HomeMy WebLinkAbout0147_0046as 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) Charge 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 accor-
dance with Section 6 of Vernon's Ann Tex Civ St. Art
717k-6, this Section 24 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 authen-
ticate 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 25 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) shall manually sign the Comptroller's Registration
Certificate on the Initial Bond, and the seal of said Comp-
troller shall be ii,tpressed, or placed in facsimiles on the
InitiAl Bond The approving legal opinion of the Issuer's Bond
Counsel and the assigned CUSIP numbers may, at the option of
the Issuer, be printed on the Initial Bond or on any Bonds
issued and delivered in conversion of and exchange ur replace-
ment of any Bond, but neither shall have any legal effect, and
shall be solely for the convenience and information of the reg-
istered owners of the Bonds
Section 26. 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
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