O-1980-1241 - Laserfiche WebLink

Browse Search

. e e e. e e connection with his registration certificate to appear thereon, as hereinafter provided. Section 5: That the principal of and interest on said certificates shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of proper certificate or interest coupon, as the case may be, at Bayshore National Bank, La Porte, Texas, or at the option of the bearer, at First City Bank of La Porte, La Porte, Texas, which banks shall be the paying agents for said certificates. Section 6: The certificates, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas, and the form of interest coupons, shall respectively be in substantially the form set forth in Exhibit A attached hereto and made a part of this ordinance for all purposes. Section 7: That to provide for the payment of the interest on said certificates as it accrues and to provide a sinking fund for the redemption of said certificates at maturity or a sinking fund of 2% (whichever amount shall be greater), there shall be and there is hereby levied for the current year and each succeeding year thereafter while said certificates or interest thereon shall remain outstanding and unpaid, a sufficient tax on each one hundred dollars' valuation of taxable property in said City, adequate to pay such interest and to provide for such sinking fund, after full allowance has been made for delinquencies and costs of collection; said tax shall be assessed and collected each year and applied to the payment of said interest and to provide for such sinking fund, and same shall not be diverted to any other purpose. The taxes so levied shall be paid into a fund known as "SPECIAL CITY OF LA PORTE, TEXAS, CERTIFICATES OF OBLIGATION FUND, SERIES 1980," which is -3-