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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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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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7/5/2019 3:50:56 PM
Creation date
6/28/2016 3:01:09 PM
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Legislative Records
Legislative Type
Ordinance
Legislative No.
O-2016-3621
Date
1/25/2016
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"Registered Owner" shall mean the person or entity in whose name any Bond is <br />registered in the Register. <br />"Report" shall mean the verification report prepared by Grant Thornton LLP, Certified <br />Public Accountants, verifying the accuracy of certain mathematical computations relating to the <br />Bonds and the refunding of the Refunded Obligations. <br />"Underwriters" shall mean the purchaser or purchasers of the Bonds identified in the <br />Officer's Pricing Certificate. <br />Section 2.2.: Interpretations. All terms defined herein and all pronouns used in this <br />Ordinance shall be deemed to apply equally to singular and plural and to all genders. The titles <br />and headings of the articles and sections of this Ordinance have been inserted for convenience of <br />reference only and are not to be considered a part hereof and shall not in any way modify or <br />restrict any of the terms or provisions hereof. This Ordinance and all the terms and provisions <br />hereof shall be liberally construed to effectuate the purposes set forth herein and to sustain the <br />validity of the Bonds and the validity of the levy of ad valorem taxes to pay the principal of and <br />interest on the Bonds. <br />ARTICLE III. <br />TERMS OF THE BONDS <br />Section 3.1.: Amount, Purpose and Authorization. (a) The Bonds shall be issued in fully <br />registered form, without coupons, under and pursuant to the authority of the City's Home Rule <br />Charter and the Act in the total authorized aggregate principal amount not to exceed THREE <br />MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($3,5000,000) for the <br />purpose of providing all or part of the funds to refund the Refunded Obligations. Proceeds of the <br />Bonds also will be used to pay costs of issuing of the Bonds and refunding the Refunded <br />Obligations. <br />(b) It is hereby found and determined that the refunding of the Refunded Obligations <br />and the issuance of the Bonds will benefit the City by reducing net present value debt service, <br />and that such benefit is sufficient consideration for the issuance of the Bonds. <br />Section 3.2.: Designation and Date. The Bonds shall be designated as the "City of La <br />Porte, Texas, General Obligation Refunding Bonds, Series 2016," shall be dated January 1, 2016, <br />and shall bear interest from the Issuance Date, unless otherwise provided in the Officers' Pricing <br />Certificate. <br />Section 3.3.: Numbers Denomination, Interest Rates and Maturities. Unless otherwise <br />provided in the Officers' Pricing Certificate, the Bonds shall initially be issued bearing the <br />numbers and shall mature on the dates, in the principal amounts and bearing interest at the rates <br />set forth in the Officers' Pricing Certificate, and may be transferred and exchanged as set out in <br />this Ordinance. Bonds delivered in transfer of or in exchange for other Bonds shall be numbered <br />in order of their authentication by the Paying Agent/Registrar, shall be in the denomination of <br />$5,000 or integral multiples thereof and shall mature on the same date and bear interest at the <br />same rate as the Bond or Bonds in lieu of which they are delivered. <br />4 <br />HOU:3622910.1 <br />
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