O-1985-1469 - Laserfiche WebLink

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e e Articles 1111 to 1118, both inclusive, Vernon's Texas Civil Statutes, as amended and by authority of a bond election held within the City on June 15, 1985. This Bond shall not be deemed to constitute a debt of the City or a pledge of its faith and credit, but shall be payable as to principal and interest, together with the other Bonds of this series of Bonds, solely from the reve- nues derived from the operation of the City's combined Waterworks and Sewer System, including all present and future extensions, additions, replacements and improvements thereto after deduction therefrom of the necessary and reasonable expense of operation and maintenance of such System. The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation. The City has reserved the right to redeem, in whole or from time to time in part, all of the Bonds matur- ing in the years 1996 through 2005 on March 15, 1995, or any interest payment date thereafter, by paying the principal thereof and accrued interest thereon. If less than all of the Bonds are to be redeemed, the City shall designate the principal amount of Bonds of each maturity to be redeemed and the particular bonds within each such maturity in integral multiples of $5,000. At least thirty (30) days' prior notice of any such redemption shall be given by mail as provided in the Bond Ordinance. Any Bond or Bonds duly called for redemption, due provision for the full payment of which has been timely made, shall cease to bear interest from and after the date fixed for redemption. As provided in the Bond Ordinance and subject to certain limitations therein set forth, this Bond is trans- ferable on the Bond Register of the City, upon surrender of this Bond for transfer at the principal office of the Paying Agent/Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar duly executed by, the registered owner hereof or his attorney duly authorized in writing, and thereupon one or more new fully registered Bonds of the same maturity, of authorized denominations, bearing the same rate of interest, and for the same aggregate principal amount will be issued to the designated transferee or transferees. Similarly, this Bond may be exchanged for a like aggregate principal amount of fully registered Bonds of other authorized denominations of the same maturity and bearing the same rate of interest. Neither the City nor the Paying Agent/Registrar shall be required (1) to transfer or exchange this Bond during the period of fifteen (15) calendar days next preced- ing any interest payment date or (2) to transfer or exchange this Bond during the thirty (30) day period prior to the date fixed for the redemption of this Bond. The City, the Paying AgentlRegistrar and any agent of either of them may treat the person, firm or corporation in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Bond be overdue, and neither the City, the Paying Agent/Registrar nor any such agent shall be affected by notice or knowledge to the contrary. The City has reserved the right, subject to the restrictions stated in the Bond Ordinance, to issue 002RDRAW/193B01 -6-