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. . ORDINANCE NO. ~4-1 ~71 ORDINANCE AUTHORIZING TIlE ISSUANCE OF CITY OF LA PORTE. TEXAS. GENERAL OBLIGATION REFUNDING BONDS, SERIES 1994, AND ALL OTHER MATTERS RELATED THERETO WHEREAS, there are presently outstanding the following obligations of the City of La Porte (the "Issuer" or the "City"), which are secured by a pledge by the Issuer to levy ad valorem taxes sufficient to pay principal of and interest on such obligations as they become due (collectively the "Refunded Obligations") which the Issuer now desires ro refund: REFUNDED DESCRIPION AMOUNT College View Municipal Utility District Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1968, dated , 1968 (Assumed Bonds) 5 120,000 MATURlTES CALL 1997-1998 9-1-94 College View Municipal Utility District Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1970. dated , 1970 (Assumed Bonds) 5 15,000 1995 5-1-94 City of La Porte, Texas. General Obligation Bonds, Series 1986. dated , 1986 52,175,000 1998-2005 2-15-96 City of La Porte, Texas, General Obligation Bonds, Series 1989, dated , 1989 S 1 ,850.000 2003-2010 2-15-00 City of La Porte, Texas. General Obligation Bonds, Series 1990, dated September 15. 1990 $ 600.000 2004-2011 3-15-01 City of La Porte, Texas, General Obligation Refunding Bonds, Series 1991. dated April 15, 1991 51,900,000 2001-2005 2-15-99 WHEREAS, Article 717k. Vernon's Texas Civil Statutes, as amended (the "Act"), authorizes the Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds or resources. directly with a place of payment (paying agent) for any of the Refunded Obligations. and such deposit. if made before such payment dates, shall constitute the making of firm banking and financial arrange- ments for the discharge and final payment of the Refunded Obligations: WHEREAS, the City Council of the Issuer (the "Council") deems it advisable to refund the Refunded Obligations in order to lower the annual debt service requirements of the Issuer and to restructure the Issuer's debt service in a manner which will permit the issuance of additional general obligation bonds without a tax rate increase or with a smaller increase than would otherwise be required: WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to maturity within 20 years of the date of the bonds hereinafter authorized: ....-- WHEREAS, it is now deemed necessary and advisable that said bonds be issued at this time. in ..the amOUDlS, and for the purpose as herein shown; and WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to the Act and the Charter of the Issuer.