54-02 R - Calling Bond Election RESOLUTION AND ORDER FOR CITY BOND ELECTION
THE STATE OF TEXAS
CITY OF PROSPER
COUNTY OF COLLIN
ON THIS, the 27th day of November , 1954,
the City Commission of the City of Prosper, Texas, convened in
special session, at the regular meeting place thereof
in the City Hall, there being present and in attendance the
following members, to-wit:
.•ti
U. N. CLARY, MAYOR
ROY SKELTON, COMMISSIONER
D. C. REESE, COMMISSIONER
and with the following absent: /j/r /V Q
constituting a quorum; and, among other proceedings had, were
the following:
Commissioner/introduced a resolution and order and
moved its adoption. The motion was seconded by Commissioner
S /-("Q., h 77r N . The motion, carrying with it the adoption
�Mlr of the resolution and order, prevailed by the following vote :
AYES : Mayor Clary and Commissioners Skelton
and Reese.
NOES : None.
The RESOLUTION AND ORDER is as follows:
WHEREAS, the City Commission of the City of Prosper,
Texas, deems it advisable to issue the bonds of said City for
the purposes hereinafter mentioned; therefore
Ar-
BE IT RESOLVED AND ORDERED BY THE CITY COMMISSION (P
THE CITY OF PROSPER, TEXAS :
I.
That an election be held on the 17th day of December,
1954, which date is not less than fifteen (15) nor more than
thirty (30) days from the date of the adoption of this resolu-
tion and order, at which election the following propositions
shall be submitted to the qualified electors of said City who
own taxable property therein and who have duly rendered the
same for taxation:
PROPOSITION NUMBER 1
"SHALL the City Commission of the City of Prosper,
Texas, be authorized to issue TWENTY-FIVE THOUSAND DOLLARS
($25,000) of revenue bonds of said City for the purpose of
constructing a Sanitary Sewer System in and for said City;
said bonds to mature serially over a period of years not to
exceed thirty-five (35) years from their date, and to bear
interest at a rate not to exceed FOUR AND ONE-HALF PER CENTUM
(4-1/2%) per annum, payable annually or semi-annually; said
revenue bonds to be special obligations of the City, payable
as to both principal and interest solely from and secured by
a first lien on and pledge of the revenues of the City's
combined Waterworks and Sanitary Sewer System, after deduc-
tion of reasonable operation and maintenance expenses, as sal..
expenses are defined by statute?"
s.
PROPOSITION NUMBER 2
"SHALL the City Commission of the City of Prosper
Texas, be authorized to issue FIFTEEN THOUSAND DOLLARS
(y 15,000) general obligation tax bonds of said City for
the purpose of constructing a Sanitary Sewer System in
and for said City; said bonds to mature serially over a
period of years not to exceed thirty-five (35) years from
their date, and to bear interest at a rate not to exceed
FOUR AND ONE-HALF PER CENTUM (4-1/2%) per annum, payable
annually or semi-annually, and to provide for the payment
of principal of and interest on said bonds by levying a
tax sufficient to pay the annual interest and to create a
sinking fund sufficient to redeem said bonds as they become
due?"
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II.
That said election shall be held at the PROSPER STATE
BANK BUILDING, and the entire City shall constitute one elec-
tion precinct.
III.
That the following named persons are hereby appointed
officers of the election to-wit:
, Presiding Judge
Judge
`ter►
, Clerk, and
IY,14-oj • /114 . r , Clerk.
IV.
That said election shall be held under the provisions
of and in accordance with the laws governing the issuance of
municipal bonds in cities, as provided in the General Laws of
the State of Texas, and only qualified electors, who own tax-
able property in the City, and who have duly rendered the same
for taxation, shall be qualified to vote .
_s. V.
That the ballots for said election shall be prepared
in sufficient number and in conformity with Chapter 6, V.A.T.S.
