The Laws of Texas, 1929-1931 [Volume 27] Page: 369 of 1,943
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FORTY-FIRST LEGISLATURE--FOURTH CALLED SESSION. 55
Special Laws 1913, which Section 12 was added by Chapter 12,
Special Laws of the 41st Legislature at its Second Called Session,
be and the same is hereby amended, and shall read as
follows:
Section 12. The Commissioners' Court of Palo Pinto County
is authorized and empowered to fund any and all indebtedness
lawfully incurred for road and bridge purposes prior to July 1,
1930, whether the same be current, funding or simple contract
debts, and whether issued in form of warrants or otherwise,
into Bonds of Palo Pinto County in any sum not exceeding One
Hundred Seventy Thousand ($170,000.00) Dollars, redeemable
and payable in not more than forty years from date, and the
same may mature serially or otherwise as may be determined
by said Commissioners' Court, and may bear interest at a rate
not exceeding five and one half per centum (5'-%) per annum,
interest payable annually or semi-annually as may be determined
by the said Commissioners' Court. All such funding or
refunding bonds shall be in denomination as may seem expedient
and said Court shall provide for a levy of an annual tax
upon all property within Palo Pinto County to provide for interest
and sinking fund; provided that the aggregate amount of
bonds herein authorized shall not exceed the limitations provided
by the Constitution of Texas; and provided further that it
shall not be necessary to submit the issuance of said funding or
refunding bonds to a vote of the property taxpayers of said
County.
Section 12-a. From and after the taking effect of this Act, it
shall be unlawful for the Commissioners' Court of Palo County
to issue or cause to be issued any warrant, scrip, or other evidence
of indebtedness, or to create any debt against the road
and bridge fund of said County, except as authorized by this Act,
in excess of the current revenues of said County for road and
bridge purposes; provided that in case of great calamity, said
Court may issue warrants against the road and bridge fund in
excess of the current revenues, for the purposes of repairing
roads and building bridges occasioned by such calamity, but in
no instance shall such warrants exceed the limitations provided
by the Constitution and Laws of this State; and provided further
that no warrant shall be issued for such purposes until first authorized
by order passed by said Court, and provided further
that said order shall recite fully the necessity therefor and particularly
specify the several purposes for which said warrants
are to be issued, which said order shall be spread upon the Minutes
of said Court, and shall be published at least one time in
some newspaper published in Palo Pinto County before said
warrants are issued. If no newspaper is being published in said
County, then in some newspaper in an adjoining county nearest
the County Seat of Palo Pinto County.
SEC. 2. The fact that Palo Pinto County has a large amount
of valid Road and Bridge Indebtedness outstanding which can
probably be refunded by the issuance of bonds at a lower rate
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth16362/m1/369/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .