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<br />ORDINANCE NO. 94-1973
<br />
<br />ORDINANCE AMENDING AND RESTATING ORDlNANCE NO, 941971, ORDINANCE
<br />AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS, GENERAL OBLIGA nON
<br />REFUNDING BONDS, SERIES 1994, AND ALL OTHER MATIERS RELATED THERETO
<br />
<br />WHEREAS, the City Council of the City of La Porte desires to amend Ordinance No, 941971 and restate
<br />completely the ordinance as amended;
<br />
<br />WHEREAS, there are presently outstanding the following obligations of the City of La Porte (the "Issuer" or
<br />the "City"), which are secured by a plcilge by the Issuer to levy ad valorem taxes sufficient to pay principal of and
<br />interest on such obligations as they become due (collectively the "Refunded Obligations") which the Issuer now
<br />desires to refund:
<br />
<br />DESCRIPTION
<br />College View Municipal Utility District Waterworks
<br />and Sewer System Combination Tax and Revenue Bonds,
<br />Series 1968, dated September 1, 1968 (Assumed Bonds)
<br />
<br />REFUNDED
<br />AMOUNT
<br />
<br />MATURITIES
<br />
<br />CALL
<br />
<br />$ 120,000
<br />
<br />1997-1998
<br />
<br />9-1-94
<br />
<br />College View Municipal Utility District Waterworks
<br />and Sewer System Combination Tax and Revenue Bonds,
<br />Series 1970, dated November 1, 1970 (Assumed Bonds)
<br />
<br />$ 15,000
<br />
<br />1995
<br />
<br />5-1-94
<br />
<br />City of La Porte, Texas, General Obligation Bonds,
<br />Series 1986, dated May 15, 1986 '
<br />
<br />$2,175,000
<br />
<br />1998-2005
<br />
<br />2-15-96
<br />
<br />City of La Porte, Texas, General Obligation Bonds,
<br />Series 1989, dated July 15, 1989
<br />
<br />$1,850,000
<br />
<br />2003-2010
<br />
<br />2-15-00
<br />
<br />City of La Porte, Texas, General Obligation Bonds,
<br />Series 1990, dated September 15, 1990
<br />
<br />$ 600,000
<br />
<br />2004-2011
<br />
<br />3-15-01
<br />
<br />City of La Porte, Texas, General Obligation
<br />Refunding Bonds, Series 1991, dated April 15, 1991
<br />
<br />$1,900,000
<br />
<br />2001-2005
<br />
<br />2-15-99
<br />
<br />WHEREAS, Article 717k. Vernon's Texas Civil Statutes, as amended (the "Act"), authorizes the Issuer to issue
<br />refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds or re-
<br />sources, directly with a place of payment (paying agent) for any of the Refunded Obligations, and such deposit, if
<br />made before such payment dates, shall constitute the making of finn banking and financial arrangements for the
<br />discharge and final payment of the Refunded Obligations;
<br />
<br />WHEREAS, the City Council of the Issuer (the "Council") deems it advisable to refund the Refunded
<br />Obligations in order to lower the annual debt service requirements of the Issuer and to restructure the Issuer's debt
<br />service in a manner which will pennit the issuance of additional general obligation bonds without a tax rate increase
<br />or with a smaller increase than would otherwise be required;
<br />
<br />WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to maturity within 20 years
<br />of the date of the bonds hereinafter authorized;
<br />
<br />WHEREAS, it is now deemed necessary and advisable that said bonds be issued at this time, in the amounts,
<br />and for the purpose as herein shown; and
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