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• <br /> <br />Dse of Proceeds <br />The proceeds from the sale of these $5,000,000 Bonds will be used as follows: <br />Amount Purpose <br />$ 550,000 Constructing or purchasing a <br />Fire Station, additions and <br />Improvements <br />450,000 Constructing or purchasing a <br />Fire Department Training <br />Facility and related improve- <br />ments, including the purchase <br />of a site therefor. <br />2,000,000 Purchasing and improving land <br />for park purposes <br />1,000,000 Drainage improvements <br />1,000,000 Street improvements and <br />drainage in connection therewith <br />$5,000,000 <br />After the issuance and sale of These S5,000,000 Bonds, there will remain $10,650,000 <br />General Obligation Bonds authorized but unissued. <br />Security <br />These Bonds will, in the opinion of Counsel, constitute valid and legally binding <br />obligations of the City of La Porte, Texas, payable from and secured by a continuing <br />levy of ad valorem taxes against taxable property located in the City within the <br />limits prescribed by law. <br />Payment Record <br />The City has not defaulted on General Obligation Bonds in more than forty-five years. <br /> <br />