1985-09-24 Special Meeting - Laserfiche WebLink

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(e) To the extent that it legally may, the City further covenants and agrees that, so long as anv of the Bonds or any interest thereon is outstanding, no franchise shall be granted for the installation or operation of any competing systems, that the City will prohibit the operation of any such systems other than those owned by the City and the operation of any such systems by anyone other than the City is hereby prohibited. Section 20: That the Bonds are special obligations of the City payable from the pledged revenues and the registered owner thereof shall never have the right to demand payment thereof out of funds raised or to be raised by taxation. Section 21: That the Mayor is hereby authorized and directed to submit, or cause to be submitted, the record of the Bonds, and the Initial Bonds, to the Attorney General of the State of Texas for examination and approval and thereafter cause the Bonds to be registered by the Comptrol- ler of Public Accounts of the State of Texas. Upon said registration of the Bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registra- tion Certificate prescribed herein to be endorsed on each of the Initial Bonds, and the seal of said Comptroller shall be impressed, printed or lithographed on each of the .Initial Bonds. Section 22: That the City hereby further covenants with the purchasers and any subsequent registered owners of the Bonds that the City will not make any use of the pro- ceeds of the Bonds which will cause the 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 promulgated thereunder, and that the City will otherwise comply with the pertinent provisions of said Section 103(c) and regulations in order that the Bonds will not be or become arbitrage bonds thereunder. Section 23: That if (1) any mutilated Bond is surrendered to the Paying Agent/Registrar or (2) the City and the Paying Agent/Registrar receive evidence to their satisfaction of the destruction, loss or theft of any Bond, and (a) there is delivered to the City and the Paying Agent/Registrar such security or indemnity as may be re- quired by them to save each of them harmless and (b) the City and the Paying Agent/Registrar have no notice that such latter Bond has been acquired by a bona fide purchaser; then and in either such event the City shall execute and upon its request the Paying Agent/Registrar shall register and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Bond, a new Bond of the same maturity and of like tenor, interest rate and principal amount, bearing a number not contemporaneously outstanding. Upon the issuance of any new Bond under this Section 23, the City may require the payment by the registered owner thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Paying Agent/Registrar) connected therewith. Every new Bond issued pursuant to this Section 23 in lieu of any mutilated, destroyed, lost or stolen Bond shall constitute a replace- ment of the prior obligation of the City, whether or not the mutilated, destroyed, lost or stolen Bond shall be at the time enforceable by anyone, and shall be entitled to all the 002RDRAW/193B01 -15-