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<br />WHEREAS, the city commission desires to proceed
<br />with the authorization, issuance and sale of said bonds;
<br />
<br />therefore,
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<br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
<br />
<br />section 1: That the coupon bonds of the City of
<br />La Porte, Texas (hereinafter called the "New Bonds"), to be
<br />known and designated as "CITY OF LA PORTE, TEXAS, GENERAL
<br />OBLIGATION AND REFUNDING BONDS, SERIES 1980," are hereby
<br />authorized to be issued in the principal amount of $3,850,000
<br />for the following purposes, to-wit: (a) $1,850,000 for the
<br />construction of improvements to the City's Sanitary Sewer
<br />4It System (being the second and final installment out of
<br />$2,000,000 authorized for such purpose), and (b) $2,000,000
<br />for refunding all of the City of Lomax, Texas, General
<br />Obligation Bonds, Series 1980, dated March 1, 1980 (herein-
<br />after called the "Lomax Bonds"), under and by virtue of the
<br />Constitution and laws of the State of Texas, and.as respec-
<br />tively authorized at the bond election held in said city on
<br />the 24th day of February, 1979, and by Art. 717k, V.A.T.C.S.,
<br />
<br />as amended.
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<br />section 2: That the New Bonds shall be dated
<br />August 1, 1980, shall be numbered consecutively from 1
<br />through 770, shall be in the denomination of $5,000 each,
<br />and shall mature and become due and payable serially on
<br />February 1 in each of the years and in the amounts specified
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<br />in the following schedule:
<br />
<br /> Year Amount Year Amount
<br /> 1981 $175,000 1990 $175,000
<br /> 1982 175,000 1991 175,000
<br /> 1983 175,000 1992 175,000
<br /> 1984 175,000 1993 175,000
<br /> 1985 175,000 1994 250,000
<br /> 1986 175,000 1995 250,000
<br /> 1987 175,000 1996 250,000
<br /> 1988 175,000 1997 275,000
<br /> 1989 175,000 1998 275,000
<br /> 1999 275,000
<br />e Provided, however, that the city reserves the
<br />right to redeem, in whole or in part, all of the New Bonds
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