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• <br />ORDINANCE #'~~-O <br />AN ORDINANCE ACCEPTING BID AND AWARDING CONTRACT; <br />AUTHORIZING ISSUANCE OF SEWER SYSTEM TIME WARRANTS <br />OF CITY; PRESCRIBING TERMS AND PROVISIONS OF SAID <br />WARRANTS; LEVYING TAXES TO PAY THE PRINCIPAL OF <br />AND INTEREST ON SAID WARRANTS; AND CONTAINING <br />OTHER PROVISIONS RELATING TO THE SUBJECT <br />WHEREAS, on the 16th day of November, 1961, the City <br />Commission of the City of La Porte, Texas, adopted an ordinance <br />authorizing the Mayor and City Clerk to give notice (as set forth in <br />said ordinance) that sealed proposals would be received until 7:00 <br />o'clock P.M. on the 15th day of December, for the construction of <br />certain extensions and improvements to the sanitary sewer system of <br />• it and that it was the intention of the City Commission of <br />said C y, <br />said City to authorize and issue time warrants of said City in the <br />maximum amount of $50,000, bearing interest at a rate or rates not <br />exceeding 6°6 per annum, and maturing serially over a period not to <br />exceed ten years from their date, with maximum maturity date of <br />December 31, 1972, for the purpose of evidencing the indebtedness of <br />said City for all or part of the cost of making said extensions and <br />improvements; and <br />irIHEREAS, said notice was given in the manner and for the <br />time prescribed by law; and <br />WHEREAS, the City Commission convened at the time and <br />lace a ecified in said notice, to-wit: at the regular meeting place <br />P p <br />of said City Commission in the City Hall of said City, at 7:00 o'clock <br />P.M. on the 15th day of December, 1961, and received sealed proposals <br />pursuant to such notice; and <br />WHEREAS, after opening and reading such proposals aloud, <br />the City Commission referred the same to the City's Engineer for <br />tabulation, study, and recommendation a; and <br />WHEREAS, such proposals have been tabulated and studied, <br />-2- <br /> <br />