Ord. 1985-1477 - call bond election

Browse Search

. - ORDINANCE NO. /~11 AN ORDINANCE CALLING BOND ELECTION: PROVIDING AND FIXING DETAILS RELATING THERETO: AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ADOPTION WHEREAS, the City Council of the City of La Porte has determined, and hereby determines, that a proposition for the issuance of tax bonds of the City for the purpose of making certain permanent public improvements, as hereinafter provided, should be submitted at an election; and WHEREAS, the City Council wishes to proceed with the ordering of such election: therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. That a special election shall be held in and throughout the City of La Porte, Texas, on the 14th day of December, 1985, which is not less than fifteen nor more than ninety days from the date of this ordinance, at which election there shall be submitted to the duly qual- ified resident electors within the City, for their action thereupon, the following proposition, to-wit: PROPOSITION SHALL THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $4,250,000, MATURING SERIALLY WITHIN 25 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY LAW, ALL AS SHALL BE DETERMINED WITHIN THE DIS- CRETION OF THE CITY COUNCIL, FOR THE PURPOSE OF PURCHASING AND/OR IMPROVING LAND FOR PARK PURPOSES, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES, AND TO CREATE AND PROVIDE A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY MATURE? Section 2. Said election shall be held at each of the following voting places within the City, and the fol- lowing named persons are hereby appointed as officers of said election, to-wit: