The Laws of Texas, 1934-1935 [Volume 29] Page: 62 of 2,086
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52 GENERAL AND SPECIAL LAWS.
revenues derived from the improvement projects, to pay the
principal of and interest on all bonds, notes or warrants issued
under the provisions of this Act as the same shall mature;
provided, however, that all such tolls or charges so collected
shall be placed in the interest and sinking fund account created
for the purpose of paying the interest on and principal of all
bonds, notes or warrants issued under the provisions of this
Act, and such tolls or charges shall be applied to no other purpose;
and, provided further, that the authority to assess and
collect such bridge tolls and the irrevocable application of the
same to the payment of bonds, notes or warrants issued under
the provisions of this Act shall be authorized at the election
to be ordered by the governing body of such city to determine
whether or not any such bonds, notes or warrants shall be issued
SEC. 11. Before such bonds, notes or warrants shall be put
on the market the Mayor and the person acting as City Treasurer
or Finance Commissioner, pursuant to authority conferred
by ordinance of the governing body, may execute a proper indenture,
mortgage or deed of trust, making effective the mortgage
lien on the properties pledged or mortgaged to secure payment
of the principal of and interest on such bonds, notes or
warrants, naming in such indenture, mortgage or deed of trust
a bank or banking institution, with trust powers, and such indenture,
mortgage or deed of trust shall be placed of record in
the proper Deed of Trust and Mortgage Records of the county
or counties in which any of such mortgaged properties may be
situated, and may provide in such indenture, mortgage or deed
of trust for a grant to the purchaser under sale or foreclosure
thereunder, a franchise to operate the properties so encumbered
for a term of not over twenty (20) years after such purchase,
subject to all laws regulating same then in force; provided,
however, that the city shall have the option at any five (5)
year period within said twenty (20) years after purchase of
the properties designated in the franchise, to repurchase said
properties under reasonable terms and at reasonable prices, to
be set forth in said mortgage or encumbrance, but this option
shall not extend to any lands or properties in the reclaimed
area which may be acquired from the city by individual purchasers.
SEC. 12. The reasonable costs of administration and operation
and the reasonable expense of maintaining such project
or projects in good repair and working order shall be a first
lien and charge against the income and revenues derived from
the operation of such project or projects, superior to the lien
of the indenture, mortgage or deed of trust on such project
SEC. 13. Out of the gross income and revenues of such
project or projects, there shall be first set aside into an account
to be known as the "Operation and Maintenance Account"
monthly, or oftener if necessary, sums sufficient to meet the
costs and expense set forth in Section 12 hereof. After pro-
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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/m1/62/: accessed June 29, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .