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<br />to the named best bidder, at a price equal to the principal amount of the Bonds plus accrued
<br />interest thereon from the date thereof to the date of actual delivery, subject to the unqualified
<br />approving opinion, as to the legality of the Bonds of the Attorney General of the State of Texas,
<br />and the market opinion of McCall, Parkhurst & Horton, bond attorneys, is hereby authorized,
<br />ratified, approved, and confirmed. When the Bonds have been approved by the said Attorney
<br />General and registered by the Comptroller of Public Accounts of the State of Texas, they shall be
<br />delivered to the purchasers upon receipt of the full purchase price.
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<br />SEC110N 22. PROCEEDS OF SALB. The proceeds of the Bonds, except the accrued interest
<br />thereon, shall be deposited into a Construction Account to be established by the City for the
<br />purpose for which the Bonds are issued, and the accrued interest shall be deposited to the Interest
<br />and Sinking Fund. It is further provided, however, that any interest earnings on bond proceeds
<br />which are required to be rebated to the United States of America pursuant to Section 19 hereof
<br />in order to prevent the Bonds from being arbitrage bonds shall be so rebated and not considered
<br />as interest earnings for the purposes of this Ordinance.
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<br />SEC110N 23. APPROVAL AND REGISTRATION OF BoNDS. The Mayor of the City is hereby
<br />authorized to have control of the Bonds and all necessary records and proceedings pertaining to
<br />the Bonds pending their delivery and their investigation, examination, and approval by the Attorney
<br />General of the State of Texas, and their registration by the Comptroller of Public Accounts of the
<br />State of Texas. Upon registration of the Bonds, said Comptroller of Public Accounts (or a deputy
<br />designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registra-
<br />tion Certificate. The Bonds thus registered shall remain in the custody of the Mayor (or his
<br />designee) until delivered to the purchaser thereof.
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<br />SEC110N 24. FUR'IHER PROCEDURES. The Mayor, the City Secretary, and all other officers,
<br />employees, and agents of the City, and each of them, shall be and they are hereby expressly
<br />authorized, empowered, and directed form time to time and at any time to do and perform all such
<br />acts and things and to execute, acknowledge, and deliver in the name and under the corporate seal
<br />and on behalf of the City all such instruments, whether or not herein mentioned, as may be
<br />necessary or desirable in order to carry out the terms and provisions of this Ordinance. The
<br />Official Statement, dated September 13, 1990, and other documents used in connection with the
<br />sale of the Bonds are hereby approved and the Mayor of the City is hereby directed and
<br />authorized to execute on behalf of the City, and the City Secretary is hereby authorized to attest,
<br />the Official Statement and other sale documents.
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<br />SEC110N 25. PAYING AGBNT/REGlsmAR AGREEMENT. The Paying Agent/Registrar
<br />Agreement, between the City and First City, Texas - Houston, N.A, Houston, Texas is hereby
<br />approved, and the Mayor is authorized to execute and the City Secretary is authorized to attest
<br />same.
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<br />SEC110N 26. SBVBRABILITY. The provisions of this Ordinance are severable; and in case any
<br />one or more of the provisions of this Ordinance or the application thereof to any person or
<br />circumstance should be held to be invalid, unconstitutional, or ineffective as to any person or
<br />circumstance, the remainder of this Ordinance nevertheless shall be valid, and the application of
<br />any such invalid provision to persons or circumstances other than those as to which it is held
<br />invalid shall not be affected thereby.
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