O-1931-236 - Laserfiche WebLink

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e e such claims. ./ It is further QJ:datned that in the event it shall not be necessary to issue the fUll amount of warrants herein contemplated, then in such event, such amount 01' City ot La Porte Funding Warrants aB shall not be based upon olaims duly approved by the Council shall be oancelled and destroyed, the numbers and amounts ot warrants so cancelled and destroyed to be made a matter of record upon the l\I1nutes of the City Council. It is fUrther ordained by the City Council 01' the City of La Porte, Texas, that to pay the interest on said warrants and create a sinking fUnd with which to pay the principal as it matures, and to provide 10% attorneys' fees in the event of default, a tax 01' 5 cents on each @100 valuation of all taxable property in said City, shall be annually levied on all said property and annually assessed and collected until said warrants and interest thereon are paid, and said tax ot 5 cents on each $100 valuation of all taxaltle property in said City, or 80 much thereof as may be necessary, or 80 much more, if any, as may be necessary is here now levied for the year 1931 and for each succeeding year while said warrants or any of them are outstandiDg; and that the same shall be aBsessed and collected tor the current year and annually thereafter, and applied to the purpose named. Be it further ordained that the Mayor 0 t the City ot La Porte, be and he is hereby authorized and directed to take and have Charge of said Funding Warrants and he shall have authD27ity to deliver said warrants to the owner and holder of the or ig1nal evidences of indebtedness herein listed, and addl tional evidences of indebtedness to be hereafter issued, when said original evidences ot indebtedness have been surrendered to him and can- celled, Under further orders or said Council. The fact that it will be a public banef'it to the City of' La Porte to have the hereinbstore described indebtedness fUnded constitutes an amer- . seney and an imperative public necessity that the rule requiring ordinanoes to be read at more than one meeting be suspended, and said rule is hereby suapanded, and that this ordinance take ef1'ect and be in force from and atter its passage and approval, and lt is so ordained. PASSED AND APPROVED this the J g day of August, 1931. of La Porte, ~exas.