O-2010-3233 Certificates of Obligation Series 2010 and General Obligation Refunding Bonds

Browse Search

- )nl v --- ORDINANCE NO. 3233 -- AN ORDINANCE CONSENTING TO A PROPOSED BOND RESOLUTION AND CONTINUING DISCLOSURE AGREEMENT TO BE ADOPTED BY THE — LA PORTE AREA WATER AUTHORITY WHEREAS, the Board of Directors of the La Porte Area Water Authority (the "Authority") has informed the City Council of the City of La Porte, Texas (the "City") that the Authority desires to issue and sell its Contract Revenue Refunding Bonds, Series 2010, in the aggregate principal amount not to exceed $4,500,000 (the "Bonds") in order to refund and defease its Contract Revenue Refunding Bonds, Series 1999, for the purpose of achieving debt — service savings; and WHEREAS, the City has entered into a Water Supply Contract, dated as of November 23, 1987, as amended July 24, 2000 (the "Contract") with the Authority which allows the City to purchase treated water from the Authority; and — WHEREAS, the Authority has delivered to the City pursuant to Section 3.02 of the Contract the proposed bond resolution attached hereto as Exhibit A (the "Bond Resolution") and a schedule containing an estimate of the amounts described in such Section 3.02, attached hereto -- as Exhibit B; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY -- OF MORGAN'S POINT, TEXAS: Section 1. That the City Council of the City hereby consents, pursuant to Section 3.03 of the contract, to the adoption by the Authority of the Bond Resolution and the execution by the City of the Continuing Disclosure Agreement substantially in the form attached hereto as Exhibit C. Section 2. That all filing, notice or time requirements or other conditions precedent to the adoption of this Ordinance and the approval of the Bond Resolution are hereby waived and the adoption of this Ordinance shall be all the action necessary for the City to consent and approve the issuance of the Bonds by the Authority. ._ Section 3. That if any section, sentence, phrase, clause or any part of any section, sentence, phrase or clause of this Ordinance shall for any reason be held invalid, such invalidity shall not affect the remaining portions of the Ordinance, and it is hereby declared to be the — intention of the City Council to have passed each section, sentence, phrase or clause, or part thereof, irrespective of the fact that any other section, sentence, phrase or clause, or part thereof, may be declared invalid. Section 4. That the City Council hereby officially finds, determines, recites and declares that sufficient written notice of the date, hour, place and subject matter of this meeting �- of the City Council was posted at a place convenient to the public at the City Hall of the City for HOU:3004205.1