R-1989-01 - Laserfiche WebLink

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~ . . . RESOLUTION NO. 89-1 A RESOLUTION CONSENTING TO MATTERS RELATING TO A PROPOSED BOND ISSUANCE BY THE LA PORTE AREA WATER AUTHORITY 1 PROVIDING FOR A SEVERABILITY CLAUSE1 FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW 1 AND PROVIDING FOR AN EFFECTIVE DATE HEREOF. WHEREAS, the Board of Directors of the La Porte Area Water Authority (the "Authority") has informed the City Council of The City of La Porte that the Authority desires to issue and sell its Contract Revenue Bonds, Series II 1988, in the aggregate principal amount of FOUR MILLION EIGHT HUNDRED THOUSAND DOLLARS ($4,800,000.00), in order to finance the construction of a transmission and distribution system to transport water from the Southeast Water Purification Plant (the "Southeast Plant") under construction by the City of Houston, to customers of the Authority, and for other related purposes1 and WHEREAS, THE CITY OF LA PORTE has entered into a Water Supply Contract (the "Contract") with the Authority for THE CITY OF LA PORTE to . purchase treated water at the Southeast Plant from the AuthoritY1 and WHEREAS, the Authority has delivered to THE CITY OF LA PORTE pursuant to Section 2.03 of the Contract, the proposed bond resolution attached hereto as Exhibit "A" (the "Bond Resolution") and a schedule containing an estimate of the amounts described in such Section 3.021 and WHEREAS, the Authority has delivered to THE CITY OF LA PORTE pursuant to Section 3.02 of the contract the finalized construction cost formula and THE CITY OF LA PORTE'S share of the actual ~ construction cost for the Transmission System and Distribution System1 therefore