Laserfiche WebLink
<br />59-i <br /> <br />there is hereby levied for the current year a sufficient tax on <br />each $100 valuation of taxable property in the City, and the <br />same shall be assessed and collected and applied to the purpose <br />I named; and while said bonds, or any of them, are outstanding and <br />unpaid, a tax for each year at a rate from year to year, as will <br />be ample and sufficient to provide funds to pay the current in- <br />terest on said bonds and to provide the necessary sinking fund <br />to pay the principal, full allowance being made for delinquencies <br />and costs of collection, or to provide at least two per cent (2%) <br />of the principal as a sinking fund, whichever amount is greater, <br />shall be, and is hereby levied for each year, respectively, while <br />said bonds, or any of them, are outstanding and unpaid, and said <br />tax shall each year be assessed and collected and applied to the <br />payment of the interest on and principal of said bonds. <br />Section 10. That all moneys in the sinking fund and all <br />taxes heretofore levied or in process of collection for the <br /> <br />I <br /> <br />benefit of the certificates of obligation being refunded by <br />said bonds shall be and the same are hereby appropriated and <br />transferred to the benefit of the said bonds. <br /> <br />Section 11. That the bonds herein authorized and a com- <br /> <br />pleted record of proceedings pertaining thereto shall be sub- <br /> <br />mitted to the Attorney General of the State of Texas for his <br /> <br />approval. After the bonds shall have been approved by the <br /> <br />Attorney General, they shall be left in the care and custody <br /> <br />of the Comptroller of Public Accounts of the State of Texas, <br /> <br />and the State Comptroller is hereby authorized to accept the <br /> <br />certificates of obligations herein refunded, and, after cancel- <br /> <br />lation thereof, to register the bonds herein authorized and <br /> <br />I <br /> <br />deliver same to Underwood, Neuhaus & Co., Inc. & Associates <br /> <br />Austin, Texas, or its duly authorized agent. The Comptroller is <br />authorized and directed to exchange bonds numbered 1 to 18, in- <br />clusive, for the $90,000 of Certificates of Obligations as hereto- <br />fore set forth. <br /> <br />- 9 - <br /> <br />L <br />