R-1989-01 - Laserfiche WebLink

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. . RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $4,800,000 CONTRACT REVENUE BONDS, SERIES II 1988 AND AUTHORIZING AN AGREEMENT WITH THE PAYING AGENT/REGISTRAR WHEREAS, La Porte Area Water Authority (the "Authority") was organized pursuant to the provisions of Section 59 of Article XVI of the Constitution of the State of Texas, by special act, namely,' Chapter 729, page 2,678 et seq., of the 67th Legislature of Texas, Regular Session, 1981 (the "Act"), and operates under the Act and Chapter 54 of the Texas Water Code, as amended; and WHEREAS, the Act authorizes the Authority, with the approval of the City Council of the City of La Porte, to issue its revenue bonds, which revenue bonds may be secured by and payable from pledges of all or any part of the revenues, receipts or assets of the Authority or the revenues of anyone or more leases or other contracts made; and WHEREAS, the Authority has recently issued its first series of revenue bonds in the aggregate principal amount of $5,000,000 (the "First Series of Bonds"), in order to acquire an undivided interest in the Southeast Water Purification Plant under construction by the City of Houston, Texas (the "Southeast Plant"); and WHEREAS, the Board of Directors has determined that it is appropriate to issue its second series of revenue bonds in the aggregate principal amount of $4,800,000, the net proceeds of which are to be used to construct a trans- mission and distribution system to transport water from the Southeast Plant to customers of the Authority, and thereby provide a reliable supply of potable fresh water to serve persons and businesses in the Authority and in certain areas in Harris, County, Texas outside the Authority but within its authorized service area; and WHEREAS, the Board of Directors desires to proceed with the issuance of such Bonds; therefore BE IT RESOLVED BY THE BOARD OF DIRECTORS OF LA PORTE AREA WATER AUTHORITY THAT: EXHIBIT A