The Laws of Texas, 1934-1935 [Volume 29] Page: 60 of 2,086
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50 GENERAL AND SPECIAL LAWS.
as hereinafter provided, and payment of such bonds, notes or
warrants may be additionally secured by a mortgage on any
such improvement project or projects, including any toll bridge
or toll bridges and reclaimed lands; it being the intent hereof
to authorize and to provide that all sources of income and
revenue derived from any one or more of such improvement
projects may be pledged and applied to the payment of the
obligation or obligations issued for the purpose of constructing
and providing for another one or more of such improvement
projects; provided, that said city may provide for the construction,
maintenance and operation of all of the improvement
projects enumerated in Section 1 of this Act, and improvements
in connection therewith, by the issuance and sale of one series
of bonds, notes or warrants in the discretion of the governing
SEC. 4. Any and all bonds, notes or warrants authorized by
this Act shall never be issued unless a proposition for the
issuance of such bonds, notes or warrants, as the case may be,
shall have been first submitted to the qualified voters who are
property taxpayers of such city. The method of ordering and
holding such election shall be governed by the laws of this state
regulating elections for the issuance of city bonds under Chapters
1 and 2, Title 22, Revised Statutes of 1925. If at such
election a majority of the property taxpaying voters, voting at
such election, cast their ballots in favor of the issuance of the
bonds, notes or warrants, as the case may be, the governing
body of said city, shall as soon thereafter as practicable, issue
said bonds, notes or warrants.
SEC. 5. Such bonds, notes or warrants shall mature not
later than thirty years from their date; they shall be issued in
such denominations, and payable at such time or times as may
be deemed most expedient by the governing body of such city,
and shall bear interest not to exceed six per cent (6%) per
annum. The General Laws relative to city bonds, not in conflict
with the provisions of this Act, shall apply to the issuance,
approval, certification and registration, and the sale of the
bonds, notes or warrants provided for in this Act.
SEC. 6. Each bond, note or warrant issued under authority
of this Act shall contain this clause:
"The holder hereof shall never have the right to demand payment
of this obligation out of any funds raised or to be raised
All bonds, notes or warrants issued hereunder shall be presented
to the Attorney General for his approval as is provided
for the approval of municipal bonds issued by cities or towns;
and in event such bonds, notes or warrants are approved by the
Attorney General, they shall be registered by the State Comptroller
as in the case of municipal bonds.
SEC. 7. Any such city is hereby further expressly authorized
and empowered to borrow money from the Government of
the United States, from the Federal Emergency Administration
of Public Works, and any and all other agencies of the Govern-
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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/m1/60/: accessed October 19, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .