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<br />-]- <br /> <br />mf1el'tet, lia;yor, <br />City ot La 'orte, Texas. <br /> <br />J.E.Muldoon, C1ty Clerk <br />01ty ot La Port., Texas. <br /> <br />ATTEST: <br /> <br />by the 01 t1' Clerk on said. date. <br /> <br />DAY 0' ~1950. 1!V .. Tote <br />NOES. ;; ,OVED by tht )!alor and. att.&,t$4 <br /> <br />I 9 <br /> <br />ti r I:. A...d <br /> <br />/0 <br /> <br />- <br /> <br />AYES and <br /> <br />ot J <br /> <br />PASSED ON THIS Tm= <br /> <br />l.... <br /> <br />SEGII'iQ~ ~LJ;vr::N: If rd~ section or any pfrt of this Ord.inanoe shall <br />~ held to W oontrary to the Le,ll,.s of the St!lte of Texas, then and <br />1n suoh eventj suC'll laws shall control Qn(~ should an,r Seotion or <br />an)" part 01' th1s Ordlm:.nce be helt!. lnvE.lld: Buchlnve.lld.l ty shall <br />not atfect the rema1n1nG portions thel"eot; 1 t being the express <br />intention of the C1ty Gomm18s1on to ene.ot suoh Oxrdlna.nce ~\'1tilOUt <br />respeot to suC'll contrary ...t1on or seotions 'held to 1B 1nV';~11d.. <br /> <br />SECTION '1'EiN: r!lhat the signature ot the Mayor, attested, b~' the ca'~1 <br />Clerk under the oft1cial .eal ot the Oity shall .. euj':t1ft1ent to bind <br />the C1ty upon any oc.ntraot or instrument of ~Tltl,~ nece8sary to <br />ev1(lence the B.greeIT\ent between the 01 t:r and property- owner or 01f!1',r' <br />as to the contemplF:,tE"d 1mprovements s..ni. the financ1ng thereot. <br /> <br />principal balance due and, owing bearing inter.,' ~, the rate of e1f~!t <br />(8%) ~eroen' p.r annum and the l~.t 1nstallm..t ..turlng in not over <br />f1fteen (15) years; prov1ded the v.piou. propert7:0vnera affected. <br />evlr~enoe the b&lEl.nce due and o'!f1ne qy an In.tal~' prom1ssory note <br />executed h1 them in. favor of the Ol ty and to be atcured by 8 con- <br />tract l1en a~r,f1nst the !,>roperty aga.1nst 'Whioh 8ucil_.88saants are <br />made ana to bit additionally secur$d by a Deed. of trust 1n favor 01' <br />J.F.: .t.lu1doon, Trustee, against 8U('\h propert,;suol note beinG <br />ass1~F, ble or trane:rerrable E;.nd the C1ty 118 hez'eby au'thor1zeCl. to <br />sell, transfer, aaslgn e.nd. pledge to EUV lend1nE~ institution or <br />pr1vete 1nd1v1duftl upon a resolut1on duly pe.ssed by the City CoJn- <br />miss10n any or all of BUCh notes w1thout notice or without advert~~a.- <br />mente of suQh transaction. <br /> <br />. <br /> <br />.' <br /> <br />e <br /> <br />e <br /> <br />e, <br /> <br />.- <br />