02 GO Refunding Bond Ordinance - Laserfiche WebLink

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Section20. NOTICE TO PAYING AGENT/REGISTRAR AND PUBLICATION. The Refunded Obligations described in Exhibit D attached hereto are so called for redemption, and The Batik of New York Trust Coml2ar~y of Florida, N.A. and Bank of Oklahoma as Paying Agents for the Refunded Obligations, is hereby directed to make appropriate arrangements so that such Refunded Obligations may be redeemed at said Banks on the redemption date. A copy of such Notice of Redemption shall be delivered to the Paying Agent/Registrar so mentioned and published in the Texas Bond Reporter. Section 21. iNTEREST EARN1NGS ON BOND PROCEEDS. The eamings derived from the investment of proceeds from the sale of the Bonds shall be used along xvith other Bonds proceeds as described in Section 1 hereof; provided that after completion of such project, if any of such interest eamings remain on hand, such interest eamings shall be deposited in the Interest and Sinking Fund. It is further provided, hoxvever, that interest eamings on the Bonds proceeds xvhich are required to be rebated to the United States of America pursuant to Section 12 hereof in order to prevent the Bonds from being arbitrage bonds shall be so rebated and not considered as interest eamings for the purpose of this Section. Section 22. REASONS FOR REFUNDING. The Issuer deems it advisable to refund the Refunded Obligations in order to achieve a debt service savings of approximately $ and a net present value savings of $ Section 23. APPROPRIATION. There is hereby appropriated for transfer to the Interest and Sinking Fund, from available funds, moneys sufficient to pay the interest and principal coming due on the Bonds on December 15, 2003. Section24. iNSURANCE. The Issuer approves the insurance of the Bonds by and the payment of such premium and covenant to comply xvith all of the terms of the insurance commitment, a copy of xvhich is attached hereto as Exhibit E and is hereby adopted by this Ordinance. Section 25. PUBLIC NOTICE. It is hereby officially found and determined that public notice of the time, place and purpose of said meeting xvas given, all as required by Chapter 551, Texas Govemment Code. Section 26. SEVERABILITY. The provisions of this Ordinance are severable; and in case any one or more of the provisions of this Ordinance or the application thereof to any person or circumstance should be held to be invalid, unconstitutional, or ineffective as to any person or circumstance, the remainder of this Ordinance nevertheless shall be valid, and the application of any such invalid provision to persons or circumstances other than those as to xvhich it is held invalid shall not be affected thereby. 26