O-2005-2858 - Laserfiche WebLink

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"Paying Agent/Registrar Agreement" shall mean the agreement between the City and the Paying Agent/Registrar as described more particularly in Section 6.1 hereof. "Record Date" shall mean the close of business on the tenth day of the month next preceding the applicable Interest Payment Date. "Register" shall mean the registration books for the Obligations kept by the Paying Agent/Registrar in which are maintained the names and addresses of, and the principal amounts registered to, each Registered Owner of Obligations. "Registered Owner" shall mean the person or entity in whose name any Obligation is registered in the Register. "Purchaser" shall mean Wachovia Bank, National Association. Section 2.2: Interpretations. All terms defined herein and all pronouns used in this Ordinance shall be deemed to apply equally to singular and plural and to all genders. The titles and headings of the articles and sections of this Ordinance have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof. This Ordinance and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to sustain the validity of the Obligations and the validity of the levy of ad valorem taxes to pay the principal of and interest on the Obligations. ARTICLE III TERMS OF THE OBLIGATIONS Section 3.1: Amount, Purpose and Authorization. The Obligations shall be issued in fully registered form, without coupons, under and pursuant to the authority of the City's Home Rule Charter and the Act in the total authorized aggregate principal amount of TWO MILLION SIX HUNDRED TWENTY FIVE THOUSAND AND NOIlOO DOLLARS ($2,625,000) for the purpose of paying (a) all or a portion of the City's contractual obligations to be incurred in connection with the use, purchase or other acquisition of personal property, and (b) costs of issuance of the Obligations, all in accordance with the provisions of the Act. Section 3.2: Designation. Date and Interest Payment Dates. The Obligations shall be designated as the "City of La Porte, Texas, Public Property Finance Contractual Obligations, Series 2006," and shall be dated January 1,2006. The Obligations shall bear interest at the rates set forth in Section 3.3 below, from the later of the Issuance Date, or the most recent Interest Payment Date to which interest has been paid or duly provided for, calculated on the basis of a 360-day year of twelve 30-day months, payable on July 25, 2006, and each January 25 and July 25 thereafter until maturity or earlier redemption. If interest on any Obligation is not paid on any Interest Payment Date and continues unpaid for thirty (30) days thereafter, the Paying Agent/Registrar shall establish a new record date for the payment of such interest, to be known as a Special Record Date. The Paying AgentlRegistrar shall establish a Special Record Date when funds to make such interest payment 3 HOU:2516661.4