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<br />. '. <br /> <br />.. <br /> <br />. <br /> <br />ORDIN~NCE ....m <br /> <br />.. <br /> <br />AN ORDINANCE CALLING BOND ELECTION; PROVIDING <br />AND FIXING DETAILS RELATING THERETO; AND <br />DECLARING THAT SAID ORDINANCE SHALL BE <br />EFFECTIVE IMMEDIATELY UPON ADOPTION <br /> <br />WHEREAS,. the City Commission has determined, and <br /> <br />hereby affirmatively determines, that an election should be <br /> <br />called and held in and throughout the City of La Porte, <br />Texas, for the purpose of submitting the propositions for <br /> <br />the issuance of tax bonds of said City for the purposes <br />hereinafter specified; and <br /> <br />WHEREAS, the City Commission wishes to proceed <br />~ with the ordering of such election; Therefore <br />BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LA <br /> <br />PORTE: <br /> <br />, <br />Section 1: That a special election shall be held <br />in and throughout the City of La Porte, Texas, on the I~~ <br />day of May,1971, which is not less than fifteen nor more <br />than thirty days from the date of this ordinance, at which <br /> <br />election there shall be submitted to the duly qualified <br /> <br />resident electors who own taxable property within said City <br /> <br />. <br /> <br />and who have duly rendered the same for taxation', for their <br /> <br />action thereupon, the following propositions, to-wit: <br /> <br />PROPOSITION NO. 1 <br /> <br />SHALL THE CITY COMMISSION OF THE CITY OF LA PORTE, TEXAS, <br />BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE <br />OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT <br />OF $1,063,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR <br />DATE OR DATES AND BEARING INTEREST AT'A RATE OR RATES NOT <br />TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OF ISSUE, <br />ALL AS SHALL BE DETERMINED BY SAID CITY COMMISSION, FOR THE <br />PURPOSE OF EXTENDING AND IMPROVING THE CITY'S EXISTING SANI- <br />TARY SEWER SYSTEM, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE <br />PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON <br />SAID BONDS AS IT ACCRUES AND TO CREATE AND PROVIDE A SINKING <br />FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY MATURE? <br /> <br />PROPOSITION NO. 2 <br /> <br />~ <br /> <br />SHALL THE CITY COMMISSION OF THE CITY OF LA PORTE,. TEXAS, <br />BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE <br />OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $855,000, <br />