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2017-029 - Authorizing the Issuance of the City’s General Obligation Bonds, Series 2017...
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2017-029 - Authorizing the Issuance of the City’s General Obligation Bonds, Series 2017...
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7/25/2017 1:15:30 PM
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CITY CLERK
CITY CLERK - Date
7/24/2017
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(c) Authentication. Except as provided in subsection (i) of this section, an authorized <br />representative of the Paying Agent/Registrar shall, before the delivery of any such Bond, date and <br />manually sign said Bond, and no such Bond shall be deemed to be issued or outstanding unless such Bond <br />is so executed. The Paying Agent/Registrar promptly shall cancel all paid Bonds and Bonds surrendered <br />for conversion and exchange. No additional ordinances, orders or resolutions need be passed or adopted <br />by the governing body of the Issuer or any other body or person so as to accomplish the foregoing <br />conversion and exchange of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for <br />the printing, execution and delivery of the substitute Bonds in the manner prescribed herein. Pursuant to <br />Subchapter D, Chapter 1201, Texas Government Code, the duty of conversion and exchange of Bonds as <br />aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of said Bond, the <br />converted and exchanged Bond shall be valid, incontestable, and enforceable in the same manner and with <br />the same effect as the Bonds which initially were issued and delivered pursuant to this Ordinance, <br />approved by the Attorney General, and registered by the Comptroller of Public Accounts. <br />(d) Payment of Principal and Interest. The Issuer hereby further appoints the Paying <br />Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds, all as <br />provided in this Ordinance. The Paying Agent/Registrar shall keep proper records of all payments made <br />by the Issuer and the Paying Agent/Registrar with respect to the Bonds, and of all conversions and <br />exchanges of Bonds, and all replacements of Bonds, as provided in this Ordinance. However, in the event <br />of a nonpayment of interest on a scheduled payment date, and for thirty (30) days thereafter, a new record <br />date for such interest payment (a "Special Record Date ") will be established by the Paying <br />Agent/Registrar, if and when funds for the payment of such interest have been received from the Issuer. <br />Notice of the Special Record Date and of the scheduled payment date of the past due interest (which shall <br />be 15 days after the Special Record Date) shall be sent at least five (5) business days prior to the Special <br />Record Date by United States mail, first class postage prepaid, to the address of each registered owner <br />appearing on the Registration Books at the close of business on the last business day next preceding the <br />date of mailing of such notice. <br />(e) Payment to Registered Owner. Notwithstanding any other provision of this Ordinance to the <br />contrary, the Issuer and the Paying Agent/Registrar shall be entitled to treat and consider the person in <br />whose name each Bond is registered in the Registration Books as the absolute owner of such Bond for the <br />purpose of payment of principal and interest with respect to such Bond, for the purpose of registering <br />transfers with respect to such Bond, and for all other purposes whatsoever. The Paying Agent/Registrar <br />shall pay all principal of and interest on the Bonds only to or upon the order of the registered owners, as <br />shown in the Registration Books as provided in this Ordinance, or their respective attorneys duly authorized <br />in writing, and all such payments shall be valid and effective to fully satisfy and discharge the Issuer's <br />obligations with respect to payment of principal of and interest on the Bonds to the extent of the sum or <br />sums so paid. No person other than a registered owner, as shown in the Registration Books, shall receive <br />a Bond certificate evidencing the obligation of the Issuer to make payments of principal and interest <br />pursuant to this Ordinance. <br />(f) Pang Agent/Registrar. The Issuer covenants with the registered owners of the Bonds that at <br />all times while the Bonds are outstanding the Issuer will provide a competent and legally qualified bank, <br />trust company, financial institution or other agency to act as and perform the services of Paying <br />Agent/Registrar for the Bonds under this Ordinance, and that the Paying Agent/Registrar will be one <br />entity. By accepting the position and performing as such, each Paying Agent/Registrar shall be deemed to <br />have agreed to the provisions of this Ordinance, and a certified copy of this Ordinance shall be delivered to <br />each Paying Agent/Registrar. <br />3 <br />
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