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. • • <br />XIV. <br />The City of La Porte has a bonded, interest-bearing <br />indebtedness, payable from ad valorem takes upon property <br />~~rithin the limits of the City at the time of the creation of <br />said indebtedness. Prior to issuance and sale of such bonds, <br />under the general lavr as ~~rell as the charter of the City of <br />La Porte, approval at public election by the qualified property- <br />oti°aning taxpayers within the City eras required and obtained. <br />Under the proposed annexation of Ordinance 5~-, the properties <br />of i~lational Petro-Chemicals Corporation and other owners in <br />the area sought to be anne,>ed will 'oe subjected to taxation <br />for the purpose of pa~~°~1ent o1' the pre-existing bonded indebted- <br />Hess of the City, vritizout the opportunity to vote in a bond <br />election to authorize such debt and taxes incidental thereto. <br />The proposed annex anon is, therefore, unla~~rful. <br />ti+1i-3:E:'~EFOi~E, prem=ices considered, national Petro- <br />Cher,~icals Corporation prays that the ~Ionorable City Commission <br />of the City of La Porte taiLe no action to finally pass said <br />Ordinance I•do. 5~~5; and, in the alternative, that said ordi- <br />Hance be so amended as to exclude from the territory proposed <br />to be annexed the above mentioned real property and plant <br />facilities owned by national Petro-Chemicals Corporation. <br />idATIOIvAL PETRO-Ci-IET~JICALS CORPORATION <br />I3iF: VINSO~,~E~Cj~d~, tiTEEP~'IS ~. SEARLS <br />~/ . 1L . W 1 ~' V 1 <br />....1 <br />~ • L~ V <br />3en H. ~~ice, /III <br />ITS ATTORi`dEYS <br />