1980-12-17 Regular Meeting - Laserfiche WebLink

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. . e e e hereby established for the payment of the obligations herein authorized. The Council hereby declares its purpose and intent to provide and levy a tax legally and fully sufficient for such certificates, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations. Section 8: The sale of said certificates to Bayshore National Bank, La Porte, Texas, and First City Bank of La Porte, La Porte, Texas, at the price of par and accrued e interest to date of delivery is hereby confirmed. Delivery of the certificates shall be made to said purchaser as soon as may be after the adoption of this ordinance, upon payment therefor in accordance with the terms of sale. Section 9: That the City hereby covenants with the purchasers and any subsequent holders of said certificates that the City will not make any use of the proceeds of said certificates which will cause said certificates 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 promulgated thereunder, and that the City will otherwise comply with the pertinent provisions of said Section 103(c) and regulations in order that said certificates e will not be or become "arbitrage bonds" thereunder. Section 10: The Mayor of the City shall be and he is hereby authorized to take and have charge of all necessary orders and records pending investigation by the Attorney General of the State of Texas, and shall take and have charge and control of the certificates herein authorized, pending their approval by the Attorney General, registration by the Comptroller of Public Accounts, and delivery to the e purchasers thereof. -4-