The Laws of Texas, 1937-1939 [Volume 31] Page: 86 of 1,313
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1814 GENERAL AND SPECIAL LAWS.
AUTHORIZING EXPENDITURE OF SCHOOL TAXES IN
CERTAIN DISTRICTS FOR PAYING CERTAIN
H. B. No. 50.] CHAPTER 34.
An Act authorizing independent school districts in which there is situated
a city with a population of not less than seven thousand, one
hundred (7,100) and not more than seven thousand, two hundred
(7,200), according to the last preceding Federal Census, to expend
not more than fifty (50) per cent of the taxes assessed and collected
for a period not to exceed four (4) years, for the purpose of paying
warrants issued in the payment of premium upon bonds refinanced
and/or refunded by such independent school district at a less rate of
interest and thereby create a saving, and in the payment of the actual
and necessary cost of refinancing and of refunding said bonds; and
declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. Any independent school district in which there
is situated a city or town with a population of not less than
seven thousand, one hundred (7,100) and not more than seven
thousand, two hundred (7,200), according to the last preceding
Federal Census, which independent school district has outstanding
bonds and is delinquent in the payment of either principal or
interest upon said bonds, and which said bonds were originally
sold at a premium and such independent school district realized
the benefit from said premium, and which independent school
district can refinance and/or refund said bonds at a less rate of
interest than said bonds now bear and thereby create a saving
for such independent school district, is hereby authorized to
expend not more than fifty (50) per cent of the taxes assessed
and collected by such independent school district for a period of
years not to exceed four (4) from the date said bonds are refinanced
and/or refunded for the purpose of paying warrants
issued by such independent school district in payment of the
premium originally realized upon the sale of said bonds, in the
repurchase of the same for the purpose of refinancing and/or
refunding said bonds, and for the purpose of paying the actual
and necessary cost of refinancing and/or refunding said bonds,
providing said warrants shall not bear interest at a greater rate
than six (6) per cent per annum and provided further that no
taxes assessed and collected shall be used for such purposes
which shall be necessary to pay the interest and create a sinking
fund on any outstanding bonds of such independent school district.
SEC. 2. The importance of this legislation and the fact that
certain independent school districts are unable to refinance their
outstanding bonds at a less rate of interest until authorized to
pay the premium on the original bond and the actual and necessary
cost of refinancing said bonds create an emergency and an
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1937-1939 [Volume 31], book, 1939; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth18824/m1/86/: accessed August 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .