O-1986-1497 - Laserfiche WebLink

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... ',. .... . e ORDINANCE NO. .B!l1 ORDINANCE AUTHORIZING THE ISSU~NCE, SALE AND DELIVERY OF THE CITY'S $4,250,000 GENERAL OBLIGATION BONDS, SERIES 1986, PROVIDING THE DETAILS RELATING THERETO, AUTHORIZING AN AGREEMENT WITH THE PAYING AGENT/REGISTRAR AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION WHEREAS, pursuant to an election duly called and held in the City of La Porte, Texas (the "City"), on Decem- ber 14, 1985, the City Council of the City was authorized to issue General Obligation Bonds of the City in the aggregate amount of $4,250,000 for the purpose of purchasing and im- proving land for park purposes~ and WHEREAS, the City Council of the City has deter- mined that it is necessary to issue a first installment of said bonds in the aggregate principal amount of $4,250,000 for the purpose authorized at such election, constituting the entire amount of bonds authorized at such election; and WHEREAS, the City Council desires to proceed with the authorization, issuance and sale of said bonds~ there- fore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. That the bonds of the City of La Porte, Texas, to be known and designated as "CITY OF LA PORTE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1986" (the "Bonds"), are hereby authorized to be issued in the aggre- gate principal amount of $4,250,000 for the purpose of mak- ing the permanent public improvements, to-wit the purchase and improvement of land for park purposes, under and by vir- tue of the Constitution and laws of the State of Texas and as authorized at a bond election held in the City on Decem- ber 14, 1985. . Section 2. That the Bonds shall be issued and delivered in fully registered form without coupons, shall be numbered consecutively from R-l upward, shall be dated as of May 15, 1986 (the "Initial Date") and shall be in denomina- tions of $5,000 or any integral multiple thereof up to the aggregate principal amount scheduled for maturity during the year involved. Initially, there shall be nineteen (19) Bonds (the "Initial Bonds") numbered consecutively from R-l through R-19 in order of their maturity, each in the princi- pal amount set opposite the year of maturity in th~ schedule set forth in Section 3 hereof. Bonds registered and de- livered in exchange for any of the Initial Bonds surrendered for transfer or exchange shall be numbered from R-20 upward in the order that they are authenticated and delivered by the Paying Agent/Registrar herei~after designated. Section 3. That the Bonds shall bear interest (computed on the basis of a 360-day year of twelve 30-day months) from the later of the Initial Date or the most re- cent date to which interest has been paid or duly provided for, payable August 15, 1986 and each February 15 and August 15 thereafter until the principal sum is paid in full. Pay- ment of interest shall be made to the registered owner of each Bond as shown on the Bond Register provided for in Sec- tion 6 hereof as of the last business day of the calendar month next preceding the interest payment date by check or draft mailed by First City National Bank of Houston, ..