The Laws of Texas, 1934-1935 [Volume 29] Page: 20 of 2,086
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10 GENERAL AND SPECIAL LAWS.
CERTAIN WATER CONTROL AND IMPROVEMENT DISTRICTS
AUTHORIZED TO BORROW MONEY
FROM FEDERAL GOVERNMENT.
S. B. No. 7.] CHAPTER 4.
An Act to authorize and empower any water control and improvement
district in this State, embracing lands in two or more counties, and containing
not less than 125,000 acres, to borrow money and to receive grants
or other aid from the Government of the United States or any lending
agency thereof; providing for the levy of taxes on all taxable property
within the limits of any such district sufficient to pay the principal and
interest on bonds of such district issued or sold to said Government, or
any lending agency thereof, or all bonds of any such district pledged as
collateral to secure payment of any loan made by said Government or
agency thereof to any such district; providing that all or part of the
maintenance fund of any such district may be irrevocably pledged as
additional security for the payment of the principal of and interest on
all such bonds issued or sold to such Government or agency thereof, or
pledged as collateral to secure payment of any loan between said district
and the Government, or any such agency, in addition to the authorized
bond tax; providing that the bond fund may repay or refund to the
maintenance fund all moneys paid by the maintenance fund into such
bond fund to prevent or cure defaults in payment of principal and/or
interest on such bonds; providing for the subordination of existing bonded
indebtedness in conformity with requirements of contracts between any
such district and said Government or agency thereof, and providing
methods of procedure in reference thereto, including the issuance of
refunding bonds; providing for payment of any existing bonded indebtedness
from uncollected taxes theretofore-levied in event the holders of such
indebtedness refuse to enter into subordination agreements; providing,
that except as herein otherwise provided, the general laws relative to
water control and improvement district bonds shall apply to issuance,
approval, registration, sale and payment of all bonds that may be issued
pursuant to this act, and also providing for depository agreements in
respect of the deposit and safekeeping of the proceeds of any such loan
or the proceeds of taxes, assessments and other revenues of any such
district; providing that if any part of this Act is held unconstitutional
or invalid, such invalidity shall not affect the validity of the remaining
portions of this Act; enacting provisions incident to the subject and
purpose of this Act; and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. Any water control and improvement district in
this State, embracing lands in two or more counties, and containing
not less than 125,000 acres is hereby expressly authorized
and empowered to borrow money and to receive grants
and other aid from the Government of the United States, from
the Federal Emergency Administration of Public Works, the
Reconstruction Finance Corporation, the Federal Reserve
Banks, and any and all other agencies of the Government of
the United States, which now are or hereafter may be authorized
to make such loans or grants, and which loans or grants
may be made on such terms and in such amounts as may be
agreed upon between the board of directors of such districts
and the Government, or any such lending agency.
SEC. 2. The board of directors of any such water control
and improvement district, when bonds of such district have
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth17292/m1/20/: accessed March 21, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .