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<br />e <br /> <br />e <br /> <br />(250)~ inclusive, in the denomination of One Thousand ($1,000.00) <br /> <br /> <br />Dollars each, 8ggregatine Two Hundred and Fifty Thousand <br /> <br /> <br />($250,000.00) Dollars, Issued by the City ot La Porte, Texas, <br /> <br /> <br />tor the purpose ot construo~1ng extensions and improvements to <br /> <br />the waterworks system and the sewer system ot said C1t~., in <br /> <br /> <br />aooordance with the Constitution and Lavs or the State ot Texas, <br /> <br /> <br />inoluding partlcu1Brly Articles 1111. - 1118, both inclusive.. of' <br /> <br /> <br />the Revised Civil Statutes ot Texas, 1925.. 8s amended.. the <br /> <br /> <br />authority ot a vote ot the qunlitied electol'S or the City of <br /> <br />Le. Porte, who owned ta.xable property in said City and who had <br /> <br /> <br />duly rendered the same tor taxation, voting at an election held <br /> <br /> <br />on the 21st da, ot Februa17.. 1911-8, and pursuant to an ordinance <br /> <br /> <br />passed by the City Commission ot the City at La Porte, Texas, <br /> <br /> <br />duly reoorded in the M1nutes ot the C1ty Commission. <br /> <br /> <br />The date at th1s bond, in oonformity with the ordinance <br /> <br /> <br />above mentioned, 1s March 15, 1948. <br /> <br /> <br />This bond, and th.. eerle8 ot which it 18 a part, oonsti- <br /> <br /> <br />tute special obllgat10J18 of' the City of Ia Porte, Texas, payable <br /> <br />solely from and seoured by an exolusive first lien on and pledge <br /> <br />ot the revenues of the Wat81"W'orks System and the Sewer System ot <br /> <br /> <br />88id Oity, af.ter deduotlon of reasonable operation and maintenance <br /> <br />expens 88; provided, that the reme.in1.ng bonds in the aggregate <br /> <br /> <br />amount of $250,000.00, authorized at said eleotion held on the <br /> <br /> <br />21st day ot Pebruary. 19_8, when and it issued and Bold shall <br /> <br /> <br />be 011. a p&1'1t7 w1th th8 boM. of th1. .81'18.. \/\,! <br /> <br />The holder hereof shall never have the right to demand <br /> <br /> <br />payment of th11 obligation out of any funds raised or to be <br /> <br />ra1sed by taxation. <br /> <br /> <br />'1'1'1e Clty of" Ia. Porte reserves the right to redeem Bonds Nos. <br /> <br /> <br />97 to 250, inolus1ve, in their inverse numerical order, on March <br /> <br /> <br />15. 1963. or on any intereet payment dat e thereafter, by paying <br /> <br /> <br />prinoipal and acorued interest thereon" and in CBse the same 1s <br /> <br /> <br />called in tor redemption betore nBturlty i IlOt1o. thereot 1n writing <br /> <br /> <br />shall be given by the City Clerk ot said City to the P1rst Natlonal <br />