1980-12-17 Regular Meeting - Laserfiche WebLink

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e e OFFICIAL STATEMENT e dated December 3, 1980 In the opinion of Bond Counsel, the interest on These Certificates of Obligation is exempt from Federal Income Taxes under existing statutes, regulations, published rulings, and court decisions. DESCRIPTION OF CERTIFICATES OF OBLIGATION $800,000 CITY OF LA PORTE, TEXAS (Harris County) CERTIFICATES OF OBLIGATION, SERIES 1980 Dated: November I, 1980 Denomination: $5,000 These Certificates of Obligation will be issued as coupon certificates payable to bearer without privilege of registration. Principal and semiannual interest (February 1 and August 1) payable at the Bayshore National Bank, La Porte, Texas, or at the option of the holder at the First City Bank of La Porte, La Porte, Texas. First interest coupons payable August I, 1981., February 1 Maturity Schedule Year Amount Year Amount 1982 $80,000 1987 $80,000 1983 80,000 1988 80,000 e 1984 80,000 1989 80,000 1985 80,000 1990 80,000 1986 80,000 1991 80,000 Optional Provisions These Certificates of Obligation, Series 1980, will not contain any option for redemption prior to maturity. Authorization and Purpose These $800,000 Certificates of Obligation are being issued pursuant to Article 2368 a.l., V .A. T . C. S. for the purpose of constructing and purchasing a public works service center in the City of La Porte. Security These Certificates of Obligation will, in the opinion of counsel, constitute valid and legally binding General Obli- gations of the City of La Porte, Texas, payable from and secured by a continuing levy of ad valorem taxes against aU taxable property located in the City within the limits prescribed by law. Payment Record The City has not defaulted in more than forty years. Bond Counsel Messrs. Baker I Botts, Houston, Texas, have acted 88 bond counsel in connection with the authorization, issu- ance, sale and delivery of These Certificates of Obligation. In this capacity, such firm has reviewed the infor- mstion appearing in this "Official Statement" under the caption entitled "Description of Certificates of Obligation" solely to determine whether such description conforms to the provisions of the order authorizing the issuance and sale of These Certificates of Obligation. Such firm has not independently verified any of the factual information contained in this "Official Statement," nor has it conducted an investigation of the affairs of the City for the purpose of passing upon the accuracy or completeness of this "Official Statement." No person is entitled to rely on such firm's limited participation as an assumption of responsibility for, or an expression of opinion of any kind with regard to the accuracy or completeness of any of the information contained herein. The legal fees to be paid Messrs. Baker I Botts for services rendered as bond counsel in connection with the issuance and sale of These Certificates of Obligation are contingent upon the Certificates actuaDy being issued, sold and delivered. e -1-