O-2014-3515 2014 Series Bond Ordinance,Bond Purchase Agreement,receive Plan of Finance

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"Refunded Obligations" shall mean those obligations described as such in the Officers' Pricing Certificate. "Register" shall mean the registration books for the Bonds kept by the Paying Agent/Registrar in which are maintained the names and addresses of, and the principal amounts registered to, each Registered Owner of Bonds. "Registered Owner" shall mean the person or entity in whose name any Bond is registered in the Register. "Report" shall mean the verification report prepared by Grant Thornton LLP, Certified Public Accountants, verifying the accuracy of certain mathematical computations relating to the Bonds and the refunding of the Refunded Obligations. "Underwriters" shall mean, together, Coastal Securities and BOSC, Inc. Section 2.2.: Interpretations. All terms defined herein and all pronouns used in this Ordinance shall be deemed to apply equally to singular and plural and to all genders. The titles and headings of the articles and sections of this Ordinance have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof. This Ordinance and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to sustain the validity of the Bonds and the validity of the levy of ad valorem taxes to pay the principal of and interest on the Bonds. ARTICLE III. TERMS OF THE BONDS Section 3.1.: Amount, Purpose and Authorization. (a) The Bonds shall be issued in fully registered form, without coupons, under and pursuant to the authority of the City's Home Rule Charter and the Act in the total authorized aggregate principal amount not to exceed TEN MILLION AND NO/100 DOLLARS ($10,000,000) for the purpose of providing all or part of the funds to refund the Refunded Obligations. Proceeds of the Bonds also will be used to pay costs of issuing of the Bonds and refunding the Refunded Obligations. (b) It is hereby found and determined that the refunding of the Refunded Obligations and the issuance of the Bonds will benefit the City by reducing net present value debt service, and that such benefit is sufficient consideration for the issuance of the Bonds. Section 3.2.: Designation and Date. The Bonds shall be designated as the "City of La Porte, Texas, General Obligation Refunding Bonds, Series 2014," shall be dated April 1, 2014, and shall bear interest from the Issuance Date, unless otherwise provided in the Officers' Pricing Certificate. Section 3.3.: Numbers, Denomination, Interest Rates and Maturities. Unless otherwise provided in the Officers' Pricing Certificate, the Bonds shall initially be issued bearing the numbers and shall mature on March 15 in each of the years, principal amounts and bearing interest at the rates set forth in the Officers' Pricing Certificate, and may be transferred and 0 HOU:3189356.1