The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-05-23
SPECIAL NOTICES


and Issuing bonds therefor.
BE 1t ordained by the city council q
the city of Houston. Section l. Tha
there shall be Issued City of Hon,stot
street paving and sewer bonds for nm
In behalf of the City OF Houston 10 hor
row money upon the credit OF tho ntt,
for the purpose OF paving streets an,
avenues and constructing sewers whit,
the limits of said city to the amount a
two hundred and fifty $250,O O0) thou
sand dollars, uni1r authority OF section
Al Of the charter ot the City OF Hons
ton, as follows. Section Al The OF,
council shall have the power and author
ity TO issue during the year 1877 bond,
10 the amount OF two hundred and fifN
thousand dollars. which shall be sold fol
not less than par, the proceeds OF tn,
sale of which shall be devoted to the nay,
ing OF streets, and sewers, and the cli,
council shall also have tho power ana
authority to issue bonds Ter tho purpos,
OF FUNDING bonds of a previous issue. and
may also. by vote of TWO. thirds of nj
the aldermen elected. borrow money al
the credit oil the city for permanent i'm
provements 10 an amount not to exceed
ono hundred thousand dollars in any one
year and may issue the bonds of the CITY
therefor. No additional bonds shall b,
issued for any purpose without sub
mission to a vote of the taxpayers Of
said city,
Section 2. That the mayor and finance
committee are hereby instructed TO have
prepared two hundred and fifty bonds of
the denomination Of one thousand dollars
each, payable IN gold coin OF the United
states If America OF the present weight
and aneness. and TO he numbered con
secutively from [ 20 $50, inclusive. Said
hnl Ia, Iat, 81.
y. ID. 1SaI, aud shall run forty years
from that date, with an option OF re-
demption by the city OF Houston after
the expiration of twenty years itor,
that date, and shall bear interest from
that date at the rntc of Ave per cent per
annun, payable semi annually, on the
first day Of luly and the first day Of Jan
uary of each year according to the tenor
o. interest coupons thoreto attached Said
bonds shall he signed by the mayor and
attested by the city secretary, and shall
belr the impress OF the seal OF the City
OF Houston. The coupons shall bear the
engraved signature of the mayor and city
secretary, and both the bonds and cou-
pons shall be payable a the office of the
Union Trust company, in the city and
State of New York.
Section 3. SAID bonds, when so pre-
pared and executed, shall be placed in
the hands of the city treasurer, subject
to the order of the mayor and finance
committee. and said mayor and finance
committee shall. as soon as practicable,
proceed TO sell the same at public or pri-
waite sale, and at not less than their face
value and accrued interest The pro-
ceeds of said bonds when they nave been
sold shall be deposited with the city
treasurer, and shall be used exclusively
in paying for the paving Ct streets and
avenues and the construction Of sewers
within the corporate limits of the City
of Houston. And it is hereby made the
duty of said mayor and finance commit
tee. In the sale of sad bonds. TO provide
that they shall be delivered to the pur-
chaser in The City of Houston and that
payment shall be made for ne said bonds
in the said City OF Houston by said pur-
chaser
Section l. For the purnoae Of paying
the interest on said bonds and OF pro
viding sinking fund sufficient to redeem
them al maturity there is hereby levied
for the year 1891 on each one hundred
dollars OF property in tne City Of lious-
ton liable to taxation n special nd va
loren tax of one-tweifth of one per cent
de of 1 per cent?, and said AK or SO
much thereof as may be necessary. is
also hereby levied for each succeeding
he necessary TO provide for the interest
ana sinking fund a aforesaid on the
entire amount OF said bonds; and il AT
any time the amount of SAID assessihent
Shall not be sufficient TO provide for tho
Interest and sinking fund as aforesaid
then IL shall he the duty of the city coun-
ell to increase sa'd assessment so hat
a sufficient amount shall be realized from
said assessment TO meet the said require
ment for interest and sinking fund ON
said bonds, and 1t Is hereby promised
and agreed that such increase Of assess
ment shall he ma2e II required for the
purpose famed.
Section .. This nrdingnce shall be in
force anl take effect from and alter It's
passage,
i. Is. r. Warner city secretary of the
CITY If Houston, certify that the above
and FOREGOING is true copy Of an ordi-
nance passed ~ tho city council OF Tie
CITY of Houston at regular meeting on
May II, A, d. 1897
witness my official signature TINS the
22d day Of May, a, y. 1927
II. X WARNER,
% CITY Secrct ary,
X nTenIN ANt'E,-Rsguidtlu tho Keep