Ord 1997-031 - Laserfiche WebLink

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I I SectlOl1 6 05 Munlclpal Bond Insurance MumClpal bond guaranty msurance has been obtamed wIth respect to the Bonds The Bonds, mcludmg the IllltIal Bond, shall bear an appropnate legend, as provided by such msurer The Mayor of the CIty IS aulhonzed to execute the commItment provlded by the msurer WIth respect to such polIcy ARTICLE VII SALE OF THE BONDS, CONTROL AND DELIVERY OF THE BONDS SectlOn 7 0 I Sale of Bonds. Officlal Statement. (a) The Bonds are hereby officially sold and awarded to A.G. Edwards & Sons, Inc., at a pnce of par, plus accrued mterest from the Ongmal Issue Date to the Closing Date, plus a premlum of $-0- It IS officlally found, deterrmned and declared that the bld of sald Purchaser lS the bid for the Bonds that produces the lowest true mterest cost to the Clty, as the result of competltIve blds The Bonds shalllllltlally be reglstered m the name of the Purchaser or ltS deslgnee (b) All officers of the Clty are authonzed to take such actions and to execute such documents, certIficates and recelpts as they may deem necessary and appropnate m order to consummate the delIvery of the Bonds (c) A pohcy ofmunlclpal bond guaranty msurance havmg been obtamed by the Clty wlth respect to for the Bonds from Fmanclal Guaranty Insurance Company, all officers of the Clty are authonzed to do any and all things to execute and dehver any and all documents, certificates or other mstnunents necessary or reqUIred for the Issuance of a munICIpal bond msurance polIcy reIatmg to the Bonds. The "Ordmance ReqUIrements" accompanymg the commItment for such msurance are hereby approved and made a part of thIS Ordmance by reference To the extent permltted by applicable law, the Clty wlll comply With all notice and other applIcable reqUIrements ofthe msurer issumg the munlclpal bond msurance polIcy m connectlOn wlth the Issuance of the Bonds, as such reqUIrements may be m the effect and transmltted to Bond Counsel WIth such msurer's commItment to Issue such msurance (d) The obhgatIon of the Purchaser to accept dehvery of the Bonds IS subject to the Purchaser bemg furnIshed With the final, approvrng opllllOn of Fisher & Newsom, P.C, Bond Counsel for the Clty, whlch opmlOn shall be dated as of and delIvered on the CIosmg Date SectlOn 7 02 Control and Dehverv of Bonds (a) The Mayor of the City is hereby authonzed to have control of the Illltlal Bond and all necessary records and proceedlllgs pertammg thereto pendmg mvestIgatlon, exammatlOn and approval of the Attorney General of the State of Texas, regIstratIon by the Comptroller of PublIc AccoWlts of the State of Texas, and registratIOn WIth, and mItlal exchange or transfer by, the Paying AgentlRegIstrar (b) After re81stratlOn by the Comptroller of PublIc Accounts, dehvery of the Bonds shall be made to the Purchaser under and subject to the general supervlslOn and directlOn of the Mayor of the City, agamst recelpt by the Clty of all amounts due to the City under the terms of sale R:'.sA.."";\{AR\\VWSS,911DOCSIORDNCE 20