The Laws of Texas, 1929-1931 [Volume 27] Page: 463 of 1,943
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FORTY-SECOND LEGISLATURE-REGULAR SESSION. 17
REGULATING AMOUNT OF WATER IMPROVEMENT
DISTRICT BONDS.
S. B. No. 56.] CHAPTER 17.
An Act to amend Article 7695, Revised Civil Statutes, 1925, relating to
the first one, two or three years' interest to accrue on bonds of Water
Improvement Districts, and providing that the maximum amount of
bonds to be issued by any such District may include a sum sufficient
to pay the first one, two or three years' interest to accrue on said
bonds, and when such power is exercised no taxes shall be levied for
said period, except to pay off and discharge notes provided for in
Article 7834; defining such period of time; and legalizing, approving
and validating elections held in any such Districts which were for the
purpose of authorizing Boards of Directors thereof to use the balance
of the proceeds of interest bonds to pay interest after the expiration
of such period of time; enacting provisions incident and necessary 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. That Article 7695, Revised Civil Statutes, 1925,
be amended so as to hereafter read as follows:
"Article 7695. The maximum amount of the bonds to be issued
by any such District may include a sum sufficient to pay the
first one, two or three years' interest to accrue on said bonds,
and when this power is exercised, no taxes shall be levied against
the property situated in said District for said period, except in
an amount sufficient to pay off, satisfy and discharge the notes
provided for in Article 7634. The period of time herein mentioned
shall run either from the date of the bonds as fixed in
the order authorizing their issuance, or from the date or dates
of the actual sale, issuance and delivery of said bonds, or any
installment thereof, within the discretion of the board of directors;
provided, however, that in event there shall be on hand a
balance in the interest fund, after the expiration of any such
period, nothing herein shall be construed to prohibit the application
of such fund to the payment of interest on such bonds
after the expiration of such period. Provided, further, that any
and all elections held in any water improvement district, and
any and all elections held in any water control and improvement
district having authorized or issued bonds under this chapter
prior to its conversion into such water control and improvement
district, and which elections were for the purpose of authorizing
the board of directors thereof to use the balance of the proceeds
of any interest bonds to the payment of interest after the expiration
of such period of time (whether computed from the date
of the bonds or from the date of their actual sale and delivery),
and for which election, or elections, the board of directors duly
passed orders, and notices thereof were issued and given within
the period of time prescribed for bond elections under this chapter,
and a majority of the qualified electors of any such districts,
voting at any such election, authorized the use of the proceeds
of such interest bonds, after such period for the purpose for
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth16362/m1/463/: accessed April 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .