HomeMy WebLinkAbout0050_0048Agent/Registrar jor 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
tinuingin,;the payment of the principal of, redemption premium,
if any, ,or,.interest.on the Bond, the` Issuer may authorize the
payment o£ - 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 ofanyreplacement 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.I; In accor-
dance. with Section _ 6 .of Vernon s %, Ann;.. Tex. Civ.,. -St. z Art.
71,7k-6, this ,.Section rl0 '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 r'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,4as 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 jOPINION,` AND-CUSIP,NUMBERS. The Mayor of the
Issueris hereby authorized tohave'control of theInitialBond
issued :hereunder.#and all necessary* records''' and proceedings
pertaining' to, -.the Initial. Bond 'pending lits -delivery sand its
investigation, �examination, a, 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 r'theInitial;:'Bond said ComptrollerofPublic
Accounts-; (or, - a -deputy , de si gnate'd 7 in writing .to ; act"' for said
Comptroller)•shall.manually.sign the Comptroller's Registration
Certificate on.the,l-nitial Bond,-and<the seal-of..said Comptrol-
ler shall be impressed, or placed �irr;�facsimile ', on -'.the '- Initial
Bond.,,rTher approving legal opinion of the Issuerts 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 or,replacement of
any Bond; . but, neither shall .4ave any..legal-..effect,,, ,,and shall be -
solely ,Ior, the
esolely,Ior,the convenience and information of the, registered
owners of the Bonds::,-'
r;
Section.' 12 . - NO ARBITRAGE. T, The, =1 ssuer ' 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 o€ ,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
regulations or rulings pertaining thereto; and by this `covenant
-the Issuer is obligated to comply with 'the requirements of the
A 18 . •