The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1883-12-27
AN ORDINANCE,

WHEREAS, Ten per cent bonds of the city of
AUSTIN, 10 tne amount OF fourteen Thousand
four hundred dollars (S14, 400, will become due
on the 1St OF January, 1884, Therefore,
Be 1t ordained by the City Council of the city
of Austin
SECTION l. That the mayor be and is hereby
directed to sell, at not less than par, the six
(6) per cent Austin City bonds Nos. 26, 81, IS,
20 and 80, OF five hundred dollars each, issued
in accordance with an ordinance passed April
g. 1881.
SEC. 2. That the mayor is hereby also di-
rected to issue and sell to the highest bidder
for cash, but at not less than par, twenty-five
six per cent coupon bonds of the city OF Aus
tin, of the denomination of five hundred dol
lars each, payable twenty years Fl ON the 1st
of January, 1884, but subject to be called in
and paid after the expiration of ten years, at
the option of the city of Austin. the inter st
on said bonds to be paid Seml-annually ON the
LIST OF July and the list of January of each year.
The principal and interest of said bonds shall
be payable in the city of Austin, or in the place
where sold at the option of the purchaser,
SEC. 3. The bonds authorized to be issued
and sold in section OF this ordinance, shall be
cent bonds referred to in the preamble of this
ordinance, and the bonds issued shall so state.
SEC. 4. The twenty five hundred dollars
(S2500) to be received from the sale of the
bonds referred to in section 1, and the twelve
thousand five hundred dollars (S12,5Oo) to be
received from the sale of the bonds referred to
in section of this ordinance, shall be used
solely and exclusively for the payment of the
principal and interest of e ten per cent
bonds referred to i'll the preamble of this ordi-
nance. After the fifteen thousand dollars
(S15,000) herein provided for shall have been
exhausted, the remainder still due on the said
ten per cen; bonds shall be paid, together wi h
the cost of printing the six per cent bonds
herein authorized TO be issued, out of the gene
raj revenues, and the sum of three hundred
dollars $4,000 is hereby set apart out of the
general revenues, to be used, or Somuch there
OF as may be necessary for the payment of the
deficiency and printing herein referred to.
SEC. g. The bonds herein authorized to be
issued shall be sold in the city of Austin, if
such sale can be Immediately effect. d, but if
not, then tn mayor is hereby directed to sell
said bonds through any banking house of this
sale shall be effected without any expense to
the city of Austin. As fast as the proceeds
from the sale of the bonds are received, the
mayor shall, by public not ce, call in for pay
payment corresponding amount of the ten
per cent bonds, and so c ntinue to do until all
of the said ten per cent bonds, with the inter-
est due thereon, have been paid.
SEC. 6. AS soon as the. sale of the
is completed, and the proceeds of such
sale received, and every twelve months there
after, the city treasurer shall set apart two per
cent of the amount of the bonds sold as sink
on the list of May ar d the 1st of October of each
year, shall set apart the Semi-annual interest
TO be paid on said bonds. The sinking fund
Shall be Invested from time t. time by the city
council in interest-bearing bonds of the United
States, or OF the state OF Texas, or of the city
OF Austin, as may be deemed most advanta-
geouS; and said sinking fund shall not be used
for any other purpose than the redemption of
the bonds 80 or their payment at maturity.
SEC. Z. This ordinance shall take effect from
and after its passage, and shall be published in
full.
Passed November "a, 1888
Approved November %, 1888.
Attest: T. I. PURNELL CITY Clerk