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2003-032-ORD AUTHORIZING ISSUANCE OF COP TEXAS GENERAL OBLIGATION REFUNDING BONDS SERIES 2003
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2003-032-ORD AUTHORIZING ISSUANCE OF COP TEXAS GENERAL OBLIGATION REFUNDING BONDS SERIES 2003
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8/18/2006 4:36:34 PM
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8/28/2003 9:20:44 PM
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CITY CLERK
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2003
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Ordinance
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<br />Section 8. TAX IEVY. A special Interest and Sinking Fund (the "Interest and Sinking Fund") <br />is hereby created solely for the benefit of the Bonds, and the Interest and Sinking Fund shall be established <br />and maintained by the Issuer at an official depository bank of the Issuer. The Interest and Sinking Fund shall <br />be kept separate and apart from all other funds and accounts of the Issuer, and shall be used only for paying <br />the interest on and principal of the Bonds. All ad valorem taxes levied and collected for and on account of <br />the Bonds shall be deposited, as collected, to the credit of the Interest and Sinking Fund. During each year <br />while any of the Bonds or interest thereon are outstanding and unpaid, the governing body of the Issuer shall <br />compute and ascertain a mte and amount of ad valorem tax which will be sufficient to raise and produce the <br />money required to pay the interest on the Bonds as such interest comes due, and to provide and maintain a <br />sinking fund adequate to pay the principal of its Bonds as such principal matures (but never less than 2% of <br />the original principal amount of the Bonds as a sinking fund each year). <br /> <br />Said tax shall be based on the latest approved tax rolls of the Issuer, with full allowance being made <br />for tax delinquencies and the cost of tax collection. Said mte and amount of ad valorem tax is hereby levied, <br />and is hereby ordered to be levied, against all taxable property in the Issuer for each year while any of the <br />Bonds or interest thereon are outstanding and unpaid; and said tax shall be assessed and collected each such <br />year and 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 the Bonds, as such interest comes due and such <br />principal matures, are hereby pledged for such payment, within the limit prescribed by law. <br /> <br />Chapter 1208, Government Code, applies to the issuance of the Bonds and the pledge of the taxes <br />gmnted by the Issuer under this Section, and is therefore valid, effective, and perfected. Should Texas law <br />be amended at any time while the Bonds are outstanding and unpaid, the result of such amenchnent being that <br />the pledge of the taxes gmnted by the Issuer under this Section is to be subject to the filing requirements of <br />Chapter 9, Business & Cornmerce Code, in order to preserve to the registered owners of the Bonds a security <br />interest in said pledge, the Issuer agrees to take such measures as it determines are reasonable and necessary <br />under Texas law to comply with the applicable provisions of Chapter 9, Business & Commerce Code and <br />enable a filing of a security interest in said pledge to occur. <br /> <br />Section 9. DEFEASANCE OF BONDS. (a) Any Bond and the interest thereon shall be <br />deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within the meaning of this <br />Ordinance, except to the extent provided in subsection (d) of this Section, when payment of the principal of <br />such Bond, plus interest thereon to the due date (whether such due date be by reason of maturity or <br />otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof, or (ii) <br />shall have been provided for on or before such due date by irrevocably depositing with or making available <br />to the 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 to make <br />such payment or (2) Defeasance Securities that mature as to principal and interest in such amounts and at <br />such times as will insure the availability, without reinvestment, of sufficient money to provide for such <br />payment, and when proper armngements have been made by the Issuer with the Paying Agent/Registrar for <br />the payment of its services until all Defeased Bonds shall have become due and payable. At such time as <br />a Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, such Bond and the interest thereon <br />shall no longer be secured by, payable from, or entitled to the benefits of, the ad valorem taxes herein levied <br />and pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such <br />money or Defeasance Securities. <br /> <br />18 <br />
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