85-042 ORD CERTIFICATE - Laserfiche WebLink

Home Browse Search

as the case may be. In every case of damage or mutilation of a Bond, the registered owner shall surrender to the Paying Agent/Registrar for cancellation the Bond so damaged or muti- lated. (c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in the event any such Bond shall have matured, and no default has occurred which is then con- tinuing in the payment of the principal of, redemption premium, if any, or interest on the Bond, the Issuer may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished as above provided in this Section. (d) Charae for Issuing Replacement Bonds. Prior to the issuance of any replacement bond, the Paying Agent/ Registrar shall charge the registered owner of such Bond with all legal, printing, and other expenses in connection therewith. Every ~ replacement bond issued pursuant to the provisions of this Section by virtue of the fact that any Bond is lost, stolen, or ~ destroyed shall constitute a contractual obligation of the Issuer whether or not the lost, stolen, or destroyed Bond shall ~ be found at any time, or be enforceable by anyone, and shall be ' entitled to all the benefits of this Ordinance equally and proportionately with any and all other Bonds duly issued under this Ordinance. (e) Authority for Issuing Replacement Bonds. In accord- ance with Section 6 of Vernon's Ann. Tex. Civ. St. Art. 717k-6, this Section 10 of this Ordinance shall constitute authority for the issuance of any such replacement bond without necessity of further action by the governing body of the Issuer or any other body or person, and the duty of the replacement of such bonds is hereby authorized and imposed upon the Paying Agent/ Registrar, and the Paying Agent/Registrar shall authenticate and deliver such Bonds in the form and manner and with the ~ effect, as provided in Section 6(d) of this Ordinance for Bonds issued in conversion and exchange for other Bonds. Section 11. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS; BOND COUNSEL'S OPINION, AND CUSIP NUMBERS. The Mayor of the Issuer is hereby authorized to have control of the Initial Bond issued hereunder and all necessary records and proceedings pertaining to the Initial Bond pending its delivery and its investigation, examination, and approval by the Attorney General of the State of Texas, and its registration by the Comptroller of Public Accounts of the State of Texas. Upon ~ registration of the Initial Bond said Comptroller of Public ~ Accounts (or a deputy designated in writing to act for said Comptroller) sha11 manually sign the Comptroller's Registration ( Certificate printed and endorsed on the Initial Bond, and the i seal of said Comptroller shall be impressed, or placed in ~ facsimile, on the Initial Bond. The approving legal opinion of ` the Issuer's Bond Counsel and the assigned CUSIP numbers may, i at the option of the Issuer, be printed on the Initial Bond or on any Bonds issued and delivered in conversion of and exchange or replacement of any Bond, but neither shall have any legal effect, and shall be solely for the convenience and information of the registered owners of the Bonds. Section 12. NO ARBITRAGE. The Issuer covenants to and with the registered owners of the Bonds that it will make no use of the proceeds of the Bonds at any time throughout the term of this issue of Bonds which, if such use had been reason- ably expected on the date of delivery of the Bonds to and payment for the Bonds by the purchasers, would have caused the Bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any 17