1990-09-10 Public Hearing and Regular Meeting

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• DRAFT 9/11/90 ORDINANCE AU1IIORT?.II~iG TSB ISSUANCE OF 61,500,000 CITY OF LA PORT$ ZEXAS, GENERAI, OBLIGATION BONDSy SERIES 1990; EXBCtTI'iON OF A PAYIIdG AGENT/REGIYI1tAR AGREEMffiVT; AND ALL OTHER MATTERS RELATED TSERII's1n, INCLUDING ~L4TE WHEREAS, at an election duly called and held in the City of La Porte, Texas (the "City' on June 15, 1965 (the "FJection"), more than a majority of the duly qualified resident electors of the G~ity wha pariicipat~ in the election voted in favor oiy among other things, the issuance of tax supported bonds for various purposes, including those described below; and 4' DRAT; T 9/12J9D ORDLKANCE AUIHORITING THE I:~S'UANCE OF SZ;IOi0~tA0U CIl'Y OF It! AORTE, TEXASy WA77ERWORK3AND SEWER SYSTEMRE'VElVUEGONDS, SERIFS 19910; EXECiT!?ONOFANPAYINGAGENT/REGIS'TRaRAG • • IENT; ANDAI.LOTHER31fATlERSREIrITEDT7itE1~tE'TD, INCLUDINOI1~Qr1EDlATE EFFECT'lpT1YF.TS N'n ~, u y and held in the Oty of La Porte, 'Texas (the "City") on June 15, 1985, more than a majority of the duly qualified resident electors of the City who participated in the election voted in favor ot; among other things, the issua[x~e of revenue bonds in the aggregate principal amount of $8,550,000 for the purpose of extending and improving the City's existing sanitary newer system; and WHEREAS, all of said bonds are to be secured by a pledge of the net revenues from the operation of the City's combined waterworks and sanitary sewer system and are to be on a parity with each other (and any Parity Bonds, hereinafter defined, which are authorized, ~ issued, and delivered); and WHEREAS, the Gaty has heretofore issued "City of La Porte, Texas Waterworks and Sewer S~+stem Revenue fonds, Series 1965" in the original aggregate principal amount of 56,000,000 (the "Previously Issued Parity Bonds"); encl. WHEREAS, the City Council of the City deems it necessary and desirable to proceed with the issuance of a second installment of such voted bonds in the aggregate principal amount of 52,100,000, leaving $1,250,000 of said authorized bonds to be issued in one or more installments at.a later date or dates; THEREFORE, BE IT ORDAINED BY THE CI'T'Y COITNCIL OF THE CITY OF LA PORTF, TEXAS, THAT; Sscizox 1. Borros AimiaRl7$D Pursuant to Article 1111 et. seq., Yernon's Texas Civil Statutes, as amended, and other applicable law, the City's bonds are hereby authorized to be issued to be designated as the "City off' La Port+~ Texas, Waterworks and Sewer System Revenue Bonds,