Election Code, adopted by the Fifty-second Legislature in 1951,
and that printed on such ballots shall appear the following:
PROPOSITION NUMBER 1
"FOR THE ISSUANCE OF $25,000 REVENUE BONDS AND
PLEDGING THE REVENUES OF THE CITY'S COMBINED
WATERWORKS AND SANITARY SEWER SYSTEM TO THE
PAYMENT THEREOF, FOR THE PURPOSE OF CONSTRUCT-
ING A SANITARY SEWER SYSTEM IN AND FOR SAID CITY.
r.•
•
4111,
"AGAINST THE ISSUANCE OF $25,000 REVENUE BONDS
AND PLEDGING THE REVENUES OF THE CITY'S COMBINED
WATERWORKS AND SANITARY SEWER SYSTEM TO THE PAY-
MENT THEREOF, FOR THE PURPOSE OF CONSTRUCTING A
SANITARY SEWER SYSTEM IN AND FOR SAID CITY.
PROPOSITION NUMBER 2
"FOR THE ISSUANCE OF $15,000 GENERAL OBLIGATION
TAX SANITARY SEWER SYSTEM BONDS AND THE LEVY OF
A TAX IN PAYMENT THEREOF"
"AGAINST THE ISSUANCE OF $15,000 GENERAL OBLIGATION
TAX SANITARY SEWER SYSTEM BONDS AND THE LEVY OF
A TAX IN PAYMENT THEREOF" .
AS TO EACH of the foregoing propositions, each voter
may mark out with black ink or pencil one of such expressions
thus leaving the other as indicating his vote on the proposition;
or, in the alternative, each voter may vote on the propositions
by placing an "X" in the square appearing on the ballot beside
the expression of his choice .
VI.
That a copy of this resolution and order, signed by
the Mayor of the City and attested by the City Clerk, shall serve
as prope. • notice of said election.
VII.
In the event the said revenue bonds are authorized to
be issued by a majority of the qualified electors of said City,
voting at said election, and the same are issued and sold, the
holder or holders of such bonds shall never have the right to
demand payment thereof out of any funds raised or to be raised
by taxation; and each bond issued or executed in pursuance of
such election, shall coniain this clause:
"The holder hereof shall never have the right to
demand payment of this obli ation out of any funds
raised or to be raised by taxation. "
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VIII.
That notice of said election shall be given by posting
Iand publication of a copy of this order, at the top of which
shall appear the words "NOTICE OF ELECTION FOR THE ISSUANCE OF
BONDS" . Said notice shall be
posted at the City Hall and at
two other public City,in said C
p Y, not less than fourteen
(14) days prior to the date on which said election is t
held, and be o be
published on the same day in each of two succes-
sive weeks in the McKinWey Examiner, which is a newspaper of
general circulation in the City of Prosper, Texas, published
*or in the Cityof
McKinYey, Texas, there being no newspaper of
general circulation published in the City of Prosper, Texas
the first of said publications '
to be made not less than fourteen
(14) days prior to the date set for said election.
PASSED AND APPROVED, this the 27th day of November,
1954.
Mayor, City of Prosper, Texas
ATTEST:
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City C A �. � �
�, Vi of rrosper,Texas
(City Seal)
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vowTHIS NOTICE of election is issued and given by the
undersigned, pursuant to authority conferred by virtue of
the above and foregoing resolution and order of the City
Commission of the City of Prosper, Texas, and under authority
I
of law.
Z^:ITNESS MY HAND AND THE SEAL OF THE CITY OF PROSPER,
TEXAS, this the 27th day of November, 1954 .
Y7 ,,
Mayor, City of Prosp r, Texas
ATTEST :
lir
City Clerk, Cit of Prosper,Texas
(City Seal)
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�•" NOTICE OF ELECTION FOR THE ISSUANCE
OF BONDS
e
THE STATE OF TEXAS
CITY OF PROSPER
COUNTY OF COLLIN
TO ALL QUALIFIED VOTERS OF THE CITY OF PROSPER,
TEXAS, WHO OWN TAXABLE PROPERTY IN SAID CITY AND
WHO HAVE DULY RENDERED THE SAME FOR TAXATION:
TAKE NOTICE that an election will be held in the
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City of Prosper, Texas, on the 17th day of December, 1954,
in obedience to a resolution and order duly entered by the
• City Commission on the 27th day of November , 1954,
which is as follows :
.
\ Nam_/
GL-
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