HomeMy WebLinkAboutORD 598 - ORD Amending ORD Issuance $ 394000 Refunding Bonds
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ORDINANCE 'NO. ~98
AN ORDINANCE AMENDING AN ORDINANCE AUTHORIZING THE ISSUANCE
OF $394,000 REFUNDING BONDS; PRESCRIBING THE TERMS AND, .
CONDITIONS THEREOF; AND LEVYING TAXES FOR PAYMENT OF PRINCIPAL
AND INTEREST THEREON.
WHEREAS, on January 21, 1952, the City Commission of the City of West
University Place'T~8ftR~~dadopted an ordinance authorizing the issuance of
Three Hundred Ninety Four/ ($394,000.00) Dollars of the City's Refunding Bonds,
Series 1952; and
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WHEREAS, said ordinance adopted January 21, 1952, should be amended;
Therefore .
BE IT 0RDAINED by the City' Commission of the City of West University
Place:
That Section 8 of the ordinance adopted by the City Commission of the
City of West University Place, Texas, on January 21, 1952, authorizing the
issuance of $394,000 City of West University Place Refunding Bonds, Series 1952,
should be and it is hereby amended so that it shall hereafter read and be as
follows:
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liSection 8: That while said bonds or any part of thep:rincipal
thereof or interest thereon remain outstanding and unpaid, there
is hereby levied and there shall be assessed and collected in due
time, form and manner, an annual ad valorem tax upon all taxable
property within said city, sufficient to pay the current interest
on said bonds as the same becomes due, and to pay each installment
of the principal of said bonds as the same matures, and to pay the
interest on said bonds and the principal thereof as it matures,
there is hereby levied for the ye~r;19~2 .,on all taxable property
within said city, an ad valorem tax of Thirteen (13) cents on each
$100 valuation of taxable property in said city, and the same shall
be assessed 'and collected and applied to the purposes named.
While said bonds, or any part of the principal thereof
or interes.t thereon are outstanding and unpaid, a tax upon all
taxable property within said city, sufficient in amount to pay the
interest on' such bonds, together with an additional amount to be
piaced in a sinking fund sufficient to redeem ~nd'discharge such
bonds at their maturity, full allowance being made for delinquencies
and costs of collection, shall be and is hereby levied for each year
respectively, and said tax shall each year be assessed and collected
and applied to the payment of the interest on, and the principal of
saidbonds.ll and
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That,0except as hereinabove amended, said ordinance shall remain
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and be in full force and effect.
PASSED AND APPROVED this 11th day of February, 1952.
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Gity Sec , City of West
University Place, Texas
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