O-1929-229.5 - Laserfiche WebLink

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. , e e Warrants shall be issued only in lieu of said valid claim, upon sur- reI~er and cancellation of the Warrants issued to evidence such claims. IT IS FURTHER ORDAINED that in the event it shall not be necessary to issue the full amount of original Warrants herein con- te~~lated, then, in such event, such amount of City of Lap orte Funding Warrants as shall not be supported and based upon claims duly approved by the City Council shall be cancelled and destroyed, the nurabers and amount of such Warrants so cancelled and destroyed to be made a matter of record upon the Minutes of the City Oouncil. IT IS FURTHER ORDAINgn by the City Council of the City of LaP'Jrte, Texas, that to pay the interest on said Warrants and create a s:lnking fund with which to pay the principal as it matures, a ta.x B.t a. ra,te sufficient for said purpose on each $lOO~OO valuation of all taxable property in said City, is hereby levied and shall be ann\lally levied on said property and annually assessed and collected unttl said Wa.rrants and interest thereon are paid; and said tax of ~~. cents on eaoh #lOO~OO valuation of all taxable property 'in s.aid City is here now levied for the year 1929 and for each succeeding year while said Warrants or any of them are outstanding; and the same shall be assessed and collected for the current year a,nd annually thereafter, or so much thereof as may be necessary for sa.id purpose, and applied to the purpose named. BE IT FURTHER ORDAINED that the Mayor of the Oity of Laporte be and he is hereby authorized and directed to take and have charge of Si3.id Funding Warrants and he shall have a.uthori ty to deliver Nos. 1 to 2'1.inc. of said Warrants aggregating ..' 21.000.00 to J. R,. Phillips Investment Oompany, when the original \Varrants herein listE3d shall have been surrendered to him and canoitlled; and shall de- liveJ~ the remainder of said Funding Vlarrants in installments, under further orders of this COuDcil. The fact that the funding of the herein above described inde'tltedness will put the City of LaPorte on a cash basis, con- sti t'l,;ltes an emergency and an imperative public necessity that the rule requiring ordinanoes be read at more than one meeting be sus-