Ord 1251 5/3/1937 7UNDING OF
AN ORDINANCE P-iOVIDING FOR THE RE
T OUTSTANDING BONDED DEBT OF THE CITY OF
H E
FALLS TE-XAS INTO A SINGLE SERIES
I $ J
OF RE7UNDING BONDS AND 1JAKING PROVISION FOR
THE LEVY AND COLLECTION OF TAXES FOR THE
PAY1,1ENT OF THE ME.
!,-,MRE, AS, there has heretofore been issued in all respects
as required by lavo by the City of ',-.,,Iichita Falls, Texas, the follov-
ing described bonded indebtedness of said City., all of which is
presently outstanding and unpaid, and no part of which has ever
een adjudged invalid by any State or Federal Court:
/71
.........
Denomi- Int.
Amount Purpos Date nation Number Rate Maturity
1..000 Street Pavi 6/1/09 500 3 3 3)4 4-?,� 6/1/49
Series
56 000 Street Imp.Series 5 3/15/19 1000 5% 3/15/59
9 31/75 opt-X15/29
18.9000 Street Improvement 2/10/11 /000 1/3-6-10/19- 2 10/51
Series #1 22/25 opt.2/10/-41
11
81J,000 Street Improvement 12/15/25 1000 20/100 4-3/4/0,01 12/15/34-
Series #7 to
10/15/,55
2
141,000 Street Improvement 11/15/26 1000 10/150 4-3/4/nO' 11/15/34
Series ��B -1 to
11/15/66
24.,000 Refunding St. Imp. 11/1/25 1000 9/32 4-3/4;" 11111-A
Series 3 to ID-
11/l/50
1870000 73efunding St. Imp. 5/1/24 1000 71/77 11/1//34
0
Series B 81/86 11/1/35
92/98 11/1/36
103/.109 11/1/37
115/166"',' 11/a:/38
to
11/1/41
169/176 ll-'/1/42
184/192 11' 1/43
QlA
200/ , 11 1 44
217/226 11 1 45
235/246 11 1 46
254/264 11 1 47
274/286 11 1 48
295/307 11 1 49
317/332 11 1 50
64 T�)
.9000 1,efunding St. Imp. 11/1/25 1000 9/72 4-3/4,,7�a 11/1/34
Series B-'
L t6
11/l/50
1..000 Sanitary Sewer 10/15/08 500 23/24 5�, 10/15/48
4
;�e �11-2 opt. 10/15/18
3 ries -
320.1000 Sanitary Sewer 12/15/25 1000 56/375 4-3/4/1,-0' 12/15/34
Series 5 j_
Go
12/15/65
920000 Sanitary Sewer 11/15/26 1000 9/100 4-3/4,f 11/15/34
Series 6 /0 to
11/15/66
-la-
Denomi- Int.
Amount i2moliq Date nation Number Rate Miaturity
--L't ll/l/32
2/0
,�p3202000 Refunding Sewers 5/1/24 �,?1000 (nos.of 3 5-L
#4, Series G bonds not 11,11/33
knomn
146/156 ll/l/34
167/178 ll/l/35
189/200 ll/l/36
.212/224 11/,1/3r/
236/250 I!/l/38
262/281 11/1/39
289/305 ll/l/40
317/335 ll/l/41
347/364 ll/l/42
379/396 ll/l/43
412/432 11/1/44
447/467 ll/l/45
484/505 ll/l/46
523/544 11/1/47
5634/586 ll/l/48
607/632 ll/l/49
652/678 ll/l/50
194,000 Refunding Sanitary ll/l/25 1000 (nos. of 3
Sewers Series G-1 bonds not
1,--nov)n 4-3//4,",,,' ll/l/33
17/207 11/1/34
to
11/1/50
153,000 Refunding Storm 5/l/24 1000 54/59
ll/l/34
Sever Series A 62/67 ll/l/35
70/75 11/1/36
78/83 ll/l/37
87/112 111/1/38
to
ll/l/40
117/123 ll/l/41
128/135 ll/l/42
140/147 ll/l/43
152/174 11/1/44
ll/l/45
179/189 11/1/46
194/204 ll/l/47
210/220 11/1/48
226/236 11/l/49
24:3/255 ll/l/50
-7 4-3/4:�:' ll/l/34
29.,000 -__efunding Storm ll/l/25 1000 9/0 /0
Se7,jer Seriec A-1 to
11/1/50
464POOO Public Bldg. 11/15/26 1000 37/500 4-3/4"/ ll/l/34
Series 4 to
ll/l/66
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Denomi- Int.
