O-1951-413 - Laserfiche WebLink

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. ~ffiEREAS, the City Commission is of the opinion that at the present time the City is in need of additional funds for the pur- pose of constructing extensions and improvements to the City's existing waterworks system and sewer system; is of the further opin..Lon that it is now necessary and proper that; the City Commi~l- sion proceed with the issuance of the remaining $50,000 revenue bonds; Therefore BE IT ORDAINED: by the City Commission of the City of La Porte, Texas: Sect::'on 1: That the bonds of the City of La Porte, Texas, be i8- sued in the principal sum of ~50,OOO, to be known and designated, as If CITY OF LA PORTE \'lATERl'JORKS AND SElrJER SYSTEr~l fu.-vENUE BOi\~S, SERIES 195111, for the purpose of constructing extensions and im.- provements to the waterworks system and the sewer system of said City, under and in strict conformity with the Constitution and laws of the State of Texas, particularly Articles 1111 to 1118, both in- clusive, of the Revised Civil Statutes of Texas, 1925, as amend(~d, and es authorized at a bond election held within said City on the 21st day of February, 1948. Section 2: That said bonds shall be dated March 15, 1951, shall be numbered from 1 to 50, both inclusive, shall be in the denomination of (>1,000 each, aggregating ~ 50,000. These bonds are a fourth installment of an issue of $500,000, and an initial installment of $250,000, a second installment of ~100,OOO, and a third install- ment of $100~000 have previously been sold and delivered by. said City. This fourth installment in the principal amount of ~50, 000 shall become' due and payable on the 15th day of r'~arch in each of the years and in the respective amounts shown in the fol- lowing schedule, to-wit: e . e. '-, . .