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<br />- <br /> <br />e <br /> <br />- <br /> <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 /> <br />said bonds into one issue and at that time authorized the issuance <br /> <br />of $250,000 waterworks and sewer system revenue bonds approved at <br />said election, numbered from 1 to 250, both inclusive, and provided <br />that the remaining $250,000 of said bonds may be issued and sold by <br />the City ana such bonds, when issued and sold, shall be on a parity <br />with any bonds of said issue previously,authorized, provided, how- <br /> <br />e <br /> <br />ever, the C~ty shall not issue and sell any of' such remaining bonds <br />authorized at said election held on February 21, 1948, until such <br />time as the annual revenues of the system, after deducting the <br />reasonable cost of operating and maintaining the system, as shown <br />by three years historical net earnings of the system, will equal <br />at least one and one-half times the maximum annual requirements of <br />principal and interest on the outstanding bonds of the series here- <br />in previously authorized, and such additional bonds authorized at <br />such election to be issued and sold; and <br />WHEREAS, the City Commission by ordinance adopted on the 28th <br />day of June, 1949, authorized the issuance of a $100,000 second in- <br /> <br />e <br /> <br />stallment of said bonds and same have heretofore been sold and de- <br />livered and the authority to issue and sell the remaining $150,000 <br />bonds on the terms and conditions stated in the next preceding para <br />graph was expressly retained in said ordinance; and <br />WHEREAS, the City CommissioQ~tlf.Pf the opinion that at the pre - <br />. .~:It. , . . . <br /> <br />ent time the City is in need of additional funds for the purpose of <br /> <br />constructing extensions and improvements to the City's existing <br />waterworks system and sewer system; is of the further opinion that <br />it is now necessary and proper that the City Commission proceed wit <br />the issuance of revenue bonds in the amount of $100,000 out of re- <br />maining $150,000 authorized but unissued bonds; Therefore <br />BE-IT ORDAINED by 'the City Commission of the City of La Porte, <br /> <br />Texas: <br /> <br />e <br />