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O-1990-1727
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O-1990-1727
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Last modified
11/2/2016 3:38:49 PM
Creation date
10/25/2006 4:07:00 PM
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Legislative Records
Legislative Type
Ordinance
Date
9/27/1990
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<br />e <br /> <br />e <br /> <br />contravene the requirements of section 148 of the Code (relating to arbitrage) and, to the <br />extent applicable, section 149(d) of the Code (relating to advance refundings); <br /> <br />(h) to pay to the United States of America at least once during each five-year <br />period (beginning on the date of delivery of the Bonds) an amount that is at least equal <br />to 90% of the "Excess Earnings", within the meaning of section 148(1) of the Code and to <br />pay to the United States of America, not later than 60 days after the Bonds have been paid <br />in full, 100% of the amount then required to be paid as a result of Excess Earnings under <br />section 148(1) of the Code; and <br /> <br />(i) to maintain such records as will enable the City to fulfill its responsibilities under <br />this section and section 148 of the Code and to retain such records for at least six years <br />following the final payment of principal and interest on the Bonds. <br /> <br />It is the understanding of the City that the covenants contained herein are intended to assure <br />compliance with the Code and any regulations or rulings promulgated by the u.s. Department of <br />the Treasury pursuant thereto. In the event that regulations or rulings are hereafter promulgated <br />which modify, or expapd provisions of the Code, as applicable to the Bonds, the City will not be <br />required to comply with any covenant contained herein to the extent that such modification or <br />expansion, in the opinion of nationally-recognized bond counsel, will not adversely affect the <br />exemption from federal income taxation of interest on the Bonds under section 103 of the Code. <br />In the event that regulations or rulings are hereafter promulgated which impose additional <br />requirements which are applicable to the Bonds, the City agrees to comply with the additional <br />requirements to the extent necessary, in the opinion of nationally-recognized bond counsel, to <br />preserve the exemption from federal income taxation of interest on the Bonds under section 103 <br />of the Code. <br /> <br />Section 15. SALE OF BONDS. Public advertisement for the sale of the Bonds and bids <br />to purchase the Bonds having been received pursuant thereto, it is hereby found and declared that <br />the bid submitted by Prudential-Bache Securities (the "Initial Purchaser") is the best bid received; <br />and the sale of the Bonds to the named best bidder, at a price equal to the principal amount of <br />the Bonds plus accrued interest thereon from the date thereof to the date of actual delivery, <br />subject to the unqualified approving opinion, as to the legality of the Bonds of the Attorney <br />General of the State of Texas, and the market opinion of McCall, Parkhurst & Horton, bond <br />attorneys, is hereby authorized, ratified, approved, and confirmed. When the Bonds have been <br />approved by the said Attorney General and registered by the Comptroller of Public Accounts of <br />the State of Texas, they shall be delivered to the purchasers upon receipt of the full purchase <br />price. <br /> <br />Section 16. PROCEEDS OF SALE. The proceeds of the Bonds, except the accrued <br />interest thereon, shall be deposited into a Construction Account to be established by the City for <br />the purposes for which the Bonds are issued, and the accrued interest shall be deposited to the <br />Interest and Sinking Fund. It is further provided, however, that any interest earnings on bond <br />proceeds which are required to be rebated to the United States of America pursuant to Section <br />14 hereof in order to prevent the Bonds from being arbitrage bonds shall be so rebated and not <br />considered as interest earnings for the purposes of this Ordinance. <br /> <br />18 <br />
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