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<br />ORDINANCE NO. 1727
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<br />ORDINANCE AU11IORIZING TIlE ISSUANCE OF $1,500,000 CI1Y OF
<br />LA PORTE, TEXAS, GENERAL OBUGATION BONDS, SERIES 1990;
<br />EXECUTION OF A PAYING AGENTIREGIS'IRAR AGREEMENT; AND ALL
<br />OTHER MATfERS RELATED TIIERE1O, INCLUDING IMMEDIATE
<br />EFFECTIVENESS
<br />
<br />WHEREAS, at an election duly called and held in the City of La Porte, Texas (the "City")
<br />on June 15, 1985 (the "Election"), ffiore than a majority of the duly qualified resident electors of
<br />the City who participated in the election voted in favor of, among other things, the issuance of tax
<br />supported bonds for various purposes, including those described below; and
<br />
<br />WHEREAS, the City has heretofore issued "City of La Porte, Texas General Obligation
<br />Bonds, Series 1985" in the original aggregate principal amount of $5,000,000 as the first installment
<br />of bonds authorized at the Election for various purposes; and
<br />
<br />WHEREAS, the City has heretofore issued "City of La Porte, Texas General Obligation
<br />Bonds, Series 1989" in the original aggregate principal amount of $4,550,000 as the second
<br />installment of bonds authorized at the Election for various purposes; and
<br />
<br />WHEREAS, the City Council of the City deems it necessary and desirable to proceed with
<br />the issuance of another installment of bonds authorized at the Election in the aggregate principal
<br />amount of $1,500,000, for the purpose of constructing or purchasing a gymnasium, support facilities,
<br />and related improvements in Little Cedar Bayou Park, leaving certain of said bonds authorized at
<br />the Election to be issued in one or more installments at a later date or dates:
<br />
<br />THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
<br />LA PORTE, TEXAS, THAT;
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<br />Section 1. BONDS AU1HORIZED. The preamble to this Ordinance is hereby made a
<br />part hereof and pursuant to Article 701 et. seq., Vernon's Texas Civil Statutes, as amended, and
<br />other applicable law, the City's bonds are hereby authorized in the principal amount of $1,500,000
<br />to be designated as the "City of La Porte, Texas, General Obligation Bonds, Series 1990" for the
<br />purpose of constructing or purchasing a gymnasium, support facilities, and related improvements
<br />in Little Cedar Bayou Park.
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<br />Section 2. DATES, AND MA1URITIES, AND INTEREST RATES. The Bonds shall
<br />be dated September 15, 1990, shall be in the denomination of $5,000 or any integral multiple
<br />thereof, shall be numbered consecutively from R-1 upward, and shall mature on the maturity date,
<br />in each of the years, and in the amounts, respectively, as set forth in the following schedule and
<br />the Bonds shall bear interest at the following rates per annum:
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