O-2000-2390 - Laserfiche WebLink

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. e fairly exercised, are necessary to keep the System in operation and render adequate service to the City and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the security of any bonds payable from and secured by a lien on the "Net Revenues" of the System shall be deducted in detennining "Net Revenues." "Ordinance" - This "Ordinance Authorizing the Issuance of $3,000,000 City of La Porte, Texas, Certificates of Obligation, Series 2000, and Other Matters Related Thereto" adopted by the City Council on March 27,2000. "Owners" - Any person who shall be the registered owner of any outstanding Certificates. "Paying AgentlRegistrar" - Chase Bank of Texas, National Association and such other bank or trust company as may hereafter be appointed in substitution therefor or in addition thereto to perfonn the duties of Paying Agent/Registrar in accordance with this Ordinance. "Paying AgentlRegistrar Agreement" - The agreement dated as of March 15, 2000, between the Paying AgentlRegistrar and the City relating to the registration, authentication, and transfer of the Certificates substantially in the fonn of Exhibit A. "Record Date" - The last calendar day of the month next preceding the applicable Interest Payment Date. "Register" - The books of registration kept by the Paying Agent/Registrar in which are maintained the names and addresses of and the principal amounts registered to each Owner. "System" - The City's parks and recreation system. Tenns not otherwise dermed herein are those used in the Parity Bonds Ordinances. SECTION 5. CITY FUNDS. The City hereby confinns the establishment of the following funds of the City at a depository of the City: (a) Interest and Sinking Fund. Tax Levv. and Pledge of Revenues. A special "City of La Porte Certificates of Obligation Series 2000 Interest and Sinking Fund" (the "Interest and Sinking Fund") is hereby created and shall be established and maintained by the City at an official depository bank of the City. The Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of the Issuer, and shall be used only for paying the interest on and principal of the Certificates. The net proceeds of all ad valorem taxes levied and collected for and on account of the Certificates shall be deposited, as collected, to the credit of the Interest and Sinking Fund. During each year while any of the Certificates or interest thereon are outstanding and unpaid, the governing body of the Issuer shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on the Certificates as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal thereof as such principal matures (but never less than 2% of the original principal amount of the Certificates as a sinking fund each year); and the tax shall be based on the latest approved tax rolls of the Issuer, with full allowances being made for tax delinquencies and the cost of tax collection. The rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in the Issuer for each year while any of the Certificates or interest thereon are outstanding and unpaid, and the tax shall be assessed and collected each year and deposited to the credit of the Interest and Sinking Fund. The ad valorem taxes sufficient to provide for the payment of the interest on and principal of the Certificates, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit prescribed by law. The Certificates additionally shall be payable from and secured by a subordinate lien on and pledge of $1,000 of the revenues of the System, which amount is payable from the revenues remaining after payment of all 8