Ord 2007-007 - Laserfiche WebLink

Home Browse Search

(d) No covenant or agreement contamed m the Certrficates, thIS Ordmance or any corollary mstrument shall be deemed to be the covenant or agreement of any member of the CIty Councilor any officer, agent, employee or representatIve of the CIty CouncIl m hIS or her mdIvIdual capacIty, and neIther the dIrectors, officers, agents, employees or representatIves of the CIty CouncIl nor any person executmg the CertIficates shall be personally lIable thereon or be subject to any personal lIabilIty for damages or otherwise or accountabilIty by reason of the Issuance thereof, or any actIOns taken or dutIes performed, whether by VIrtue of any constItutIOn, statue or rule oflaw, or by the enforcement of any assessment or penalty, or otherwIse, all such lIabilIty being expressly released and waIved as a condItIon of and m consIderation for the Issuance of the CertIficates ARTICLE XI DISCHARGE AND DEFEASANCE SectIOn 11 01 Defeasance of CertIficates (a) Any CertIficate and the mterest thereon shall be deemed to be paid, retired and no longer outstanding (a "Defeased CertIficate") wIthm the meamng of thIS Ordmance, except to the extent proVIded m subsectIOns (c) and (e) of thIS SectIOn, when payment of the pnncIpal of such CertIficate, plus mterest thereon to the due date or dates (whether such due date or dates be by reason of matunty, upon redemptIOn, or otherwIse) eIther (I) shall have been made or caused to be made m accordance wIth the terms thereof (includmg the gIving of any reqUired notIce of redemptIOn or the establIshment of Irrevocable provlSlons for the gIvmg of such notIce) or (iI) shall have been proVIded for on or before such due date by irrevocably deposItmg wIth or making available to the Paymg Agent/RegIstrar or an elIgible trust company or commercIal bank for such payment (1) lawful money of the Umted States of Amenca sufficIent to make such payment, (2) Defeasance Secunties, certIfied by an mdependent publIc accountmg firm of natIonal reputatIOn to mature as to principal and mterest m such amounts and at such tImes as wIll ensure the avaIlabilIty, wIthout remvestment, of sufficient money to proVIde for such payment and when proper arrangements have been made by the CIty WIth the Paying Agent/RegIstrar or an elIgible trust company or commercial bank for the payment of its serVIces untIl all Defeased CertIficates shall have become due and payable or (3) any combmatIOn of (1) and (2) At such tIme as a CertIficate shall be deemed to be a Defeased CertIficate hereunder, as aforesaId, such CertIficate and the mterest thereon shall no longer be secured by, payable from, or entItled to the benefits of, the ad valorem taxes or revenues herem leVIed and pledged as proVIded m thIS Ordmance, and such pnncIpal and mterest shall be payable solely from such money or Defeasance SecuritIes (b) The depOSIt under clause (iI) of subsectIOn (a) shall be deemed a payment of a CertIficate as aforesaid when proper notIce of redemptIOn of such CertIficates shall have been gIven or upon the establIshment of Irrevocable provlSlons for the gIvmg of such notIce, m accordance wIth thIS Ordmance, Any money so deposIted wIth the Paymg Agent/RegIstrar or an elIgible trust company or commercIal bank as provided m thIS SectIOn may at the dIscretIOn of the CIty CouncIl also be mvested m Defeasance SecuntIes, matunng m the amounts and at the tImes as herem before set forth, and all mcome from all Defeasance SecuntIes m possessIOn of the Paymg Agent/Registrar or an elIgible trust company or commercIal bank pursuant to thIS SectIOn WhICh IS not required for the payment of such CertIficate and premIUm, If any, and mterest thereon WIth respect to whIch such money has been so deposited, shall be remItted to the CIty Council San Marcos CTRCO 2007' Ordinance 29