Amount Purp_o.se Date nation Number Rate .11laturity
6 59pOOO Fire Station 12/15/25 "'1000 17/75 4-3/4,%f 12/15/34
Series 2 to
12/15/55
9.,500 Hospital Series 5/1/14 500 1'7/18-34/50 5% 5/1/54
opt.5/1/29
26,000 '.'�Lef. llospital#2 5/1/24 1000 17/24 5-'T,cf) 11/1/34
Series F 26/27 to
29/30 11/l/50
32/33
35136
38/39
41
45
49
53
57
61
66
71
231000 Ref. I-lospital #2 11/1/25 1000 9/31 4-3/4/"0 11/1/34
Series F-1 to
11/l/50
21,000 Park Series 3 12/15/25 500 9/50 4-3/4,rlo 12/15/34
to
12/15/55
10,500 Ref. Park Ser.E 5/1/24 500 16 5-�% 11/1/34
18 to
20 11/l/50
2P
24
26
28/36
38
40
42
44
46
48
236,000 .'faterworks Ref, 8/10/30 1000 85/320 4-j% 2/10/35
Series 1930-A to
2/10/46
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Denomi- Int.
Tlate 11aturity
Amount Purpos Date nation Numb er �L�V�
713200000 I.Vaterworkd 11,ef. 8/10/30 9"1000 1/320 4-3/4�, 2/10/46
Series 1930-B to
2/10/60
109,000 qef. Vatervjorks�f2 5/l/24 1000 42/44 &�T 11/l/34
Series C 4B/51 to
54/58 ll/l/50
61/67
68/74
75/83
100/107
109/113
119/124
129/134
140/146
151/156
163/169
175/182
188/195
28 1000 9/36 4-3/4--/ ll/l/34
..000 Ref, 7-faterworkd ll/l/25
#2, Serios C-1 to
ll/l/50
5io/
8..500 Ref, Incinerator 5/l/24 500 16/48 11/1/34
Series D Even to
numbers ll-IV50
only
2pOOO Ref. Incinerator ll/l/25 1000 9/10 4-3/4�/'O' ll/l/34
Series D-1 11/1/35
52,000 Ref. General Imp. 2/15/28 1000 10/61 2/15/34
Series 1 to
2/15/48
240pOOO Ref. Series #2 11/1/28 1000 11/250 4r�% 1/15/35
to
1/15/58
35JPOOO Ref. Series #3 ll/l/32 81000 1/11 ll/l/37
excepting 13/33 to
nos. 2 & 24 35 ll/l/57
vil.-l-ich are 37
.�500 39
41
-4-a-
Denomi- Int.
Amount Purpo Date nation- Number Rate I'laturit
160000 Ref. Series 11/1/32 MOO V16 4-3/4% 11/1/37
A to
�r--g ll/V52
2,000 Ref. Series #7 2/15/33 1000 1/2 4�% 2/15/37
2/15/38
170000 Ref, Series i#5 11/15/32 1000 1/17 4-3/4% 11/15/37
to
11/15/53
30,000 Ref. Series #6 12/15/32 1000 1/30 4-3/4% 12/15/37
to
12/15/51
-5a-
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and
10JEEREAS, it is necessary and advisable to refund said
outstanding bonded indebtedness to clear up existing defaults in
principal payments thereof and to preserve and maintain the finan-
cial credit and integrity of said City; and
71MEREASO a comprehensive plan for the refinancing of
such outstanding bonded indebtedness has been presented to said
City and after careful consideration thereof it is hereby de-
clared to be for the financial advantage and benefit of said City
that such plan be adopted for reestablishing the credit of said
City by extending the time of maturity of such outstanding bonded
indebtedness and reducing the interest rate thereon so as to more
equally spread the tax burden for the prompt and punctual payment
thereof;
NOW, q .13F -AINED BY THE BO-A-RD OF ALDERMEN
. 1ER- ORE., BE IT ORD,
OF THE CITY OF '1.7ICHITA FALLS,, TRIXAS., AS FOLLOVIS:
Section 1. That the outstanding bonds of the City of Wicl-nita
Falls, Texas, hereinabove described in the preamble of this Ordin-
ance., be refunded into a single series of refunding bonds to be
known as "city of Wichita Falls.. Texas,, Consolidated Refunding
Bonds", in the aggregate amount of ',-,)30389j5O0. Said. refunding
bonds shall be dated June 1. 1936, and shall mature on June ls 1969;
they shall bear interest at the rate of three and one half per
centum (3 1/2',`O�) per annum from their date to June 1, 1938, inclusive;
and at the rate of four per centum (4%) per annum from said last
named date to June 1. 1941, inclusive; and at the rate of four and
one fourth per centum (4 1/4,`,�) per annum from said last named date
to June 1. 1946, inclusive; and at the rate of four and one half
per centum (4 1/2r') per annum from said. last named date until paid.
