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<br />ORDINANCE NO. 98-2254
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<br />ut\IGINAL
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<br />ORDINANCE AUTHORIZING THE ISSUANCE OF $2,500,000 CITY OF LA PORTE,
<br />TEXAS GENERAL OBLIGATION BONDS, SERIES 1998, AND ALL OTHER MATTERS
<br />RELATED THERETO
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<br />WHEREAS, at an election duly called and held for and within the City of La Porte, Texas (the "City")
<br />on June IS, 1985, the duly qualified resident electors of the City authorized the City Council of the City (the
<br />"Council") to issue bonds of the maximum amount of $15,500,000 (the "Voted Authorization"), the Council now
<br />deems it to be in the best interest of the City to issue $2,500,000 of the Voted Authorization, being $500,000 for
<br />park improvements and $2,000,000 for drainage improvements; and
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<br />WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to Article 701 et.
<br />seq, Vernon's Texas Civil Statutes, as amended, Article 823, Vernon's Texas Civil Statutes, as amended, and the
<br />Charter of the City;
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<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE,
<br />TEXAS, THAT:
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<br />Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bonds of City of La Porte are hereby
<br />authorized to be issued and delivered in the aggregate principal amount of $2,500,000, for the purpose of
<br />providing funds for park and drainage improvements.
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<br />Section 2. DESIGNATION. DATE. DENOMINATIONS. NUMBERS. MATURITIES. AND INTEREST
<br />RATES OF BONDS. Each bond issued pursuant to this Ordinance shall be designated: "CITY OF LA PORTE,
<br />TEXAS GENERAL OBLIGATION BOND, SERIES 1998", and initially there shall be issued, sold, and delivered
<br />hereunder fully registered bonds, without interest coupons, dated June IS, 1998, in the respective denominations
<br />and principal amounts hereinafter stated, payable to the respective initial registered owners thereof (as designated
<br />in Section 14 hereof), or to the registered assignee or assignees of said bonds or any portion or portions thereof
<br />(in each case, the "Registered Owner", "Owner", or "owner").
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<br />The term "Bonds" as used in this Ordinance shall mean and include collectively the bonds initially issued
<br />and delivered pursuant to this Ordinance and all substitute bonds exchanged therefor, as well as all other
<br />substitute bonds and replacement bonds issued pursuant hereto, and the term "Bond" shall mean any of the Bonds.
<br />The Initial Bond shall be numbered I-I and the definitive Bonds shall be numbered R-l upward and shall be in
<br />the denomination of $5,000 each or any integral multiple thereof, shall mature and be payable serially on March
<br />15 in each ofthe years and in the principal amounts, respectively as set forth in the following schedule, and shall
<br />bear interest from the date specified in the FORM OF BOND set forth in this Ordinance to their respective dates
<br />of maturity or redemption prior to maturity at the following rates per annum:
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<br /> INTEREST INTEREST
<br />YEARS AMOUNTS RA TES YEARS AMOUNTS RATES
<br />2000 $125,000 6.25% 2010 $125,000 4.25%
<br />2001 125,000 6.25 2011 125,000 4.25
<br />2002 125,000 6.25 2012 125,000 4.25
<br />2003 125,000 6.25 2013 125,000 4.25
<br />2004 125,000 6.25 2014 125,000 4.25
<br />2005 125,000 6.25 2015 125,000 4.25
<br />2006 125,000 6.25 2016 125,000 4.25
<br />2007 125,000 6.25 2017 125,000 4.25
<br />2008 125,000 5.00 2018 125,000 4.25
<br />2009 125,000 4.25 2019 125,000 4.25
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