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<br />ORDINANCE NO. J~70
<br />ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND
<br />DELIVERY OF THE CITY'S $5,000,000 GENERAL
<br />OBLIGATION BONDS, SERIES 1985, PROVIDING THE
<br />DETAILS RELATING THERETO, AUTHORIZING AN AGREEMENT
<br />WITH THE PAYING AGENT/REGISTRAR AND DECLARING THAT
<br />SAID ORDINANCE SHALL BE EFFECTIVE
<br />IMMEDIATELY UPON ITS ADOPTION
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<br />WHEREAS, pursuant to an election duly called and
<br />held in the City of La Porte, Texas (the "City"), on June 15,
<br />1985, the City Council of the City was authorized to issue
<br />General Obligation Bonds of the City in the aggregate amount
<br />of $15,550,000 for various purposes including those named
<br />below; and
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<br />WHEREAS, the City Council of the City has deter-
<br />mined that it is necessary to issue a first installment of
<br />said bonds in the aggregate principal amount of $5,000,000
<br />for the purposes specified below, leaving an aggregate of
<br />$10,550,000 of such bonds to be issued in one or more
<br />installments at a later date or dates; and
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<br />WHEREAS, the City Council desires to proceed with
<br />the authorization, issuance and sale of said bonds1 therefore,
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<br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
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<br />Section 1. That the bonds of the City of La Porte,
<br />Texas, to be known and designated as "CITY OF LA PORTE, TEXAS,
<br />GENERAL OBLIGATION BONDS, SERIES 1985" (the "Bonds"), are
<br />hereby authorized to be issued in the aggregate principal
<br />amount of $5,000,000 for the purpose of making the following
<br />permanent public improvements, to-wit:
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<br />$550,000 for the purpose of constructing or
<br />purchasing a fire station, additions and
<br />improvements (being the entire amount voted
<br />for such purpose); $450,000 (out of $1,500,000
<br />voted) for the purpose of constructing or
<br />purchasing a Fire Department Training Facility
<br />and related improvements, including the pur-
<br />chase of a site therefor, leaving $1,050,000
<br />to be issued at a later date or dates for
<br />such purpose; $2,000,000 (out of $2,500,000
<br />voted) for the purpose of purchasing and im-
<br />proving land for park purposes, leaving
<br />$500,000 to be issued at a later date or dates
<br />for such purpose; $1,000,000 (out of $3,000,000
<br />voted) for the purpose of constructing or
<br />purchasing drainage improvements, leaving
<br />$2,000,000 to be issued for such purpose at a
<br />later date or dates1 and $1,000,000 (out of
<br />$2,500,000 voted) for the purpose of construct-
<br />ing improvements to the streets in the City,
<br />including necessary drainage in connection
<br />therewith, leaving $1,500,000 to be issued
<br />for such purpose at a later date or dates;
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<br />under and by virtue of the Constitution and laws of the State
<br />of Texas and as authorized at a bond election held in the
<br />City on June 15, 1985.
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<br />Section 2. That the Bonds shall be issued and
<br />delivered in fully registered form without coupons, shall be
<br />numbered consecutively from R-l upward, shall be dated as of
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