City Council Minutes (1910-1918) Volume 3 0101

The following ordinance was presented and read to the Council and on
motion of Alderman, O. F. Swift, seconded by Alderman G A Blound
was unanimously adopted, Aldermen, G.A. Blount, J.A. Drewery, O.F. Swift,
J.R. McKinney and F.B. Sublett voting for same.

"AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF
PURCHASING AND CONSTRUCTING AN ELECTRIC LIGHT PLANT FOR THE CITY OF NACOG-
DOCHES, TEXAS, AND PROVIDING FOR THE LEVY AND COLLECTION OF TAX TO PAY
THE INTEREST AND CREATE A SINKING FUND FOR THE REDEMPTION OF SAID BONDS.

Whereas, at an election held for the purpose on the19th, day of March, A.B.
1912, a majority of the qualified voters who are property tax-payers of
the said City of Nacogdoches, Texas, voting at said election, sustained
the proposition to issue the bonds hereinafter described by a vote of
187, for the issuance of said bonds, to a vote of 126 against the issuance
of said bonds, THEREFORE,
1. BE IT ORDAINED by the City Council of the City of Nacogdoches, Texas,
that the bonds of said city to be called, "City of Nacogdoches Electric
Light Bonds", be issued under and by virtue of Article 486, Revised Statutes
of Texas, 1895 and the amendment thereto passed by the 2nd, called session
of the 31st, Legislature of the State of Texas, Chapter 23, page 444 Acts
of the 31st, Legislature, A.D. 1909, for the purpose of purchasing and con-
structing an Electric Light Plant, for said City.

2. Said Bonds shall be numbered consecutively from One to Twenty, inclusive,
shall be of the denomination of ONE THOUSAND DOLLARS ($1000.00), each,
aggregating the sum of TWENTY THOUSAND DOLLARS ($20,000.00).

3. They shall be dated the 1st, day of April, A.D. 1912 , 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 years from their date.

4. They shall bear interest at the rate of Five per cent per annums from
their date, payable annually on the 1st, day of April of each year.

5. Principal and interest shall be payable on presentation and surrender
of Bonds or proper Coupons, at the State Treasurers Office, Austin, Texas,
or New York City, New York.

6. Said Bonds shall be signed by the Mayor, countersigned by the City
Secretary, and registered by the City Treasurer, and the seal of the
City shall be impressed upon each of them.

7. The facsimile signature of the Mayor and City Secretary may be lith-
ographed on the Coupons.

8. 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
the at maturity a tax of 7 1/2 cents on each One Hundred Dollars
valuatio of all taxable property in said City of Nacogdoches, shall be
annually levied on said property, and annually assessed and collected until
said Bonds and interest are paid, and said tax is now here levied for the
current year, and for each succeeding year while said bonds are outstand-
ing, and the same shall be assessed and collected for the current year
and annually hereafter and applied to the purpose named.

9. It is also ordained that Geo. H. Matthews, Mayor be
authorized to take and have charge of said Bonds pending their investigation
by the Attorney General, and upon their approval and registration shall
have authority ro negotiate their sale, and receive for said City of
Nacogdoches the proceeds thereof.

Passed April 16th, A. D. 1912.
Approved April 16th, A.D. 1912.

Geo H Matthew Mayor
City of Nacogdoches, Texas.