O-2017-3666 Certificate of Obligation, Series 2017

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ORDINANCE NO. 2017-3666 ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 2017; AND CONTAINING OTHER MATTERS INCIDENT THERETO BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: ARTICLE I FINDINGS AND DETERMINATIONS Section 1.1: Findings and Determinations. The City Council hereby officially finds and determines that: (a) The City of La Porte, Texas (the "City"), acting through its City Council, is authorized pursuant to and in accordance with the provisions of Texas Local Government Code, Chapter 271, Subchapter C, as amended (the "Act"), to issue certificates of obligation to provide all or part of the funds to pay contractual obligations to be incurred for the construction of public works and the purchase of materials, supplies, equipment, machinery, buildings, land and rights-of-way for authorized needs and purposes and for the payment of contractual obligations for professional services, to wit: (i) the planning, acquisition, design and construction of wastewater system improvements, and (ii) professional services rendered in connection therewith. (b) The City Council authorized the publication of a notice of intention to issue its City of La Porte, Texas, Certificates of Obligation, Series 2017 (the "Certificates") to the effect that the City Council was tentatively scheduled to meet at 6:00 p.m. on January 23, 2017, at its regular meeting place to adopt an ordinance authorizing the issuance of the Certificates to be payable from an ad valorem tax levied, within the limits prescribed by law, on the taxable property located within the City, and a pledge of surplus net revenues of the City's water and sewer system(the "System"). (c) Such notice was published on December 22, 2016 and December 29, 2016 in The Bay Area Observer. (d) No petition signed by at least five percent(5%)of the qualified voters of the City has been filed with or presented to any official of the City protesting the issuance of such Certificates on or before the date of passage of this Ordinance. (e) The City has determined that it is in the best interests of the City and that it is otherwise desirable to issue the Certificates to provide all or part of the funds to pay contractual obligations to be incurred for the purposes authorized by the Act. (f) The Certificates herein authorized for issuance are to be delivered to the Texas Water Development Board (the "TWDB" or the "Purchaser") in evidence of a loan commitment received in the aggregate amount of the Certificates. 1 HOU:3746876.1