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<br />WHEREAS, the bonds hereinafter authorized aze to be issued and delivered pursuant to the Act and the Charter
<br />of the Issuer.
<br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTS, TEXAS, THAT:
<br />SECTION 1. AMOUNT AND PURPOSE OF THE BONDS. The bonds of City of La Porte (the "Issuer") are
<br />hereby authorized to be issued and delivered in the aggregate principal amount of $7,445,000, FOR THE PURPOSE
<br />OF PROVIDING FUNDS TO REFUND THE ISSUER'S REFUNDED OBLIGATIONS (as described in the
<br />preamble hereto).
<br />SECTION 2. DESIGNATION DATE DENOMINATIONS NUMBERS MATURITIES AND INTEREST
<br />RATES OF BONDS. Each bond issued pursuant to this Ordinance shall be designated: "CITY OF LA PORTS,
<br />TEXAS, GENERAL OBLIGATION REFUNDING BOND, SERIES 1994", and initially there shall be issued, sold,
<br />and delivered hereunder fully registered bonds, without interest coupons, dated April 1, 1994, in the respective
<br />denominations and principal amounts hereinafter stated, payable to the respective initial registered owners thereof
<br />(as designated in Section 11 hereof), or to the registered assignee or assignees of said bonds or any portion or
<br />portions thereof (in each case, the "Registered Owner", "Owner", or "owner").
<br />The term "Bonds" as used in this Ordinance shall mean and include collectively the bonds initially issued and
<br />delivered pursuant to this Ordinance and all substitute bonds exchanged therefor, as well as all other substitute bonds
<br />and replacement bonds issued pursuant hereto, and the term "Bond" shall mean any of the Bonds. The Initial Bond
<br />shall be numbered I-1 and the definitive Bonds shall be numbered R-1 upward and shall be in the denomination of
<br />$5,000 each or any integral multiple thereof, shall mature and be payable serially on February 15 in each of the years
<br />and in the principal amounts, respectively as set forth in the following schedule, and shall beaz interest from the dates
<br />specified in the FORM OF BOND set forth in this Ordinance to their respective dates of maturity or redemption prior
<br />to maturity at the following rates per annum:
<br /> INTEREST ]INTEREST
<br />YEARS AMOUNTS RATES YEARS AMOUNTS RATES
<br />1995 $195,000 3.25% 2001 $1,050,000 4.60%
<br />1996 280,000 3.50 2002 960,000 4.70
<br />1997 265,000 3.75 2003 1,090,000 4.85
<br />1998 500,000 4.00 2004 1,065,000 4.95
<br />1999 455,000 4.20 2005 905,000 5.10
<br />2000 680,000 4.30
<br />Said interest shall be payable in the manner provided and on the dates stated in the FORM OF BOND set forth in
<br />this Ordinance.
<br />SECTION 3. CHARACTERISTICS OF THE BONDS. (a) Registration Transfer and Exchange; Authentication.
<br />The Issuer shall keep or cause to be kept at the principal corporate trust office of Texas Commerce Bank National
<br />Association, Houston, Texas (the "Paying Agent/Registraz") books or records for the registration of the transfer and
<br />exchange of the Bonds (the "Registration Books"), and the Issuer hereby appoints the Paying Agent/Registraz as its
<br />registrar and transfer agent to keep such books or records and make such registrations of transfers and exchanges
<br />under such reasonable regulations as the Issuer and Paying Agent/Registraz may prescribe; and the Paying
<br />Agent/Registraz shall make such registrations, transfers, and exchanges as herein provided. The Mayor and the City
<br />Secretary are authorized to enter into a Paying Agent/Registraz Agreement substantially in the form of Exhibit A,
<br />attached hereto. The Paying Agent/Registraz shall obtain and record in the Registration Books the address of the
<br />registered owner of each Bond to which payments with respect to the Bonds shall be mailed, as herein provided; but
<br />it shall be the duty of each registered owner to notify the Paying Agent/Registraz in writing of the address to which
<br />payments shall be mailed, and such interest payments shall not be mailed unless such notice has been given. To the
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