Ord 1986-125 - Laserfiche WebLink

Home Browse Search

THIS BOND is one of the series designated in its title, issued in the aggregate principal amount of $16,355,000, for the purpose of purchasing, improving, extending and equipping an electric Ught and power system for said City, in accordance with the Constitution and laws of the State of Texas, as authorized at an election held within the City, and pursuant to an ordinance by the City Council of the City authorizing the issuance, sale and deUvery of the Bonds (the "Ordinance"). THE BONDS and the interest thereon are payable from and secured by a first lien on and pledge of the Pledged Revenues (which include the Net Revenues of the City's Electric Light and Power System) as defined in the Ordinance. THE HOLDER hereof shall never have the right to demand payment of the obligation out of any funds raised or to be raised by taxation, or from any source whatsoever other than the aforesaid Pledged Revenues. THE CITY has reserved the right, subject to the restrictions stated in the Ordinance, to issue additional parity revenue bonds, which also may be payable from and secured by a first lien on and pledge of the Pledged Revenues. AS PROVIDED in the Ordinance and subject to certain limitations set forth therein, this Bond is transferable on the Registration Books of the City, upon surrender of this Bond for transfer at the principal corporate office of the Paying Agent/Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar duly executed by, the registered owner hereof or his attorney duly authorized in writing, and thereupon one or more new fully registered Bonds of the same Stated Maturity, of authorized denominations, bearing the same rate of interest, and for the same aggregate principal amount will be issued to the designated transferee or transferees. By acceptance of this Bond, the Holder assents to all of the provisions of the Ordinance. THE CITY, the Paying Agent/Registrar, and any agent of either of them may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Bond be overdue, and neither the City, the Paying Agent/Registrar, nor any such agent, shall be affected by notice to the contrary. IT IS HEREBY certified, recited and covenanted that all acts, conditions and things required to be performed, exist and be done precedent to or in the the issuance of this Bond in order to render the same a legal, valid and binding obligation of the City in accordance with its terms have been performed, existed and have been done, in regular and due time, form and manner, as required by law; and that the issuance of this Bond does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City has caused this Bond to be duly executed under its official seal. 1037f -11-