Ord. 1971-881 - canvass bond election

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. ORDINANCE 881 . . ORDINANCE CANVASSING RETURNS AND DECLARING. RESULTS OF BOND ELECTION AND DECLARING THAT . SAID ORDINANCE SIlALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION WHEREAS, on the 19th day of April, 1971, the City Commission of the City of La Porte, Texas, adopted an ordinance calling an election to' be held in said City on the 15th day of May, 1971, for the purpose of submitting 'to the duly qualified resident electors of said City who owned taxable property within said City and who had duly rendered the same for ~axation, for their acti~n, and for the purpose of submitting to the duly qualified resident .. electors. of said City for their separate '.,action" \;lpon the following propositions, to-wit: PROPOSITION NO. 1 . SHALL THE CITY CO~~ISSION OF THE CITY OF'LA PORTE, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,063,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE l1AXIMUM AUTHORIZED BY LAW AT THE TIME OF ISSUE, ALL AS SHAI.L BE DETERMINED BY SAID CITY COMlUSSION, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE CITY'S EXISTING SANITARY SEWER SYSTEM, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO CREATE. AND PRO- VIDE A SINKING Fm~D TO PAY THE PRINCIPAL OF S~ID BONDS AS THEY MATURE? PROPOSITION NO. 2 SHALL THE CITY COMMISSION OF THE CITY OF LA PORTE, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ON~ OR MORE SERIES, IN THE AGGREGAGE PRINCIPAL AMOUNT OF $855,000, . , , -1-