O-1949-379 - Laserfiche WebLink

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,e e . ':... ,.I"---"~'" 'e issuance of the first installment shall be strictly complied with, to-wit: That the city shall not issue and sell any of such remaining bonds authorized at said election held on February 21, 1948, until such time as the annual revenues of the system, after deducting the reasonable cost of operating and m~intainlng the system, as shown by three years historical net earnings of the system, will equal at least one and one-half times the maximum annual reguirements of principal and interest on the outstanding bonds of the series previously authorized, and such additional bonds authorized at said election to be issued and sold. Bonds Nos. 3J to 100, both inclusive, shall contain the following provision: The City of La Porte reserves the right to redeem in inverse numerical order, all or any part of said bonds then outstanding on March 15, 1963, or on any interest payment date thereafter by paying to the owners and holders of said bOQds the principal thereof plus accrued interest to the date fixed for redemption. If the city elects to redeem all or any part of ~aid bonds, notice thereof in writing shall be mailed, properly stamped and addressed, to the First National Bank, La Porte, .~, e . Texas, and shall be published at least one time in a financial .--.-....... y' '" e . journal published in New York, New York, and of general circula- tion in the United States of America and said notice shall be mailed and published at least thirty (30) days before the date fixed for redemption. When said bonds, or any part thereof, have been called for redemption and notice thereof given as herein specified and due provision has been made to redeem the same, the right of the owners and holders to collect interest which would otherwiseac.c~u~, shall terminate as of the date fixed for re- demption. Each successive holder of this bond and each successive e holder of the coupons hereto. attached is conclusively presumed to forego and renounce his equities in favor of subsequent holders ~-'.