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<br />..-- <br /> <br />e <br /> <br />e <br /> <br />pl:,lno1pal bfile..noe flue and. o"VT1nr; be81.rlng interest ~.t the re,te of eight <br />(13f.) p.ercent per annum o?nd the le.~t ~.nAtR.ll.Jl'Ient mf.ltur1ng 1n not over <br />t:lfteen (15) yeE'I's; -prov1cled, the vp..r~.oue property o~nerB atfeotAd. <br />evlr1enoe the balp',n (S d.ue an~. owlnl" qy an lnltf'llm@lnt prom1ssory note <br />execute". by them in tEl.vor ot: the (11 ty Ant\ to be seoured by a oon- <br />t,raot l1en a'~ft1net the property aga1nst wh10h euci1 aUteasants a.re <br />.Ilade an<.l. to 1:8 addl t1onp.llyo eeottred by a Deed, of Trust in f!i\vor of <br />~r .E ."1uldoon. Trustee. p..r,:~dn8t Bunh propflrty; 811011. note be lng <br />.lef!1~R.ble or traneferJ"B.ble l:1,nd. the Oity 1s hereby authorlted to <br /> <br />, <br /> <br />'~ 'gel1. transfe%". fleslgn p..nc1. -pled~e to e,rv lencllnf:~ 1nstlt\.\t10n or <br />:pr.l VP-t9 1ncU. vldufl.,l upon B. resolution duly pfl.esed by the Oi t, COm- <br />mission Any or ~ll of suoh notes ~lthout not1ce or y.ltho~t advertise- <br />ments of euC'.h traneaotion. <br /> <br />!S.O'tION 'rE.!: ThE\t the s1gnature 01' the Mayor, attested. by the Oi tl <br />Clerk under the ottloial 8eal of th,e 01ty shR1J. ~ suftlnlsnt to bind <br />the Oity u,pon any oontraot or InBtrument of wrltlrtf~ necessary to <br />8v1n.enne the agreement between the 01 t~v a.nd. property owner or owners <br />aEl to the oontemplat~d. improvements e,nJ the tinancing th9reot. <br /> <br />\ <br /> <br />~~C'rIQN ELiVJCJi: If fl, r\y seot1on or 9.ny PPl't of this Ordlnanoe shall <br />1:2 held to 1:B oontre,ry to the LEl,WB of t:he Ste.te of Texas. then and <br />in suoh event, eu('"..h laTliEl shall control and. should any Seotion or <br /> <br />.,.--- <br />. ... <br />" <br /> <br />,-=." <br /> <br />,I.. " <br /> <br />8rlJ part of this Ordim',noe be held invs.lld , euch lnvs.lldi ty sha,ll <br />not affent the remaining portions thereof; it belns the express <br />intention of the (!i ty GommlBston to enE'.ct such Ot"d.lne.nce ",~i thout <br />t'eApeot 1;(1 BUch contrary SfJ,.t1on or seotions held to lB invalid. <br /> <br />l.... <br /> <br />PASSED ON THIS 'l'HE: <br />of J _ AYES a.nd. <br /> <br />I 9 <br />/0 <br /> <br />DAY OF ~ ~ 19.50, by a vote <br />NOIS. AP~OVED b1 the )~1o~ and atte.te4 <br /> <br />by the Oity Olerk on sald d~te. <br /> <br />~ <br />~~ ATT~ST : <br /> <br />J.E.Muldoon, City Olerk ' <br />01ty or La Porte, Texas. <br /> <br />,........ <br /> <br />H7J:Pfle~fer. Maror, <br />Olty of La Po~te. Texa.. <br /> <br />..J- <br />