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RESOLUTION NO. 71- 08
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WHEREAS, the 62nd Texas Legislature, at its Regular
Session, 1971, has passed Senate Joint Resolution No. 17, a
proposed amendment to add a new Section 49-d-l to Article III
of the Texas Constitution; and
WHEREAS, said proposed amendment will appear on the ballot
at a Special Election to be held on May 18, 1971, as Amendment
No.4; and
WHEREAS, proposed Amendment No. 4 will permit the Texas
Water Development Board, on direction of the Texas Water Quality
Board, to issue additional water development bonds up to
$100 million for use in providing grants, loans, or combina-
tions thereof, to cities, towns, and political subdivisions,
so that these entities may qualify for Federal matching funds
for water quality enhancement programs; and
WHEREAS, the proposed Amendment No.4 provides that bonds
authorized under this new Section 49-d-l and all bonds authorized
by Sections 49-c and 49-d of Article III, Texas Constitution,
may bear interest at not more than 6%, instead of the existing
rate of 4%; and
WHEREAS, the adoption by the people of proposed Amendment
No. 4 would make it possible for the State of Texas to realize
a greater return on tax dollars now going to Washington, since
the Federal matching share of costs would increase from a
maximum of 33% to 55%, as the State enters the program with
grants and loans; and
WHEREAS, the increase in the maximum interest rate from
4~ to 6%, as provided in Amendment No.4, will make it possible
for the Water Development Board to sell its bonds in today's
competitive bond market; and
WHEREAS, the passage of the proposed Amendment No. 4
would make more funds available to assist local government in
providing facilities to adequately treat and dispose of their
wastes, thereby enhancing the quality and quantity of the
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Resolution No. 71- 08
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State's water, and lifting some of the tax load from already
overburdened city taxpayers; now, therefore
BE IT RESOLVED by the City Commission of the City of
La Porte that it endorses Amendment No. 4 on the ballot at
the Special Election to be held on May 18, 1971.
BE IT FURTHER RESOLVED that the City Commission of the
City of La Porte urges the citizens to go to the polls on
May 18, 1971, and vote for the passage of Amendment No.4.
PASSED AND APPROVED, this 3rd day of May, 1971.
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CITY OF LA PORTE, TEXAS
By 2t:46h:i:-i~
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