The Laws of Texas, 1929-1931 [Volume 27] Page: 720 of 1,943
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274 GENERAL LAWS.
standing matured interest on any legally issued outstanding
bonds, subject to laws applicable to the issuance of refunding
bonds and without the necessity of any notice or right to a
-referendum vote.
(b) Such Commissioners' Courts and governing bodies shall
have the power to provide for funding the whole or any part of
any legal debt of their respective counties or cities, existing at
the time this Act becomes effective, except that which was created
upon the condition that it should never become a charge
upon the general revenues of such county or city, but canceling
the evidence of such indebtedness and issuing to the holders or
creditors, notes, bonds, or treasury warrants; provided that if
funding bonds are delivered, the evidences of the original indebtedness
shall be surrendered to the Comptroller of the State
of Texas and cancelled by him prior to the registration of such
funding bonds, and prior to their delivery to said holders or
creditors.
(c) Such Commissioners' Courts and such governing bodies
shall have the power to fund or refund any and all outstanding
legal indebtedness, existing at the time this Act becomes effective,
into notes or treasury warrants with or without coupons,
in accordance with this Act and in accordance with the law as it
exists at the time this Act becomes effective.
The funding bonds hereby authorized shall be payable serially
not exceeding forty (40) years from the date thereof, unless the
Commissioners' Court or governing body affirmatively adjudge
that the financial condition of such county or city will not permit
in such installment as will make the burden of taxation to
support same, approximately uniform throughout the term of
said bond issue. Such bonds shall be executed and issued in the
same manner now provided by law for the execution and issuance
of bonds to refund outstanding county or city bonds. Said
bonds shall bear interest not exceeding six per cent (6%) per
annum, and shall be approved by the Attorney General and
registered by the State Comptroller in the same manner as other
county or city refunding or funding bonds.
(d) After this Act become effective, no item of indebtedness
thereafter issued, except bonds and matured coupons
thereon, and except items of indebtedness to be issued under
contracts made before this law becomes effective, shall be
funded or refunded except in the manner hereinafter in this
subsection prescribed, to-wit:
Notice of intention to issue such funding bonds, including a
statement of the amount and purpose of such bonds, shall be
published at least once a week for three (3) successive weeks
in a newspaper of general circulation within such county, or
within such city, as the case may be, at least thirty (30) days
before the meeting of the Commissioners' Court or of the governing
body, at which time it is proposed to issue such bonds.
If no newspaper is published in such county or city, as the case
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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/m1/720/: accessed May 21, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .