1980-07-30 Special Called Meeting

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• Section 11, the Cit Clerk is hereb authorized and directed Y Y to give written notice of redemption to Bayshore National Bank, La Porte, Texas, the bank where the Lomax Bonds are payable, at least thirty (30) days prior to September 15, 1980, the date fixed for redemption, and to cause a copy of such notice to be published in the Texas Bond Reporter, which is hereby found and determined to be a recognized financial journal published in Texas, at least thirty (30) days prior to the date fixed for redemption; provided, however, the Mayor, City Clerk, and other officials of the City are hereby authorized to enter into an agreement with the holder or holders of all of the Lomax Bonds providing • for the redemption of the Lomax Bonds at such earlier date and on such other terms and conditions as they deem appro- priate. Section 12: That prior to or concurrently with the sale and delivery of the New Bonds, the City shall cause to be deposited to the State Treasurer of the State of Texas the sum of $2,000,000, plus the amount of interest which will accrue thereon calculated to the date fixed for redemp- tion or the agreed date of redemption, as the case may be, of the Lomax Bonds, and concurrently with such deposit shall pay or cause to be paid to the State Treasurer for his services and to reimburse him for his expenses a sum of money calculated in accordance with the provisions of Article 717k, V.A.T.C.S., as amended, and an additional amount of money sufficient to pay the charges of Bayshore National Bank, La Porte, Texas, as paying agent for the Lomax Bonds. The Mayor and City Clerk and other appropriate officers of • the City are hereby further authorized and directed to do any and all things necessary and/or convenient to effectuate the redemption of the Lomax Bonds and otherwise to carry out the spirit and intent of this Ordinance. -9-