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O-2014-3515 2014 Series Bond Ordinance,Bond Purchase Agreement,receive Plan of Finance
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O-2014-3515 2014 Series Bond Ordinance,Bond Purchase Agreement,receive Plan of Finance
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7/5/2019 4:02:00 PM
Creation date
3/27/2014 11:52:52 AM
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Legislative Records
Legislative Type
Ordinance
Date
3/24/2014
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ORDINANCE AUTHORIZING AND ORDERING THE ISSUANCE, SALE <br />AND DELIVERY OF CITY OF LA PORTE, TEXAS, GENERAL <br />OBLIGATION REFUNDING BONDS, SERIES 2014, IN AN AGGREGATE <br />PRINCIPAL AMOUNT NOT TO EXCEED $10 MILLION; DELEGATING TO <br />AUTHORIZED REPRESENTATIVES THE AUTHORITY TO APPROVE THE <br />AMOUNT, INTEREST RATES, PRICE AND TERMS THEREOF AND <br />CERTAIN OTHER PROCEDURES AND PROVISIONS RELATED <br />THERETO; AUTHORIZING THE REDEMPTION PRIOR TO MATURITY OF <br />CERTAIN OUTSTANDING OBLIGATIONS; AND MAKING OTHER <br />PROVISIONS REGARDING SUCH BONDS AND MATTERS INCIDENT <br />THERETO <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: <br />ARTICLE I. <br />FINDINGS AND DETERMINATIONS <br />Section 1.1.: Findings and Determinations. The City Council hereby officially finds and <br />determines that: <br />(a) The City of La Porte, Texas (the "City"), acting through its City Council, is <br />authorized by its Home Rule Charter and the Constitution and laws of the State of <br />Texas, particularly Chapter 1207, Texas Government Code, as amended (the <br />"Act"), to issue bonds for the purpose of refunding its outstanding obligations; <br />(b) The City, acting through its City Council, has heretofore issued and there remain <br />outstanding the obligations described in Schedule 1 attached hereto (the <br />"Refunding Candidates"); <br />(c) The City desires to refund all or a portion of the Refunding Candidates in advance <br />of their maturities in order to achieve net present value debt service savings for <br />the City; <br />(d) The City desires, pursuant to Section 1207.007 of the Act, to delegate to two or <br />more of the Authorized Representatives named herein the authority to effect the <br />sale of the Bonds, including the selection of the Refunding Candidates to be <br />refunded (such selected Refunding Candidates to be known herein as the <br />"Refunded Obligations"), within certain parameters herein described; and <br />(e) The City is authorized by the Act to accomplish such refunding by depositing <br />with an escrow agent a portion of the proceeds from the sale of the refunding <br />bonds authorized herein, together with any other legally available funds, which <br />shall be sufficient to provide for the payment of the Refunded Obligations on their <br />date of redemption, and such deposit shall constitute the making of firm banking <br />and financial arrangements for the discharge and final payment of the Refunded <br />Obligations; <br />HOU:3189356.1 <br />
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