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2016-037 - Authorizing the issuance of the City’s General Obligation Bonds, Series 2016; approving the use of a paying agent/registrar agreement; engaging bond counsel ....
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2016-037 - Authorizing the issuance of the City’s General Obligation Bonds, Series 2016; approving the use of a paying agent/registrar agreement; engaging bond counsel ....
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12/13/2016 9:26:14 AM
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CITY CLERK
CITY CLERK - Date
12/5/2016
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The Issuer promises to pay interest on the unpaid principal amount hereof (calculated on the basis <br />of a 360 -day year of twelve 30 -day months) from December 1, 2016 at the respective Interest Rate <br />per annum specified above. Interest is payable on June 15, 2017, and semiannually on each <br />December 15 and June 15 thereafter to the date of payment of the principal installment specified <br />above, or the date of redemption prior to maturity; except, that if this Bond is required to be <br />authenticated and the date of its authentication is later than the first Record Date (hereinafter <br />defined), such Principal Amount shall bear interest from the interest payment date next preceding <br />the date of authentication, unless such date of authentication is after any Record Date but on or <br />before the next following interest payment date, in which case such principal amount shall bear <br />interest from such next following interest payment date; provided, however, that if on the date of <br />authentication hereof the interest on the Bond or Bonds, if any, for which this Bond is being <br />exchanged is due but has not been paid, then this Bond shall bear interest from the date to which <br />such interest has been paid in full." <br />C. The Initial Bond shall be numbered "T -1." <br />Section 5. INTEREST AND SINKING FUND. <br />(a) A special "Interest and Sinking Fund" is hereby created and shall be established and <br />maintained by the Issuer at an official depository bank of said Issuer. Said Interest and Sinking <br />Fund shall be kept separate and apart from all other funds and accounts of said Issuer, and shall be <br />used only for paying the interest on and principal of said Bonds. All amounts received from the sale <br />of the Bonds as accrued interest shall be deposited upon receipt to the Interest and Sinking Fund, <br />and all ad valorem taxes levied and collected for and on account of said Bonds shall be deposited, <br />as collected, to the credit of said Interest and Sinking Fund. During each year while any of said <br />Bonds are outstanding and unpaid, the governing body of said Issuer shall compute and ascertain <br />a rate and amount of ad valorem tax that will be sufficient to raise and produce the money required <br />to pay the interest on said Bonds as such interest comes due, and to provide and maintain a sinking <br />fund adequate to pay the principal of said Bonds as such principal matures (but never less than 2% <br />of the original amount of said Bonds as a sinking fund each year); and said tax shall be based on the <br />latest approved tax rolls of said Issuer, with full allowances being made for tax delinquencies and <br />the cost of tax collection. Said rate and amount of ad valorem tax is hereby levied, and is hereby <br />ordered to be levied, against all taxable property in said Issuer, for each year while any of said <br />Bonds are outstanding and unpaid, and said tax shall be assessed and collected each such year and <br />deposited to the credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes sufficient <br />to provide for the payment of the interest on and principal of said Bonds, as such interest comes due <br />and such principal matures, are hereby pledged for such payment, within the limit prescribed by law. <br />Notwithstanding the requirements of this subsection, if lawfully available moneys of the Issuer are <br />actually on deposit in the Interest and Sinking Fund in advance of the time when ad valorem taxes <br />are scheduled to be levied for any year, then the amount of taxes that otherwise would have been <br />required to be levied pursuant to this Section may be reduced to the extent and by the amount of the <br />lawfully available funds then on deposit in the Interest and Sinking Fund. <br />(b) Chapter 1208, Government Code, applies to the issuance of the Bonds and the pledge <br />of the taxes granted by the Issuer under this Section, and is therefore valid, effective, and perfected. <br />Should Texas law be amended at any time while the Bonds are outstanding and unpaid, the result <br />15 <br />
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