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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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of such amendment being that the pledge of the taxes granted by the Issuer under this Section is to <br />be subject to the filing requirements of Chapter 9, Business & Commerce Code, in order to preserve <br />to the registered owners of the Bonds a security interest in said pledge, the Issuer agrees to take such <br />measures as it determines are reasonable and necessary under Texas law to comply with the <br />applicable provisions of Chapter 9, Business & Commerce Code and enable a fling of a security <br />interest in said pledge to occur. <br />Section 6. DEFEASANCE OF BONDS. <br />(a) Any Bond and the interest thereon shall be deemed to be paid, retired and no longer <br />outstanding (a "Defeased Bond ") within the meaning of this Ordinance, except to the extent <br />provided in subsection (d) of this Section, when payment of the principal of such Bond, plus interest <br />thereon to the due date (whether such due date be by reason of maturity or otherwise) either (i) shall <br />have been made or caused to be made in accordance with the terms thereof, or (ii) shall have been <br />provided for on or before such due date by irrevocably depositing with or making available to the <br />Paying Agent/Registrar in accordance with an escrow agreement or other instrument (the "Future <br />Escrow Agreement ") for such payment (1) lawful money of the United States of America sufficient <br />to make such payment or (2) Defeasance Securities that mature as to principal and interest in such <br />amounts and at such times as will insure the availability, without reinvestment, of sufficient money <br />to provide for such payment, and when proper arrangements have been made by the Issuer with the <br />Paying Agent/Registrar for the payment of its services until all Defeased Bonds shall have become <br />due and payable. At such time as a Bond shall be deemed to be a Defeased Bond hereunder, as <br />aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or entitled <br />to the benefits of, the ad valorem taxes herein levied and pledged as provided in this Ordinance, and <br />such principal and interest shall be payable solely from such money or Defeasance Securities, and <br />thereafter the Issuer will have no further responsibility with respect to amounts available to the <br />Paying Agent/Registrar (or other financial institution permitted by applicable law) for the payment <br />of such Defeased Bonds, including any insufficiency therein caused by the failure of the Paying <br />Agent/Registrar (or other financial institution permitted by applicable law) to receive payment when <br />due on the Defeasance Securities. Notwithstanding any other provision of this Ordinance to the <br />contrary, it is hereby provided that any determination not to redeem Defeased Bonds that is made <br />in conjunction with the payment arrangements specified in Subsection (a)(i) or (ii) of this Section <br />shall not be irrevocable, provided that: (1) in the proceedings providing for such payment <br />arrangements, the Issuer expressly reserves the right to call the Defeased Bonds for redemption; (2) <br />gives notice of the reservation of that right to the owners of the Defeased Bonds immediately <br />following the making of the payment arrangements; and (3) directs that notice of the reservation be <br />included in any redemption notices that it authorizes. <br />(b) Any moneys so deposited with the Paying Agent/Registrar may at the written direction <br />of the Issuer be invested in Defeasance Securities, maturing in the amounts and times as <br />hereinbefore set forth, and all income from such Defeasance Securities received by the Paying <br />Agent/Registrar that is not required for the payment of the Bonds and interest thereon, with respect <br />to which such money has been so deposited, shall be turned over to the Issuer, or deposited as <br />directed in writing by the Issuer. Any Future Escrow Agreement pursuant to which the money <br />and/or Defeasance Securities are held for the payment of Defeased Bonds may contain provisions <br />permitting the investment or reinvestment of such moneys in Defeasance Securities or the <br />16 <br />
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