O-1991-1755 - Laserfiche WebLink

Browse Search

e e all material respects to the best knowledge and belief of the Council. SECTION 25. CONSIDERATIONS OF REFUNDING. The Council hereby finds that by refunding the Refunded Obligations the Issuer will (i) lower the annual debt service requirements with respect to its revenue supported obligations and (U) restructure its debt service in a manner which will allow the issuance of additional bond issues without a utility rate increase or with a smaller increase than would otherwise be required, SECTION 26. NOTICE OF REDEMPTION TO PAYING AGENT AND REGISTERED OWNERS AND PUBLICATION. The principal of and accrued interest on the Refunded Obligations shall be paid on the earliest redemption date, March 15, 1995, with proceeds of the Bonds, and the Refunded Obligations are hereby called for redemption on said elate. First City , Texas - 1I011ston, N.A., Houston, Texlls, is hereby directed to make appropriate arrangements so that the principal" of and accrued interest on such Refunded Obligations may be redeemed at said bank on such redemption date. Unless notice is waived by the owners thereof, a copy of the Notice of Prior Redemption, substantially in the form attached hereto as Exhibit D, shall be delivered to the paying agent bank for the Refunded O~ligations and a copy of such Notice of Prior Redemption shall be mailed to the registered owner thereof, or otherwise given as provided in the appropriate order, resolution, or ordlnanC?e authorizing the Refunded Obligations. SECTION 27. ESCROW AGREEMENT. The discharge of the Refunded Obligations shall be effectuated pursuant to the terms and provisions of the Escrow Agreement, the terms and provi!.?ions of which are hereby approved, subject to such In~ertions, additions, alld modin(~ations as shall be necessary (a) to carry' out the program designed for the City by Masterson Moreland Sauer Whisman, Inc. and which shall be certified as to IIl[\lhematicul accuracy by Deloitte Be Toudle, Certified Public Accountonts, whose verification report (the "Report") shall be delivered with the Escrow Agreement, (b): to maximize the City's present value savings and/or minimize tho City costs of refunding, (c) to comply ,with all applicable laws and regulations relating to the refunding of the Refunded Obligations, and (d) to carry out the other intents and purposes of this Ordinance, and the Mayor is' hereby authorized to execute and deliver the Escrow Agreement attached hereto as Exhibit C on behalf of the City in multiple counterparts and the City Secretary is hereby authorized to attest thereto and affix the City's seal. SECTION 28. SOURCE OF CITY FUNDS USED IN REFUNDING. The amount of $67,115.83 available funds of the City are hereby appropriated and sholl be deposited to the Escrow Fund, which together with certin proceeds of the Bonds shall be used to refund the Uefunded Obligations. "SECTION 28. PURCHASE OF UNITED STATES TREASURY OBLIGATIONS. To assure the purchase of the Escrowed Securities referred to in the Escrow Agreement, the Mayor, the City's Chief Financial Officer, and the Escrow Agent ore hereby authorized to subscribe for, agree to purchase, and purchase non-callable obligations of the United States of America, in such amounts and maturities and" bearing Interest at such rates as may be provided for In the Report, and to execu te Bny and all 27