O-1948-357 - Laserfiche WebLink

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e .~ r;)" e ~ O~IN/lNCE BY THE CITY COMMISSION OF THE CITY OF IA PORTE TEXAS, AUTHORIZING THi ISSUANCE OF CITY OF LA PORTE WATERWORKS AND SEWER SYSTEM REVENUE BONDS. SERIES 19_8, IN THE AMOUNT OF $250,000, FOR THE PURPOSE OF CONSTRUCTING EXTENSIONS AND IMPROVElOEN'l'S TO THE WATERWORKS SYSTEM AND THE SEWER SYSTEM OF SAID CITY; PnESCRIBIlfQ THE FORM OF BOND AND IN'l'ERES'l' COUPON, PLEDGING 'l'HE REVENUES OF THE WATERWORKS SYSTEM Arm THE SEWER SYSTEM OF SAID CITY TO PAY 'l'HB PRINCI.PAL OF AND INTEREST ON SAID BONDS AFTER PROVIDING POR THE EXPENSES OF OPERATING SAID SYSTEMS I MAXmG CERTAIN COVEftAlt'l'S OF SAID CITY VI'l'H REFERENCE '1'0 THE BOND FUND PROM WHICH SAID PRINCIPAL AND INTEREST ARE TO BE PAID j PROVIDING 'l'HA'1' THE HOLDER OR HOLDERS OF SAID BONDS SHALL NEVER HAVE THE RIGHT TO DBMAIID PAYMENT OP SAID OBLIGATIOl'fS OUT OF AJJY FUNDS RAISED OR TO BE RAISED BY TAXATION; MA.1tIWG CERTAIN PROVISIONS WITH REFERENCE TO THE ISSUANCE OP 'PHI .RBMAIRING nONDS AUTHORIZED AT THE BIBCTION HELD ON FEBRUARY 21, 1948, AND DECLARING AN BMERGDCY. WHEREAS, the C1ty Commission of the City of La Porte, Texas, bas heretofore on the 2nd day of Februal"Y, 1948, adopted a resolu- tion and order calling an election on the questions of the issuance of Revenue Bonds of the City of La Porte in the amount of $200,000.00, bearing ~terest at a rate not to exceed 5~ per annum, tor .~he purpose at constructing extensions and improvements to the waterworks system ot said City, and the issuance 'of Revenue Bonds 01' the City of La Porte in the amount of $300,000.00) bearing interest at a rate not to exoeed 5~ per annum, for the purpose at construoting extensions and improvements to the sever system 01' said City; and providing that it both propositions for the issuance ot said bonds were adopted, said City Commission should have the right to issue combined W'aterflorks and Sewer System Revenue Bonds in the maximum amount of $500,000.00, and to pledge the net revenues of the Waterworks and Sever System to the pB.:fnlont of the principal of and interest on eaid bonds J and WHEREAS~ said election vas held pursuant to said resolu- tion and order and in accordanoe with law on the 21st day of February, 1948, and resulted favorably to the issuance 01' 8aid Revenue Bonds J and WHEREAS, the City Commission did on the /t;. day ot ~4 ' 1948, adopt a resolution declaring the results of \/\ }