HomeMy WebLinkAbout0402_397i
3 9'
Section 6, i= Surplus Revenues are actually on deposit in
the Interest and Sinking Fund in advance of the time when ad
valorem ta:ces are scheduled to be levied for any ,year, then
the amount of taxes which otherwise would have been required
to be levied pursuant to Section 6 may be reduced to the
extent and by the amount of`- the Surplus Revenues then on
deposit in the Interest and Sinking Fund.
S. That the Mayor and the Citv Secretary are herebv
ordered to do any and all things necessary to accomplish the
transfer of monies to the interest and Sinking Fund of this
issue in ample time to pay such items of principal and
interest.
9. That the Mayor of said City is hereby authorized to
have control of said Certificates of Obligation and all
necessary records and proceedings pertaining to said Certi-
ficates of Obligation pending their delivery and their
investigation, examination and approval by the Attorney
General of the State of Texas, and their registration by the
Comptroller of Public Accounts of the State of Texas. Upon
registration -of said Certificates said Comptroller of Public
Accounts (or a deputy designated in writing to act for said
Comptroller) shall manually sign the Comptroller's Registra-
tion Certificate printed and endorsed on each of said
Certificates of Obligation, and the seal of said Comptroller
shall be impressed or placed in facsimile, on each of said
Certificates of Obligation.
10. That the City covenants to and with the purchasers
of the Certificates of Obligation that it will make no use
of the proceeds of the Certificates of Obligation at any
time throughout the term of this issue of Certificates of
Obligation which, if such use had been reasonably expected
on the date of delivery of the Certificates of Obligation to
and payment for the Certificates of Obligation by the pur-
chasers, would have caused the Certificates of Obligation to
be arbitrage bonds within the meaning of Section 103(c) of
the Internal Revenue Code of 1954, as amended, or any regu-
lations or rulings pertaining thereto; and by this covenant
the City is obligated to comply with the requirements of the
aforesaid Section 103(c) and all applicable and pertinent
Department of the Treasury regulations relating to arbitrage
bonds. The City further covenants that the proceeds of the
Certificates of Obligation will not otherwise- be used
directly or indirectly so as to cause all or any part of the
Certificates of Obligation to be or become arbitrage bonds
within the meaning of the aforesaid Section 103(c), or any
regulations or rulings pertaining thereto.
11. That it is hereby officially found and determined
that a case of emergency or urgent public necessity exists
which requires the holding of the meeting at which this
Ordinance is passed, such emergency or urgent public necess-
ity being that the proposed Certificates of Obligation are
required as soon as possible and without delay for necessary
and urgently needed public improvements; and that said
meeting was open to the public and public notice of the
time, place and purpose of said meeting was given, all as
required by Vernon's Ann. Civ. St., Article 6252-17.
12. That said Certificates of Obligation are hereby
sold and shall be delivered to the First Nati(.nal Bank
Georgetown, Texas A. for cash for the par
value thereof and accrued interest thereon to the date of
delivery.
13. That the fact that the City Council considers the
passage of this ordinance and the issuance of the certifi-
cates of obligation necessary for the immediate loreservation
of the public peace, health, safety and welfare, creates an
emergency and an'imperative public necessity that the rule
M