O-1988-1600 - Laserfiche WebLink

Browse Search

e e .\ -r ~ Section 2. DESCRIPTION OF BONDS . . " The authorization and description of the Bonds and designation of certain rights respecting the Bonds shall be as follows: :.. .2.01...- '..Bond Amount, Name and Purpose. The Authority's 'Bonds to be designated as "LA PORTE AREA WATER AUTHORITY CONTRACT REVENUE BONDS, SERIES 1988," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, in particular the Act and Chap~er 5~ of the Texas Water Code, as amended, in the principal amount of $5,000,000 for the purpose of purchasing an undivided interest in the Southeast Plant. The Authority hereby designates the Bonds to be a "qualified tax-exempt ob1igation" within the meaning of Section 265(b) (3) (B) of the Internal Revenue Code of 1986, as amended (the "Code"). 2.02. Form, Numbers, Date and Denominations. The Bonds shall be issued and delivered.in fully registered form without coupons, shall be dated as of June 1, 1988 (the "Initial Daten), and shall each be in denominations of $5,000 or any integral multiple thereof (up to the maximum principal amount of the Bonds maturing in the year involved). Initially, there shall be 25 Bonds numbered consecutively from T-1 through T-25 in order of their.maturity, each in the principal amount set opposite the .year of maturity in the schedule set forth in Section 2~03. Bonds registered and delivered in exchange for any of the Initial Bonds - surrendered for transfer or exchange shall be numbered from R-l upward in the order that they are authenticated and delivered by the Paying Agent/Registrar. 2.03. Interest, Maturity and Payment. The Bonds shall bear interest (computed on the basis of a 360-day year of twelve 30-daY.months) from the date of delivery, payable June 1, 1989, and each December 1 and June 1 thereafter until the principal sum is paid i.rl full. Payment of interest shall be.made .to the .registered.owner of each Bond as shown on the Bond Register provided for in Section 2.05 hereof as of the 15th day of the calendar month next preceding the .inte.rest .payment.:date ;py check .or draft mailed by the Paying Agent/Registrar to the address 'of. each such 'owner a.s it appears on such Bond Register on the date aforesaid. The Bonds shall mature and become payable, subject to prior redemption in accordance with the provisions of Section 2.04 hereof, on December 1 in each of the years and in the principal amount set forth in the schedule below and shall 022DESAO/024C05 -5-