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<br />e <br /> <br />sideration of the pQment of interest thereon, and issu1I1g in lieu thereof, <br />interest bearing time warrants, 8!Id it appearing to the City Council that 1t <br />is advisable and necessary to issue Funding VlBX'~an_ for tlle purpose of tunding <br />said outstandiDg and unpaid indebtedness, which is u follows: <br /> <br />time warrants duriD8 the current calendar year without publication of .tice <br />and r1ght to referendum as provided in House Bill No. 312, pused by the 42Dd <br />Legislature at its Regular Session, in 1931, and therefore said 12,374,31 time <br />warrants wUl not exceed the limitations provided by said law: <br />WHEREAS, there is certain outstand1ug indebtedness which is <br />a legal obligation ot the City ot La Porte, 81Id said City i8 without moDey with <br />which to pay same, and this City Council having had W3der cona1deration the <br />adviaabUity and neces8ity of postponing the t1me of payment thereot, in con- <br /> <br />e <br /> <br />AN ORDIN.mcE PROVIDING ]'(E '!HE ISSUANCE OF C-I'l'Y OF <br />LA. PORTE FUNDING WJBRAN'1'S IN THE AMOONl' 01' $2,374,31 <br />IW.'URING SERIALLY, BEARING IN.L'ERRST AT TEDl RAD OF SIX <br />PER CEtll PER ANNUM, FOR THE PURPOSE OF FU'$)ING A LID <br />JUOUNI' OF INmBTEDNESS IJ:GALLY INCURRED BtSAlD CIT!' <br />FCE LAWFUL ern PlIBPOSES; mOVlDING FOl;1. '$ LEVY OF .A. <br />TAX TO PAY THE PRmcIPAL .AND ~'JEBEST OF SAID WJ.RR.&HrS <br />AT MAi'URITY; .AND DECLARING AN EJIIRGI!lIOY. : <br /> <br />AND WHEREAS, the Oi ty ot La Porte haa DOt heretofore issued <br /> <br />~he ordinaIlOe tollows: <br /> <br />,.~ . ~ .. <br />~.~ t '~.' <br /> <br />.' . -,~. 1 <br />...A....)..' " <br /> <br />i.. <br /> <br />e <br /> <br />e <br /> <br />e <br />