O-1967-768 - Laserfiche WebLink

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'. e e ~. " e e -2- NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LA PORTE, TEXAS, THAT: Section 1. The City Commission of the City of La Porte hereby finds, determines and declares that it is to the best interests of the City of La Porte, and of the territory within its extraterritorial jurisdiction, that the proponents of any political subdivision having as one of its purposes the supplying of fresh water for domestic or commercial uses, or the furnishing of sanitary sewer service, when such district is sought to be created within the area of the extraterritorial jurisdiction of the City of La Porte, shall as a prerequisite to the written consent of the City of La Porte, agree and covenant in writing, to adhere to the following rules, regulations, and standards: (a) Bonds may be issued by the district only for the purpose of purchasing and constructing, or purchasing or con- structing or otherwise acquiring waterworks systems and sanitary sewer systems, and, with the prior written consent of the City of La Porte, for drainage facilities, and to make any and all necessary purchases, constructions, improvements" extensions, additions and repairs thereto, and to purchase or acquire all necessary land, rights-of-way, easements, sites, equipment, buildings, plants, structures, and facilities therefor, and to operate and maintain same, and to sell water and other services within or without the boundaries of the district. Such bonds may not be exchanged for property acquired by purchase, or in payment of the contract price of work done or services rendered for the use and benefit of said district. Such bonds may only be sold for cash and the proceeds thereof paid over by the directors to the depository for said District. Such bonds and all refunding bonds issued by the district shall only be sold after the taking of public bids therefor, and all bonds and refunding bonds shall be sold for cash for not less than par and accrued interest and shall bear interest at a rate not more than six per cent (6%) per annum, and be issued under terms and conditions approved in writing by the City of La Porte.