1980-12-17 Regular Meeting - Laserfiche WebLink

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.t .. e e e ORDINANCE NO. /d<// AN ORDINANCE AUTHORIZING .L~ ISSUANCE, SALE AND DELIVERY OF ~~ CITY'S CERTIFICATES OF OBLIGATION, SERIES 1980, IN ~~~ AGGREGATE PRINCIPAL AMOUNT O~ $800,000, PROVIDING 'J.:~ DETAILS RELATING THERETO AND DECLARING SAID ORDINANCE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION. WHEREAS, pursuant to the provisions of The Certifi- cate of Obligation Act of 1971, as amended (Art. 2368cL 1, V.A.T.C.S. ), the City of La Porte, Texas, caused notice to be published of the City's intention to issue up to $800(000 in aggregate principal amount of its certificates of Obliga.' tion, payable solely from ad valorem taxes, for the purpose e of constructing and purchasing a public works service center; and WHEREAS, no petition of any kind has been submitted to the City Secretary of the City of La Porte, or to any member of the City Council thereof, or to any officers of the City whatsoever protesting the issuance of Certificates of Obligation for such purpose unless the issuance thereof is approved at an election called, held and concluded in the manner provided by law for bond elections; and WHEREAS, this city Council hereby affirmatively finds and declares that the City of La Porte is fully autho- rized and empowered to issue its Certificates of Obligation for the purpose of constructing and purchasing a public e works service center; and WHEREAS, the City Council desires to authorize the issuance of Certificates of Obligation so as to obtain funds for such purpose; there~ore, BE IT ORDAINED BY ~~~ CITY COUNCIL OF THE CITY OF LA PORTE: Section 1: That in order to obtain funds for the purpose of constructing and purchasing a public works service e center, there shall be, and there is hereby ordered to be, issued under and by virtue ~f the Constitution and laws of the State of Texas, certificates of obligation of the city