08-21-68 Regular Meeting of Charter Commission Committee

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s , y 1 .. :.l _ ~ a ~~R 1ST ,~ F` a SECTION 55 - Referendum on bond ordinance Each bond ordinance passed pursuant to a purpose which ha,s been authorized by majority vote at' the property ,. taxpaying voters of the City of La Porte at an election held for that purpose shall not be: subject to referendum. Each bond ordinance relating to ponds not authorized by the qualified property taxpaying vote~~s of the City of ~a Porte, shall be subject to permissive referendum on petition pur- suant to the provision of Article x of this Charter, unless the bonds are authorized solely for a purpose made necessary as the result of fire, flood, or other disaster, or the bonds are to be issued to finance the improvement or extension of a municipally owned or operated utility or other public service enterprise. { mote: The provisions must be designated as Section 55 because of the later reference in Section 90 to "Section 55". IV. Delete the present Section 56 and substitute therefore the following: SECTION 56 - Public sale of all bonds No bonds issued under this Charter shall be sold without first offering the same at public sale. Notice of such sale shall be given by publication at least once in a. financial journal published in the State of Texas and by publication at least once in the official newspaper of the City, both of such publications to be made not less than ten days prior to the date set for such sale.