Said interest at the foregoing rates ' shall be payable semi-annually
on the first days of June and December of each year and shall be
evidenced by appropriate coupons attached to said bonds. The
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principal and interest of said bonds shall be payable in lawful
money of the United States of America at the office of the City
Treasurer., ',,i-lichita Falls., Texas. Said bonds shall be signed by
the Mayor of the City of Viichita Fallsp countersigned by the City
Clerk and attested with the seal of said Cityp and the interest
coupons shall be executed vith the lithographed facsimile signatures
of said officials, which said officials shall, by the execution of
said bondss adopt as and for their respective signatures their
respective facsimile signatures appearing on said coupons.
Said bonds shall be issued in the folloving numbers and denom-
inations: 105 bonds of $500 each numbered as follows : 11P 51s 771
125, 1550 1720 256, 263, 289p 290, 367, 376p 3782 409, 4100 498, 507,
540.0 541p 6362 646, 677, 678, 771p 772, 781, 8152 816, 9170 9180 920,
954 , 1187* 1188., 1195p 1231., 1232.,
.. 955j, 1047., 1048., 1058.. 1093., 1094.
1343, 1352, 1389p 1390, 1491, 15000 1537$ 1538p 16462 1656j 1694,
16952 1804s 1814, 18522 1853s 1891, 1892, 1969p 19800 1982p 2019,
2020s 2054, 2055p 2137, 2149, 21692 21900 2315s 23270 2369, 23700
2464.9 24652 25410 25422 2617, 2618, 2651-2669, Inc. , 2711.. 27122 2787.,
2788; 3337 bonds of $JsOOO each numbered as follons: 1 - 1.0. inc. .,
12 - 50J. Inc. , 52 - 76, Inc. , 78 - 124, Inc. , 126 - 154, Inc. ,
156 - 171, Inc. , 173 - 255, Inc. , 257 - 262, Inc. , 264 - 28B, Inc. ,
291 - 366, Inc. , 368 - 375, Inc. , 377, 379 - 408, Inc. , 411 4970
Inc. $ 499 - 5062 Inc. , 508 - 539, Inc. , 542 - 635, Inc. , 637 645P
Inc. , 647 - 676p Inc. , 679 - 770p Inc. , 773 - 780, Inc. , 782 814,
Inc. , 817 - 916, Inc. , 919, 921 - 953, Inc. , 956 - 10462 Inc. ,
1049 - 1057, Inc. , 1059 - 1092, Inc. , 1095 - 1166, Inc. , 1189 - 1194,
inc. p 1196 - 1230, Inc. , 1233 - 13,42, inc. , 1344 - 13510 Inc. ,
1353 - 1388, Inc. , 1391 - 1490, inc. o 1492 - 1499s Inc. , 1501 - 15362
Inc. ., 1539 - 1645, Inc. , 1647 - 1655, inc. p 1657 - 1693, Inc. ,
inc 01
1696 - 1803/ i805 - 1613, Inc. , 1815 - 1651, Inc. , 1854 - 18900
Inc. , 1893 - 1968, Inc. , 1970 - 1979, Inc. , 1981, 1983 - 2018, Inc. *
2021 - 2053, Inc. , 2056 - 2136p Inc. , 2138 - 2148, Inc. , 2150 - 21138,
Inc. .. 2191 - 2314, Inc. , 2316 - 2326, Inc. , 2328 - 2368, Inc. ,
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-4-
2371 - 24632 inc. , 2466 - 2540, inc. , 2543 - 2616, inc. , 2619 - 26500
inc. ., 2670 - 2710, inc. , 2713 - 2786, inc. , 2789 - 3442, inc.
Section 2. Said refunding bonds shall be subject to prior re-
demption by the City of 1,11ichita Falls on any interest payment date
at par and accrued interest upon notice specifying the number of the
bond and date of redemption, published not less than thirty days
prior to the redemption date at least once in a newspaper of general
circulation published in the City of New York, and at least once in
a nenspaper or other publication circulated in the State of New York
and carrying as a part of its regular service notices of sales of
municipal bonds, and which has a circulation among financial insti-
tutions in at least fifteen states including the State of New York.
