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<br />.QUEST FOR CITY COUNCIL AGENATEM <br /> <br />AGENDA DATE June 22. 1998 <br /> <br />REQUESTED BY Robert T. Herrera. City Manaaer <br /> <br />_ REPORT; _ RESOLUTION; ~ ORDINANCE; <br /> <br />Moroney, Beissner & Co. Inc. will be receiving bids on behalf of the City of La Porte until 6:00 pm <br />on Monday, June 22, 1998 for $2.500,000 in General Obligation Bonds and $1,250,000 in <br />Waterworks and Sewer System Revenue Bonds. <br /> <br />Both issues are Qualified Tax Exempt Obligations. The Bonds will be dated June 15, 1998. <br />Interest on the Bonds will accrue from such date and will be due on March 15, 1999 and each <br />September 15 and March 15 thereafter until final maturity. <br /> <br />The proceeds from the bonds will be used for the following projects: <br /> <br />$2,000,000 in General Obligation for Drainage Improvements <br />500,000 in General Obligation for the Seabreeze Park and a Regional Park Site in <br />West La Porte. <br /> <br />$1,250,000 in Revenue for improvements to the Utility System. <br /> <br />With the exception of the $1,500,000 available for future opening of the Landfill, this issuance will <br />complete the projects approved by the voters in 1985. <br /> <br />ACTION REQUIRED BY COUNCIL: <br /> <br />Approve ordinances authorizing the issuance of $2,500,000 in General Obligation Bonds and <br />$1,250,000 in Revenue Bonds. <br /> <br />FUND 004 & 007 <br /> <br />ACCT NUM: Various <br /> <br />FUNDS AVAILABLE: Yes <br /> <br />APPROVED FOR CITY COUNCIL AGENDA <br /> <br />~ l){J T. \~^- <br />ROBERT T. HERRERA, CITY MANAGER <br /> <br />Co-I B-CY 11 <br />DATE <br />