Ord 1987-050a - Laserfiche WebLink

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Section 8.02. Investment Income. (a) Interest and income derived from investment of the Interest and Sinking Fund shall be credited to such Fund. ARTICLE IX PARTICULAR REPRESENTATIONS AND COVENANTS Section 9.01. Payment of the Bonds. While any of the Bonds are outstanding and unpaid, there shall be made available to the Paying Agent/Registrar, out of the Interest and Sinking Fund, money sufficient to pay the interest on and the maturity amount or principal of the Bonds, as applicable, as will accrue or mature on each applicable January 1 or July 1. Section 9.02. Other Representations and Covenants. (a) The City will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in this Ordinance and in each Bond; the City will promptly payor cause to be paid the principal of, maturity amount and interest on each Bond on the dates and at the places and manner prescribed in such Bond; and the City will, at the times and in the manner prescribed by this Ordinance, deposit or cause to be deposited the amounts of money specified by this Ordinance. (b) The City is duly authorized under the laws of the State of Texas to issue the Bonds; all action on its part for the creation and issuance of the Bonds has been duly and effectively taken; and the Bonds in the hands of the Owners thereof are and will be valid and enforceable direct and general obligations of the City in accordance wi th their terms. (c) The City hereby represents that the proceeds of the Bonds are needed at this time to refund the Refunded Obligations, and to pay the costs of issuance associated with the Bonds; that it is not reasonably expected that the proceeds of the Bonds or money deposited in any Fund established and maintained pursuant to this Ordinance will be used or invested in a manner that would cause the Bonds to be or become "arbitrage bonds," within the meaning of Section 1O3(c) of the Code; and that, except for the Interest and Sinking Fund and the Construction Fund, no other funds or accounts have been established or pledged to the payment of the Bonds. (d) The City will not take any action or fail to take any action with respect to the investment of the proceeds of the Bonds or any other funds of the City, including amounts received from the investment of any of the foregoing, that, based upon the facts, estimates, and circumstances known on the Closing Date, would result in constituting the Bonds "arbitrage bonds," within the meaning of 1659f -24-