Laserfiche WebLink
<br />r- .~ <br />.~~ . . <br />RESOLUTION NO. 89-1 , <br />A RESOLUTION CONSENTING TO MATTERS RELATING TO A PROPOSED BOND <br />ISSUANCE BY THE LA PORTE AREA .WATER AUTHORITY; PROVIDING FOR A <br />SEVERABILITY CLAUSE; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; <br />AND PROVIDING FOR AN EFFECTIVE DATE HEREOF. <br />WHEREAS, the Board of Directors of the La Porte Area Water <br />Authority (the "Authority") has informed the City Council of The <br />City of La Porte that the Authority desires to issue and sell its <br />Contract Revenue Bonds, Series II 1988, in the aggregate principal <br />amount of FOUR MILLION EIGHT HUNDRED THOUSAND DOLLARS <br />($4,800,000.00), in order to finance the construction of a <br />transmission and distribution system to transport water from the <br />Southeast Water Purification Plant (the "Southeast Plant") under <br />construction by the City of Houston, to customers of the Authority, <br />and for other related purposes; and <br />WHEREAS, THE CITY OF LA PORTE has entered into a Water Supply <br />Contract (the "Contract") with the Authority for THE CITY OF LA <br />PORTE to ,purchase treated water at the Southeast Plant from the <br />Authority; and <br />WHEREAS, the Authority has delivered to THE CITY OF LA PORTE <br />pursuant to Section 2.03 of the Contract, the proposed bond <br />resolution attached hereto as Exhibit "A" (the "Bond Resolution") <br />and a schedule containing an estimate of the amounts described in <br />such Section 3.02; and <br />WHEREAS, the Authority has delivered to THE CITY OF LA PORTE <br />pursuant to Section 3.02 of the contract the finalized construction <br />cost formula and THE CITY OF LA PORTE'S share of the actual <br />construction cost for the Transmission System and Distribution <br />System; therefore <br />