R-1950-2 - Laserfiche WebLink

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. e , -- .... '. - e. DATE OR DATES, BEARING INTEREST AT A RATE NOT TO EXCEED FOUR (4~t) PER CENT PER ANNUM, FOR THE PURPOSE OF PUR- CHASING, ACQUIRING AND IMPROVING LANDS TO BE USED FOR PUBLIC PARKS AND PLAYGROUNDS FOR SAID CITY, AND TO LEVY A TAX UPON ALL TAXABLE PROPERTY WITHIN SAID CITY TO PAY THE INTEREST ON. SAID BONDS AS IT ACCRUES AND PROVIDE A SINKING FUND TO RETIRE SUCH BONDS AS THEY I~TURE? PROPOSITION NO. TWO SHALL THE CITY COMMISSION 0:B1 THE CITY OF LA PORTE, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY IN Trill AMOUNT OF FIFTY THOUSAND ($50,000.00) DOL- LARS, MATURING SERIALLY WITHIN THIRTY (30) YEARS FROM TP;.EIR DATE OR DATES, BEARING INTEREST AT A RATE NOT TO EXCEED FOUR (4%) PER CENT PER ANNUM, FOR THE PURPOSE OF BUILDING MUNICIPAL P~RKS FOR SAID CITY, AND TO SECURE THE PAYMENT OF THE INTEREST ON SAID BONDS AS IT ACCRUES, AND THE PRINCIPAL OF SAID BONDS AS IT MATURES BY PLEDG- ING THE NET REVENUES FROM THE OPERATION OF SAID PARKS AND FURTHER BY MORTGAGING AND ENCUMBERING SAID PARKS AND THE F.aANCHISE AND INCOME THEREOF AND EVERYTHING PERTAINING THERETO ACQUIRED OR TO BE ACQUIRED, AND AS ADDITIONAL SECURITY, TO GRANT TO THE PURCHASER UNDER SALE O~ FORECLO$URE UNDER SUCH ENCUMBRANCE, A FRANCHISE TO OPERATE SAID PARKS FOR A TERM OF NOT OVER T\'JENTY (20) YEARS AFTER PURCHASE, ALL IN THE MANNER PROVIDED BY ARTICLES 1111 TO 1118, BOTH INCLUSIVE, REVISED CIVIL STATUTES OF TEXAS, 1925, AS Arv1ENDED; EACH BOND TO BE CONDITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATION OUT OF ANY FUND RAISED OR TO BE RAISED BY TAXATION? . Section 2: That the entire City shall constitute one (1) election I precinct and said election shall be held at the City Hall within said City and the following named persons are hereby appointed officers to conduct said election: . Hallie Wright Arbela Ralston Presiding Judge Assistant Judge Clerk Lois Compton Morelle Gaber Clerk - Section 3: That said election shall be held in accordance with the Const:itution and general laws of the State of Texas as modi- fied by !Souse Bill 357 ,,~n_flcted by the 51st Legi.slature of Texas, Regular S,ession, and onl~ duly qualified resident electors of said City who own taxable property within said City and who have duly ren~ered the same for taxation shall be qualified to vote. Section 4: That the ballots of said election shall conform to the ~---.