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- FUlIDING BOND ORDINANCE NO. 2' !tAN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LA. PORTE, TEXAS, AUTHORIZING THE ISSUANCE OF $11,500.00 CITY OF LA PORTE FUNDIlqQ BONDS BEARING INTEREST AT THE RATE OF 1..% PER AmWM FOR THE PURPOSE OF FUNDING .AN EQUAL .AMOUNT OF CITY OF LA PORTE &/0 SEVIER W.ARRANTS AND MATURED INTEREST COUPONS THEREOF; PRESCRIBING THE FORM AND MATURITIES OF SUCH BONDS; PROVIDING FOR THE LEVY, ASSESSMENT AlID COLLECTION OF TAXES ON ALL TAXABLE PROPERTY WITHIN THE LIMITS OF SAID CITY TO PAY THE INTEREST THEREON AND CREATE A SINKING FUND WITH WHICH TO PAY THE PRINCIPAL AS IT MATURES; DECLARING THE VALIDITY OF THE W.ABRANTS AND MATURED INTEREST COUPONS THAT ARE BEING FUNDED; AND DE... CLARING AN Ell4ERGENCY. It '. -- "-' IT APPEARING AFPIRMATIVELY that the City or La Porte has interest coupons thereof, to-wit: outstanding and unpaid the following desoribed warrants and matured . $9,225.69 City of La Porte Sewer Warrants, Seri0s 19;1, dated on or about August 15,19;1, bearing interest at the rate of 6% per azmum; also maturEd interest ooupons of the above mentioned warrants briefly described as follows. 9 coupons at $;0.00 eaoh 9 ooupons at $;0.00 eaoh 9 ooupons at $;0.00 each 9 ooupons at $;0.00 eaoh 9 ooupons at $30~00 eaoh 9 ooupons at $30.00 each 9 coupons a't $;0.00 eaoh . 9 ooupons at $;0.00 eaoh 9 ooupons at C30.00 eaoh 8 coupons at $;0.00 eaop 8 coupons at $30.00 each 8 coupons at $;0.00 each - $270.00 due 4110;32 $270.00 due 10110/32 $270.00, ~aue 4119~ $270.00 due 10110 3 0270.00 due 4/1P 4 $270.00 due 1011-0/34 $270.00 due 4/1P~ $270.00 due 10110 5 $270.00 due 4/lP 6 $240.00 due 10/10/36 $240.00 due 4I1913J $240.00 due 10/10~7 AND IT FURTHER APPEARING AFFIRUATIVELY that the hereinbefore described warrants and matured interest coupons have been adjudicated in that certain suit in the Distriot Court of Harris Coun'ty entitled Gayle Bros. VB City of La v Porte, No. 210,'-'21, in which it was determined by the Court that the hereinbefore desoribed warrants and matured interest ooupons were adjudged to constitute valid and legally binding indebtedness of the City of La Porte, and that the City of Ia Porte does not have orolaim ~ offset or oounterclaim thereto; AND IT FURTHER APPEARING AFFIRMATIVELY that the . City does not have on hand available for that purpose suf'fi- oient money to pay all of such matured interest coupons and suoh of the warrants as have reaohed their maturity, and that ~11.500 of said warrants and matured interest coupons may be funded by the issuance of an equal amount of Funding Bonds