Ord 2008-008 - Laserfiche WebLink

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by the Attorney General of Texas. In the event that any officer of the City whose signature shall appear on any certificate shall cease to be such officer before the delivery of such certificate, such signature nevertheless shall be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. Section 13.03. Severability. If any section, article, paragraph, sentence, clause, phrase or word in this Ordinance, or application thereof to any person or circumstance is held to be invalid or unenforceable ,the remainder of this Ordinance and the application of such section, article, paragraph, sentence, clause, phrase or word to other persons and circumstances nevertheless shall be valid and enforceable; and it is hereby declared that this Ordinance would have been enacted without such invalid or unenforceable provision. ARTICLE XIV PAYMENT OF ATTORNEY GENERAL FEE Section 14.01. Payment of Attorney General Fee. The City hereby authorizes the disbursement of a fee equal to the lesser of (i) one-tenth of one percent of the principal amount of the Certificate or (ii) $9,500, for each series provided that such fee shall not be less than $750, to the Attorney General of Texas Public Finance Division for payment of the examination fee charged by the State of Texas for the Attorney General's review and approval of public securities and credit agreements, as required by Section 1202.004 ofthe Texas Government Code. The appropriate member of the City's staffis hereby instructed to take the necessary measures to make this payment. The City is also authorized to reimburse the appropriate City funds for such payment from proceeds of the Certificate. ARTICLE XV MUNICIPAL BOND )INSURANCE Section 15.01. Municipal Bond Insurance. (a) Insurers . The Certificates are being insured by Financial Security Assurance Inc. The Director of Finance of the City is authorized to execute the commitment letter and any other documents necessary in connection with such bond insurance. The address for the insurer is Financial Security Assurance, 31 West 52nd Street, New York, New York 10019. (b) Rights of Bond Insurer(s). As long as a Bond Insurer is not in default on the related bond insurance policy for the Certificates, the Bond Insurer shall be deemed to be the sole Owner of such Certificates insured by it for purposes of enforcing the remedies of this Ordinance. [Execution Page Follows] San Mazcos CTRCO 2008. Ordinance 3 8