1962-01-19 Regular Meeting - Laserfiche WebLink

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CI 15, 1962, shall be numbered consecutively from 1 to 50, both inclu- sive, shall be in the denomination of $1,000 each, aggregating $50,000, shall bear interest at the rate of 69~ per annum, interest payable January 15, 1963, and semi-annually thereafter on July 15th and January 15th of each year until the principal sum is paid, shall be payable both as to principal and interest, in lawful money of the United States of America, at the La Porte State Bank, La Porte, Texas, and shall become due and payable serially in their numerical order on July 15th in each of the years 1965 to 1969, as shown in the follow- . ing schedule, to-wit: Warrants Nos. Year of Amount both incl.) Maturity Maturing 1 - l0 1965 $ 10,000 11 - 20 1966 lo,ooo 21 - 30 1967 lo,ooo 31 - 40 1968 lo,ooo kl - 50 1969 lo,ooo The interest on said time warrants shall be payable only upon presen- tation of such warrants as said interest becomes due, and the princi- pal of said time warrants shall be payable only upon presentation and surrender of said warrants as they respectively become due. • Section 5: That each of said time warrants shall be signed by the Mayor and countersigned by the City Clerk of the City of La Porte, Texas, and the official seal of said City shall be impressed upon each of said warrants. Section 6: That said time warrants shall be in substanti- ally the following form: -5 - _,