O-2017-3666 Certificate of Obligation, Series 2017

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"Paying Agent/Registrar" means Amegy Bank, a division of ZB, National Association, Houston, Texas, and its successors in that capacity. "Purchaser"means the Texas Water Development Board. "Record Date" means the close of business on the last calendar day of the month immediately preceding the month in which the applicable Interest Payment Date occurs. "Register" means the registration books for the Certificates kept by the Paying Agent/Registrar in which are maintained the names and addresses of, and the principal amounts registered to, each Registered Owner of Certificates. "Registered Owner" means the person or entity in whose name any Certificate is registered in the Register. Section 2.2: Interpretations. All terms defined herein and all pronouns used in this Ordinance shall be deemed to apply equally to singular and plural and to all genders. The titles and headings of the articles and sections of this Ordinance have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof. This Ordinance and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to sustain the validity of the Certificates and the validity of the levy of ad valorem taxes to pay the principal of and interest on the Certificates. ARTICLE III TERMS OF THE CERTIFICATES Section 3.1: Amount, Purpose and Authorization. The Certificates shall be issued in fully registered form, without coupons, under and pursuant to the authority of the Act in the total authorized aggregate principal amount of TEN MILLION SIX HUNDRED THIRTY FIVE THOUSAND DOLLARS ($10,635,000) for the purpose of providing all or part of the funds to pay contractual obligations to be incurred for the purposes described in paragraph 1.1(a) hereof, and to pay the costs of issuing the Certificates. Section 3.2: Designation, Date and Interest Payment Dates. The Certificates shall be designated as the "City of La Porte, Texas, Certificates of Obligation, Series 2017," and shall be dated February 1, 2017. The Certificates shall bear interest at the rates set forth in Section 3.3 below, from the later of the Issuance Date, or the most recent Interest Payment Date to which interest has been paid or duly provided for, calculated on the basis of a 360-day year of twelve 30-day months,payable on September 15, 2017, and each March 15 and September 15 thereafter until maturity or earlier redemption. If interest on any Certificate is not paid on any Interest Payment Date and continues unpaid for thirty (30) days thereafter, the Paying Agent/Registrar shall establish a new record date for the payment of such interest, to be known as a Special Record Date. The Paying Agent/Registrar shall establish a Special Record Date when funds to make such interest payment are received from or on behalf of the City. Such Special Record Date shall be fifteen (15) days 3 HOU:3746876.1