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City of La Porte, Texas <br />November 21, 2016 <br />Page 3 <br />The City has multiple options with respect to financing these improvements. The result of our analysis is that <br />the most cost effective of these alternatives is the private placement of Certificates of Obligation with the Texas <br />Water Development Board. Further, our analysis indicates that the City can issue and pay for this debt while, <br />barring unforeseen circumstances, keeping its Interest and Sinking Fund at its recently historical rate of 10.5 <br />cents. It is our recommendation that the City proceed with the TWDB option. <br />303 Pearl Parkway, Suite 220 (210) 805-1118 RBC Capital Markets <br />San Antonio, TX 78215 Member NYSE/SIPC <br /> <br />