O-2010-3232 Certificates of Obligation Series 2010 and General Obligation Refunding Bonds

Browse Search

lC) - ORDINANCE NO. 3232 ORDINANCE AUTHORIZING AND ORDERING THE ISSUANCE OF CITY OF LA PORTE, TEXAS, GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010; AUTHORIZING CALL FOR REDEMPTION AND DEFEASANCE OF CERTAIN BONDS AND THE USE OF CERTAIN FUNDS RELATED TO THE BONDS TO BE REFUNDED; AND MAKING OTHER PROVISIONS REGARDING SUCH BONDS, INCLUDING USE OF THE PROCEEDS THEREOF, AND 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, has heretofore issued, assumed or undertaken and there remain outstanding the obligations described in Schedule I attached hereto (the "Refunded Obligations"). (b) The City is authorized by Chapter 1207, Texas Government Code, as amended, to issue refunding bonds for the purpose of refunding the Refunded Obligations. (c) The City desires to refund the Refunded Obligations in advance of their maturities, which will benefit the City by reducing total net present value debt service. (d) The City is authorized by Chapter 1207, Texas Government Code, as amended, to accomplish such refunding by depositing directly with any place of payment for the Refunded Obligations proceeds from the sale of the refunding bonds authorized herein, together with any other legally available funds, and such deposit shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Obligations. (e) Upon the issuance of the refunding bonds herein authorized and the making of the deposits of a portion of the proceeds of such bonds and other legally available funds of the City, as authorized herein, the Refunded Obligations shall no longer be regarded as being outstanding, except for the purpose of being paid from such deposit. HOU:3009756.3