HomeMy WebLinkAbout0112_0004hereof, at the address of the registered owner, as it appeared
on the last business day of the month next preceding each such
date (the "Record Date") on the Registration Books kept by the
Paying Agent/Registrar, as hereinafter described. The Issuer
covenants with the registered owner of this Certificate of
Obligation that on or before each principal and/or interest
payment date for this Certificate of Obligation it will make
available to the Paying Agent/Registrar, from the "Interest
and Sinking Fund" created by the Certificate of Obligation
Ordinance, the amounts required to provide for the payment, in
immediately available funds, of all principal of and interest
on this Certificate of Obligation, when due.
IF THE DATE for the payment of the principal of or inter-
est on this Certificate of Obligation shall be a Saturday,
Sunday, a legal holiday, or a day on which banking institu-
tions in the City where the Paying Agent/Registrar is located
are authorized by law or executive order to close, then the
date for such payment shall be the next succeeding day which
is not such a Saturday, Sunday, legal holiday, or day on which
banking institutions are authorized to close; and payment on
such date shall have the same force and effect as if made on
the original date payment was due.
THIS CERTIFICATE OF OBLIGATION has been authorized in
accordance with the Constitution and laws of the State of
Texas for the purchase of right-of-way for streets; to -wit:
Leander Road and Lakeway Drive, and to pay all or a portion of
the engineering, legal and fiscal fees in connection with this
project.
ON JUNE 1, 1986, or on the 1st day of each month there-
after, the principal of this Certificate of Obligation may be
prepaid or redeemed prior to its scheduled due date, at the
option of the Issuer, with funds derived from any available
source, as a whole, or in part, and, if in part, the particu-
lar portion of this Certificate of Obligation to be prepaid or
redeemed shall be selected and designated by the Issuer (pro-
vided that a portion of this Certificate of Obligation may be
redeemed only in an integral multiple of $5,000), at the
prepayment or redemption price of the principal amount there-
of, plus accrued interest to the date fixed for prepayment or
redemption. At least 20 days prior to the date fixed for any
redemption of Certificates of Obligation prior to maturity a
written notice of such redemption shall be given by the Issuer
to the Paying Agent/Registrar, and the Paying Agent/Registrar
shall send a copy of such notice by United States Mail,
first-class postage prepaid, not less than 15 days prior to
the date fixed for any such redemption, to the registered
owner of each Certificate of Obligation to be redeemed at its
address as it appeared on the 20th day prior to such redemp-
tion date; provided, however, that the failure to send, mail,
or receive such notice, or any defect therein or in the
sending or mailing thereof, shall not affect the validity or
effectiveness of the proceedings for the redemption of any
Certificate of Obligation, and it is hereby specifically
provided that the giving of notice by the Issuer to the Paying
Agent/Registrar as required above shall be the only notice
actually required in connection with or as a prerequisite to
the redemption of any Certificates of Obligation. By the date
fixed for any such redemption due provision shall be made with
the Paying Agent/Registrar for the payment of the required
redemption price for the Certificates of Obligation which are
to be so redeemed, plus accrued interest thereon to the date
fixed for redemption. If such written notice of redemption is
given to the Paying Agent/Registrar and if due provision for
such payment is made, all as provided above, the Certificates
of Obligation which are to be so redeemed thereby automatic-
ally shall be treated as redeemed prior to their scheduled
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