O-1980-1222 - Laserfiche WebLink

Browse Search

e e e e . . Section 7: That there is hereby created a special fund to be called "CITY OF LA PORTE, TEXAS, GENERAL OBLIGA- TION AND REFUNDING BONDS, SERIES 1980, INTEREST AND SINKING FUND," and all taxes levied, assessed, and collected for or on account of the New Bonds authorized by this ordinance shall, as collected, be deposited into said fund. That while the New Bonds or any part of the principal or the interest thereon remain outstanding and unpaid, there is hereby levied and there shall be annually assessed and collected in due time, form and manner and at the same time other City taxes are assessed, levied and collected, in each year beginning with the current year, a continuing direct annual ad valorem tax upon all taxable property in said City of La Porte, Texas, sufficient to pay the current interest thereon and to create a sinking fund of not less than two per cent (2%) of the principal amount of said bonds then outstanding or of not less than the amount required to pay the principal payable out of said tax whichever is greater, full allowance being made for delinquencies and costs of collection, and said taxes when collected, shall be applied to the principal of and interest on said bonds and for no other purpose. Section 8: That the Mayor is hereby authorized and directed to submit, or cause to be submitted, the record of the New Bonds, and such bonds, to the Attorney General of the state of Texas for examination and approval and there- after cause said bonds to be registered by the Comptroller of Public Accounts of the State of Texas. Upon said regis- tration of the New Bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be printed and endorsed on each bond, and the seal of said Comptroller shall be impressed or printed, or lithographed on each of said bonds. -7-