O-1991-1755 - Laserfiche WebLink

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e . ORDINANCE NO. 1755 ORDINANCE AUTHORIZING TilE ISSUANCE OF CITY OF LA PORTE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING BONDS, SERIES 1991, AND ALL OTHER MATTERS RELATED THERETO WHEREAS, the City of La Porte (the "City" or the "Issuer") has heretofore issued its City of La Porte, Texas, Waterworks and Sewer System Revenue Bonds, Series 1985 (the "Series 1985 Bonds"); and WHEREAS, In the ordinance authorizing the issuance of the Series 1985 Bonds the City reserved the right to issue revenue bonds on a parity therewith, and pursuant to such right has heretofore issued its City of La Porte, Texas, Waterworks and Sewer System Revenue Bonds; Series 1990 (together with the Series 1985 Bonds, the "Previously Issued Parity Bonds"); and WHEREAS, the City intends to advance refund 'certain of the Previously Issued Parity Bonds, being the "City of La Porte Waterworks and Sewer System Revenue Bonds, Series 1985", maturing in the years 1996 ,10'" through 2005, in the outstanding principal amount of' $3,000,000 (the "Refunded Obligations") and to 'call the Refunded Obligations prior to their maturities; and " WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to maturity within 20 years of the date of the bonds hereinafter authorized; and WHEREAS, the Bonds are to be issued and delivered pursuant to the Char~er of the City and Article 717k and Articles 1111 through 1118, inclusive, V. A. T . C. S., as amended, for the purposes set forth above. THEREFORE, BE IT ORDAINED BY THE, CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, THAT; SECTION 1. BONDS AUTHORIZED. The City's bonds designated as the "City of La Porte, Texas, Waterworks and Sewer System Revenue Refunding Bonds, Series 1991" (the "Bonds") are hereby authorized to be issued in the aggregate principal amount of $3,425,000 for the purpose of providing funds to refund the Refunded Obligations and pay costs of issuance. SECTION 2. DATES AND MATURITIES. The Bonds shall be dated April 15, 1991, shall be in the denomination of $5,000 or any integral multiple thereof, shall be numbered consecutively from R-1 upward, and shall mature on the maturity date, in each of the years, and In the amounts, respectively, as set forth In the following schedule: