Texas (all of said City being included in one elec- tion precinct), and Mrs. It. D. Biggs is*hereby appointed Presiding Judge and Mrs. Tom RcAferty is hereby appointed Alternate Presiding Judge. The Presiding Judge shall appoint two clerks to assist in holding said election.