1980-07-30 Special Called Meeting

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• A ORDINANCE NO . f ~ „2~ ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE CITY'S $3,850,000 GENERAL OBLIGATION AND REFUNDING BONDS, SERIES 1980, PROVIDING THE DETAILS RELATING THERETO AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION WHEREAS, pursuant to an election duly called and held in the City of La Porte, Texas, on February 24, 1979, the City Commission of said City was authorized to issue General Obligation Bonds of said City in the aggregate prin- cipal amount of $3,250,000 for various purposes including. those named below; and WHEREAS, the City Commission of said City has L previously authorized and caused to be issued and sold a first installment of said bonds for the purposes and in the amounts, respectively, as follows: $1,250,000 for improve- ments to the City's Waterworks System (the wr~,ole amount authorized for that purpose); and $150,000 (out of $2,000,000 authorized) for improvements to the City's Sanitary Sewer System; and WHEREAS, the City Commission has determined that it is necessary to issue a second and final installment of said bonds in the amount of $1,850,000 for improvements to the City's Sanitary Sewer System; and WHEREAS, the City of Lomax, Texas, has duly authorized, i~~~aed and delivered its General Obligation Bonds, Series 1980, dated March 1, 1980, in the aggregate principal amount of $2,000,000, which have become the valid and binding obligation of the City of La Porte, by virtue of the consolidation of said City of Lomax into the City of La Porte; and WHEREAS, said Lomax bonds may be redeemed at any time upon thirty (30) days' notice, and the City Commission has determined and hereby determines to redeem such bonds in order to achieve a substantial savings in interest expense; and