1985-06-17 Special Called Meeting of La Porte City Council

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ORDINANCE NO. 1446 ORDINANCE CANVASSING RETURNS AND DECLARING RESULTS OF BOND ELECTION AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION - WHEREAS, on the 29th day of April, 1985, the City Council of the City of La Porte, Texas, adopted an ordinance calling an election to be held in said City on the 15th day of June, 1985, for the purpose of submitting to the duly qualified resident electors of said City for their action thereupon the following propositions, to -wit: PROPOSITION NO. 1 SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY, IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $800,000, MATURING SERIALLY WITHIN 25 YEARS FROM THEIR DATE OR DATES AND BEAR- ING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE CITY'S EXISTING WATERWORKS SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 to 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF THE INTEREST'ON SAID BONDS AS IT ACCRUES AND THE PRINCIPAL OF SAID BONDS AS THEY MATURE BY PLEDGING THE NET REVENUES FROM THE OPERATION OF THE CITY'S WATERWORKS AND SEWER SYSTEM; EACH BOND TO BE CON- DITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATION OUT OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; AND SAID BONDS TO BE ON A PARIT' IN ALL RESPECTS WITH THE OUTSTANDING BONDS OF SAID CITY PAYABLE FROM THE NET REVENUES OF SAID WATERWORKS AND SEWER SYSTEM? PROPOSITION NO. 2 SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY, IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $8,550,000, MATURING SERIALLY WITHIN 25 YEARS FROM THEIR DATE OR DATES AND BEAR- ING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE CITY'S EXISTING SANITARY SEWER SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 to 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF THE INTEREST ON SAID BONDS AS IT ACCRUES AND THE