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<br />ORIGINAL
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<br />ORDINANCE NO. 98-2253
<br />
<br />ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS,
<br />WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 1998, AND ALL
<br />OTHER MATTERS RELATED THERETO
<br />
<br />WHEREAS, the City of La Porte, Texas (the "City" or the "Issuer") has heretofore issued the
<br />following described outstanding bonds (collectively, the "Previously Issued Parity Bonds") to-wit:
<br />
<br />CITY OF LA PORTE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE
<br />BONDS, SERIES 1990 in the principal amount of $500,000 (the "Series 1990 Bonds");
<br />
<br />CITY OF LA PORTE, TEXAS WATERWORKS AND SEWER SYSTEM REVENUE
<br />REFUNDING BONDS, SERIES 1991 in the principal amount of $1,020,000 (the "Series
<br />1991 Bonds"); and
<br />
<br />CITY OF LA PORTE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE
<br />REFUNDING BONDS, SERIES 1994 in the principal amount of $2,125,000 (the "Series
<br />1994 Bonds");
<br />
<br />WHEREAS, all of the Previously Issued Parity Bonds are secured by a pledge of the net revenues
<br />from the operation of the City's combined waterworks system and sanitary sewer system (the "System") and
<br />are on a parity with each other (and any Parity Bonds, hereinafter defined, which are hereafter authorized,
<br />issued, and delivered);
<br />
<br />WHEREAS, notice of intention to issue the bonds authorized hereby has been given by publication
<br />thereof in The Bayshore Sun, a newspaper of general circulation in the City, on May 24, 1998 and May 27,
<br />1998;
<br />
<br />WHEREAS, the City has received no petition from the qualified electors of the City protesting the
<br />issuance of the Bonds; and
<br />
<br />WHEREAS, the Bonds are to be issued and delivered pursuant to the Charter of the City and Articles
<br />1111 through 1118, inclusive, Vernon's Texas Civil Statutes, as amended, for the purposes set forth above;
<br />
<br />THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE,
<br />TEXAS, THAT;
<br />
<br />Section 1. BONDS AUTHORIZED. The City's bonds designated as the "City of La Porte, Texas,
<br />Waterworks and Sewer System Revenue Bonds, Series 1998" (the "Bonds") are hereby authorized to be
<br />issued in the aggregate principal amount of $1,250,000 for the purpose of providing funds for constructing
<br />improvements to the System and pay costs of issuance.
<br />
<br />Section 2. DATES. MATURITIES. AND INTEREST RATES. The Bonds shall be dated June 15,
<br />1998, shall be in the denomination of $5,000 or any integral multiple thereof, shall be numbered
<br />consecutively from R-I upward (provided that the Initial Bond shall be number I-I), shall mature on the
<br />maturity date, in each of the years, and in the amounts, respectively, as set forth in the following schedule,
<br />and shall bear interest payable March 15, 1999, and semiannually thereafter on September 15 and March 15
<br />of each year to the registered owner of any such Bond in the manner provided in the FORM OF BOND set
<br />forth in this Ordinance:
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