O-1965-718 - Laserfiche WebLink

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, . .~, . . , e . . (FORM OF INTEREST COUPON) NO. - $ On , 19___, the City of La Porte, in the County of Harris, State of Texas, promises to pay to bearer, the amount of Dollars, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this interest coupon, at the Houston National Bank, Houston, Texas, or at the option of the bearer, at the Bayshore National Bank, La Porte, Texas, said amount being interest due that day on the bond, bearing the number hereinafter designated, of that issue of City of La Porte General Obligation Bonds, Series 1965, dated August 1, 1965. Bond No. City Clerk Mayor Section 7. That a special fund or account, to be designated the "City of La Porte General Obligation Bonds, Series 1965, Interest and Sinking Fund" is hereby created and shall be established and maintained by said City at its official depository bank. Said Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of said City; and shall be used only for paying the interest on and principal of said bonds. All taxes levied and collected for and on account of said b9nds shall be deposited, as collected, to the credit of said Interest and Sinking Fund. During each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, the City Commission of said City shall compu~e and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said City, with full allowances being made for tax delinquencies and costs of tax collections, which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest 'comes due, and to provide a sinking fund to