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SECTION 55 - Referendum on bond ordinance <br />Each bond ordinance passed pursuant to a purpose <br />wY:ich has been authorized by majority vote off' the property <br />taxpaying voters of tl^~e City of La Forte at an election <br />held for that purpose shall not be subject to referendum. <br />Each bond ordinance relating to bonds not authorized by the <br />qualified property taxpaying voters of the City of La Porte, <br />shall be subject to permissive referendum on petition pur- <br />suant to the provision of Article x of this Charter, unless <br />• tY:e bonds are authorized solely for a purpose made necessary <br />as the result of fire, flood, or other disaster, or tiie <br />bonds are to be :issued to finance the :improvement cr extens.ion <br />of a municipally owned or operated utility or other public <br />service enterprise. <br />mote: The provisions must be designated as Section 55 <br />because of the later reference in Section. ~a0 to <br />"Section 55". <br />IV . <br />Delete the present Section 56 and substitute <br />therefore the following: <br />SECTION 56 - Public sale of all bonds <br />No bonds issued under this Charter shall be sold <br />without first offering the same at public sale. Noti,~e of <br />such sale shall_ be given 1-,y publication at least once 9..n a, <br />financial jourr:al publishF~d in t:_e State of Texas and by <br />~~ publication at least once ir. the official newspaper of the <br />City, both of such publications to be made not less th:z.n <br />ten days prior to the date set for such sa,l•~. <br /> <br />Page 2, Exhibit No. 7 <br />