O-1962-641 - Laserfiche WebLink

Browse Search

, . ~--.-. ./ " e e 4It Section ll~ SYSTEM OF RECORDS AND ACCOUNTS ~ Tba t the Mayor, City Clerk, and ,p"-_.- ,~.. 4It ----............... ?,... ~'. . .-"--0- . City TreasureI' are hereby instructed and directed to do any and all things necessary in reference to the installing and maintaining of a complete system of records and accounts pertaining to said System and to make the moneys available for the payment of the Bonds in the manner provided by law. Section 12: SPECIAL COVENANTS~ That the City covenants, by and through this ordinance, as follows: 12.01 - POWER TO PLEDGE REVENUES: That it has lawful power to pledge the revenues supporting this issue of Bonds and has lawfully exer- cised its power under the Constitution and laws of the State of Texas, including said power e~iBting under A~ticles 1111 to 1118, both inclusive, Vernonos Texas Civil Statutes, as amendedj and that the Bonds issued hereunder. shall be ratably secured under said pledge of net revenues and in such manner that one Bond shall have no preference over any other Bond of said issue. 12 .02 - ~VENUES NOT ENCUMBERED ~ Tha t, other than the Underlying Bonds which are being refunded by the issuance of the Bonds, the rents, revenues, properties, and income of said System are not in any manner pledged to the payment or any debt or obligation of the City, nor of said System. 12.03 ~ SALE OR ENCUMBRANCE OF SYSTEM AND ISSUANCE OF ADDITIONAL PARITY BONDS~ That, so 10I'l..g as any of the Bonds authorized herein remain outstanding, the City will not sell or encumber the System, or any substa~tial part the~e9~J and that, with the exception of the Additiop~l Bonds mentioned in Section 10.06 hereof, when issued -,~3o.u