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incurred by the City in connection with constructing improvements to the City's water-
works system; and to pledge the net revenues of the City's combined waterworks, sewer and
electric light system subject to the pledge of said waterworks, sewer and electric light
system revenues to the outstanding City of Georgetown, Texas, Utility System Revenue
Bonds: Series 1964, dated Junel, 1964; Series 1966, dated June 1, 1966; Series 1967,
dated November 1, 1967; Series 1970, dated April 1, 1970; Series 1971, dated March 1, 1971;
Series 1974, dated October 15, 1974, and any bonds issued in the future which pledge
the revenues, or any part thereof, of the combined waterworks, sewer and electric light
system; and
WHEREAS, notice of intention to issue such certificates of obligation - stating the
time and place the Council proposed to authorize the issuance of such certificates, the maximum
amount proposed to be issued, the purpose thereof and the manner the Council proposed
to provide for the payment of such certificates has been duly published in a newspaper of
general circulation in the City of Georgetown, the date of the first publication being at
least 14 days prior to the date stated in said notice for the passage of the ordinance author-
izing the certificates; and
WHEREAS, the waterworks, sewer and electric light system for the City of Georgetown
is a combined system and there is no private or competing waterworks and/or sewer and/or
electric light system in said City; and
WHEREAS, no petition of referendum or of any kind or character has been filed with
the City Secretary, any member of this City, Council, or any other official of the City,
protesting the issuance of such certificates, or the passage of this ordinance or requesting an
election or any other matter or thing in connection with such certificates of obligation
or in connection therewith; and
WHEREAS, this council deems it advisable and to the best interest of the City to
proceed with the issuance of certificates of obligation in the amount of $250,000 and sell
some for cash; and
WHEREAS, the urgent necessity for such construction by said City requires that this
Ordinance be passed as an emergency measure for the immediate preservation of the public
peace, property, health, welfare and safety of said City and its inhabitants; therefore,
Be it ordained by the City Council of the City of Georgetown:
Section 1. That there shall be issued under and by virtue of the Constitution and
laws of the State of Texas, particularly Article 2368a.1 and Articles 1111-1118, VA.T.C.S.,
as amended, and the Charter of said City, interest-bearing certificates of obligation
(sometimes herein called Certificates) of said City to be sold for cash to be known as
CITY OF -GEORGETOWN, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1977,
in the principal amount of $250,000 for the purpose of paying all or a portion of the con-
tractual obligations to be incurred by the City in connection with constructing improvements
to the City's waterworks system, and the City of Georgetown is hereby held and firmly
bound, and its faith and credit and all real and personal property in said City are hereby
pledged to the payment of the principal of these certificates at maturity and the interest
thereon as same becomes due by the levy of an ad valorem tax on said property and further
secured by a lien on and pledge of the net revenues of the City's waterworks, sewer and
electric light system, after deducting reasonable operation and maintenance expenses as
provided by law subject only to a first lien sercuring the City of Georgetown, Texas,
Utility System Revenue Bonds: Series 1964, dated June 1, 1964; Series 1966, dated June 1,
1966; Series 1967, Dated November 1, 1967; Series 1970, dated April 1, 1970; Series 1971,
dated March 1, 1971; Series 1974, dated October 15, 1974, and any bonds issued in the
future which pledge the revenues of any part thereof of the combined waterworks, sewer
and electric light system.
Section 2. That said Certificates shall be sold for cash and the proceeds thereof
shall be used only for the purpose or purposes for which the same are authorized.
Section 3. That said Certificates shall be numbered from 1 to 250, inclusive, and
shall be in the denomination of One Thousand Dollars ($1,000) each, aggregating Two
Hundred FiftyThDusand Dollar ($250,000).
Section 4. That the Certificates shall be dated April 15, 1977, and shall bear interest
from said date until paid at the rate of five per cent (5%) per annum, with interest payable
on April 15, 1978 and semiannually thereafter on October 15 and April 15 in each year.
Section 5. That the Certificates shall mature on April 15 in each of the years as follows: