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<br />ORDINANCE NO.
<br />
<br />l' '1- : 17/
<br />
<br />ORDINANCE AUTHORIZING TIIE ISSUANCE OF CITY OF LA PORTE, TEXAS, GENERAL
<br />OBLIGATION REFUNDING BONDS, SERIES 1994, AND ALL OTHER MATIERS RELATED THERETO
<br />
<br />WHEREAS, there are presently outstanding the following obligations of the City of La Porte (the "Issuer"
<br />or the "City"), which are secured by a pledge by the Issuer to levy ad valorem taxes sufficient to pay principal of
<br />and interest on such obligations as they become due (collectively the "Refunded Obligations") which the Issuer
<br />now desires to refund:
<br />
<br />REFUNDED
<br />DESCRIPION AMOUNT
<br />College View Municipal Utility District Waterworks and Sewer
<br />System Combination Tax and Revenue Bonds, Series 1968,
<br />dated , 1968 (Assumed Bonds) $ 120,000
<br />
<br />MATURlTES CALL
<br />
<br />1997-1998 9-1-94
<br />
<br />College View Municipal Utility District Waterworks and Sewer
<br />System Combination Tax and Revenue Bonds, Series 1970,
<br />dated , 1970 (Assumed Bonds) $ 15,000
<br />
<br />1995 5-1-94
<br />
<br />City of La Porte, Texas, General Obligation Bonds,
<br />Series 1986, dated , 1986
<br />
<br />$2,175,000
<br />
<br />1998-2005
<br />
<br />2-15-96
<br />
<br />City of La Porte, Texas, General Obligation Bonds,
<br />Series 1989, dated , 1989
<br />
<br />$1,850,000
<br />
<br />2003-2010
<br />
<br />2-15-00
<br />
<br />City of La Porte, Texas, General Obligation Bonds,
<br />Series 1990, dated September 15, 1990
<br />
<br />$ 600,000
<br />
<br />2004-2011
<br />
<br />3-15-01
<br />
<br />City of La Porte, Texas, General Obligation Refunding Bonds,
<br />Series 1991, dated April 15, 1991 $1,900,000
<br />
<br />2001-2005
<br />
<br />2-15-99
<br />
<br />WHEREAS, Article 717k, Vernon's Texas Civil Statutes, as amended (the "Act"), authorizes the Issuer to
<br />issue refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds
<br />or resources, directly with a place of payment (paying agent) for any of the Refunded Obligations, and such
<br />deposit, if made before such payment dates, shall constitute the making of fmn banking and fInancial arrange-
<br />ments for the discharge and fInal payment of the Refunded Obligations;
<br />
<br />WHEREAS, the City Council of the Issuer (the "Council") deems it advisable to refund the Refunded
<br />Obligations in order to lower the annual debt service requirements of the Issuer and to restructure the Issuer's
<br />debt service in a manner which will permit the issuance of additional general obligation bonds without a tax rate
<br />increase or with a smaller increase than would otherwise be required;
<br />
<br />WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to maturity within 20
<br />years of the date of the bonds hereinafter authorized;
<br />
<br />WHEREAS, it is now deemed necessary and advisable that said bonds be issued at this time, in the
<br />amounts, and for the purpose as herein shown; and
<br />
<br />WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to the Act and the
<br />Charter of the Issuer.
<br />
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