O-1979-1158 - Laserfiche WebLink

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. e ORDINANCE NO. II~g . ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE CITY'S $1,400,000 GENERAL OBLIGATION BONDS, SERIES 1979, PROVIDING THE DETAILS RELATING THERETO AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION WHEREAS, pursuant to an election duly called and held in the City of La Porte, Texas, on February 24, 1979, the City Commission of said City was authorized to issue General Obligation Bonds of said City in the aggregate prin- cipal amount of $3,250,000 for various purposes including those named below; and . WHEREAS, the City Commission of said City has determined that it is necessary to issue its first install- ment of said bonds for the purposes and in the amounts, respectively, as follows: $1,250,000 for improvements to the City's Waterworks System (the whole amount authorized for that purpose); and $150,000 (out of $2,000,000 authorized) for improvements to the City's Sanitary Sewer System (leaving $1,850,000 to be issued at a later date or dates); and WHEREAS, the City Commission desires to proceed with the authorization, issuance and sale of said bonds; ~ therefore, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LA PORTE: Section 1: That the coupon bonds of the City of La Porte, Texas, to be known and designated as "CITY OF LA PORTE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1979", are hereby authorized to be issued in the principal amount of $1,400,000 for the purpose of making the following permanent public improvements, to-wit: $1,250,000 for the construction of improvements to the . City's Waterworks System (being the whole amount autho- rized for such purpose), and $150,000 for the construc- tion of improvements to the City's Sanitary Sewer