O-1970-768-A - Laserfiche WebLink

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. e ORDINANCE. NO. 768-A . AN ORDINANCE AMENDING ORDINANCE NO. 768, ,PASSED AND APPROVED ON MAY 1, ,1967, ,BEING AN ORDINANCE PROVIDING RULES, REGULATIONS AND STANDARDS PERTAINING TO WATER DISTRICTS WITHIN THE EXTRA- TERRITORIAL JURISDICTION OF THE CITY OF LA PORTE: AND PROVIDING AN EFFECTIVE DATE HEREOF. ' BE IT ORDAINED BY ,THE CITY ,COMMISSION OF THE CITY ,OF LA PORTE: Section 1. Ordinance No. 768, 'passed and approved May 1, 1967, .is hereby amended so that Section 1 (a) thereof shall be and read as follows: e "Section 1. (a) Bonds may be issued by the district only for the purpose of purcha,si~g and constructi~g, or purchasi~g or constructi~g or otherwise acquiri~g water- works systems and sanitary sewer systems, and, with the prior written consent of the City of La Porte, for drain- ~ge facilities, and to make any and all necessary purchases, constructions, improvements, extensions, additions and repairs thereto, ,and to purchase or acquire all necessary land,r~ghts-of-way,easements, sites, equipment, build- ings ,plants , structures, ,and facilities therefor, and to operate and maintain same, and to sell water and other services within or without the boundaries of the district. Such bonds may not be exchanged for property acquired by . purchase, ,or in payment of the contract price of work done or services rendered for the use and benef,i t of said distr~ct. Such bonds and all refundi~g bonds issued by the district shall only be sold after the taking of public bids therefor and all bonds and refunding bonds shall be sold for cash for not less than ninety-five per cent (95%) e of par, provided the net effective interest rate on bonds so sold, ,taki~g into account any discount or premium as well as the interest rate borne by such bonds, shall not exceed two per cent (2%) above the average interest rate reported by, the' Daily Bond Buyer in its weekly "Twenty Bond Index" in its most recent issue published immediately