City Council Minutes (1910-1918) Volume 3 0103

The following ordinance was presented and read to the Council, and on
motion of Alderman, J A Drewry, 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
CONSTRUCTING OF SEWERS IN THE CITY OF NACOGDOCHES, TEXAS, AND PROVIDING
FOR THE LEVY AND COLLECTION OF A TAX TO PAY THE INTEREST AND CREATE A SINK-
ING FUND FOR THE REDEMPTION OF SAID BONDS.

Whereas, at an election held for the purpose on the 19th, day of
March, A.D. 1912. a majority of the qualified voters who are property
tax-payers of the said City of Nacogdoches, voting at said election sus-
tained the proposition to issue the Bonds hereinafter described by a vote
of 252, "For the issuance of said Bonds", to a vote of 60, "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 Sewers Bonds",
be issued under and by virtue of Article 486, Revised Statutes of Texas,
1895, and the amendment thereto passed by the second 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 constructing of
Sewers in said City.

2. Said Bonds shall be numbered consecutively from One to Fifteen,
inclusive, shall be of the denomination of One Thousand Dollars ($1000.00)
each, aggregating the sum of FIFTEEN THOUSAND ($15,000.00) DOLLARS.

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 annum from
their date, payable annually on the 1st, day of April, of each year.

5. Principal and interest shall be payable on presentation and surrencer
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
them at maturity, a tax of 2 1/12 cents on each One Hundred Dollars val-
uation of all taxable property in the City of Nacogdoches, Texas, shall be
annually levied on said property, and annually assessed and collected until
said Bonds and interest are paid, and said tax is here now levied for the
current year, and for each succeeding year while said Bonds are outstanding
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 to negotiate their sale, and receive for the said City of
Nacogdoches the proceeds thereof.

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

Attest: Geo H Matthew Mayor
JR McKinney City of Nacogdoches, Texas.
Secretary.