Ord 1987-020 - Laserfiche WebLink

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planning, resource management, and the orderly development of the property comprising the District, while at the same time furthering regionalization of utility services and achieving the economies and efficiencies inherent in such regionalization, as well as assuring compatibility of the District with the City to provide ease of future annexation. The District agrees that it shall issue bonds and notes, including bond anticipation notes, (the "Bonds"), only for the purposes and in the manner provided by law and the rules and requirements of the Texas Water Commission (the "Com- mission") and this Agreement. It is specifically agreed that the Bonds, when issued, shall be secured by a pledge of the District I s taxes. Section 2.02. City Review of Bond Election and Bond Issuance Documents. The Order Call~ng Bond Election shall be submitted to the City ten (10) working days prior to consideration by the District for review which shall be limited to compliance with this Agreement. The Bond Appli- cation to the Commission for authorization to issue the Bonds shall be submitted to the City simultaneously with its submission to the Commission. All offering documents for the issuance of Bonds and the terms and provisions thereof, including bond prices, interest rates, and redemption premiums, shall be submitted to the City for review ten (10) working days prior to the publication of any invitation to bid on such Bonds provided, however, that the principal amount of bonds (plus interest) proposed to be issued by the D.i.strict shall be deemed to include the review of bond anticipation notes in a principal amount not to exceed the amount of principal and interest of the Bonds so proposed. The right of review granted in this Section 2.02 specifi- cally excludes any right of approval. Section 2.03. Consent to Bond Issuance. Notwithstand- ing anything to the contrary herein, the City hereby con- sents to the issuance of Bonds necessary to finance the construction of any District facilities as provided in this Agreement. Section 2.04. District Authority. (a) It is acknowledged and agreed that this Agreement does not restrict or limit the District's powers and author- i ty to acquire, own, operate, and maintain water, waste- water, or drainage and storm sewer systems and facilities, recreational facilities, or any other systems, facilities, -3-