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<br />DRAFT 9/12/90
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<br />ORDINANCE NO. rJ..;tb
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<br />ORDINANCE AUTHORIZING THE ISSUANCE OF S2,JOO,()()(} CITY OF
<br />LA PORTE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS,
<br />SERIES 1990; EXECUTIONOF AN PAYlNGAGENTIREGISTRARAGREEMENT;
<br />ANDALL OTHER MATTERS RELATED THERETO, INCLUDING IMMEDIATE
<br />EFFECl'WENESS
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<br />WHEREAS, at an election duly called and held in the City of La Porte, Texas (the "City")
<br />on June 15, 1985, more than a majority of the duly qualified resident electors of the City who
<br />participated in the election voted in favor of, among other things, the issuance of revenue bonds
<br />in the aggregate principal amount of $8,550,000 for the purpose of extending and improving the
<br />City's existing sanitary sewer system; and
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<br />WHEREAS, all of said bonds are to be secured by a pledge of the net revenues from the
<br />operation of the City's combined waterworks and sanitary sewer system and are to be on a parity
<br />with each other (and any Parity Bonds, hereinafter defined, which are authorized, issued, and
<br />delivered); and
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<br />WHEREAS, the City has heretofore issued "City of La Porte, Texas Waterworks and Sewer
<br />System Revenue Bonds, Series 1985" in the original aggregate principal amount of $6,000,000 (the
<br />"Previously Issued Parity Bonds"); and
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<br />WHEREAS, the City Council of the City deems it necessary and desirable to proceed with
<br />the issuance of a second installment of such voted bonds in the aggregate principal amount of
<br />$2,100,000, leaving $1,250,000 of said authorized bonds to be issued in one or more installments
<br />at a later date or dates;
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<br />THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
<br />LA PORTE, TEXAS, THAT;
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<br />SECI10N 1. BoNDS AITl1-l0RIZBD. Pursuant to Article 1111 et. seq., Vernon's Texas Civil
<br />Statutes, as amended, and other applicable law, the City's bonds are hereby authorized to be issued
<br />to be designated as the "City of La Porte, Texas, WateIWorks and Sewer System Revenue Bonds,
<br />Series 1990" for the purpose of extending and improving the City's existing sanitary sewer system
<br />in the aggregate principal amount of $2,100,000 (the "Bonds"). The Bonds are issued as "Addi-
<br />tional Bonds" as such term is defined in the ordinance authorizing the Previously Issued Parity
<br />Bonds, and are in all respects on a parity with the Previously Issued Parity Bonds.
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<br />SECl10N 2. DATES. MA1URmES. AND INTEREST RA-ms. The Bonds shall be dated
<br />September 15, 1990, shall be in the denomination of $5,000 or any integral multiple thereof, shall
<br />be numbered consecutively from R-1 upward, and shall mature on the maturity date, in each of the
<br />years, and in the amounts, respectively, as set forth in the following schedule and shall bear interest
<br />at the following rates per annum:
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