|
<br />..
<br />
<br />.
<br />
<br />ORDINANCE NO. ~3otD
<br />
<br />ORDINANCE AUTHORIZING THE ISSUANCE OF $3,000,000 CITY OF LA PORTE, TEXAS
<br />CERTIFICA TES OF OBLIGATION, SERIES 2000 AND OTHER MA TIERS RELATED THERETO
<br />
<br />WHEREAS, the City Council of the City of La Porte (the "Issuer" or the "City") deems it advisable to
<br />issue Certificates of Obligation hereinafter described (the "Certificates") in the original aggregate principal amount
<br />of $3,000,000 for the purpose of providing for the payment of contractual obligations to be incurred for financing
<br />for construction and equipment for public library purposes and of the payment of contractual obligations for
<br />professional services in connection therewith (including, but not limited to, architectural, fmancial advisory, legal,
<br />and engineering).
<br />
<br />WHEREAS, the Certificates hereinafter authorized and designated are to be issued and delivered for cash
<br />pursuant to Chapters 150 I and 1502, Texas Government Code, as amended, and the Certificate of Obligation Act of
<br />1971, Section 271.041 et seq, Texas Local Government Code, as amended (the "Act");
<br />
<br />WHEREAS, the City Council has heretofore, on February 28, 2000, passed a resolution authorizing and
<br />directing the City Secretary to give notice of intention to issue the Certificates, which notice has been duly published
<br />in the Bayshore Sun, which is a newspaper of general circulation in the City, in its issues of March 5, 2000 and
<br />March 12,2000, the date of the first publication being at least 14 days prior to the tentative date stated in the notice
<br />for passage of this Ordinance;
<br />
<br />WHEREAS, the City has received no petition from the qualified electors of the City protesting the issuance
<br />of the Certificates; and
<br />
<br />WHEREAS, it is considered to be in the best interest of the City that the Certificates be issued bearing the
<br />date, interest rates, denominations, and maturities as hereafter provided;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE,
<br />TEXAS, THAT:
<br />
<br />SECTION 1. AUTHORIZATION OF THE CERTIFICATES. There is hereby authorized to be issued and
<br />delivered, a series of certificates of obligation of the City, to be known as "CITY OF LA PORTE, TEXAS
<br />CERTIFICATES OF OBLIGATION, SERIES 2000" (the "Certificates"), in the original aggregate principal amount
<br />of $3,000,000 payable from ad valorem taxes and a limited pledge oUI ,000 of the revenues of the City's parks and
<br />recreation system, for the purposes described in the Form of Certificates contained in Section 3 hereof.
<br />
<br />SECTION 2. DATE. DENOMINATIONS. NUMBERS. AND MATURITIES OF THE CERTIFICATES.
<br />The Certificates shall be dated as of March 15, 2000, shall be in denominations of $5,000 each or any integral
<br />multiple thereof, shall be numbered 1-1 for the Initial Certificate and consecutively from R-1 upward for the
<br />definitive certificates and shall mature on March IS in each of the years as provided below. The Certificates shall
<br />bear interest at the rates per annum shown below from the dated date, and payable on September 15,2000 and on
<br />each March 15 and September 15 thereafter through the respective maturity date as shown below:
<br />
<br />Year of Principal Interest Year of Principal Interest
<br />Maturity Pavrnent Rate Maturitv Payment Rate
<br />2001 $150,000 2011 $150,000
<br />2002 150,000 2012 150,000
<br />2003 150,000 2013 150,000
<br />2004 150,000 2014 150,000
<br />2005 150,000 2015 150,000
<br />2006 150,000 2016 150,000
<br />2007 150,000 2017 150,000
<br />2008 150,000 2018 150,000
<br />2009 150,000 2019 150,000
<br />2010 150,000 2020 150,000
<br />
|