Ord 1987-001 - Laserfiche WebLink

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Section 8.02. Investment Income. Interest and income derived from investment of the Interest and Sinking Fund shall be credited to such Fund. ARTICLE IX PARTICULAR REPRESENTATIONS AND COVENANTS Section 9.01. Payment of the Certificates. While any of the Certificates are outstanding and unpaid, there shall be made available to the Paying Agent/Registrar, out of the Interest and Sinking Fund, money sufficient to pay the interest on and the maturity amount or principal of the Certificates, as applicable, as will accrue or mature on each applicable February 1 or August 1. Section 9.02. Other Representations and Covenants. (a) The City will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in this Ordinance and in each Certificate; the City will promptly payor cause to be paid the principal of, maturity amount and interest on each Certificate on the dates and at the places and manner prescribed in such Certificate; and the City will, at the times and in the manner prescribed by this Ordinance, deposit or cause to be deposited the amounts of money specified by this Ordinance. (b) The City is duly authorized under the laws of the State of Texas to issue the Certificates; all action on its part for the creation and issuance of the Certificates has been duly and effectively taken; and the Certificates in the hands of the Owners thereof are and will be valid and enforceable direct and general obligations of the City in accordance with their terms. (c) The City hereby represents that the proceeds of the Certificates are needed at this time to provide funds in the amounts and for the respective purposes specified in Section 3.01 of this Ordinance; that based on current facts, estimates, and circumstances, it is reasonably expected that final disbursement of the proceeds of the Certificates will occur within three years after the Closing date, that it is not reasonably expected that the proceeds of the Certificates or money deposited in the Interest and Sinking Fund will be used or invested in a manner that would cause the Certificates to be or become "arbitrage bonds," within the meaning of Section 148 of the Code; and that, except for the Interest and Sinking Fund and that portion of the Construction Fund representing capitalized interest with respect to a portion of the Certificates, no other funds or accounts have been established or pledged to the payment of the Certificates. (d) The City will not take any action or fail to take any action with respect to the investment of the proceeds of the Certificates or any other funds of 1434f -23-