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<br />ORDINANCE NO. 2004-r41f r
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<br />ORDINANCE AUTHORIZING THE ISSUANCE OF $7,000,000 CITY OE LA PORTE, TEXAS
<br />CERTIFICATES OF OBLIGATION, SERIES.2004 AND OTHER MA TIERS RELATED THERETO-
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<br />WHEREAS, the City Council of the City of La Porte (the "Issuer" or the "City") deems it advisable to
<br />issue Certificates of Obligation hereinafter described (the "Certificates") in the original aggregate principal amount
<br />of $7,000,000 for the purpose of providing for the acquisition of land and construction of street and drainage
<br />improvements for ~ay Area Boulevard and Canada Road, the acquisition of land for the police headquarters and
<br />emergency operations center, and to pay for the costs associated with the issuance of the Certificates.
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<br />WHEREAS, the Certificates hereinafter authorized and designated are to be issued and delivered for cash
<br />pursuant to Chapter 1502, Texas Government Code, as amended, and the Certificate of Obligation Act of 1971,
<br />Section 271.041 et seq, Texas Local Government Code, as amended (the "Act");
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<br />WHEREAS, the City Council has heretofore, on September 27, 2004, passed a resolution authorizing and
<br />directing the City Secretary to give notice of intention to issue the Certificates, which notice.bas been duly published
<br />in the Bayshore Sun, which is a newspaper of general circulation in the City, in its issues of October 6, 2004 and
<br />October 13, 2004, the date of the frrst publication being at least 14 days prior to the tentative date stated in the notice
<br />for passage of this Ordinance;
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<br />WHEREAS, the City has received no petition from the qualified electors of the City protesting the issuance
<br />of the Certificates; and
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<br />WHEREAS, it is considered to be in the best interest of the City that the Certificates be issued bearing the
<br />date, interest rates, denominations, and maturities as hereafter provided;
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<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE,
<br />TEXAS, THAT:
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<br />SECTION 1. AUTHORIZATION OF THE CERTIFICATES. There is hereby authorized to be issued and
<br />delivered, a series of certificates of obligation of the City, to be known as "CITY OF LA PORTE, TEXAS
<br />CERTIFICATES OF OBLIGATION, SERIES 2004" (the "Certificates"), in the original aggregate principal amount
<br />of $7,000,000 payable from ad valorem taxes and a limited pledge not to exceed $1,000 of the revenues of the City's
<br />Waterworks and Sewer System, for the purposes described in the Form of Certificates contained in Section 3 hereof.
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<br />SECTION 2. DATE. DENOMINATIONS. NUMBERS. AND MATURITIES OF THE CERTIFICATES.
<br />The Certificates shall be dated as of November 1, 2004, shall be in denominations of $5,000 each or any integral
<br />multiple thereof, shall be numbered I-I for the Initial Certificate and consecutively from R-I upward for the
<br />definitive certificates and shall mature on March 15 in each of the years as provided below. The Certificates shall
<br />bear interest at the rates per annum shown below from the dated date, and payable on September 15, 2005 and on
<br />each March 15 and September 15 thereafter through the respective maturity date as shown below:
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<br />Year of Principal Interest Year of Principal Interest
<br />Maturity Pavment Rate Maturitv Pavment Rate
<br />2006 $200,000 - % 2016 $345,000 _%
<br />2007 210,000 2017 360,000
<br />2008 220,000 2018 380,000
<br />2009 235,000 2019 405,000
<br />2010 245,000 2020 425,000
<br />2011 260,000 2021 450,000
<br />2012 275,000 2022 475,000
<br />2013 290,000 2023 505,000
<br />2014 305,000 2024 530,000
<br />2015 325,000 2025 560,000
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