O-2015-3606 authorize issuance of approximately $8,000,000.00 Certificates of Obligation, Series 2015

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2015-3606 ORDINANCE NO.Q015-'5Li®(Q ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 2015; AND CONTAINING OTHER MATTERS INCIDENT THERETO BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: ARTICLE I FINDINGS AND DETERMINATIONS Section 1.1: Findings and Determinations. The City Council hereby officially finds and determines that: (a) The City of La Porte, Texas (the "City"), acting through its City Council. is authorized pursuant to and in accordance with the provisions of Texas Local Government Cod--. Chapter 271, Subchapter C, as amended (the "Act"), to issue certificates of obligation to provide all or part of the funds to pay contractual obligations to be incurred for the construction of public works and the purchase of materials, supplies, equipment, machinery, buildings, land and rights-of-way for authorized needs and purposes and for the payment of contractual obligations for professional services, to wit: (i) improvements and extensions to the City's water and sewer system, (ii) street improvements, (iii) drainage improvements, and {ie) professional services rendered in connection with the above listed projects. (b) The City Council authorized the publication of a notice of intention to issue its City of La Porte, Texas, Certificates of Obligation, Series 2015 (the "Certificates") to the effect that the City Council was tentatively scheduled to meet at 6:00 p.m. on September 28, 2015, at its regular meeting place to adopt an ordinance authorizing the issuance of the Certificates to be payable from an ad valorem tax levied, within the limits prescribed by law, on the taxable property located within the City, and a limited and subordinate pledge of certain revenues of the City's waterworks and sewer system (the"System") in an amount not to exceed$1,000. (c) Such notice was published on August 27, 2015, September 17, 2015, and September 24,2015 in the Bay Area Observer. (d) No petition signed by at least five percent(5%) of the qualified voters of the City has been filed with or presented to any official of the City protesting the issuance of such Certificates on or before the date of passage of this Ordinance. (e) The City has determined that it is in the best interests of the City and that it is otherwise desirable to issue the Certificates to provide all or part of the funds to pay contractual obligations to be incurred for the purposes authorized by the Act. 1 HOU:3589513.1