O-1959-576 - Laserfiche WebLink

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e e . Section 8: That while said bonds or any part of the principal thereof or interest thereon remain outstanding and unpaid, there is hereby levied and there shall be annually assessed and collected in due time, form and manner, and at the same time other City taxes are assessed, levied, and collected, in each year, beginning with the year 1959, a continuing direct annual ad valorem tax upon all taxable property within said City sufficient to pay the current interest on said bonds and to create and provide a sinking fund of not less than two per cent of the principal amount of said bonds then outstanding or of not less than the amount required to pay the principal payable ~ out of said tax, whichever is greater, full allowance being made for delinquencies and costs of collection, and said taxes, when collected, shall be applied to the payment of the principal and interest on said ~onds, and to no other purpose. Section 9: That it shall be the duty of the Mayor to submit the ~ecord of said bonds, and the bonds, to the Attorney General of Texas, for approval, and thereafter to have them registered by the Comptroller of Public Accounts of Texas. Section 10: That the sale of said bonds to . FiA~Ctc'd L 00 I/tt(A47pw..:t~ at a price equal to the principal amount of said bonds plus accrued interest thereon from the date of such bonds to the date of actual delivery, plus a cash pre- mium of $ .3'7.Jr~ , subject to the unqualified approving opinion as to the legality of such bonds by the Attorney General of Texas and Vinson, Elkins, Weems & Searls, Houston, Texas, market attorneys, is hereby authorized, approved, ratified, and confirmed. When said bonds have been approved by the Attorney General of Texas and registered by the Comptroller of Public Accounts of Texas, the Comptroller is hereby ~ authorized and respectfully requested to deliver the same to the American National Bank, Austin, Texas, for the account of the City, - 7 -