Ord 1983-079 - Laserfiche WebLink

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counsel for the City. Section 24. CONTROL AND CUSTODY OF CERTIFICATES. The Mayor of the City shall be and is hereby authorized to take and have charge of all necessary orders and records pending investigation by the Attorney General of the State of Texas, including the printing and supply of definitive Certificates, and shall take and have charge and control of the Ini~ial C~rtificate pending its approval by the Attorney General, the regIstratIon thereof by the Comptroller of Public Accounts and the delivery thereof to the Purchaser. The Mayor and City Secretary either or both, are hereby further authorized and directed to furnish and execute such documents relating to the Ci ty and its financial affairs as may be necessary for the issuance of the Certificates, the approval of the Attorney General and their registration by the Comptroller of Public Accounts and, together with the City's financial advisor, bond counsel and the Paying Agent/Registrar, make the necessary arrangements for the delivery of the Initial certificate to the Purchasers and the initial exchange thereof for definitive Certificates. Section 25. SATISFACTION OF OBLIGATION. If the City shall pay or cause to be paid, or there shall otherwise be paid to the Holders, the principal of, premium, if any, and interest on the Certificates, at the times and in the manner stipulated in this Ordinance, then the pledge of the funds pledged under this Ordinance and all covenants, agreements, and other obligations of the City to the Holders shall thereupon cease, terminate, and become void and be discharged and satisfied, and the Paying Agent/Registrar shall pay over or deliver all money held by it under this Ordinance to the City. Certificates or principal amount thereof and interest installments for which money shall have been set aside in full payment to maturity or the redemption thereof and held in trust by the Paying Agent/Registrar (through deposit by the City of funds for such payment or redemption or otherwise) shall be deemed to have been paid within the meaning and with the effect expressed above in this Section. All Outstanding Certificates shall be deemed to have been paid prior to their Stated Maturity, within the meaning and with the effect expressed above in this Section, if there shall have been deposited with the Paying Agent/Registrar either money in an amount which shall be suff icient, or Government Secur i ties the pr incipal of and the interest on which when due will provide money which together with the money, if any, deposited with the Paying Agent/Registrar at the same time shall be sufficient, to pay when due the principal of and interest to become due on such Certificates on and prior to the Stated Maturity or (if notice of redemption has been duly given or waived or if irrevocable arrangements therefor acceptable to the Paying Agent/Registrar have been made) the redemption date thereof. Neither Government Securities nor money deposited with the Paying Agent/Registrar pursuant to this Section, nor principal or interest payments on any such Government Securities, shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of, premium, if any, and interest on such Certificates. Any cash received from such principal of and interest on such Government Securities deposited with the Paying Agent/Registrar, if not needed for such purpose, shall, to the extent practicable, be reinvested in Government Securities (which may be non- interest bearing) maturing at times and in amounts sufficient to pay when due the principal of, premium, if any, and interest on such Certificates on and prior to the Stated Maturity thereof, and interest earned from such reinvestments shall be paid over to the Ci ty as received by the Paying Agent/Registrar, free and clear of any trust, lien, or pledge. Any payment for Government Securities purchased for the purposes of reinvesting cash as aforesaid shall be made only against delivery of such Government Securities. -14-