|
<br />e
<br />
<br />e
<br />
<br />ORDINANCE NO. ~ (f) 2 . ~{p
<br />
<br />ORDINANCE AUTHORiZING THE ISSUANCE OF $5,400,000 CITY OF LA PORTE, TEXAS
<br />LIMITED TAX BONDS, SERIES 2002, AND ALL OTHER MATTERS RELATING THERETO
<br />
<br />WHEREAS, at an election duly called and held tor and within the City of La Porte, Texas (the "City") on
<br />February 2, 2002, the duly qualified resident electors of the City authorized the City Council of the City (the
<br />"Council") to issue bonds of the maximlUn amount of$16,300,000 (the ''2002 Authorization");
<br />
<br />WHEREAS, the Council now deems it to be in the best interest of the City to issue $3,500,000 from
<br />Proposition 2 of the 2002 Authorization for the construction of improvements to the City's wastewater treatment
<br />plant (leaving $-0- in bonds from Proposition 2 to be issued in the future); and to issue $1,900,000 from Proposition
<br />4 of the 2002 Authorization for the relocation of Fire Station No.2 and the renovation of old Fire Station NO.2 for
<br />emergency medical services (leaving $-0- in bonds from Proposition 4 to be issued in the future); and
<br />
<br />WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to Chapter 1251,
<br />Texas Government Code, as amended; Chapter 133l, Texas Government Code, as amended; and the Charter of the
<br />City;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE,
<br />TEXAS, THAT:
<br />
<br />Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bonds of City of La Porte are hereby
<br />authorized to be issued and delivered in the aggregate principal amount of $5,400,000, for the purpose of
<br />GonstruGting im12rovements to the City's wastewater and treatment 12lant ($3,500,000) and relocating Fire Station
<br />NO.2 and renovating the old Fire Station NO.2 tor emergency medical services ($l ,900,000).
<br />
<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 PORTE,
<br />TEXAS LIMITED TAX BOND, SERIES 2002", and initially there shall be issued, sold, and delivered hereunder
<br />fully registered bonds, without interest coupons, dated July 15-, 2002, in the respective denominations and principal
<br />amounts hereinafter stated, payable to the respective initial registered owners thereof (as designated in Section l4
<br />hereot), or to the registered assignee or assignees of said bonds or any portion or portions thereof (in each case, the
<br />"Registered Owner", "Owner", or "owner").
<br />
<br />Th(;? t(;?nn "Bonds" as Qsed in this Ordinance shall meW! and include collectively the bonds initially issued
<br />and delivered pursuant to this Ordinance and all substitute bonds exchanged therefor, as well as all other substitute
<br />bonds and re12lacement bonds issued pursuant hereto, and the term "Bond" shall mean any of the Bonds. The Initial
<br />Bond shall be numbered I-I and the definitive Bonds shall be numbered R-l upward and shall be in the
<br />Q.enomination of $5,000 each or any integral multiple thereot: shall mature and be payable serially on March 15 in
<br />each of the years and in the principal amounts, respectively as set forth in the following schedule, and shall bear
<br />interest from the date specified in the FORM OF BOND set forth in this Ordinance to their respective dates of
<br />maturity or redemption prior to maturity at the following rates per annum:
<br />
<br />(Remainder of page intentionally left blank)
<br />
|