O-1962-641 - Laserfiche WebLink

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e e ,.,r'~' ~ Bonds or interest thereon are outstanding, no franchise shall be .....-.. granted for the installa'ti.on or operation of any compet1~~.g system, tha t the City will proh1.bi t the operation of any system other than those owned by the City, and the operation of any such system by anyone other than the City is hereby prohibited. Section 13: ORDINANCE IS CONTRACT: That the provisions of this ordinance shall constitute a contract between the City and the holder or holders ..../- -, -.... from time to time of the Bonds, and after the issuance of any of . said Bonds, no change, variation, or alteration of any kind in. the provisions of this ordinance may be made until all of said Bonds have been paid in full as to both principal and interest. Section 14: SUBROGATION: That, except as provided herein, the holder or holders of the Bonds authorized by this ordinance are, and shall be, subro- gated to all the rights and privileges had and possessed by the holder or holders of the Underlying Bonds which are being refunded / .,.-- -"""", "\', by the issuance of this series of Bonds. . Section 15: APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS, AND EXCHANGE, OF BONDS FOR UNDERLYING BONDS: That it shall be the duty of the Mayor to submit the record or aald Bonds, and the Bonds, to the Attorney General of the State of Texas for examination and approval, and after such Bonds have been so approved, t~ have them registered by the Comptroller of Public Accounts of the State of Texas. Said Bonds shall not be registered until and as a like principal amount of the Underlying Bonds have 'been surrendered for exchange and can- '~""""" cella tion. .' When said Underlying Bonds are surrendered to said ~25-