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<br />LA PORTE, CITY OF
<br />
<br />TEXAS MUNICIPAL REPORTS
<br />
<br />PERTINENT PROVISIONS OF THE AIRPORT REVENUE BOND INDENTURE
<br />
<br />1. Nature of Pledll:e:
<br />First Lien on net revenues of Airport System.
<br />
<br />2. Special Funds Created bY Indenture comparing balances
<br />in each which are ultimately required and presently re-
<br />quired by indenture provisions as compared to actual
<br />balances on hand:
<br />
<br />Special Funds
<br />I&SFund
<br />R!lserve Fund
<br />
<br />Required Required
<br />Ultimate Present
<br />Balance Balance
<br />Not Applicable $ lJ.30
<br />$6,000 6.000
<br />
<br />Actual
<br />Present
<br />Balance
<br />~
<br />6,300
<br />
<br />3. Coverall:e Required as a Condition to Issuance of Parity
<br />~: For either the last complete fiscal year, or for
<br />any twelve consecutive calendar month period ending
<br />not more than 90 days preceding the adoption of addition
<br />al bonds ordinance net revenues shall have been not less
<br />than It times average annual requirements. after giving
<br />effect of the additional bonds.
<br />
<br />SCHEDULE OF AIRPORT REVENUE DEBT SERVICE REQUIREMENTS
<br />
<br />Fiscal Yr Total
<br />Endll: 9-30 Principal Interest ReQmts
<br />1973 $ 3.000 $ 2,228 $ 5.228
<br />1971J. 3,000 2,093 5,093
<br />1975 lJ.,OOO 1,935 5,935
<br />1976 lJ.,OOO 1.755 5.755
<br />1977 lJ.,OOO 1,575 5,575
<br />1978 lJ.,OOO 1.395 5,395
<br />1979 lJ..OOO 1.215 5.215
<br />1980 5,000 1.013 6.013
<br />1981 5.000 788 5,788
<br />1982 5.000 563 5,563
<br />1983 5.000 338 5.338
<br />1981J. ...2...QQQ ----!ll :GHH
<br />Totals $51,000 $15,011 $ ,011
<br />Avg Ann Reqmts $ 5.501
<br />
<br />AIRPORT OPERATING STATEMENT The following condensed statements
<br />have been compiled from original data the source of which is
<br />indicated below. Accounting principles,-customarily employed
<br />in the determination of net revenues for coverage of debt
<br />service have been observed and in all instances exclude de-
<br />preciation. Fifteen month statement ended 9-30-69 represent
<br />change in fiscal year; coverage computed on an annual basis.
<br />Fiscal Year Ended
<br />7-1-68 tc
<br />.2:.lQ::ZQ ~
<br />$7.958 $ 9.9lJ.9
<br />202 ~
<br />$8.160 $10.lJ.43
<br />
<br />Income
<br />Airport Rentals
<br />other
<br />Total Income
<br />
<br />.2:lQ:1g
<br />$tl,OS8
<br />~
<br />$'8~8lJ.6
<br />
<br />.2:2Q::.ll
<br />l7.9B3-
<br />-0-
<br />$7,983
<br />$2,lJ.77
<br />
<br />$1,855
<br />
<br />$2,0lJ.6
<br />
<br />Expense
<br />
<br />$2,955
<br />
<br />Available for
<br />Debt Service
<br />
<br />$5,891 $5.506 $6.11lJ. $8,588
<br />
<br />Coverage of Avg Ann
<br />Reqmts on Rev Bonds
<br />
<br />1.07X 1.OOX l,llX 1.25X
<br />
<br />Audits by Eugene Hovey, CPA, La Porte,' Texas
<br />
<br />REVENUE BONDS AUTHORIZED BOT UNISSUED None
<br />FLOATING DEBT (As of February 28, 1973) None
<br />
<br />ESTIMATED OVERLAPPING DEBT STATElo!ENT 0
<br /> Ket Debt Amount ' '
<br />Taxinll: BodY Amount As of ~ Ovlplt .Ql!1I?!L
<br />Harris County $67. 59lJ.,877 2-28-73 0.lJ.5 $ 30lJ.,177
<br />Harris Co Flood
<br />Control Dist 25.297,297 2-28-73 .lJ.5 113.838
<br />Harris Co Hosp
<br />Dist 1,003,233 2-28-73 .lJ.5 lJ.,515
<br />La Porte ISD 8,397,2!j.9 8-31-72 23.lJ.2 1.966,636
<br />Port of Houston
<br />Authority 15.132.901 2-28-73 .lJ.5 68.098
<br />San Jacinto Jr
<br />Coll Dist 6,566.195 3-31-73 2.37 155.619
<br />Total Net Ovlpg Debt $2.612.883
<br />La Porte, City of $ 619,701 2-28-73 100.00 619.701
<br />Total Direct and Ovlpg Debt
<br />(5.06% of A.V. - $lJ.52.17 per capita) $.hV2.58lJ.
