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• <br />23. <br />!~. The Mayor introduced Ordinance No. 656, which ORDINANCE N0. 656 <br />was read in full. Commissioner Osburn made a motion that the <br />ordinance be accepted as read. C®mmissioner Brown seconded <br />the m®tion for adoption of the ordinance. The motion, carrying <br />with the adoption of the ordinance, prevailed by the foil®wing <br />vote: <br />AYES: Commissi®ners Stabs, Osborn, Brown, Clovis <br />Mann, City Clerk and Mayor Pfeiffer. <br />NOES: None. <br />The Mayor thereupon announced that the m®tion had <br />duly and lawfully carriPCl, and that the ordinance had been duly <br />and lawfully adopted. C~,gtion of the ordinance is as foil®ws: <br />(Ordinance No. 656 filed in Ordinance Book) <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEWER SYSTEP~ REFi1NDING <br />BONDS; PRESCRIBING THE TERMS AND PROVISIONS THEREOF; PROVIDING <br />FOR THE EXCHANGE THEREOF FOR THE INDEBTEDNESS BEING REFUNDED <br />THEREBY; CONTAINING OTHER. PROVISIONS RELATING TO THE SUBJECT; <br />AND PROVIDING THAT THIS ORDINANCE SHALL BE EFFECTIVE UPON AND <br />AFTER ITS ADOPTION. <br />~ ~ <br />5. The following bids on forty-one thousand dollars <br />($ 11,000.00) City of La torte Sewer System Refunding Bonds, <br />Series 1962, were received on September 7th, as advertiseds <br />Goodbody and Company <br />Houston, Texas, Coupons 3~ Gross Interest Cost: $ 8,100.00 <br />Premium 28.50 <br />Net Interest Cost: 8,017.50 <br />Effective Int. Rate: 2.9691~~ <br />A. G. Edwarats and Sons <br />Houston, Texas, Coup©ns 3-1/$~ <br />Gross Interest Cost: $ 8,l~37.50 <br />Premium 11.11 <br />Net Interest Cost: 8,!}26.39 <br />Effective Int. Rate: 3.1208% <br />M. E. Allison and Company, Inc. <br />San Antonio, Texas, Coupons 3~ Gross Interest Cost: $ $,100.00 <br />Premium 7.51 <br />Net Interest Cost: 8,029.49 <br />E__'fective Int. Rate: 2.9738 <br />BIDS: SEWER SYSTEM <br />~~FUNDING BONDS, <br />SERIES 1962 <br />- - - <br />