O-1954-467 - Laserfiche WebLink

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r. . . /~ 'I: Section 8: A special fund to be designated "City of Ia Porte Street Improvement Refunding Bond~Series 1954, Interest and Sinking Fund" is hereby created and the proceeds of all taxes levied and collected for and on accouttof the outstanding warrants which are being refunded are hereby transferred to said Fund and all taxes assessed and collected hereafter for and on account of the refunding bonds shall be credited to said Fund; and for the current year and for each succeeding year while any of said bonds or any interest thereon~ remain out- .~-- e standing and unpaid, there is hereby levied a tax at a rate based upon the latest approved tax rolls of said City for each ofreid years~ respectively~ sufficient to fully make, raise and produce in each of said years the amount of principal and interest to be paid on said bonds in each of said years, respectively, with proper allowance for costs of collection and delinquencies~ and such tax shall be levied against all the t~~able property within said City, and when collected, shall be applied to the purpose named and to no other purpose. e Section g: That the ~~yor of said City is hereby authorized to take and have charge of said bonds pending their investigation and approval by the Attorney General of Texas and their registra- tion by the Comptroller of Public Accounts of the State of Texas. The Comptroller shall notregis:ter said bonds until a like principal amount of the above described warrants shall have been delivered tol1l.m for cancellation, and whBn such warrants have been duly cancelled, the Comptroller is hereby authorized to deliver said refunding bonds to Moroney, Beissner & Co., Houston, Texas~ or order. .;