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

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Section 3.2.: Designation, Date and Payment Date. The Bonds shall be designated as the "City of La Porte, Texas, General Obligation Refunding Bonds, Series 2010," and shall be dated May 1, 2010. The Bonds shall bear interest from the later of May 1, 2010, or the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate set forth in Section 3.3 below, calculated on the basis of a 360 -day year of twelve 30 -day months, payable on March 15 and September 15 of each year, commencing March 15, 2011, until maturity or earlier redemption. Section 3.3.: Number, Denomination, Interest Rate and Maturity. (a) The Bonds shall be initially issued bearing the numbers, in the principal amounts and bearing interest at the rates set forth in the following schedule, and may be transferred and exchanged as set out in this Ordinance. The Bonds shall mature on March 1 in the principal amounts set out in such schedule. Bonds delivered in transfer of or in exchange for other Bonds shall be numbered in order of their authentication by the Paying Agent/Registrar, shall be in the denomination of $5,000 or integral multiples thereof and shall mature on the same date and bear interest at the same rate as the Bond or Bonds in lieu of which they are delivered. Bond Maturity Principal Interest Number ,(March 15) Amount Rate R-1 2011 $365,000 2.500% R-2 2012 400,000 2.000 R-3 2013 385,000 2.000 R-4 2014 490,000 2.500 R-5 2015 480,000 2.750 R-6 2016 470,000 3.000 R-7 2017 465,000 3.000 R-8 2018 460,000 3.500 R-9 2019 455,000 3.750 R-10 2020 325,000 4.000 Section 3.4.: Redemption Prior to Maturity_. The Bonds are not subject to optional or mandatory redemption prior to maturity. Section 3.5.: Manner of Payment, Characteristics, Execution and Authentication. The Paying Agent/Registrar is hereby appointed the paying agent for the Bonds. The Bonds shall be payable, shall have the characteristics and shall be executed, sealed, registered and authenticated, all as provided and in the manner indicated in the FORM OF BOND set forth in Article W of and Exhibit A to this Ordinance. If any officer of the City whose manual or facsimile signature shall appear on the Bonds shall cease to be such officer before the authentication of the Bonds or before the delivery of the Bonds, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in such office. The approving legal opinion of Andrews Kurth LLP, Houston, Texas, Bond Counsel, may be printed on the back of the Bonds over the certification of the City Secretary, which may be executed in facsimile. CUSIP numbers also may be printed on the Bonds, but errors or El HOU:3009756.3