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<br />(' <br /> <br />OFFICIAL STATEMENT <br /> <br />$193,610,000 <br /> <br />City of Houston, Texas <br />Water System Prior Lien Revenue Bonds <br />Series 1986 <br /> <br />This Official Statement provides certain information in connection with the issuance by the City <br />of the Bonds. The Bonds are authorized to be issued under certain provisions of Vernon's Texas Civil <br />Statutes, as amended, and an ordinance adopted by the City Council on May 21, 1986 (the <br />"Ordinance"). Certain provisions of the Ordinance are summarized herein, Certain terms not defined <br />herein are defined in the Ordinance and under the caption "Excerpts from the Ordinance:. <br /> <br />PURPOSE OF FINANCING <br /> <br />The Bonds are being issued for the construction, expansion and renovation of the City.s water <br />system (the "System'.) and for the additional purpose of refunding a portion of the City's Water <br />System Prior Lien Revenue Bonds, Series 1983 (the "Series 1983 Bonds"). The proceeds of the Bonds <br />(net of that portion issued for refunding purposes, and issuance costs) will be applied to the <br />construction of the City.s new Southeast Water Treatment Plant (the "Southeast Plant") and to other <br />projects in the Fiscal Year 1986-1990 Capital Improvement Plan (the "CIP"). <br /> <br />THE BONDS <br /> <br />Description <br /> <br />The Bonds are dated May Ib, 1986; bear interest from that date payable semi-annually on June 1 <br />and December 1 of each year, commencing December 1, 1986; and mature on December 1 in the years <br />and in the principal amounts set forth on the cover page of this Official Statement. <br /> <br />The Bonds are issued as fully registered bonds in denominations of $5,000 or any integral multiple <br />thereof. <br /> <br />Interest on the Bonds is payable by check or draft mailed by the Paying Agent/Registrar on or <br />before each Interest Payment Date to the registered owners of record as of the 15th day of the month <br />next preceding the Interest Payment Date. The principal, redemption price, and any accrued interest <br />at maturity or redemption of the Bonds shall be payable on presentation and surrender at the principal <br />corporate office of the Paying Agent/Registrar. <br /> <br />Optional Redemption <br />The Bonds maturing on and after December 1, 1997. are subject to redemption prior to maturity at <br />the option of the City on and after December 1, 1996, in whole or in part at any time, at the following <br />redemption prices, plus accrued interest to the dute of redemption. <br /> <br />Redemption Period <br />(Dates Inclusive) <br /> <br />Redemption <br />Price <br /> <br />December 1, 1996 to May 31, 1997 .............................. <br />June 1, 1997 to November 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <br />December 1. 1997 to May 31, 1998 .............................. <br />June 1, 1998 to November 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <br />December 1, 1998 and thereafter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <br /> <br />102 % <br />101.5 <br />101 <br />100.5 <br />100 <br /> <br />If less than all of the Bonds are to be so redeemed, the City may select the maturity or maturities <br />to be redeemed. If less than all of the Bonds of any maturity are to be redeemed, the particular Bonds <br />of such maturity or portions thereof to be redeemed shall be selected by lot or other random method <br />