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<br />? <br /> <br />. <br /> <br />e <br /> <br />e <br /> <br />. <br /> <br />~ <br /> <br />, . <br /> <br />e <br /> <br />'. <br /> <br />ORDINANCE NO. 1140 <br /> <br />AN ORDINANCE CALLING BOND ELECTION; PROVIDING <br />AND FIXING DETAILS RELATING THEP~TO; AND <br />DECLARING THAT SAID ORDINANCE SHALL BE <br />EFFECTIVE IMMEDIATELY UPON ADOPTION <br /> <br />WHEREAS, the City Commission has determined and <br /> <br />hereby determines, that the ~ropositions for the issuance <br />of tax bonds of said City for the purpos,e of making certain <br /> <br />_permanent public improvements, as hereinafter provided, <br /> <br />should be submitted at an election as hereinafter provided; <br /> <br />and <br /> <br />WHEREAS, the City Commission wishes to proceed with <br /> <br />the ordering of such election; Therefore, <br /> <br />BE IT ORDAINED BY THE CITY COMMISSION OF' THE CITY OF LA PORTE: <br /> <br />~ <br /> <br />Section 1. <br /> <br />That a special election shall be held <br /> <br />in and throughout the city of La Porte, Texas, on.the 24 <br /> <br />day of <br /> <br />FEBRUARY <br /> <br />" 1979, which is not less than fifteen <br /> <br />nor more ,than ninety days from the date of this ordinance, at <br /> <br />which election there' shall be aubmitted to the duly qualified <br /> <br />resident electors within said City, for their action there- <br /> <br />.upon, the following propositions, to-wit: <br /> <br />PROPOSITION NO. 1 <br /> <br />SHALL THE CITY CO~~I~SION OF THE CITY OF LA PORTE, TEXAS, BE <br />AUTHORIZED'TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR <br />MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF <br />$2,000,000, MATURING SERIALLY WITHIN 25 YEARS FROM THEIR <br />DATE OR DATES, AND BEARING INTEREST AT A RATE OR RATES NOT <br />TO EXCE~D THE ~~XIMUM NOW OR HEREAFTER AUTHORIZED BY LAW, <br />ALL AS SHALL BE DETEm1INED WITHIN THE DISCRETION OF THE CITY <br />COMMISSION, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE <br />CITY'S EXISTING SANITARY SEWER SYSTEM, fu~D TO LEVY TAXES <br />UPON ALL TAXABLE PROPERTY WITHIN SAID CITY ANNUALLY, SUFFI- <br />CIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES, AND <br />TO CREATE AND PROVIDE A SINKING FUND TO PAY THE PRINCIPAL <br />OF SAID BONDS AS THEY ~~TURE? <br /> <br />PROPOSITION NO. i <br /> <br />SHALL THE CITY CO~lliISSION OF THE CITY OF LA PORTE, TEXAS, BE <br />AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR <br />MORE SERIES OR ISSCES, IN THE AGGREGATE PRINCIPAL A}10UNT OF <br />$1,250,000, ~~TURING SERIALLY WITHIN 25 YEARS FROM THEIR <br />DATE OR DATES, AND BEARING INTEREST AT A RATE OR RATES NOT <br />TO EXCEED THE ~~~XIHUM NOW OR HEREAFTER AUTHORIZED BY LAW, <br />ALL AS SHALL BE DETEmlINED WITHIN THE DISCRETION OF THE CITY <br />CO~1MISSION, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE CITyr~ <br />EXISTING WATERWORKS SYSTEM, AND TO LE\~ TAXES UPON ALL <br />