O-1990-1727 - Laserfiche WebLink

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e e bankruptcy in accordance with the final, nonappealable order of a court having competent jurisdiction, the Paying AgentlRegistrar shall at the time AMBAC Indemnity is notified pursuant to (a) above, notify all registered owners that in the event that any registered owner's payment is so recovered, such registered owner will be entitled to payment from AMBAC Indemnity to the extent of such recovery, and the Paying AgentlRegistrar shall furnish to AMBAC Indemnity its records evidencing the payments of principal of and interest on the Bonds which have been made by the Paying AgentlRegistrar and subsequently recovered from registered owners and the dates on which such payme,nts were made. (1) In addition to those rights granted AMBAC Indemnity under this Ordinance, AMBAC Indemnity shall, upon remittance and transfer of Bonds or appropriate instruments of assignment, become the owner thereof, and to evidence such ownership (i) in the case of claims for past due interest, the Paying AgentlRegistrar shall note AMBAC Indemnity's rights as owner on the registration books of the City maintained by the Paying AgentlRegistrar upon receipt from AMBAC Indemnity of proof of the payment of interest thereon to the registered owners of the Bonds and (ii) in the case of claims for past due principal, the Paying AgentlRegistrar shall note A\1BAC Indemnity's rights as owner on the registration books of the City maintained by the Paying AgentlRegistrar upon surrender of the Bonds by the registered owners thereof together with proof of the payment of principal thereof. Section 18. APPROVAL AND REGIS1RATION OF BONDS. The Mayor of the City is hereby authorized to have control of the Bonds and all necessary records and proceedings pertaining to the Bonds pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of the 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. The Bonds thus registered shall remain in the custody of the Mayor (or his designee) until delivered to the purchaser thereof. Section 19. FURTIIER PROCEDURES. The Mayor, the City Secretary, and all other officers, employees, and agents of the City, and each of them, shall be and they are hereby expressly authorized, empowered, and directed form time to time and at any time to do and perform all such acts and things and to execute, acknowledge, and deliver in the name and under the corporate seal and on behalf of the City all such instruments, whether or not herein mentioned, as may be necessary or desirable in order to carry out the terms and provisions of this Ordinance. The Official Statement, dated September 13, 1990, and other documents used in connection with the sale of the Bonds are hereby approved and the Mayor of the City is hereby directed and authorized to execute on behalf of the City, and the City Secretary is hereby authorized to attest, the Official Statement and other sale documents. Section 20. PAYING AGENTIREGISlRAR AGREEMENT. The Paying AgentlRegistrar Agreement, dated September 15, 1990, between the City and First City, Texas - Houston, N.A, Houston, Texas is hereby approved, and the Mayor is authorized to execute and the City Secretary is authorized to attest same. Section 21. SEVERABILlTY. The provisions of this Ordinance are severable; and in case anyone or more of the provisions of this Ordinance or the application thereof to any person 20