O-1986-1497 - Laserfiche WebLink

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. e 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 arbi- trage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regu- lations promulgated thereunder, and that the City will otherwise comply with the pertinent provisions of said Section 103(c), the regulations promulgated thereunder in order that the Bonds will not be or become arbitrage bonds thereunder. Section 13. That if (1) any mutilated Bond is surrendered to the Paying Agent/Registrar or (2) the City and the Paying Agent/Registrar receive evidence to their satisfaction of the destruction, l~ss or theft of any Bond, and (a) there is delivered to the City and the Paying Agent/Registrar such security or indemnity as may be required by them to save each of them harmless and (b) the City and the Paying Agent/Registrar have no notice that such latter Bond has been acquired by a bona fide purchaser~ then and in either such event the City shall execute and upon its request the Paying Agent/Registrar shall register and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Bond, a new Bond of the same maturity and of like tenor, interest rate and principal amount, bearing a number not contemporaneously outstanding. Upon the issuance of any new Bond under this Section 13, the City may require the payment by the registered owner thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Paying Agent/Registrar) connected therewith. Every new Bond issued pursuant to this Section 13 in lieu of any mutilated, destroyed, lost or stolen Bond shall constitute a replace- ment of the prior obligation of the City, whether or not the mutilated, destroyed, lost or stolen Bond shall be at the time enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and ratably with all other outstanding Bonds. .. RG047B/180BOl -9-