|
<br />.
<br />
<br />.
<br />
<br />'ORDINANCE NO. 1754
<br />
<br />ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS,
<br />GENERAL OBLIGATION REFUNDING BONDS, SERIES 1991, AND ALL OTHER
<br />MATTERS RELATED THERETO
<br />
<br />WHEREAS, there are presently outstanding the following obligations of
<br />the following series of the City of La Porte (the "Issuer" or the "City"),
<br />which are secured by a pledge by the Issuer to levy ad valorem taxes
<br />sufficient to pay principal of and interest on- such obligations as they become
<br />due:
<br />
<br />City of La Porte, Texas, General Obligation and' Refunding Bonds,
<br />Series 1980, dated as of August 1, 1980, maturing in the years 1994
<br />through 1999, currently outstanding in the aggregate principal amount
<br />of $1,575,000, plus accrued interest (the "Refunded Series 1980
<br />Bonds") ;
<br />
<br />College View Municipal Utility District Waterworks and Sewer System
<br />Combination Tax and Revenue Bonds, Series 1984, dated as of
<br />February 15, 1984, assumed by the Issuer through annexation of the
<br />territory with such district, maturing in the years 1995 through 2004,
<br />and currently outstanding in the aggregate principal amount of
<br />$1,750,000, plus accrued interest (the "Refunded Assumed Bonds");
<br />and .
<br />
<br />City of La Porte, Texas, General Obligation Bonds, Series 1985, dated
<br />September 15, 1985, maturing in the years 1996 through 2005,
<br />currently outstanding in the aggregate principa~ amount of $2,500,000,
<br />plus accrued interest, and callable at any time (the "Refunded Series
<br />1985 Bonds");
<br />
<br />WHEREAS, the Issuer now desires to advance refund the
<br />Refunded Series 1980 Bonds, the Refunded Assumed Bonds, and the
<br />Refunded Series 1985 Bonds, currently outstanding in the aggregate
<br />principal amount of $5,825,000 (collectively, the "Refunded Obligations");
<br />
<br />WHEREAS, Article 717k, Vernon's Texas Civil Statutes, as
<br />amended (the "Act"), authorizes the Issuer to issue refunding bonds and to
<br />deposit the proceeds from the sale thereof together with any other available
<br />funds or resources, directly with a place of payment (paying agent) for any
<br />of the Refunded Obligations, and such deposit, if made before such payment
<br />dates, shall constitute the making of firm banking and financial arrange-
<br />ments for the discharge and final payment of the Refunded Obligations;
<br />
<br />WHEREAS, the City Council of the Issuer (the "Council") deems
<br />it advisable to refund the Refunded Obligations in order to lower the annual
<br />debt service requirements of the Issuer and to restructure the Issuer's debt
<br />service in a manner which will permit the issuance of additional general
<br />obligation bonds without a tax rate increase or with a smaller increase than
<br />would otherwise be required;
<br />
|