1991-05-14 Special Called Meeting

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e e Bonds will not be considered "private activity bonds" within the meaning of section 141 of the Code. SECTION 14. SALE OF BONDS. The Bonds are hereby sold and shall be delivered to Masterson Moreland Sauer Whisman, Inc. (the "Initial Purchaser"), pursuant to the terms and provisions of the Purchase Contract attached hereto as Exhibit B and the Mayor is hereby authorized to execute and deliver such Purchase Contract. The Bonds shall initially be registered in the name of Masterson Moreland Sauer Whisman, Inc. The officers of the Issuer are hereby authorized and directed to execute and deliver such certificates, instructions, or other instruments as are required or necessary to accomplish the purposes of this Ordinance. SECTION 15. APPROVAL OF OFFICIAL STATEMENT. The Issuer hereby approves the form and content of the Official Statement relating to the Bonds, and any addenda, supplement, or amendment thereto and approves the distribution of such Official Statement in the reoffering of the Bonds by the Initial Purchasers in final form, with such changes therein or additions thereto as the officer executing the same may deem advisable, such determination to be conclusively evidenced by his execution thereof. It is further officially found determined and declared that the statements and representations contained in .said Official Statement are true and correct in all material respects to the best knowledge and belief of the Council. SECTION 16. 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 general tax obligations and (ii) restructure its debt service in a manner which will allow the issuance of additional bond issues without a tax rate increase or with a smaller increase than would otherwise be required. SECTION 17. NOTICE OF REDEMPTION TO PAYING AGENT AND REGISTERED OWNERS AND PUBLICATION. The principal of and accrued interest on the Refunded Series 1980 Bonds shall be paid on the earliest redemption date, August 1, 1991, with proceeds of the Bonds, and the Refunded Series 1980 Bonds are hereby called for redemption on said date. The principal of and interest on the Refunded Assumed Bonds shall be paid on the earliest redemption date, February 15, 1994, and the Refunded Assumed Bonds are hereby called for redemption on said date. The principal of and interest on the Refunded Series 1985 Bonds shall be paid on the earliest redemption date, March 15, 1995, and the Refunded Series 1985 Bonds are hereby called for redemption on said date. First City , Texas - Houston, N .A., Houston, Texas, 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 dates. Unless notice is waived by the owners thereof, a copy of the Notices of Prior Redemption, substantially in the form attached hereto as Exhibit A, shall be delivered to the paying agent bank for the Refunded Obligations and a copy of such Notices of Prior Redemption shall be mailed to the registered owher thereof, or otherwise given as provided in the appropriate order, resolution, or ordinance authorizing the Refunded Obligations. 20