HomeMy WebLinkAboutORD 10.18.1910 - Issuance of Bonds for Electric Light PlantkN ORDINANCE A1ITHORI7T74 ISSUAITCE 01F $®iM FOR THE P[,R-
POSE OF CONSTRUCTING AN ELECTRIC LIGHT PL WT IN THE CITY OF
GEORGETOVlN, TEXAS, AND PROVIDING FOR, THE LT7rY AND COL-LFCTI()N OF
A TAX TO PAY THE INTEREST AND CREATE A SINKING FUND FOR TiTF RF-
DEM-PTION OF SAID BONDS AT MATURITY.
Wkereas, at an election held for the purpose on the 17tk
dal of October, A.D . ,1910, a majority of the qualified voters,wko
are property tax pagers of the City of Georgetown, Texas, voting
at said election, sustained the proposition to issue the bonds
kereinafter described by a vote of 214 for the issuance of bonds
to a vote of 25 against tke issuance of bands, tkerefsre,
1. Be it ordained by the City Council of .the Cite of
Georgetown, Texas, that the bonds of said City to be called "CijT
of Georgetown Electric Light Bonds," be issued under and by vir-
tue of Article: 486, Revised Statutes of Texas, 1890, for tine
purpose of constructing an electric light plant in said City.
2. Said bonds shall be numbered consecutively from One to
Thirteen, inclusive, shall be of the denomination of One Tkous-
and ($;1,000.00) Dollars eack, aggregatinj tke sure. of Thirteen
Thousand (�-13,000.00) Dollars.
3. They shall, be dated tide lst day of December, 1910,
shall become due and payable Forty years from their date, but
may be redeemed at the pleasure of the City at any time after
Ten gears from their date.
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4. They shall bear interest at the rate of five per cent
per annum payable semi-annually on tine 1st day of December and
the lst day of June of each year.
5. Principal and interest shall be payable on presentation
and surrender of bond, or proper coupon, at the office of the
State Treasurer at Austin, Texas, or at the Foartk National Bank
Nevi York, N. Y., or at the Harris Trust and Savings Bank,Ckicagg
Ill.
6. Said bonds shall be signed by the Mayor, countersigned
by tke Cit-�T Secretary and registered by time City Treasurer, and
the seal of the City shall be impressed upon eack of them.
7. Tke fac-simile signatures of the Yayor and City Secret-
ary may be litkograpked on the coupons.
8. It is furtker ordained by the City Council, that to pay
tke interest on said bonds and create a sinking fund sufficient
to disekarge them at mati",rity, a tax of five cents on tke One
Hundred Dollars valuation of all taxable property fin said City
of Georgetovm, Texas, shall be annually leviedm on said proper-
ty and annually assessed and collected until said bonds and in-
terest are paid, and said tax is kere and now levied for the
current year, and for each succeedin- year Wki.le said bonds are
a tstandl_ng, and tlae same si,allo She asri�eszed and collected for
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(2)
9. It is also ordained that R. E. Ward, Mayor of said City,
be authorized to take and kave ekarse of said bonds pending- they
investigation by tie Attorney General, and upon their approval
and registration stall haTe authority to negotiate their sale
and receive for the City the proceeds thereof.
Passed and approved on the 18th day of Oetober,A.D.,1910.
R. E. WARD,
Mayor of the City of Georgetown, Texas.
Attest: GRO. KHA=9
Secretary of the City of Georgetown, Texas.
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