1948-03-16 Special Meeting - Laserfiche WebLink

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133 solely the net rev~es of the oombined Waterworks ~ Sewer System to the payment of the principal of and interest on said combined Waterworks and ~, Sewer System Revenue Bonds. PROPOSITION N0. 2 Shall the City Commission of the City of La Porte, Texas, be author- ized to issue X300,000.00 Revenue Bands of said City, maturing serially or otherwise over a period of years not to exceed thirty (30) years from their date, bearing interest at a rate not to exceed five (5)y per cent per annum, for the purpose of constructing extensions and improvoments to the Sewer System of said City; and to provide for the payment of the principal of and interest on such bonds solely by pledging the net revenues derived from the operation of said Sewer System, or in the event that the City Commission be authorized to issue Waterworks System Revenue Bonds as submitted in Proposition No. 1, to issue combined Waterwor2ca and Sewer System Revenue Bonds in the maximum amount of $500,000.00, and to pledge solely the net revenues of the combined Waterworks and Sewer System to the payment of the principal of and interest on said combined Waterworks and Sewer System Revenue Bonds. AND WHEREAS, there were cast at said election 516 valid and legal votes, of which number them were cast: "FOR THE ISSUANCE OF WATERWORKS SYSTEM REV'F~1iJE ' BONDS AND THE PLEDGE OF NET REVENUES FOR THE PAYMENT THEREOF, AS SUBMITTED IN PROPOSITION N0. 1" ...................................... ~_votes. "AGAINST THE ISSUANCE OF WATERWORKS SYSTEM REVENUE BONDS AND THE PLEDGE OF NET REVENUES FOR THE PAYMENT THEREOF, AS SUBMITTED IN PROPOSITION No. 1" ........................... 209 votes "FOR THE ISSUANCE OF SEWER SYSTEM REVENUE BONDS AND THE PLEDGE OF NET REVENUES FOR THE PAYMENT THEREOF, AS SUBMITTED IlV PR OPOSITION N0. 2" ...................................... ~_vates