O-1985-1470 - Laserfiche WebLink

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. . (Form of Assignment) ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (Print or typewrite name, address and zip code of transferee) (Social Security or other identifying number: ) the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. DATED: NOTICE: The signature on this assignment must correspond with the name of the registered owner as it appears on the face of the within Bond in every particular. Signature guaranteed by: Section 10. That there is hereby created a special fund to be called "CITY OF LA PORTE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1985, INTEREST AND SINKING FUND," and all taxes levied, assessed and collected for or on account of the Bonds authorized by this Ordinance shall, as collected, be deposited into said fund. While the Bonds or any part of the principal thereof or the interest thereon remain outstanding and unpaid, there is hereby levied and there shall be annually assessed and collected in due time, form and manner and at the same time other City taxes are assessed, levied and collected, in each year beginning with the current year, a continuing direct annual ad valorem tax upon all taxable property in the City sufficient to pay the current interest thereon and to create a sinking fund of not less than two percent (2%) of the principal amount of the Bonds then outstanding or of not less .than the amount required to pay the principal payable out of said tax, whichever is greater, full allowance being made for delin- quencies and costs of collection, and said taxes, when collected, shall be applied to the principal of and interest on the Bonds and for no other purpose. Section 11. That the Mayor is hereby authorized and directed to submit, or cause to be submitted, the record of the Bonds, and the Initial Bonds, to the Attorney General of the State of Texas for examination and approval and thereafter cause the Initial Bonds to be registered by the Comptroller of Public Accounts of the State of Texas. Upon said registration of the Initial Bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be endorsed on each of the Initial Bonds, and the seal of said Comptroller shall be impressed or stamped on each such Bond. Section 12. That the City hereby covenants with the Purchaser and any subsequent registered owner of the Bonds that the City will not make any use of the proceeds of the Bonds which will cause the Bonds to be or become arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations promul- RG04lR/180BOl -9-