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e e ORDINUCE NO. 95-_ AN ORDINANCE ~IHDING THE NECESSITY ~OR THE ACQUISITION O~ CERTAIN REAL PROPERTY ~OR PUBLIC PURPOSES; AUTHORIZING THB BXBRCISB O~ OPTION AGRBBKBN'l' DATED JULY 25, 1994, AND THB PURCHASE O~ SAID REAL PROPERTY; AUTHORIZING THB ISSUANCB 01' THB CITY O~ LA PORTB'S $575,000. 00 PROMISSORY NOTB; J'IHDING COMPLIANCE WITH THB OPEN MBBTINGS LAW; PROVIDING AN BPPECTIVB DATE HBRBOJ'. BB IT ORDAlnD BY THE CITY COUNCIL OJ' '1'11. CITY OJ' LA PORTB I SBCTION 1. Tbe City council of tbe city of La Porte (tbe "city") bas beretofore, by its ordiaance No. 94-_, passed aad approved Auqus~ 8, 1994, au~bori.ed ~he city Manaqer of the City of La Porte to enter into an option aqreement with Harole! P. Pfeiffer, for tbe purchase of tbe real ~roperty in the city of La Porte Texas, 1Il0re particularly described in said option aqreement, to be' utili.ed by the city of La po~t. for public purposes (the "property"). SECTION 2. The City Council hereby author:h:88 thA e.erciee of the purchase option contained in said option agreement dated , 1994, and the purchase of the Property on the term 0 and conditions therein stated. SECTION 3. The City Council,' as a portion of the consideration to be paid for the purcha.e of the Property, and in accordance in Article 717w, Vernon's Texas Civil Statutes, hereby authorizes the execution and delivery ()f the City's promissory fiote (the "Note") in form attached hereto a~ Bxhibit "A", incorporated by reference herein, and made a part hereof for all purposed. Th* Mayor of the City is authorized to eaocute the Note on behalf of . the City, and the City Secretary ol the City is authoriztd to attest the execution thereof on behalf of th~ City, and to a!fix the City's seal thereto. SECTION 4. The City Council, during each year ~hile any of the principal of or interest on the Note is outstanding and unpaid, eha1l compute and ascertain a rate and amount of ad valorem tax ~hich will be sufficient to raise and produce the money reqUired to pay the interest on the Note as 8uch interest comes due, ~nd to provide and maintain a sinking fund adequat. to pay the prinoipal on the Note as such principal matures (but never less than 2t of the original principal amount of the Note 88 a sinking fund each yeer): and the tax shall be based on the latest approved tax rolls of the City, with full allowance being made for tax d.linquencies and the cost of tax collection. The rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in the City, for ~ach year while the Note is outstanding and unpaid; and 8uch tax shall. be assessed and collected each year and deposited, as collected, to the credit of an interest and sink~ng fund. The ad v4lorem taxes sufficient to provide fo~ the payment of the interest on and principal of the c@~w EXHIBIT B