Ord. 1985-1481 - canvass bond election

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. . ORDINANCE NO. 148l ORDINANCE CONVASSING RETURNS AND DECLARING RESULTS OF BOND ELECTION AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION WHEREAS, on the 11th day of November, 1985, the City Council of the City of La Porte, Texas, adopted an ordinance calling an election to be held in said City on the 14th day of December, 1985, for the purpose of submitting to the duly qualified resident electors of said City for their action thereupon the following proposition, to-wit: PROPOSITION SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $4,250,000, MATURING SERIALLY WITHIN 25 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY LAW, ALL AS SHALL BE DETERMINED WITHIN THE DISCRE- TION OF THE CITY COUNCIL, FOR THE PURPOSE OF PUR- CHASING AND/OR IMPROVING LAND FOR PARK PURPOSES, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES, AND TO CREATE AND PROVIDE A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY MATURE? WHEREAS, the duly qualified resident electors of said City cast the following votes, respectively, at said election on said proposition, to-wit: PROPOSITION FOR THE ISSUANCE OF TAX BONDS 534 Votes AGAINST THE ISSUANCE OF TAX BONDS 435 Votes as shown in the official election returns heretofore duly submitted to said City Council and filed with the City Secretary; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. That the City Council officially finds and determines that the bond election held in and throughout the City of La Porte, Texas, on the 14th day of December, 1985, which election is more particularly described in the preamble to this ordinance, was duly called and notice