Laserfiche WebLink
<br />.',:- , "~~.l' <br /> <br />. . <br /> <br />tit <br /> <br />. <br /> <br />than ninety days from the date of this ordinance, at which <br /> <br />election there shall be submitted to the duly qualified res- <br /> <br />ident electors within the City, for their action thereupon, <br />the following propositions, to-wit: <br /> <br />PROPOSITION NO.1 <br /> <br />SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, <br />TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF <br />SAID CITY, IN ONE OR MORE SERIES, IN THE AGGREGATE <br />PRINCIPAL AMOUNT OF $800,000, MATURING SERIALLY <br />WITHIN 25 YEARS FROM THEIR DATE OR DATES AND BEAR- <br />ING INTEREST AT A RATE OR RATES NOT TO EXCEED THE <br />MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES <br />SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED <br />BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING <br />AND IMPROVING THE CITY'S EXISTING WATERWORKS SYSTEM; <br />SAIO BONDS TO BE ISSUED IN ACCORDANCE WITH AND <br />SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 to <br />1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, <br />AS AMENDED; AND TO SECURE THE PAYMENT OF THE IN- <br />TEREST ON SAID BONDS AS IT ACCRUES AND THE PRINCI- <br />PAL OF SAID BONDS AS THEY MATURE BY PLEDGING THE <br />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 SHALL 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. 2 <br /> <br />SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, <br />TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF <br />SAID CITY, IN ONE OR MORE SERIES, IN THE AGGREGATE <br />PRINCIPAL AMOUNT OF $8,550,000, MATURING SERIALLY <br />WITHIN 25 YEARS FROM THEIR DATE OR DATES AND BEAR- <br />ING INTEREST AT A RATE OR RATES NOT TO EXCEED THE <br />MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES <br />SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED <br />BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING <br />AND IMPROVING THE CITY'S EXISTING SANITARY SEWER <br />SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH <br />AND SECURED IN THE MANNER PROVIDED IN ARTICLES <br />1111 to 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL <br />STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF <br />THE INTEREST ON SAID BONDS AS IT ACCRUES AND THE <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 SHALL 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 />004RGAT/l80BOl <br /> <br />-2- <br />