HomeMy WebLinkAbout0090_0022A N O R D I N A N C E
Adopting the provisions of Article 471 et seq., Revised Statutes
of Texas, 18959, and authorizing the issuance of bonds for the purpose
of canceling and in lieu of certain bonds heretofore issued by the City
of Georgetown, and providing for the levy, and collection of a tax annu-
ally and of sufficient amount to pay the annual interest and. to create
a sinking fund with which to pay said bonds at maturity.
Whereas, the City of Georgetown, Texas, has heretofore issued and
delivered the bonds hereinafter described, which said bonds are out-
standing and constitute a valid and subsisting indebtedness of said
City; and
Whereas said bonds are now optional, and the City desires to refund
the same by issuing new bonds bearing a lower rate of interest;
Therefore,Be it ordained by the City Council of the City of
Georgetown, Texas: '
1. That Article 471 et seq., Revised Statutes of Texas, 1895, be
and the same are hereby adopted.
2. That the bonds of said City to ,be called "City of Georgetown
Refunding School House Bonds" be issued under and by virtue of said
Article 471 et seq., for the purpose of refunding, canceling and in lieu
of certain outstanding bonds of said City known as "Public School
Building Bonds," dated July 16, 1€394, numbered from 8 to 21, inclusive,
aggregating $14,000.
3. Said bonds shall be numbered consecutively from 1 to 14, in-
clusive, shall be of the denomination of One Thouaw-id {1,000) Dollars
each, aggregating the sum of Fourteen Thousand ($14,000 Dollars.
4. They shall be dated the 16th day of August, 1905, shall become
due and payable thirty years from their date, but may be redeemed at the
pleasure of the Cite at any time after five years, from their date, pro-
vided the said City shall give notice in writing at their place of pay-
ment of its purpose to redeem said bonds at least six months prior to
such redemption.
5. They shall bear interest at the rate of five per cent per
annum, .payable pemi-annually on the 16th day of February and the 16th
day of August of each year.
6. Principal and interest shall be payable on presentation and
surrender of bonds or proper coupon at the office of the Treasurer of
the State of Texas, if sold to the State, otherwise at the banking house
of N. W. Harris and Company in the City of Chicago and State of Illinois.
. 7. Said bonds shall be signed by the Mayor and countersigned by
the City Secretary and the seal of the City shall be impressed on each
of them.
8. The fac simile signatures of the Vayor and City Secretary may
be lithographed on the coupons.
9. It is further ordained by the said City Council that to pay the
interest on said bonds and create a sinking fund sufficient to discharge
them at maturity, a tax of nine (9) cents on each one hundred dollars
valuation of all taxable property in said City of Georgetown shall be
annually levied on said property and annually assessed and collected
until said bonds and interest are paid, and the tax on nine cents on
the one hundred dollars levied by this Council for the year 1905, by
ordinance passed on the 12th day of DFCember, 1904, to pay the interest
and create a sinking fund on $15 000 bonds issued under ordinance of
July 13, 1894, since which levy 1,000 of said bonds has been paid,
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