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<br />WHEREAS, all the Refunded Obligations mature or are subject to
<br />redemption prior to maturity within 20 years of the date of the bonds
<br />hereinafter authorized;
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<br />WHEREAS, it is now deemed necessary and advisable that said
<br />bonds be issued at this time, in the amounts, and for the purpose as herein
<br />shown; and
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<br />WHEREAS, the bonds hereinafter authorized are to be issued and
<br />delivered pursuant to the Act and the Charter of the Issuer.
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<br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA
<br />PORTE, TEXAS, THAT:
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<br />SECTION 1. AMOUNT AND PURPOSE OF THE BONDS. The bonds
<br />of City of La Porte (the "Issuer") are hereby authorized to be issued and
<br />delivered in the aggregate principal amount of $6,430,000, FOR THE
<br />PURPOSE OF PROVIDING FUNDS TO REFUND THE ISSUER'S REFUNDED
<br />OBLIGATIONS (as described in the preamble hereto).
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<br />SECTION 2. DESIGNATION, DATE, DENOMINATIONS, NUMBERS,
<br />AND MATURITIES OF BONDS. Each bond issued pursuant to this Ordinance
<br />shall be designated: "CITY OF LA PORTE, TEXAS, GENERAL OBLIGATION
<br />REFUNDING BOND, SERIES 1991", and initially there shall be issued, sold,
<br />and delivered hereunder fully registered bonds, without interest coupons,
<br />dated April 15, 1991, in the respective denominations and principal amounts
<br />hereinafter stated, payable to the respective initial registered owners thereof
<br />(as designated in Section 11 hereof)', or to the registered assignee or
<br />assignees of said bonds or any portion or portions thereof (in each case,
<br />the "Registered Owner", "Owner", or "owner").
<br />
<br />The term "Bonds" as used in this Ordinance shall mean and
<br />include collectively the bonds initially issued and delivered pursuant to this
<br />Ordinance and all substitute bonds exchanged therefor, as well as all other
<br />substitute bonds and replacement bonds issued pursuant hereto, and the
<br />term "Bond" shall mean any of the Bonds. The Bonds shall be numbered R-
<br />1 upward, shall be in the denomination of $5,000 each or any integral
<br />multiple thereof, and shall mature and be payable serially on February 15 in
<br />each of the years and in the principal amounts, respectively as set forth in
<br />the following schedule:
<br />
<br />YEARS AMOUNTS YEARS AMOUNTS
<br />1992 $ 90,000 1999 $ 740,000
<br />1993 95,000 2000 450,000
<br />1994 350,000 2001 440,000
<br />1995 520,000 2002 425,000
<br />1996 760,000 2003 415,000
<br />1997 770,000 2004 400,000
<br />1998 755,000 2005 220,000
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