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. e ORDINANCE NO. 95-2010 AN ORDINANCE FINDING THE NECESSITY FOR THE ACQUISITION OF CERTAIN REAL PROPERTY FOR PUBLIC PURPOSES; AUTHORIZING THE EXERCISE OF OPTION AGREEMENT DATED JULY 11, 1994, AND THE PURCHASE OF SAID REAL PROPERTY; AUTHORIZING THE ISSUANCE OF THE CITY OF LA PORTE' S $575,000.00 PROMISSORY NOTE; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; PROVIDING AN EFFECTIVE DATE HEREOF. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: section 1. The City Council of the City of La Porte (the "City") has heretofore, by its Ordinance No. 94-1994, passed and approved August 8, 1994, authorized the City Manager of the City of La Porte to enter into an option agreement with Harold P. Pfeiffer, for the purchase of the real property in the City of La Porte, Texas, more particularly described in said option agreement, to be utilized by the City of La Porte for public purposes (the "Property"). section 2. The City Council hereby authorizes the exercise of the purchase option contained in the said option agreement dated July 11, 1994, and the purchase of the Property on the terms and conditions therein stated. section 3. The City Council, as a portion of the consideration to be paid for the purchase of the Property, and in accordance with Article 717w, Vernon's Texas civil Statutes, hereby authorizes the execution and delivery of the City's promissory note (the "Note") in form attached hereto as Exhibit "A", incorporated by reference herein, and made a part hereof for all purposes. The Mayor of the City is authorized to execute the Note on behalf of the City, and the City Secretary of the City is authorized to attest the execution thereof on behalf of the City, and to affix the City's seal thereto. section 4. The city Council, during each year while any of the principal of or interest on the Note is outstanding and unpaid, shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on the Note as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal on the Note as such principal matures (but never less than 2% of the original principal amount of the Note as a sinking fund each year); and the tax shall be based on the latest approved tax rolls of the City, with full allowance being made for tax delinquencies and the cost of tax collection. The rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in the City, for each year while the Note is outstanding and unpaid; and such tax shall be assessed and collected each year and deposited, as collected, to the credit of an interest and sinking fund. The ad valorem taxes sufficient to provide for the payment of the interest on and principal of the Note, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment within the limit prescribed by law.