O-1954-467 - Laserfiche WebLink

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. . -. WHEREAS" the owners and holders of Warrants Nos. 1 - 40 both inclusive" in the denomination of $500 each" aggregating $20"000,, have agreed to accept the hereafter described refunding bond in lieu of said Warrants Nos. 1 - 40, both inclusive" of said outstanding warrants" it being the intention of the City to payoff and discharge Warrant No. 41 of said outstanding . warrants when it matures" and this City Commission is of the opinion that it is to the best interest of the City of La Porte that said warrants Nos. 1 - 40, both inclusive, be refunded; Therefore , . -- BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LA, PORTE, TEXAS: Section 1: That the bonds of the c~ty of La Porte, Texas" be issued in the principal sum of $20,,000, to be known and designated as "'CITY OF LA PORTE STREET IMPROVEMENT REFUNDING BONDS, SERIES 195411" for the purpose of refunding" cancelling and in lieu of a like principal amount of the hereinabove described time warrants, Wlder and by virtue of the Constitution and Laws of the State of Texas, particularly Chapter 163, Acts of the 42nd Legislature of ~-.., Texas" Regular Session" 1931" as amended" and the Charter of the :., City of La Porte. Section e: That said bonds shall be dated June 1, 1954.. shall ., be numb-ered'~rom l'to 20, both inolusive, shall be in the de- nomination of $1,,000 each" aggregating $20"000,, and shall become due and payable on t~e 1st day of June as follews: Bonds Nes. 1 II to 10, both inclusive, in the year 1976, and Bonds Nos. 10 to 20" both inclusive, in the year 1977, it being hereby affirmatively adjudged by the City Commission that the financial condition of suoh city will not permit their isauance in such installments as ".-- --'. . will make the burden of taxation to support same approximately uniform throughout ,the term of said bond issue, unless the in- stallments herein provided for shall be so construed.