Ord. 1985-1440 - call bond election

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"'.. J -' ; .,1 , - . .. -. -.. ", . ....... . " . . . ORDINANCE NO. 1440 AN ORDINANCE CALLING BOND ELECTION; PROVIDING AND FIXING DETAILS RELATING THERETO; AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ADOPTION WHEREAS, the outstanding bonds of the City of La Porte Waterworks and Sewer System Revenue Bonds, Series 1965 constitute the only indebtedness chargeable against the net revenues of the Waterworks and Sewer System of the City of La Porte, Texas (the "City"); and WHEREAS, it is provided in the ordinance authoriz- ing the issuance of said outstanding bonds, and in said bonds, that additional revenue bonds may be issued on a parity with said outstanding bonds; and WHEREAS, there is a need for the construction of extensions and improvements to the waterworks ,and sewer sys- tem of the City, and the City Council has determined, and hereby determines, that propositions for the issuance of additional revenue bonds for such purposes should be submit- ted at an election, as hereinafter provided, said bonds to be payable from' the net revenues derived from the operation of the City's waterworks and sewer system on a parity with said outstanding bonds; and WHEREAS, the City Council of the City of La Porte has also determined, and hereby determines, that propositions for the issuance of tax bonds of the City for the purpose of making certain permanent public improvements, as hereinafter provided, should also be submitted at such election; and WHEREAS, the City Council wishes to proceed with the ordering of such election; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section l. That a special election shall be held in and throughout the City of La Porte, Texas, on the l5th day of June, 1985, which is not less than fifteen nor more