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<br />e e <br /> <br />ORDINANCE NO. 340 <br /> <br />AN ORDINANCE APPROPRIA'l'ING 'l'WO PEH CENT. (2%) OF THE <br />WATER AND SEWER CaLL ECTIONS FOR THE PU~POSE OF PAYING THE IN- <br />TEREST ON, AND A SINKING FUND FOR, THE REDEw.PTION OF "CITY OF <br />LA PORTE WATER SYSTEM REFUNDING BONDS SERI.ES 1946"; REPEALING <br />ORDINANCE NUMBER 335 AND DECLARING AN EM ERGENCY. <br /> <br />WHEREAS, the City of La Porte has heretofore issued <br />City of La Porte Water System Refunding Bond.s, Series 1946, in <br />the sum of Twenty-Two Thousand Dollars ($22,000.00), such bonds <br />are tax b"nds but with the reservation that the City may pay tne <br /> <br />same out of any other revenues; and <br /> <br />WHEREAS, the City wishes to provide an interest and <br /> <br />sinking fund necessary to pay said bonds and interest thereon <br />out of the revenue collected from the water system; and <br /> <br />WHEREAS, the City has passed Ordinances raising the <br />water races and charges and fixing monthly sewer charges; and <br />WHEREAS, the Boarct of Commissioners have determined. <br />that two per cent. (2%, of all re~enue,collectect for water and <br />sewer during the coming fiscal year will be sufficient to pro- <br />vide an adequate interest and sinking fund for said bonds; <br /> <br />NOW, TIIEREFOR~, BE IT ORDAINED BY THE BOARD OF COM- <br />MISSIONERS OF THE CITY OF LA PORTE, TEXAS, that there is h~re- <br />by appropriated the sum of two per cent. (2%) of all water and <br /> <br />sewer revenue collected during the fisoal year ending June 3U, <br />1948, for the purpose of paying the current interest on, and <br />to provide the necessary sinking fund for, the said Twenty-Two <br />Thousand Dollars ($22,OOO.UO) City of l.a Pdrte Water System <br />Refunding Bonds, Series 1946, and the same, when collected, <br />shall be applied to the purpose named. <br /> <br />Ordinance number 335 passed by the Board of Com- <br /> <br />missioners May 29, 1947, is hereby expressly repealed. <br />An emergency exists constituting an imperative pub- <br /> <br />lie necessity that the rule requiring ordinances to be read at <br />three several meetings be suspended and this Ordinance take ef- <br />fect and be 1n force from and after its passage and a~roval, <br />and it is so ordained. <br /> <br />." <br /> <br />.i <br />