O-1984-1398 - Laserfiche WebLink

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e . I I '. . . The District expressly reserves the right to issue additional bonds on a parity in all respects with the Bonds, the District's outstanding Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1968 and the District's Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1970, in accordance with the terms and conditions set forth in the Bond Order. The Bonds, together with the District's outstanding Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1968 and the District's Waterworks and Sewer Sy~tem Combination Tax and Revenue Bonds, Series 1970, are payable (until all the territory within the District is annexed, all properties and assets of the District are taken over and all debts, liabilities and obligations of the District, including this Bond, are assumed, by one or more cities and the District is abolished pursuant to existing Texas law) from the proceeds of an ad valorem tax levied upon all taxable property within the District without limitation as to rate or amount and are further payable from and secured by a lien on and pledge of the net revenues from the operation of the District's waterworks and sanitary sewer systems after deduction of reasonable costs of administration, efficient operation and adequate maintenance of the District's service facilities, in the manner provided by section 5l.450(b)(3) of the Texas Water Code, as amended. Reference is hereby made to the Bond Order for a description of the covenants by which the Bonds are secured, the respective rights there- under of the registered owners of the Bonds and the District and the terms upon which the Bonds are, and are to be, authenticated. and delivered. The District has reserved the right to redeem, in whole or from time to time in part, all of the Bonds maturing in the years 1995 through 2004 on February IS, 1994, or any interest payment date thereafter by paying the principal thereof and accrued interest thereon. If less than all of the Bonds are to be redeemed, the District shall designate the principal amount of Bonds of each maturity to be redeemed and the Paying Agent/Registrar shall by lot designate the particular Bonds to be redeemed within each maturity in integral multiples of $5,000. At least 30 days' prior notice of any such redemption shall be given by mail as provided in the Bond Order. Any Bond or Bonds duly called for redemption, due provision for the full payment of which has been timely made, shall cease to bear interest from and after the date fixed for redemption. As provided in the Bond Order and subject to certain limitations therein set forth, this Bond is transfer- able on the Bond Register of the District, upon surrender of this Bond for transfer at the principal office of the Paying Agent/Registrar, duly endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar duly executed, by the registered owner hereof or his attorney duly authorized in writing, and thereupon one or more new fully registered Bonds of the same maturity, of authorized denominations, bearing the same rate of interest and for the same aggregate principal amount will be issued to the designated transferee or transferees. Neither the District nor the Paying Agent/Registrar shall be required (1) to transfer or exchange this Bond during the period of fifteen (15) calendar days next preced- ing any interest payment date or (2) to transfer or exchange this Bond during the period commencing with the District's notice to the Paying Agent/Registrar that the District intends -9-