The Laws of Texas, 1929-1931 [Volume 27] Page: 84 of 1,943
The following text was automatically extracted from the image on this page using optical character recognition software:
72 GENERAL LAWS.
Before any such Refunding Bonds shall be issued, the Commissioners'
Court of the county in which any such District may
be situated shall at any regular or special session thereof order
an election to be held in said District to determine whether or
not said refunding bonds shall be issued, and a tax levied and
collected to pay the interest thereon, and provide a sinking fund
for their redemption, provided, however, that the Commissioners'
Court may call such election on its own motion, and a majority
of the property taxpaying voters of such district, voting
at such election, shall be sufficient to authorize the issuing of
said refunding bonds and levying and collection of said tax.
The election order and notice of election shall state the amount
of Refunding Bonds proposed to be issued and briefly describe
the original bonds to be refunded, describing the district issuing
such bonds by its name, and the notice of said election shall be
given by publication in a newspaper published in said district
for three successive weeks, and posting notices in three public
places in such district for at least twenty days prior to the date
of said election. If no newspaper is published in said district,
then such published notice shall be given in any newspaper published
in the county.
Such Refunding Bonds when authorized may be exchanged
for the outstanding bonds of said District if the holders of such
outstanding bonds will agree to such exchange, provided, however,
that if such holders of said outstanding Bonds will not
agree to such exchange, then said Refunding Bonds may be
sold and the proceeds applied in the purchase of such outstanding
Bonds at the time any of same may become due under any
option of prepayment contained in any such bonds.
No such Refunding Bonds shall be issued and delivered until
approved by the Attorney General and registered by the State
Comptroller, provided, however, that if said bonds be exchanged
for the old bonds, the Comptroller may hold such Refunding
Bonds until the old bonds in lieu of which such Refunding Bonds
are issued are presented to him for concellation, and when so
presented the Comptroller shall cancel the old bonds and interest
coupons, and deliver such new bonds to the proper party or parties.
SEC. 2. The fact that there are districts in the State of
Texas that have issued and sold bonds while operating under
Section 52 of Article 3 of the Constitution and have since become
Conservation and Reclamation Districts as provided in
Chapter 8, Title 128, of the Revised Civil Statutes, and the further
fact that certain attorneys for bond buyers have held that
said outstanding bonds and their effect on the bonding capacity
of the counties where said Districts are located are not affected
by such change, thereby seriously affecting the bonding capacity
of such counties and retarding the development of same,
create an emergency and an imperative public necessity requiring
the suspension of the Constitutional Rule requiring that all
Bills be read on three several days, and said Rule is suspended,
Here’s what’s next.
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth16362/m1/84/: accessed June 22, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .