O-1988-1600 - Laserfiche WebLink

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e . /'00 ORDINANCE NO. AN ORDINANCE CONSENTING TO THE ISSUANCE AND SALE OF BONDS BY LA PORTE AREA WATER AUTHORITY. WHEREAS, the La Porte Area Water Authority (the "Authority") was created as a conservation and reclamation district in Harris County, Texas pursuant to the provisions of Article XVI, Section 59 of the Texas Constitution and Chapter 729, pages 2678 et seq. Acts of the 67th Legislature of the State of Texas, Regular Session, 1981 (the "Act")~ and WHEREAS, Section l2Cb) of the Act authorizes the Authority to borrow money from time to time for the purposes specified in the Act by, among other things, issuing and selling revenue bonds~ provided, however, that the Authority may borrow money only with the prior approval of the city council (the "City Council") of the City of La Porte (the "City")~ and WHEREAS, the Board of Directors of the Authority has informed the City Council that the Authority desires to issue and sell its Contract Revenue Bonds, Series 1988, in the aggregate principal amount of $5,000,000, in order to finance the acquisition of an undivided equity interest in the Southeast Water Purification Plant Cthe "Southeast Plant") under construction by the City of Houston and for other related purposes~ and WHEREAS, the City has entered into a Water Supply Contract with the Authority for the City to purchase water treated at the Southeast Plant from the Authority~ and WHEREAS, the issuance and sale of the Bonds by the District on the proposed terms and conditions is satisfactory and in the best interest of the City and the City Council desires to consent tot he issuance and sale of the Bonds~ therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. That the City Council of the City of La Porte hereby consents to the issuance and sale by La Porte Area Water