O-1979-1158 - Laserfiche WebLink

Browse Search

. . . . e e section 7: That there is hereby created a special fund to be called "CITY OF LA PORTE, TEXAS, GENERAL OBLIGA- TION BONDS, SERIES 1979, INTEREST AND SINKING FUNDII, and all taxes levied, assessed, and collected for or on account of said bonds authorized by this ordinance shall, as collected, be deposited into said fund. That while said bonds or any part of the principal or the interest thereon remain outstand- ing 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 ip 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 requir~d to pay the principal payable out of said tax which- ever 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 said bonds, and the bonds, to the Attorney General of the State of Texas for examination and approval and thereafter cause such bonds to be registered by the Comptroller of Public Accounts of the State of Texas. Upon said registra- tion of said bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certif- icate 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-