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<br />• • <br />3. Mr. Burrel Rowe, representing the law firm <br />of Smith, Strock and Rowe, addressed the <br />Commission in regards to the sale of ;600,000 <br />of College View Municipal Utility District <br />bonds. Mr. Rowe stated that through an error <br />made by the law firm, an initial sale of the <br />bonds was made at an interest rate higher than <br />permitted by La Porte's governing ordinance. <br />Mr. Rowe asked the Commission to amend the <br />ordinance to per:cit the sale of the bonds at <br />the higher interest rate. <br />After a lengthly discussion on the interest <br />rates, amending the ordinance and the number <br />of years to be allowed for the recall option, <br />the law firm agreed to place funds in escrow <br />equal to the maximum additional amount the <br />City would have to pay because of the error, <br />if the area were annexed after five years and <br />before the 15 year recall option on the bonds. <br />Motion by Comm. Thomas, seconded by Comm. <br />Kibodeaux to adopt Ordinance No. 868 as read. <br />Motion carried by the following vote: <br />AYES: Commissioners Thomas, Kibodeaux and Burgin. <br />NAYS: None. <br />ABSENT: Commissioner Crofoot. <br />CAPTION: <br />AN ORDINANCE PROVIDING THAT COLLEGE VIEW MUNICIPAL <br />UTILITY DISTRICT HAS COMPLIED WITH THE PROVISIONS <br />OF CITY OF LA PORTS ORDINANCE N0. 768 AND THAT THE <br />CITY OF LA PORTS APPROVES THE TERMS AND CONDITIONS <br />UNDER WHICH COLLEGE VIEW MUNICIPAL UTILITY DISTRICT <br />PROPOSED TO ISSUE ITS BONDS; AND PROVIDING AN <br />EFFECTIVE DATE HEREOF. <br />+ + + <br />4. Motion by Comm. Kibodeaux, seconded by Comm. Thomas <br />to call a joint hearing with the Planning and Zoning <br />Commission on December 7, 1970 to consider the <br />rezoning of the Weems Tract and various tracts in <br />Fairmont Park. Motion carried by the following vote: <br />AYES: Commissioners Thomas, Kibodeaux and Burgin. <br />NAYS: None. <br />ABSENT: Commissioner Crofoot. <br />+ + + <br />