1989-02-13 Public Hearing and Regular Meeting

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i • REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: February 13, 1989 Requested By: John D. Armstrong Department: Report 89-1 Resolution Exhibits: Attached to Resolution 89-1 Attorney, La Porte Area Water Authority Ordinance According to the contracts signed by the City of La Porte and the La Porte Area Water Authority, and according to state law, the City Council of the City of La Porte must approve any bond sale by the La Porte Area Water Authority, prior to the time that the Authority may sell its bonds. The La Porte Area Water Authority, according to long-standing plans, has received the approval of the Texas Water Commission and the Texas Water Development Board to sell a total of NINE MILLION EIGHT HUNDRED THOUSAND DOLLARS ($ 9,8.00,000.00) of Contract Revenue Bonds to the Texas Water Development Board. A prior sale of bonds took place late in 1988 in the amount of FIVE MILLION DOLLARS ($ 5,000,000.00). This sale, in the amount of FOUR MILLION EIGHT HUNDRED THOUSAND DOLLARS ($4,800,000.00), is the remainder of the funds authorized by the Texas Water Commission and the Texas Water Development Board. The FIVE MILLION DOLLAR ( $5,000,000.00) bond sale was to finance the City of La Porte's purchase of a portion of the City of Houston',s Southeast Water Purification Plant. The FOUR MILLION EIGHT HUNDRED THOUSAND DOLLAR ( $4,800,000.00) bond sale is in order to finance the construction of a transmission system of pipe to transport water from the Southeast Water Purification Plant to the customers of the La Porte Area Water Authority. Action Required by Council: pass Resolution in form attached. Availability of Funds: N/A General Fund Water/Wastewater Capital Improvement General Revenue Sharing Other (Motor Pool Replacement Fund) Account Number: Funds Available: _ YES ~ NO A 9 ~ R t T. Herrera DAT City Manager