The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-07-03

year, during the existence of sail
bonds, set apart from the general rev
enues of the city, a sum sufficient t.
pay the semi-annual interest on salt
bonds, and such sum shall not, undel
any circumstances, be diverted O.
used for any othec purpose. 1t shall
also be the duty of the treasurer OF
the first day of May, in each year, du
ring the existence of said bonds, tx
set apart from the general revenues OF
the city sinking fund of two pei
cent. of the principal of said bonds tC
provide for the ultimate redemption
and payment of the same. Said sink.
ing fund shall be invested, as fast as
the same accumulates, as provided IN
Article 6, Section 1, of the amended
charter of the city of Austin, approved
April IL, 1883, and the same shall, I'M
der no circumstances, be diverted or
used for any other purpose.
SEC. 4. That the purposes for
which said debt is created shall be ex-
pressed in the face of said bonds, and
the city of Austin hereby pledges its
good faith for the payment of the
principal and interest Of said bonds as
the same shall become due.
SEC. 5. That the mayor and f.
nance committee of the city council
shall cause said bonds to be engraved
and executed, and the same shall first
be offered for sale in the city of Aus
tin. If not sold in said city of Aus
tin within reasonable time, the may
or and finance committee shall place
the same in the hands of a responsible
bank or banker of the city of
Austin, for sale in the
city of New York, or elsewhere,
and such banker or agent of this city
shall receive for his services in MAX
ing the sale of said bonds, such reas-
enable compensation as may be allowed
by the mayor and finance committee.
The proceeds of the sale of said bonds
shall be paid to the treasurer of the
city as soon as the same are sold, and
such proceeds shall be disbursed un-
der authority of the city council.
SEC. q. That the sum of three
hundred dollars, or so much thereof as
may be necessary, is hereby appropri-
ated out OF any moneys in the city
treasury, to pay the expenses of en-
craving said bonds.
SEC. Z. That the following ordi-
Dances are hereby repealed, to-wit:
"Aniordinance to fund the outstanding
ten per cent. bonds of the city of Aus
tin into 1920 six per cent. bonds;" ap-
proved April IL, 1881. can ordinance
providing for the sale of $25, 100000 six
per cent. bonds" approved November
8, 1883. So much of "an ordinance
providing for the sale of six per cent.
Austin city bonds, Nos. 26, q, %, 80
and 3d." approved November 25, 1883.
as authorizes the issue and sale of bonds
otheD than those mentioned in the
caption; also, IAN ordinance amending
an ordinance providing for the issu-
ance of $25, 100000 of Austin city six
per cent. bonds, passed November Z,
1888; approved November 8, 1885," ap-
proved December y, 1883.
SEC. 8. That this ordinance shall
take effect and he in force from and |
after its passage.
Passed June %, 1884; approved June
Is, 1884. j. w. ROBERTSON,
Mayor OF the City of Austin.
Attest:
Il. F.PURNELL, City Clerk.
THE SCHOOL TAX.
The mayor called the attention of |
he council to the fact that the result
# the vote of the people on the prop
,sition to increase the city school tax
rom to 80 per cent. had never been
canvassed and declared.
The returns were canvassed, and
bowed that the additional tax was
arried by vote of 597 for, and 229
against.
EQUALIZATION.
An ordinance was finally passed
for appointment of
'oard of equalization and, the follow
ng were appointed and confirmed:
Aldermen Odell, Campbell and Erwin,
nd citizens H. Z. Shelly and D. w.
Doom.
Ordinances for levying city, school
nd ad valorem taxes were referred.
THE DRISKILL HOTEL.
Special committee reported in favor
f the sale to Col. Driskill, of the pro-
osed site for his new hotel at $500.
The property in question, engine
ouses and lots, cost $10,640l.
The report and resolution to accept
be bid were recommitted and the
ouncil adjourned.