<br />ECONOMIC BACKGROUND
<br />
<br />County Characteristics: lfarris County, ;.letropol1tan Gu:f Coast
<br />county and component of the Houston Metropolitan Area, has an
<br />economy based on industry. mineral production, chipping and
<br />agriculture. 1970 cash receipts from agriculture, $23.8 mil-
<br />lion, with livestock and livestock products contributing $1lJ..2
<br />million. 1971 milk production, 72.1 million pounds, 9th in
<br />the state. Beef cattle also produced. 1971 rice production.
<br />1.lJ. million cwt., 9th statewide. Peanuts, soybeans. corn,
<br />grain sorghums and vegetables also produced.
<br />
<br />1967 value added by manufacturinB. $2.3 billion, 1st in the
<br />state. Area is highly developed by petroleum ar.d petrochemical
<br />industry. other principal products: oil field equipn:ent.
<br />steel. electronic eqUipment. food, shipbuilding, hand tools,
<br />metal and plastic containers, and industrial machinery. 1971
<br />estimated county retail sales. $3.5 billion, leading the
<br />state.* 60,685 students enrolled in county colleees and uni-
<br />versities in the Fall, 1972 term. The l1ASA Manned Spacecraft
<br />Center. with an estimated annual payroll of $60 million. and
<br />Ellington Air Force Base, employing 992 civilians and having
<br />a combined civilian-military payroll for 1971 of $1lJ..9 ~illion.
<br />are also located here. 16.077 federal civilian employees
<br />earned $187.5 million in 1970. 68.lJ. million tons of carao
<br />handled in the Houston port in 1971, making it the largest
<br />Texas port. Ninety-five banks held 12-31-72 deposits of
<br />$7.757.lJ.6lJ..500.
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<br />1970 value of all minerals produced, $1lJ.7.7 million. ~lth in
<br />the state. 1971 crude oil production. 26.lJ. million barrels;
<br />1971 natural gas marketed. 85.lJ. billion cubic feet. Three gas-
<br />oline plants, 1 cycling plant, a carbon black plant, and 6
<br />refineries are located in the county. The Astrodome Complex.
<br />the Manned Spacecraft Center. San Jacinto Monu~nt State Park
<br />(1.5 million visitors in 1970-71 season) and various other
<br />cultural and professional exhibitions draw substantial tourist
<br />income.
<br />
<br />1970 county population, 1. 7lJ.l. 912. increasing lJ.O.l~l from 1960.
<br />with 95.5% urban and 79% white. 1971 median income per house-
<br />hold, $9.088. compared to state median income of $7,653. 1971
<br />estimated effective buying income per household, $11,935, com-
<br />pared with the state estimated buying income per household of
<br />$10.317. 13.7% of households had annual incomes of less than
<br />$3.000; lJ.3.6% of households had annual incomes of $lO,COO or
<br />greater.*
<br />
<br />The City of La Porte. 1970 population. 7,llJ.9. increase from
<br />1960 of 58.lJ.%. is a residential and commercial center located
<br />in the Houston Ship Channel industrial complex. Principal
<br />employers in the city produce chemicals, gasoline. steel drums
<br />and yachts. Other nearby industries provide additional employ-
<br />ment. Dun and Bradstreet rates 136 business establishments.
<br />Two banks held combined 12-31-72 deposits of $24.057.387.
<br />Building permits. less federal contracts. totaled $3.lJ. million
<br />for the year 1972.
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<br />Any data on population. value added by manufacturinB or produc-
<br />tion of agricultural products or minerals are from US Census or
<br />other official sources and in all instances represent latest
<br />data published.
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