O-1948-357 - Laserfiche WebLink

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It e x. The Mayor, City Clerk and City Treasurer are hereby in- structed and direoted to do any and all things necessary and/or con~en1ent in reference to the installing and. maintaining ot a complete system of records a.nd 8ccountepertalning to e&ld system and to make the moneys aval18ble tor the payment ot said revenue bond$ in the manner provided by Chapter 122, Aots ot the Regular Session of the Forty-third Legislature of Texas, effective May 1?, 1933. In accordance with the provisions of Article 1113, 1925 Revised Civil Statutes of Texss, as amended, the fiscal yee.r t'~the ope1'lltion ot such system e1M1l be - 11 / ,- to r ~J>~ · XI. The City further covensnts by and through this ordinance 6S follovs: (a) That the revenue bonds authorized hereunder shall be special obligat10ns ot the City and the holder thereof shall never have the right to d$lIBnd payment thereof out of funds ra1sed or to be raised by taxation. (b) That it Me the 18vtul power to pledge the revenue supporting this issue of bonds and has lnwtully exerols ed said pover under the Constitution and lavs ot. the State of Texas # 1nolu~g the power existing under Articles 1111 - 1118, both inclusive, 1925 Revised Civ1l Statutes ot the State of Texe.s# with amendments thereto, and by Buthorlty of Q vote of the qualified electors or said Oity voting at an election held in 8ald C:1ty on the 21st day of February, 19~8J that the bonds issued hereunder shall be ratably secured under sald p:Ledge or income in BUch mnner that no. one bond .sha1l have preference .. \/t over any other bond of this issue. (c) That other than for the :payment ot the bonds herein authorized, the rents, revenues and income of said system have not been pledged in any manner to the pByn1ent ot any debts or obligations or the City, nor of 8ald system.