O-2016-3621 Authorizing and Ordering the Issuance, Sale and Delivery of City of La Porte, Texas, General Obligation Refunding Bonds, Series 2016

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2,03.5 -3623- 401 -Cl. 016-3621 401-C:. � If ORDINANCE AUTHORIZING AND ORDERING THE ISSUANCE, SALE AND DELIVERY OF CITY OF LA PORTS, TEXAS, GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016; DELEGATING TO AUTHORIZED REPRESENTATIVES THE AUTHORITY TO APPROVE THE AMOUNT, INTEREST RATES, PRICE AND TERMS THEREOF AND CERTAIN OTHER PROCEDURES AND PROVISIONS RELATED THERETO; AUTHORIZING THE REDEMPTION PRIOR TO MATURITY OF CERTAIN OUTSTANDING OBLIGATIONS; AND MAKING OTHER PROVISIONS REGARDING THE BONDS AND MA"TIERS INCIDENT THERETO BE IT ORDAINED BY THE CITY 4c--OL7N4c--IL OF THE CITY OF LA PORTS, TEXAS: ARTICLE I. FIIVDIIVGS AND DETERMINATIONS Section 1_1.: Findinms and Determinations. The City Council hereby officially finds and determines that: (a) The City o£ La Porte, Texas (the "City"), acting through its City Council, is authorized by its Home Rule Charter and the Constitution and laws or the State of Texas, particularly Chapter 1207, Texas Government Code, as amended (the to issue bonds for the purpose of refunding its outstanding obligations; (b) The City, acting through its City Council, has heretofore issued and there remain outstanding the obligations described in Schedule 1 attached hereto (the "Refunding Candidates"�; (c) The City desires to refund all or a portion of the Refunding Candidates in advance of their maturities in order to achieve net present value debt service savings for the City; (d) The City desires, pursuant to Section 1207.007 of the Act, to delegate to two or more of the Authorized Representatives named herein the authority to effect the sale of the Bonds, including the selection of the Refunding Candidates to be refunded (such selected Refunding Candidates to be known herein as the "Refunded Obligations"), within certain parameters herein described; and (e) The City is authorized by the Act to accomplish such refunding by depositing directly with any place of payment for the Refunded Obligations or a trust company or commercial bank the proceeds from the sale o£ such refunding bonds, together with any other legally available funds, which shall be sufficient to provide for the payment o£ the Refunded Obligations on their date of redemption, and such deposit shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Obligations; and MOU:362291 O.1