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<br />• ~? <br />THIS COPY OF PROPOSAL BETWEEN CITY OF LA FORTE AND THE J. R. <br />PHILLIPS INVESTMENT CO., ARE MADE A PART OF THE MINUTES OF THE <br />MEETING OF THE CITY COUNCIL OF APRIL 23, 191.5. <br />Honorable Mayor and City Cauneil <br />City of La Porte, Texas <br />Gentle~teny <br />We understand that the City •P La Porte desires t• <br />-make pertain i.mpravements within the City and t• finaxoe $uoh <br />improvements by the issuanoe •f oantraot warrants. <br />Therefore, ae_:.propase to purohase legally issued City <br />•£ La Porte Improvement. Warrants in the amou:rt of X25,00® at par <br />and scorned interest far warrants bearing interest at the rate •f <br />1 per Dent per aanum awd maturixg $1,000 eaoh year, <br />beginning in 19J~6. <br />We agree t• make payment far these warrants as funds <br />are Headed and to hold them until they can be refunded int• an <br />issue •f refunding bands •f like amount and maturities and bear- <br />ing interest at the rate •f; 3f on all bands due first lO years, <br />~~ an all bands after 10 years, optional on and after 10 years <br />Prom their date. <br />We will pay far the priYting of bath the warrants and <br />the refunding bands and far the expenses •f exohangixg the <br />warrants arsd the registratiaa •f the refunding bonds. The City <br />'- agrees t• pay the fee of C. D. Jessup, Attorney, Par dandling <br />the prooeeding on #~kth the warrants and the refunding bands. <br />The City •f La Porte agrees t• pass all proper •rdi- <br />aa,naes amd execute all proper papers far the issuance of these <br />warrants and their subsequeit refunding into a like amount of <br />refunding bands. <br />RespeotPully submitted this ,~ day •P April, <br />19.5 • <br />J. R. PHILLIPS INVESTMENT CO. <br />By R~ G. Wills <br />Upon motion aP Alderman T. F. Stith , seoonded <br />by Alderman J. N. Jshmsan with dermen Smith <br />Johxs~n ,~ k _ •rris, <br />eating AYE and no one vatiAg ~0 ,~it is •rdered that the above <br />proposal •P the J. R. Phillips IYVestment Co. far financing <br />pertain improvements within the City •f La Porte by and the soma <br />is hereby aocepted. <br />CITY OF LA FORTE <br />~'' Fred R. Ruff <br />Yar <br />ATTESTTs <br />~~~ Har,~,ld H., Shar <br />eoretary <br />