O-1951-413 - Laserfiche WebLink

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retained in said ordinance; and e, bonds on the terms and conditions hereinabove stated was expresflly livered and the authority to issue and sell the remaining 050,000 lnKEREAS, the City Commission by ordinance adopted on the 20th day of July, 1950, authorized the issuance of a $100,000 third ~n- stallment of said bonds and same have heretofore been sold and cle- livered; and stallment of said bonds and same have heretofore been sold and de- such additional bonds authorized at such election to be Issued and , e sold; and tJF..EREAS, the City Commission by ordinance adopted on the 28th day of June, 1949, authorized the issuance of a $100,000 second in- outstanding bonds of the series herein previously authorized, a::ld the maximum annual requirements of principal and interest on the earnings of the system, will equal at least one and one-half times and maintaining the system, as shown by three years historical net previously authorized, provided, however, the City shall not issue and sell any of such remaini~g 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 of $250,000 waterworks and sewer system revenue bonds approved at said election, and provided that the remaining $250,000 of said bonds may be issued and sold by the City and such bonds, when is- sued and sold, shall be on a parity with any bonds of said issue .a' . .W' ~nmREAS, the City Commission of the City of La Porte, Texas, by ordinance adopted on the 16th day of March, 1948, did combir..e said bonds into one issue and at that time authorized the issuance bined waterworks and sewer system revenue bonds in the maximum amount of $500,000, and to pledge the net revenues of the water- works and sewer system to the payment of the principal of and interest on said bonds; and _A - . e