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<br />ORDINANCE N0. ~ `~` 6 /
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
<br />$6,000,000 WATERWORKS AND SEWER SYSTEM REVENUE BONDS,
<br />SERIES 1985; PROVIDING THE DETAILS RELATING THERETO;
<br />AUTHORIZING AN AGREEMENT WITH THE PAYING AGENT/REGIS-
<br />TRAR; AND DECLARING THAT THIS ORDINANCE SHALL BE EFFEC-
<br />TIVE IMMEDIATELY UPON ITS ADOPTION
<br />WHEREAS, the City of La Porte, Texas (the "City"),
<br />has heretofore authorized and delivered its Waterworks and
<br />Sewer System Revenue Bonds, Series 1965, dated March 15,
<br />1965, in the original aggregate principal amount of
<br />$300,000, and the complete defeasance of all such bonds
<br />which remained outstanding was duly accomplished on or about
<br />August 16, 1985, with the result that, as a matter of law,
<br />the City does not now have outstanding any bonds or other
<br />evidences of indebtedness which are secured by such System
<br />or revenues derived from the operation thereof; and
<br />WHEREAS, at an election duly called and held in
<br />the City on June 15, 1985, more than a majority of the duly
<br />qualified resident electors of the City who participated in
<br />the election voted in favor of, among other things, the
<br />issuance of revenue bonds in the aggregate principal amount
<br />of $8,550,000 for the purpose of extending and improving the
<br />City's existing sanitary sewer system; and
<br />WHEREAS, all of said bonds are to be secured by a
<br />pledge of the Net Revenues from the operation of the City's
<br />combined waterworks and sanitary sewer system and are to be
<br />on a parity with each other (and any Additional Bonds here-
<br />after authorized, issued and delivered); and
<br />WHEREAS, the City Council of the City deems it
<br />necessary and desirable to proceed with the issuance of a
<br />first installment of such voted bonds in the aggregate prin-
<br />cipal amount of $6,000,000, leaving $2,550,000 of said bonds
<br />to be issued in one or more installments at a later date or
<br />dates; therefore,
<br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
<br />Section 1: That the bonds of the City of
<br />La Porte, Texas, to be designated as "CITY OF LA PORTE,
<br />TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES
<br />1985" (the "Bonds"), are hereby authorized to be issued and
<br />delivered in accordance with the Constitution and laws of
<br />the State of Texas, including Articles 1111 to 1118, both
<br />inclusive, Vernon's Texas Civil Statutes, as amended, and as
<br />authorized at a bond election held in the City on June 15,
<br />1985, in the aggregate principal amount of $6,000,000 for
<br />the purpose of extending and improving the City's sanitary
<br />sewer system, all of the Bonds being secured, as hereinafter
<br />provided, by a pledge of the Net Revenues from the operation
<br />of the City's combined Waterworks and Sewer System.
<br />Section 2: That the Bonds shall be issued and de-
<br />livered in fully registered form without coupons, shall be
<br />dated as of September 15, 1985 (the "Initial Date") and
<br />shall be in denominations of $5,000 or any integral multiple
<br />thereof up to the aggregate principal amount scheduled for
<br />maturity during the year involved. Initially, there shall
<br />be twenty (20) Bonds (the "Initial Bonds") numbered consecu-
<br />tively from R-1 through R-20 in order of their maturity,
<br />
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