Bonds so called for payment at par and accrued interest prior to
maturity shall be called in numerical order beginning with the lowest
numbered bonds outstanding at the time of such call. Bonds called
as hereinabove provided and for which the money for the payment of
principal and all aecrued interest shall be available at the place
of payment, shall cease to bear interest from and after the redemption
date.
Section 3. The said bonds shall be issued in substantially
the folloving form, to-wit:
-4-
UNITED STATES OF AMERICA
STATE OF TEXAS
COMITY OF -1,-'!ICHITA
CITY OF '�"TICHITA FALLS, TIEXAS., CONSOLIDATED REFUNTDING 'e�
BOND
NO.
KNOW ALL '41.1EN BY rLIHESE PRESENTS that the City of IvVichita
Fallss Texaso acknowledges itself to owe and for value received here-
by promises to pay to bearer
DOLLARS
on the first day of June, 19692 in lawful money of the United States
of America, together with interest thereon from the date hereof until
paid, payable semi-annuall7 On the first days of June and December
in each year at the rate of three and one half per centum (3 l/P'%)
per annum from their date to June 1, 1936, inclusive; and at the
rate of four per centum (4%) per*nnum from said last named date
to June 1. 1941, inclusive; and t the rate of four and one fourth
per centum (4 '1/4%) per annum from said last named date to June 1.
1946., inclusive; and at the rate of four and one half per centum
(4 1//2""/) per annum from said last named date until paid, upon pre-
sentation and surrender of the appropriate interest coupons hereto
attached. Both principal and interest of this bond are hereby made
payable at the office of the City Treasurer in the City of Wichita
Falls, Texas.
This bond is one of an issue of bonds in the aggregate prin-
cipal sum of $3,3890500 issued for the purpose of refunding v
0'
standing bonds of the City of Wichita Falls, Texass pursuant t ;nd i�
strict compliance with the constitution and laws of the State of Texas
and the charter of the City of 'Nichita Fallsp Texas2 as amended. T
The City of 11,11ichita Falls reserves the right to call and J_
redeem bonds of this issue in numerical order beginning with the
lowest numbered bond outstanding at the call date, at par and accrued
-6-
interesto on any interest payment date upon notice specifying the
number of the bond and date of redemptiono published not less than
thirty days prior to the redeription date at least once in a news-
paper of general circulation published in the City of Nev Yorko and
at least once in a newspaper or other publication circulated in the
State of New York and carrying as a part of its regular service notice
of sales of municipal bondso and which has a circulation among finan-
cial institutions in at least fifteen states including the State of
New York. If this bond shall have been called as hereinabove provided
and the moi-iey for the payment of the same ,jith all accrued interest
shall be available at the place of paymento this bond shall cease to
bear Interest from and after the redemption date.
It is hereby certifiedo represented and declared that all actso
conditions and things required by the constitution and the laws of the
State of Texas and the charter of said City precedent to the issuance
of this bond and precedent to the issuance of the bond refunded here-
by., have been done., have happened and been performed in apt time and
manner; that this bond is issued for the purpose of refundin- a valid
outstanding bond of the City of -Jicl-iita Falls and that provision has
been made as required by the constitution, laws and charter aforesaid
to levy, assess and collect annually upon all taxable property in said
City a sufficient tax to pay the interest hereon and to create a sink-
ing fund sufficient to retire the principal hereof at maturity and not
less than two per centum thereof.
IN 'JIT3.,,TES,3 '�fJIE71LEOF.. the City of -�"Iichita Falls, Texas has caused
this bond to be executed in its name by its L.Tayor., countersigned by
its City Clerk and attested with the seal of said Cityo and the interest
coupon hereto annexed to be executed by the lithographed facsimile
signatures of said 11ayor and City Clerk, which said officials by the
execution of this bond do adopt as and for their respective signatures
their respective facsimile signatures appear-Ing on said coupons ., and
of T
this bond to be dated as tivne 1, 1936.
CI7�r OF J1IC1!ITA FALLS, TEIX."S.
