91-055 ORD AUTHORIZING ISSUANCE OF TAX AND REVENUE REFUNDING BONDS SERIES 1991

Home Browse Search

Section 20. APPROVAL OF OFFICIAL STATEMENT. The Issuer hereby approves the form and content of the Official Statement relating to the Bonds and any addenda, supplement or amendment thereto, and approves the distribution of such Official Statement in the reoffering of the Bonds by the Underwriter in final form, with such changes therein or additions thereto as the officer executing the same may deem advisable, such determination to be conclusively evidenced by his execution thereof. Section 21. APPROVAL OF ESCROW AGREEMENT AND TRANSFER OF FUNDS. The Mayor of the Issuer is hereby authorized and directed to execute and deliver and the City Clerk of the Issuer is hereby authorized and directed to attest an Escrow Agreement in substantially the form attached hereto as Exhibit A. In Addition, the Mayor is authorized to execute such subscription for the purchase of U. S. Treasury Securities, State and Local Government Series, and to authorize the transfer of such funds of the City, as may be necessary for the Escrow Fund. Section 22. NOTICE OF REDEMPTION. That there is attached to this Ordinance, as Exhibit C, and made a part hereof for all purposes, a notice of prior redemption for the Refunded Bonds to be redeemed prior to stated maturity, and such Refunded Bonds described in said notice of prior redemption are hereby called for redemption and shall be redeemed prior to maturity on the date, place, and at the price as set forth therein. Section 23. NOTICE TO PAYING AGENT. The Refunded Bonds described in Exhibit C attached hereto are so called for redemption, and NCNB Texas National Bank is hereby directed to make appropriate arrangements so that such Refunded Bonds may be redeemed at said bank on the redemption date. A copy of such Notice of Redemption shall be delivered to the Paying Agent bank so mentioned. Section 24. REASONS FOR REFUNDING. That the Issuer deems it advisable to issue the refunding bonds in order to achieve a present value savings of $665,486.69, with an actual interest cost loss of $3,192,540.28, and to permit taxes to be pledged to the repayment of such debt so that reserves do not have to be maintained for additional financing for improvements to the Waterworks and Sewer System, and to simplify the provisions for the issuance of additional bonds for improvements to the Waterworks and Sewer System Section 25. This Ordinance shall become effective on October 16, 1991. PASSED AND ADOPTED this the 16th day of October, 1991. f . orge her, r., Mayor r Nlattie Cunnigharri, City Cler 30