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<br />~' <br /> <br />. . <br /> <br />ORDINANCE NO. 1595 <br /> <br />AN ORDINANCE CONSENTING TO A PROPOSED BOND <br />RESOLUTION TO BE ADOPTED BY <br />LA PORTE AREA WATER AUTHORITY <br /> <br />WHEREAS, the Board of Directors of the La Porte Area Water <br /> <br />Authority (the "Authority") has informed ~the city council (the <br /> <br />"City Council") of the City of La Porte (the "City") that the <br /> <br />Authority desires to issue and sell its Contract Revenue Bonds, <br /> <br />Series 1988, in the aggregate principal amount of $5,000,000, in <br /> <br />order to finance the acquisition of an undivided equity interest in <br /> <br />the Southeast Water Purification Plant (the "Southeast Plant") <br /> <br />under construction by the City of Houston and for other related <br /> <br />purposes~ and <br /> <br />WHEREAS, the City has entered into a Water Supply Contract <br /> <br />(the "Contract") with the Authority for the City to purchase water <br /> <br />treated at the Southeast Plant from the Authority~ and <br /> <br />WHEREAS, the Authority has delivered to the City pursuant to <br /> <br />Section 3.02 of the Contract, the proposed bond resolution attached <br /> <br />hereto as Exhibit "A" (the "Bond Resolution") and a schedule <br /> <br />containing an estimate of the amounts described in such Section <br /> <br />3.02~ therefore <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL <br />OF THE CITY OF LA PORTE: <br /> <br />Section 1. <br /> <br />That the City Council of the City of La Porte <br /> <br />hereby consents, pursuant to Section 3.03 of the Contract, to the <br /> <br />Bond Resolution. <br /> <br />Section 2. <br /> <br />That if any section, sentence, phrase, clause, or <br /> <br />any part of any section, sentence, phrase, or clause, of this <br />