ATT-EST 5EAL Ilayor
-7-
(FORM OF INTEREST COUPON)
No. June
On the first day of Decembers 19 the City of Wichita Fallss
Texas, promises to pay the bearer (unless the bond to which this coupon
is attached shall have been called for prior redemption as therein ',
recited) the sum of Dollars, at
r in the City of 'i"fichita Falls$ Texass in
the office of the City Treasure .1
lawful money of the United States of America, being six monthst interest
due that day on its Consolidated Refunding Bond dated June 1, 1936, and
numbered
Mayor
—city
Suitable form for the Comptroller of Public Accounts to register
the said bonds shall be placed on the back thereof and said form of
registration may be in substantially the following form:
Office of Comptrollers
State of Texas.
I hereby certify that there is on file and of record in my office
a certificate of the Attorney-General of the State of Texas to the
effect that this bond has been examined by him, as required by law, and
that he finds that it has been issued in conformity with the Constitu-
tion and laws of the State of Texas, and that it is a valid and binding
obligation upon the City of 'xichita Fallss Texas, and said bond has
this day been registered by me.
Iffitness my hand and seal of offices at Austin, Texas,
this day of s 1937.
0-6—liptroller of Public Ac=unts o?-=te
State of Texas
Section 4. It is hereby further ordained that there shall be
levieds assessed and collected annually so long as any of said bonds are
outstanding a tax on all taxable property within the City of Wichita
.Y
Falls to produce a sum sufficient to pay the interest on said bonds as
same respectively falls due and to create a sinking fund sufficient for
-7-
the retirement thereof at maturity, the amount to be annually raised
for sinking fund to be not less than two per centum (2%) per annum
nor less than as set out in the following table:
Sink.l.ng Sinking
Fund for Fund 'or
L
Aef unding -Zef unding
Year of2a2v Bonds Year of Lev Bonds
;r
1937. . . . . . . . . . . . . �%168 000 95 000
�p .9 $
10,38— oo — oo . . . . 68POOO 98,tOOO
68j,500 102.*000
69$000 1956. . . . . . . . . . . . . . . . 1051000
70..000 1093*000
1942* . . * eoo * oo . * * 70$CIOO 1958006 - 00 * 000000 . . o 1103.,000
11043. . . . . . . o . . . 71pOOO 117POOO
1944. . . . . . 74POOO 12lsOOO
1945. , . . . 000 * 76POOO 126,V000
1946. , . . . . . . . . 780000 130JPOOO
1947o . 00e . — oo 78pOOO 1350000
1948set . t . 000 . 80.9000 140POOO
1949* * # ov * o . o . . o * 83pOOO 145POOO
86JOOO 15lpOOO
195160 89..000 1,57YOOO
92.VOOO 162.1000
163pOOO
ny
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_10-
There is hereby levied for the year 1937 a tax upon all taxable
property in the City of Vjichita Falls Nt the rate of mills
d valuation thereof for payment of the interest
on the dollar of assesse
.111i�on said bonds, and at the rate of mills on the dollar of a'tses-
creation oY a payment of the
hereof for the/sinking fund to cover
sed valuation t
principal of said bonds at maturitY4 and there shall be annually COM-
puted and levied for each year thereafter a tax at such rate based
upon the assessed valuation Of the taxable property in said City as
will be sufficient to pay the interest on the outstanding bonds of
said issue and to provide a sinking fund as hereinabove provided, and
such tax at such rate is here now levied for each such year for said
purposes as aforesaid.
Section 5. The proceeds of the taxes hereinabove levied shall
be paid into an interest and sinking fund account (as hereinafter pro-
vided) for the payment of said refunding bonds and interest thereon
which shall be kept in accountsv separate and apart from all other
city fiscal accounts. At such time as there shall have been accuMU-
lated in said interest and sinking fund account an amount of money
sufficient to pay the next two succeeding semi-annual installments of
interestv Plus an additional amount Of �'25,000, the city shall give
er as specified for the prior redemption of
notice in the same mann
bonds that it will entertain and receive sealed tenders of bonds
offered at prices less than par. To the extent of the funds so avail-
able the City shall purchase and retire such bonds as are offered in
the order and price at which they are offered, beginning at the lowest
price. In the event a number of bonds are offered at the same price,
the amount of such bonds being in excess of the available fpndso then
the City shall determine by lot which of said bonds shall be purchased.
To the extent that the City is unable to procure bonds at a discount,
bonds shall be called for payment at par and accrued interes# as
herein provided. In the giving of the required notice of call for
sealed tenders., the date upon which tenders shall be received shall
_10-
_11-
be fixed so as to permit sufficient time to give notice for redemp-
tion should the same be necessary. Bonds shall not be called for
redemption until after tenders have first been advertised for as
herein provided. The sinking fund shall not be reduced by purchase
of bonds on tenders or by redemption of bonds below such amount as
will be sufficient to pay matured interest if any on the outstanding
unpaid bonds and the next two succeeding semi-annual interest payments
thereon thereafter becoming due.
If at any time monies available for the payment of interest are
not sufficient to meet the same as it falls due P the money therefor
may be borrowed for the payment thereof from the sinking fund created
for the retirement of the bonds and the sinking fund shall be re-
imbursed for any such advancement from taxes levied for the payment
of such interest as the same shall be collected; provided, hovever,
if not so collected i,�jithin three years from the time of such advance-
ment.. then a special levy snall be made for the purpose of such re-
imbursement.
If at the time of any annual tax levy for payment of the princi-
pal of said bonds there shall have been deposited in the sinking fund
for the retirement of the principal thereof, less unreturned advance-
ments for interest if any, an amount exceeding the aggregate of the
amount required to be levied to create the sinking fund Lereinabove
provided for payment of the principal of such bonds previous to such
time, then the sinking fund tax required to be so levied in such year
may be reduced by an amount not exceeding such excess; provided, that
zUcL tax shall not be less t-han two per centum (n%) of the principal
of all outstanding and unpaid bonds. In determining whetlier or not
there is any such excess, monies deposited in the sinkin,�, fund from
C)
delinquent tax collections as provided in the next succeedIng paragraph
below shall not be included and credit therefor shall not be taken.
A proportionate part of all cash and bonds now owned by the City
and held in each of its -present sinkin,- funds for the outstanding
-12-
Issues of bonds and a lil�e part of all collection of taxes for
interest and sinking funds for each of said issues heretofore levied
shally if and when bonds of each of such sePies shall be refunded and
exchanged for bonds of this Consolidated Refunding Series, be placed
in the sinking fund for the Consolidated Refunding Bonds and (subject
to the provisions hereof for advancements from the sinking fund if
necessary to meet interest payments) shall be applied to the retire-
ment of the Consolidated Refunding Bonds as herein provided.
The interest coupons on said refunding Bonds coming due after
delivery of said bonds and prior to the time nhen the first taxes
hereinabove levied for the payment of the interest In said refunding
Bonds shall be received, shall be paid out of funds transferred from
the existing sl'_nking funds and from the collection of taxes for
interest and sinking funds heretofore levied for outstanding bonds
as hereinabove provided and it shall not be necessary to repay the
sinking fund advancements therefrom $to meet said interest coupons.
For the purpose of carrying out the provisions of this ordinance,
the Treasurer shall keep two accounts in his interest and sinking fund
account, one for interest account and one for sinking fund account,
and such accounts shall at all times show the balances in each thereof
and the amount, if any, of the unpaid advancements from the sinking
fund account to interest account required to be repaid under the
provisions of this ordinance.
Section 6. Said refunding bonds shall be issued in exchange for
the outstanding bonds of the City, bond for bond; the lowest numbered
refundinE, bonds shall be exchanged for the earliest maturing refunded
bonds, and so on progressively as near as nay be, so that the refund-
Ing bonds will be issued in the order of their number in exchange for
outstanding bonds in order of their maturity as near as may be. The
D'Tayor of this City is hereby authorized to designate to the Comptroller
of Public Accounts the specific number of each refunding bond to be
exchanged for each of the outstanding bonds so as to carry out this
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Section 7. Upon the exchange of said bonds or prior thereto
interest shall be paid on the outstanding bonds at the present rate
borne by said bonds , respectively, up to June 1. 1936. In making
said exchanges, old bonds so exchanged shall. have annexed thereto
appropriate interest coupons, if any, maturing on and after June
1, 19360 the 1,1ayor of the City of '.1ichita Falls is hereby authorized
and empoviered to give to the Comptroller of 'he State of Texas
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detailed instructio��-is concerning the interest coupons which should
accompany each of the old bonds and the said Ilayor is hereby
authorized to make any necessary interest adjustments -vlith the
holder of any bonds which do not hqve all the appropriate interest
coupons attached.
Section B. It is hereby declared that the foregoing ordinance
Is an emergency measure; that the present default of principal and
interest on the City's outstanding bonds is injurious to the credit
of the City and to the credit of all its citizens, and there is an
urgent public need for the preservation of poace, health and safety
of property that this ordinance shall take effect from and after
its passage, and it is so ordained.
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