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131 <br />MIlJUTES - SPECIAL ME~EZ~G <br />LA PORTS CITY COMMISSION -MARCH 16, 19l~8 <br />10:00 A. M. <br />Special meeting of the City Comm~.ssion was called t o order by Mayor Pfeiffer <br />with the folloxit~g members and City Officials present: Commissioners Jas. S. <br />Crate, Jr. and Jas. E. Stewart, Supt. of Public Works Raleigh Erwin, A. H. <br />Lambert, Sr., Editor and oamer of the La Porte Reporter, John T,lUio ;,fee, re- <br />presenting Wyatt C. Hedrick, City Engineer, Ernest L. Brown, Jr., John S. <br />Kiibler, City Attorney, and J. E.Muldoon, City Clerk. <br />Commissioner Crate introduced a Resolution, and moved it's adoption. The <br />motion was seconded by Coxnnissioner Stewart. The Resolution is as follows: <br />RESOLUTION <br />CANVASSING RETURNS AND DECLARING TN.E RESULT OF AN ELECTION <br />HELD ON THE QUESTION OF THE ISSUANCE OF REVENUE BONDS OF SAID <br />C a Y IN THE AMOUNP OF X200, 000.00, FOR THE PURPOSE OF C ON- <br />STRUCTION EXTII~TSIONS AND IMPROVEMENPS TO THE WATERWC~tKS SYS- <br />TEM OF SAID CITY; AND ON THE QUEST ION OF THE ISSUANCE OF <br />X300,000.00 REVENUE BONDS, FCR THE PURPOSE OF CONSTRUCTING <br />EXTENSIONS AND IMPRWEMIIJTS TO THE SEWER SYSTEM OF SAID CITY; <br />and PLEDGING THE REVENUES OF THE WATERWORKS SYSTEM AND THE <br />SEWER SYSTEM TO THE PAYMENP THEREOF. <br />'~ ViHEREAS, on the ~d day of February, 19l~8, the City Coa:unission <br />adopted a resolution and order callia2g an election to be held in the City <br />of La Porte, Texas, on the 21st ds4Y of February, 191x.8, on the following <br />propositions: <br />PROPOSITION N0. 1 <br />Shall the City Commission of the City of La Porte, Texas, be auth- <br />orized to issue $200,000.00 Revenue Bonds of said City, maturing serially <br />or otherwise over a period of years not to exceed thirty (30) years from <br />their date, bearing interest at a rate not to exceed five (5~) per cent <br />per annum, for the purpose of constructi:ag exten$ions and improvements to <br />the tiYaterworks System of said City; and to provide for the payment of the <br />principal of and interest on such bonds solely by pled~iag the net reven- <br />ues derived fran the operation of said Waterworks System, or in the event <br />that the City Commission be authorized to issue Seaver System Revenue Bonds <br />as submitted in Proposition No. 2, to issue oombined Waterworks and Sewer <br />System Revenue Bonds in the maximum amount of X500,000.00, and to pledgo <br />