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<br />;. <br /> <br />e <br /> <br />--, <br /> <br />- <br /> <br />-, <br />, <br /> <br />of the Waterworks and Sewer System to the payment of the prin- <br />cipal of and interest on said bonds; and <br />WHEREAS, the City Commission of the City of La Porte, Texas, <br />by ordinance, adopted on the 16th day of March, 1948, did combine <br />said bonds into one issue and at that time authorized the issu- <br />ance of $250,000 waterworks and sewer system revenue bonds ap- <br />proved at said election, numbered from 1 to 250, both inclusive, <br />and provided that the remaining $250,000 of said bonds may be <br />issued and sold by the city and such bonds, when issued and <br />sOld,. shall be on a parity with any bonds of said issue previously <br />authorized, provided, however, the city shall not issue and sell <br />any of such remaining bonds authorized at said election held on <br />February 21, 1948, until such time as the annual revenues of the <br />system, after deducting the reasonable cost of operating and <br />maintaining the system, as shown by three years historical net <br />earnings of the system, will equal at least one and one-half, times <br />the maximum annual requirements of principal and interest on the <br />outstanding bonds of the series herein previously authorized, and <br />such additional'bonds authorized at such election to be issued <br /> <br />- <br /> <br />...,. <br /> <br />and soldj and <br /> <br />'--"" WHEREAS, the City Commission is of the opinion that at <br /> <br />/:-. <br />., the present time the city is in need of additional funds for the <br /> <br />.- <br /> <br />purpose of constructing extensions and improvements to the city's <br />existing waterworks system and sewer systemj is of the further <br />op;nion that it is now necessary and proper that the City Commis- <br />sion proceed with the issuance of revenue bonds in the amount of <br />$100,000 out of the remaining $250,000 as originally set forth <br />in said ordinance adopted on the 16th day of March, 1948; and <br />WHEREAS, inasmuch as no part,of the $250,000 authorized at <br />said election and by said ordinance of the City Commission dated <br />the 16th day of March, 1948 (but not sold. and delivered at that <br />time) has been printed and app~oved by the Attorney General of <br /> <br />--.....", <br /> <br />- <br />