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<br />(c) Before the discharge and release of the lien of this Ordinance <br />pursuant to this Section, provision shall have been made by the City with the Paying <br />Agent/Registrar for: <br /> <br />(i) the establishment of a separate escrow account fund with the <br />Paying Agent/Registrar for the deposit pursuant to subsection (a)(i) of this <br />Section; <br /> <br />(ii) the payment to the Bondholders at the date of maturity or at <br />the date fixed for prior redemption, as applicable, of the full amount to <br />which the Bondholders would be entitled by way of principal, premium, if any, <br />and interest to the date of such maturity or prior redemption; <br /> <br />(iii) the investment of such moneys by the Paying Agent/ <br />Registrar in securities or obligations that must be direct general obligations <br />of the United States of America (unless otherwise approved by the Bond <br />Insurer), maturing in sufficient time, in the judgment of the Paying <br />Agent/Registrar, to make available the moneys required for such purposes; <br /> <br />(iv) the sending of written notice by registered or certified <br />United States mail to the Holder of each Bond then outstanding within 30 <br />days following the date of such deposit that such moneys are so available for <br />such payment; and <br /> <br />(v) the payment to the City, periodically or following final <br />payment of the principal of, premium, if any, and interest on the Bonds, of <br />any moneys, interest earnings, profits or capital gains over and above the <br />amounts necessary for such purposes. <br /> <br />ARTICLE XII <br />AWARDING SALE OF THE BONDS AND <br />APPROVAL OF OFFICIAL STATEMENT <br /> <br />Section 12.01. Awarding Sale of the Bonds. <br /> <br />The Bonds are hereby officially sold and awarded to Texas Capital Markets <br />Incorporated, at a total purchase price of $6,589,820.00, plus accrued interest on the <br />Bonds from the date of the Bonds to the date of delivery, pursuant to the terms and <br />provisions of that certain Purchase Contract relating to the Bonds between the City <br />and the Purchaser and dated the date of the adoption of this Ordinance. The Mayor <br />is hereby authorized and directed to execute and deliver and the City Secretary is <br />hereby authorized and directed to attest such Purchase Contract. It is hereby <br />officially found, determined and declared that the terms of this sale are the most <br />advantageous reasonably obtainable. <br /> <br />1659f <br /> <br />-28- <br />