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<br />a,.. <br />--- <br /> <br />e-... <br /> <br />.-, <br /> <br />.~ <br /> <br />, <br /> <br />e <br /> <br />-2- <br /> <br />hereby finds, determines and declares that it is to the best <br /> <br />interests of the City of La Porte, and of the territory within <br /> <br />its extraterritorial jurisdiction, that the proponents of any <br /> <br />political subdivision having as one of its purposes the supplying <br /> <br />of fresh water for domestic or commercial uses, or the furnishing <br /> <br />of sanitary sewer service, when such district is sought to be <br /> <br />created within the area of the extraterritorial jurisdiction of <br /> <br />the City of La Porte, shall as a prerequisite to the written <br /> <br />consent of the City of La porte, agree and covenant in writing, <br /> <br />to adhere to the following rules, regulations, and standards: <br /> <br />(a) Bonds may be issued by the district only for the <br /> <br />purpose of purchasing and constructing, or purchasing or con- <br />structing or otherwise acquiring waterworks systems and sanitary <br /> <br />sewer systems, and to make any and all necessary purchases, <br /> <br />constructions, improvements, extensions, additions and repairs <br /> <br />thereto, and to purchase or acquire all necessary land, rights- <br /> <br />of-way, easements, sites, equipment, buildings, plants, structures, <br /> <br />and facilities therefor, and to operate and maintain same, and <br /> <br />to sell water and other services within or without the boundaries <br /> <br />of the district. Such bonds may not be exchanged for property <br /> <br />acquired by purchase, or in payment of the contract price of <br /> <br />work done or services rendered for the use and benefit of said <br /> <br />district. Such bonds may only be sold for cash and the proceeds <br /> <br />thereof paid over py the directors to the depository for said <br />District. Such bonds and all refunding bonds issued by the <br /> <br />district shall only be sold after the taking of public bids <br /> <br />therefor, and all bonds and refunding bonds shall be sold for <br /> <br />cash for not less than par and accrued interest and shall bear <br /> <br />interest at a rate not more than six per cent (6%) per annum, and <br /> <br />be issued under terms and conditions approved in writing by the <br /> <br />City of La Porte. <br />(b) The district shall submit the plans and specifica- <br /> <br />tions for all construction of water and sanitary sewer facilities <br />