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<br />.. <br /> <br />. <br /> <br />. <br /> <br />-. <br /> <br />e e <br /> <br />RESOLUTION NO. 71- 06 <br /> <br />WHEREAS, Senate Bill 630 proposes the creation of a Texas <br /> <br />Bond Bank which would intend to buy all bonds issued by a Texas <br /> <br />Political Subdivision and in turn issue bonds secured by the <br /> <br />collective issues purchased and charge an interest rate to the <br /> <br />municipality of an additional quarter of 1% for this service; <br /> <br />and <br /> <br />WHEREAS, the bands issued by the State would not be <br /> <br />general obligation bonds of the State, and consequently would <br />be no better than the collective credits purchased by the <br /> <br />State; and <br /> <br />WHEREAS, unquestionably this would penalize political <br /> <br />subdivisions. such as the City of La Porte for the benefit of <br />political subdivisions which have not established a good <br /> <br />marketable credit recognition; and <br /> <br />WHEREAS, the City Commission of the City of La Porte <br /> <br />deems the program envisioned by Senate Bill 630 to be of <br /> <br />doubtful value and without merit to cities such as the City <br /> <br />of La Porte, and potentially damaging to the credit of the <br /> <br />State of Texas: <br /> <br />NOW, THEREFORE, BE 'IT RESOLVED BY THE CITY OF LA PORTE, <br />TEXAS: <br /> <br />That Senate Bill 630, creating a public agency of the <br /> <br />State of Texas to be known as the State of Texas Municipal <br /> <br />Bond Bank is without merit; that the plan of operation described <br /> <br />in the Bill is not beneficial to the citizens of the City of <br /> <br />La Porte; and that the City Commission of the City of La Porte <br />opposes Senate Bill 630, and any other bill embodying its <br /> <br />principles. <br /> <br />PASSED AND APPROVED, this 3rd day of May, 1971. <br /> <br /> <br />By <br /> <br />_~T.:. . <br />'C~ Y~r'k~ <br />APPROVED: -d. <br />~~ ~ Ii!/ <br /> <br />City Attorney <br />