The Laws of Texas, 1929-1931 [Volume 27] Page: 95 of 1,943
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FORTY-FIRST LEGISLATURE-FOURTH CALLED SESSION. 83
in such certificates and/or the obligation of the owner in each
instance to pay the amount of such certificate, it shall be lawful
for such city to issue to itself and to own or acquire such certificates
and/or mechanic lien agreements. For brevity such evidences
of lien and of indebtedness, whether they be assessment
certificates issued by the city against the property or whether
they be voluntary contracts and obligations signed by the owners
of said property, are hereinafter termed "assessment certificates".
Such city may impound said assessment certificates
or pledge said assessment certificates, holding the impounded
certificates in the hands of the City Treasurer or pledging them
in the hands of a Trustee, and, based on said pledged or impounded
certificates, may issue special improvement bonds or
certificates of interest or other evidences of the rights of the
holder of said special improvement bonds or certificates of interest
as hereinafter fully set forth. For brevity the instruments
to be issued against said impounded or pledged assessment
certificates shall hereinafter in this Act be termed "special
improvement bonds". The governing body of such city
shall have power to adopt such resolutions and pass such ordinances
as may be necessary and/or convenient to accomplish the
issuance of its special improvement bonds, and such ordinances,
resolutions, contracts and other instruments may contain any
lawful provision not inconsistent with the provisions of this
Act. Special improvement bonds may be issued in an amount
not exceeding 90% of the aggregate amount of the impounded
or pledged assessment certificates and shall mature serially or
otherwise within fifteen years from their date. Such governing
board may make provision as to the various series of such
bonds, their denominations, maturities, option of payment before
maturity, eligibility, and for substitution of certificates, in
such manner, however, that the outstanding amount of said
bonds shall never exceed 90% of the total amount of impounded
or pledged certificates. Said bonds shall bear interest at a
rate of not exceeding 6% per annum. No assessment certificates
shall be impounded or pledged which bear less than 6%
interest.
SEC. 3. Such city may use any fund which may be lawfully
devoted to that purpose in acquiring the assessment certificates
which will form the basis for issuing the special improvement
bonds, and the proceeds from the sale of said bonds may be used
to reimburse the city for the funds used in the first instance,
and the city is authorized to use the proceeds of the sale of
said bonds in acquiring the special assessment certificates in
the first instance. The governing board of such city shall have
the power to adopt any and all procedure convenient in the exercise
of the full power and authority to properly finance such
street improvements by the issuance of such special improvement
bonds.
SEC. 4. The special improvement bonds authorized under
this law shall never be reckoned in determining charter, Consti-
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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/m1/95/: accessed April 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .