1943-03-08 Meeting - Laserfiche WebLink

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~~ • • 11s9 THIS COPY OF PROPOSAL $ETWEEN CITY OF LA PORTE AND THE J. R. PHILLIPS INVESTP.4ENT CO., ARE MADE A PART OF THE PsINUTES OF THE MEETING OF THE CITY COUTCZL OF MARCH 8, 19l~3. To the Honorable I!4ayor and City Counoil City of La Porte, Texas We understand that the City of La Porte desires to make oertain improvements within the CitS- and to finance siich improve- ments by :the issuance of contraot warrants. Therefore, we propose to purchase legally issued City of La Porto Improvement Warrants in the amount determined to be necessary by the Council, which it now appears will not be less than X10,900.00 nor more than X18,000.00, at par and accr•~ed interest for warrants bearing interest at the rate of der annum and maturing X1,000 each year beginning in 191.. We agroe to make payment for these warrants as funds are needed and to hold them until they can be refunded into an issue of refunding bonds of like amount and maturities and bearing interest at the rate of 1.~ f per annum, with option of redemp- tion on and after 10 years from date. We will pay the expenses of an attorney to prepare the necessary ordinance and other legal papers for the issuance oP both the warrants and the refunding bonds, the printing of both .~, the warrants and the refunding bonds, the market attorney's approval thereof, and all such expenses incidental to the issuance of those warrants and their subsequent refunding into bonds. In aon~ideration of the expenses to be incurred and services to be performed hereunder the City of La Porte agsses to pay us the sum of $~ 1.00.00 in full payment for such expenses and services. Such fee to be paid after completion of this contrgct. , The City of La Porte agrees to pass all proper ordinance _and execute all proper papers for the issuance of these warrants and their subsequent refunding into a like amount of refunding bonds. Respectfully submitted this 8th day of March , 1943, J. R. PHILLIPS INVESTMENT COMPANY By R. G. Wills Upon motion b~ Alderman Johnson and seconded by Alderman Norris , with Alderman, Norris, Johnson, Kerber voting AYE, and no one vo ing N0, IT IS ORDERED that the above proposal of the J. R. Phillips Investment Company for financing cer;:ain improvements with- in the City of La Porte be and the same is hereby accepted. 'Fred R. Ruff MAYOR Annie Christensen ASST.CITY SECRETARY ~~..