The Laws of Texas, 1929-1931 [Volume 27] Page: 96 of 1,943
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84 GENERAL LAWS.
tutional or Statutory limitations imposed on such city restricting
its power to issue bonds for any purpose. Neither shall the
issuance of said bonds by the city constitute the incurring of indebtedness
or the creation of indebtedness as contemplated in
the provisions of Sections 5 and 7 of Article 11 of the Constitution
of Texas. The special improvement bonds when issued
shall contain provisions stating definitely that said bonds are
directly secured by a first and paramount lien on the pledged or
impounded certificates and the income thereof; that said certificates
exist in an amount and yield interest at rates determined
by the city to be sufficient and ample to meet the principal
and interest of the bonds as they accrue and mature; that
the city pledges all of its charter and Statutory powers to the
collection of such certificates which form the basis for the issuance
of the bonds, and that it pledges its full faith and credit
to exercise its charter powers and all lawful means to the end
that the bonds and interest thereon will be paid according to
their tenor and effect.
SEC. 5. It is a declared public purpose of this Act to provide
a means of financing the improvement of streets in such cities
at a greatly reduced cost to the owners of property in said cities
and other taxpayers residing in said cities. In event such
city seeks to take advantage of the provisions of this Act by the
pledging or impounding of special assessment certificates and
the issuance of special improvement bonds based thereon, the
following duties are imposed on such city by this law, to-wit:
(a) In event there shall not be funds on hand, realized from
the collection of said assessment certificates and interest thereon,
sufficient to pay the principal and/or interest of said special
improvement bonds, or any of them, as and when the principal
and/or interest of said special improvement bonds matures and
accrues, it shall then be the duty of such city to deposit in said
pledged or impounded fund an amount sufficient to make good
the deficit, said deposit to be made out of any money then under
control of the city, which may lawfully be used at that time for
said purpose; and
(b) In event such city does not in such eventuality have
money on hand or under its control available for said purpose,
it shall then be the duty of such city at the time of the occurrence
of the deficit to make provision for obtaining the money
to make good the deficit. It shall be lawful for the city to be
reimbursed to the extent of any such moneys which it may have
been compelled to advance under the provisions of this Section.
Reimbursement may be made out of the revenues from the
pledged or impounded assessment certificates, provided that no
reimbursement shall ever be made unless and until moneys are
on hand in the pledged or impounded fund sufficient to pay
the next twelve months' principal and interest maturing on said
SEC. 6. Said bonds shall be signed by the Mayor or the presiding
officer of the governing board of said city, shall be at-
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth16362/m1/96/: accessed August 16, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .