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<br />. <br /> <br />. <br /> <br />Ordinance 1446, Page 2 <br /> <br />PRINCIPAL OF SAID BONDS AS THEY MATURE BY PLEDGING <br />THE NET REVENUES FROM THE OPERATION OF THE CITY'S <br />WATERWORKS AND SEWER SYSTEM~ EACH BOND TO BE CON- <br />DITIONED THAT THE HOLDER THEREOF SHAL~ NEVER HAVE <br />THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATION OUT <br />OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; <br />AND SAID BONDS TO BE ON A PARITY IN ALL RESPECTS <br />WITH THE OUTSTANDING BONDS OF SAID CITY PAYABLE <br />FROM THE NET REVENUES OF SAID WATERWORKS AND SEWER <br />SYSTEM? <br /> <br />PROPOSITION NO. 3 <br /> <br />SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, <br />TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF <br />SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE <br />AGGREGATE PRINCIPAL AMOUNT OF $2,500,000, MATURING <br />SERIALLY WITHIN 25 YEARS FROM THEIR DATE OR DATES <br />AND BEARING INTEREST AT A RATE OR RATES NOT TO <br />EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY <br />LAW, ALL AS SHALL BE DETERMINED BY SAID CITY COUN- <br />CIL, FOR THE PURPOSE OF MAKING PERMANENT PUBLIC <br />IMPROVEMENTS, TO-WIT: CONSTRUCTING IMPROVEMENTS <br />TO THE STREETS IN SAID CITY, INCLUDING NECESSARY <br />DRAINAGE IN CONNECTION THEREWITH, AND TO LEVY AN <br />ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID <br />CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS <br />AS IT ACCRUES AND TO CREATE AND PROVIDE A SINKING <br />FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY <br />MATURE? <br /> <br />PROPOSITION NO. 4 <br /> <br />SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, <br />TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF <br />SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE <br />AGGREGATE PRINCIPAL AMOUNT OF $3,000,000, MATURING <br />SERIALLY WITHIN 25 YEARS FROM THEIR DATE OR DATES <br />AND BEARING INTEREST AT A RATE OR RATES NOT TO <br />EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY <br />LAW, ALL AS SHALL BE DETERMINED WITHIN THE DIS- <br />CRETION OF THE CITY COUNCIL, FOR THE PURPOSE OF <br />CONSTRUCTING PERMANENT DRAINAGE IMPROVEMENTS <br />WITHIN SAID CITY BY THE EXCAVATION, CLEANING, <br />DEEPENING AND WIDENING OF DRAINS AND DITCHES AND <br />THE PURCHASE OF PUMPS, PIPES, MOTORS AND OTHER <br />EQUIPMENT, APPARATUS AND FACILITIES FOR THE <br />DRAINAGE OF THE SURFACE AND FLOOD WATERS FROM THE <br />SAID CITY, AND TO LEVY TAXES UPON ALL TAXABLE <br />PROPERTY WITHIN SAID CITY ANNUALLY, SUFFICIENT TO <br />PAY THE INTEREST ON SAID BONDS AS IT ACCRUES, AND <br />TO CREATE AND PROVIDE A SINKING FUND TO PAY THE <br />PRINCIPAL OF SAID BONDS AS THEY MATURE? <br /> <br />PROPOSITION NO. 5 <br /> <br />SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, <br />TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF <br />SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE <br />AGGREGATE PRINCIPAL AMOUNT OF $4,000,000, MATURING <br />SERIALLY WITHIN 25 YEARS FROM THEIR DATE OR DATES <br />AND BEARING INTEREST AT A RATE OR RATES NOT TO <br />EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY <br />LAW, ALL AS SHALL BE DETERMINED WITHIN THE DIS- <br />CRETION OF THE CITY COUNCIL, FOR THE PURPOSE OF <br /> <br />005RGV/180BOl <br /> <br />-2- <br />