07-18-1988 Meeting - Laserfiche WebLink

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• • any registered owner of any of the Bonds and shall be cumulative of all other existing remedies. 11.02. Resolution is Contract. In consideration of the purchase and the acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time to time, the provisions of this Resolution shall be deemed to be and shall constitute a contract between the Authority and the registered owners of the Bonds, and the covenants and agreements herein set forth to be performed on behalf of the Authority shall be for the equal benefit, protection and security of the registered owners of any and all of the Bonds, all of which, regardless of the time or times of their issue or maturity, shall be of equal rank without preference, priority or distinction except as expressly provided herein. Section 12. DEFEASANCE. Any Bond shall be deemed to be paid and shall no longer be considered to be a "Bond" within the meaning of this Resolution when payment of the principal of and interest on such Bond to maturity or to the date fixed for redemption (notice of which shall have been given or waived) shall have been made or provided for by depositing with the Treasurer of the State of Texas or with the Paying Agent/Registrar, (i) moneys sufficient to make such payment or (ii) moneys and Government Obligations certified by an independent public accounting firm of national reputation to be of such maturities and interest payment dates and to bear such interest as will, without further investment of the principal thereof or the interest thereon, be sufficient to make such payment, .provided that all the expenses pertaining to the Bonds with respect to which such deposit is made shall have been paid or the payment thereof provided for to the satisfaction of said State Treasurer or the Paying Agent/Registrar, as the case .may be. At such times as a Bond shall be deemed to be paid hereunder, as aforesaid, it shall no longer be entitled to the benefits of this Resolution, except for the purposes of any such payment from such moneys or Government Obligations and for the transfer, exchange or replacement of such Bond as provided in Sections 2.05 and 2.09 hereof prior to maturity or redemption. If money and/or Government Obligations are deposited with the Paying Agent/Registrar sufficient to make such payment with respect to some, but not all, of the Bonds, the Authority shall designate the Bonds with respect to which such deposit is made. 022DESA0/024C04 -32-