The Laws of Texas, 1822-1897 Volume 5 Page: 44
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4
Laws of the State of Texas.
sums of not less than one hundred, nor more than one thousand
dollars, to be payable in not less than twelve nor more than twenty
years from the date thereof, and to bear interest of and at the rate
of not more than ten per centum per annum, which interest shall
be payable semi-annually on presentation and surrender of the
coupons to be thereto attached."
And, whereas, a contract was entered into for the construction of
said work in accordance with the provisions of said ordinance, and
the Mayor in pursuance of the authority to him given in Section 5th
of said ordinance did cause some of the bonds to be issued as specified
in said section, and others have to be issued to pay for said work
which is near completion, and doubts having arisen as to the validity
of said bonds because the same are for the construction of a work
without the corporate limits of said city.
And, whereas, the corporate authorities of said city have requested
the passage of a law authorizing and validating the said bonds
issued and to be issued. Now, therefore,
Section 1. Be it enacted by the Legislature of the State of Texas,
That the bonds of the corporation of the city of Gal.veston issued
and to be issued in pursuance of the vote of the people of said city
of 19th May, 1858, and the ordinance of the corporate authority of
said city of 26th August, 1858, and the interest coupons of the
same, be and the same is hereby declared valid and binding upon
the "Mayor, Aldermen and Inhabitants of the city of Galveston,"
and that the same are, and shall continue to be a valid and subsisting
debt of said corporation, and may be sued upon when due and
payment enforced as in case of other legal obligations in any court
having jurisdiction of the amount.
Sec. 2. That the corporate authorities of the city of Galveston,
shall have, and are hereby invested with the power to impose and
assess, as other taxes are assessed, and to collect as the other taxes
are collected, a special tax of one-fourth of one per centum per
annum upon all the property, real and personal, not exempt by law
from taxation, situated and being in the limits of said city, for the
purpose of paying the accruing interest on said bonds, and to provide
a fund to retire the same when due.
Sec. 3. That this act shall take effect and be in force from and
after its passage.
Approved December 7th, 1859.(44)
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 5, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth6727/m1/60/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .