HomeMy WebLinkAboutO-1970-768-A
.
e
ORDINANCE. NO. 768-A
.
AN ORDINANCE AMENDING ORDINANCE NO. 768, ,PASSED AND APPROVED
ON MAY 1, ,1967, ,BEING AN ORDINANCE PROVIDING RULES, REGULATIONS
AND STANDARDS PERTAINING TO WATER DISTRICTS WITHIN THE EXTRA-
TERRITORIAL JURISDICTION OF THE CITY OF LA PORTE: AND PROVIDING
AN EFFECTIVE DATE HEREOF. '
BE IT ORDAINED BY ,THE CITY ,COMMISSION OF THE CITY ,OF LA PORTE:
Section 1. Ordinance No. 768, 'passed and approved May 1,
1967, .is hereby amended so that Section 1 (a) thereof shall be
and read as follows:
e
"Section 1. (a) Bonds may be issued by the district
only for the purpose of purcha,si~g and constructi~g, or
purchasi~g or constructi~g or otherwise acquiri~g water-
works systems and sanitary sewer systems, and, with the
prior written consent of the City of La Porte, for drain-
~ge facilities, and to make any and all necessary purchases,
constructions, improvements, extensions, additions and
repairs thereto, ,and to purchase or acquire all necessary
land,r~ghts-of-way,easements, sites, equipment, build-
ings ,plants , structures, ,and facilities therefor, and
to operate and maintain same, and to sell water and other
services within or without the boundaries of the district.
Such bonds may not be exchanged for property acquired by
.
purchase, ,or in payment of the contract price of work
done or services rendered for the use and benef,i t of said
distr~ct. Such bonds and all refundi~g bonds issued by
the district shall only be sold after the taking of public
bids therefor and all bonds and refunding bonds shall be
sold for cash for not less than ninety-five per cent (95%)
e
of par, provided the net effective interest rate on bonds
so sold, ,taki~g into account any discount or premium as
well as the interest rate borne by such bonds, shall not
exceed two per cent (2%) above the average interest rate
reported by, the' Daily Bond Buyer in its weekly "Twenty
Bond Index" in its most recent issue published immediately
.
e
Ordinance No. 768-A - Page 2
e
prior to the date of the sale of such bonds. Provided,
however, the'net ef.fective .interest rate of any such
bonds shall never. under. any circumstances exceed e~.ght
and three-:quarters per cent (8-3/4%) per annum. Such
bonds shall contain an option for prior redemption on
any payment date occurri~g fifteen (15) years after issue
date. Such bonds shall further be issued under terms and
conditions approved in writi~g by the City of La Porte."
Section 2. Ordinance No. 768, as hereby amended, shall
remain in full force and effect.
e
Section 3. This Ordinance shall take effect and be in
full force from and after its pass~ge and approval.
PASSED AND APPROVED, this the 20th day of July, A.D. 1970.
CITY .oF LA PORTE, TEXAS
By 2t~~
Mayor
.
C
~e'"
.
e
BAKER &. BOTTS
ONE SHELL PLAZA
HOUSTON, TEXAS 77002
WASHINGTON OFFICE
1701 PENNSYLVANIA AVE., N, W,
.WASHINGTON.o, C,20006
TELEPHONE (202) 457-5500
TELEPHONE (713) 229-1234
TELEX 76-2779
TELECOMMUNICATION
(713) 229-1523 HOUSTON
(202) 457-5531 WASHINGTON, 0, C,
,,'"
G-21,920-A
Re: Spenwick Place Municipal Utility District
Waterworks and Sewer System Combination
Unlimited Tax and Revenue Bonds
Series 1979, $275,000
November 12, 1979
Mr. J. J. Meza, Mayor
Ci ty of La Porte
604 West Fairmont Pkwy.
La Porte, Texas 77571
Dear Mayor:
.
Enclosed is an Ordinance proposed for adoption
by the City commission of the City of La Porte for the pur-
pose of consenting to the issuance and sale of the above
Bonds by Spenwick Place Municipal Utility District to the
Texas Water Development Board. The details of such Bonds
and the terms and conditions on which they would be sold
to the Water Development Board are set forth in the
District's Order authorizing such Bonds, a copy of which
is also enclosed. '
It is our belief, and view seems to be well
accepted, that the proposed sale to the Water Development
Board is the best possible Bond sale which the District
could make at this time.
We would sincerely appreciate the early consider-
ation of this matter by the City Commission, and would be
pleased to answer any question you may have or otherwise
help in any way to expedite the matter.
.
Very truly yours,
~~
R. D. Richards, Jr.
RDR:175
Enclosure
cc: Mr. Knox W. Askins
Mr. James R. Hudgens