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HomeMy WebLinkAbout1936-08-05 Regular Meeting/2 MINUTES OF A 1'"JEETING OF THE CITY COUNCIL OF THE CITY OF STEPHENVILLE, TEXAS The City Council of the City of Stephenville met in regular session at the City Hall in said City on the 5th day of August, 1936, and the following members of the Council were present: Henry Clark, Mayor, z9 Qa$$el Alder- man, h6 , Cra m well Aldermen. The 11ayor stated the purpose of the meeting to be the consideration and passage of an Ordinance calling for an election to determine whether or not revenue bonds should be issued for the purpose of the purchase, building and con- struction of a park and swimming pool in the City of Stephen- ville, Texas, and thereupon, the following Ordinance was presented by Alderman ITS Sas's'e/ and read to the Council, as follows to -wit: AN ORDINANCE CALLING AN ELECTION TO BE TT HELD ON THE 7TH DAY OF SEPTM',BER, 1936, TO DETERtviINE WHETHER OR NOT REVENUE BONDS OF THE CITY OF STEPHENVILLE, TO THE 9OUNT OF THIRTY FIVE THOUSAND DOLLARS WILL BE ISSUED FOR THE PURPOSE OF THE PURCHASE, BUILDING AND CONSTRUCTION OF A PARK AND SVM%irING POOL IN THE CITY OF STEPHENVILLE, TEXAS, SAID PARK AND SYMING POOL TO BE OWNED AND OPERATED BY THE CITY OF STEP- �3 i II i HENVILLE, SAID BONDS TO BE ISSUED UNDER THE AUTHORITY GRANTED i THE CITY BY ARTICLES 1111 TO 1118, BOTH INCLUSIVE, OF THE REVISED CIVIL STATUTES OF TEXAS, 1925, AS NOW AMENDED. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF STEP- HENVILLE, TEXAS: That an election be held on the 7th day of September, A. D. 1936, at which election the following proposition shall a be submitted: i Shall the City Council of the City of Stephenville, Texas be authorized to issue revenue bonds of said City in the sum of Thirt Five Tousa Dollars, ayable serially over 1 a period of ten yearsA bearing Five per cent interest per j Se►ni- I annum, interest payable annually, with such portion of the principal payable annual ly each year so that the combined payment of the principal and interest each year shall be approximately level during the ten year period, said revenue bonds to be for the purpose of the purchase, building and construction of a park and swimming pool in the City of Step- henville, Texas, and the said revenue bonds to be secured i by a first mortgage on said park and swimming pool and the n6t revenue thereof, after deducting the expense of operation and maintenance, including all salaries, labor, materials, interest, repairs and extensions necessary to render efficient service, and said revenue bonds to be further secured by a j first mortgage, pledge and lien upon one-half of the net 'I / 5( revenue of the present 'hater Works System and the present Sewer System owned, controlled and operated by said City, or so much thereof which , together with the net income and revenues of the park and swimming pool, will be sufficient to promptly pay both principal and interest of said bonds when and as the same shall become due, and which portion of said net revenues of said Nater <Vorks and Se ier 3�Tstems, or so much thereof as will be necessary to supplement the net incomes and revenues of said park and swimming pool for the purpose stated, will be appropriated by Ordinance of the City Council of the City of Stephenville, authorizing the issuance of the aforesaid bonds, and the amount, or amounts, so appropriated shall be paid into the Revenue Bond Fund each month for the purpose stated, and each of said bonds and the mortgage securing the same shall have inserted therein the following: "The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation." And said mortgage and deed of trust shall contain the following provision: "The trustee and the holder,or holders, of the revenue bonds herein provided for shall never,directly or indirectly,in ` law or in equity,be permitted to make any claim against the gen eral revenues of the City,or any funds raised or to be raised !i I i l /S� by taxation for the payment of either principal or interest or any other charges arising from the construction or opera- tion of s>:.id park and swimming pool, but the sole security for said revenue bonds and charges shall be the revenues from said park and swimming pool, the physical properties thereof and said portion of said revenues of said 'Water (forks and Sewer System." Said revenue bonds to be issued under authority granted the City of Stephenville in Arts. 1111 to 1118, both inclusive, Revised Statutes of 1925 of the State of Texas, and as now amended, and the other Statutes pertinent .to said subject. Said election shall be held in all things as provided by law, at the office of the City Secretary in the City Hall in Stephenville, Texas, and the 'ollowing named persons are hereby appointed managers: Lfnp. /rr rV/s , Presiding Judge, hn AW715 , Assistant Judge, ,411fs c(. P ale r j,, vA , Clerk, and s-s Pa4/ �1,6 ar.d/e r _,Clerk. Said election shall be held in accordance with law pertaining to elections by Cities and Towns in cases of the issuance of municipal bonds, and all qualified voters of said City of Stephenville, as provided and qualified for such election by the Constitution and Laws of the State of Texas, shall be allowed to vote; and all voters desiring to support the vote for the proposition to issue revenue bonds as above --n set out shall have printed upon their ballots the words: /7 After the reading of said Ordinance, and discussion thereof, motion was made by Alderman /3 13a ss�/ and seconded by Alderman that said Ordinance be passed and adopted as an Ordinance of the City of Stephenville, and the question being called for, the matter was out to a vote, and the following members present voted in favor of the passage of said Ordinance, to -wit: and the following members voted against the passage of said Ordinance: and said Ordinance was there- upon declared to be duly passed and adopted as an Ordinance i! of the City of Stephenville, Texas. i STPEHENVILLE, TEXAS 8/7/36 i NOTICE TO ALL CITY TAX PAYERS THE ANNUAL BUDGET FOR THE CITY OF STEPHENVILLE HAS BEEN PREPARED AND FILED 'KITH THE CITY SECRETARY FOR APPROVAL BY THE CITY COUNCIL. THIS IS TO NOTIFY YCU THAT THE CITY CCUtCIL WILI. YEET ON THE 13T DAY OF SEPTEiuBER, 1036, AT THE CITY HALL IN TIIE CITY OF STEPHENVILLE, TEXAS AT 8 00 O'CLOCK P It TO HEAR ANY AND ALL PROTESTS 69HY SUCH BUDGET SHALL NOT BE ACCEPTED AND APPROVED. C C DAVIS CITY SECRETARY