1980-07-30 Special Called Meeting

Browse Search

• Section 9: That the City hereby covenants with the purchasers and any subsequent holders of the New Bonds that the City will not make any use of the proceeds of said bonds which will cause said bonds to be or become arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations promul- gated thereunder, and that the City will otherwise comply with the pertinent provisions of said Section 103(c) and regulations in order that said bonds will not be or became arbitrage bonds thereunder. Section 10: That public advertisement for the • sale of the New Bonds having been made and bids to purchase said bonds having i~een received pursuant thereto, it is hereby found and declared that the bid submitted by First City National Bank of Houston is the best bid received; and that the sale of the New Bonds to the named best bidder, at a price equal to the principal amount of such bonds plus accrued interest thereon from the date thereof to the date of actual delivery, plus a cash premium of $ subject to the unqualified approving opinion, as to the legality of said bonds, of the Attorney General of the State of Texas and Baker & Botts, Houston, Texas, market attorneys, is hereby authorized,. ratified, approved and confirmed. When the New Bonds have been approved by the said Attorney General and registered by the Comptroller of Public Accounts of the State of Texas, they shall be delivered to the purchaser upon receipt of the full purchase price. The Mayor, City Clerk and other appropriate officers of the City are autho- rized and directed to perform all acts necessary and/or convenient to carry out the terms of this ordinance. Section 11: That the City hereby exercises its right to redeem all of the Lomax Bonds at the price of par and accrued interest thereon to the date fixed for redemp- tion, and, subject to the remaining provisions of this -8-