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Section 26. SURPLUS FUNDS. That the City shall use 2 3 7
any surplus proceeds from the bonds remaining after completion
of the improvements and extensions to the City's Utility
System, for the purchase of the bonds owned by the Texas
Water Development Board.
Section 27. ANNUAL AUDIT. That a copy of the City's
annual audit report shall be delivered to the Texas Water
Development Board as long as the State of Texas owns any of
the bonds.
Section 28. EMERGENCY. 'That it is hereby officially
found and determined: that a case of emergency or urgent
public necessity exists which requires the holding of the
meeting at which this Ordinance is passed, such emergency or
urgent public necessity being that the proceeds from the
sale of said bonds are required as soon as possible and
without delay for necessary and urgently needed public
improvements; and that said meeting was open to the public,
and public notice of the time, place, and purpose of said
meeting was given, all as required by Vernon's Ann. Civ. St.
Article 6252-17.
Section 29. That this Ordinance shall become effective
immediately upon its passage because of the emergency for
the preservation of the public peace, property, health and
safety of said City and its inhabitants.