Ord 1987-050a - Laserfiche WebLink

Home Browse Search

(b) The Series 1984 Refunded Obligations and the Series 1984-A Refunded Obligations are hereby called for redemption prior to maturity on January 1, 1994 and August 1, 1994, respectively, at a redemption price equal to the principal amount of such certificates of obligation so redeemed plus accrued interest to the date of redemption. Interest thereon shall cease to accrue on the date of redemption of such Bonds. (c) The paying agent/registrar with respect to the Series 1984 Refunded Obligations, is hereby authorized and directed to cause to be mailed a notice of redemption for the Series 1984 Refunded Obligations in the manner specified in the ordinance authorizing the issuance of said Bonds and in substantially the form attached hereto as Exhibit "A." (d) The paying agent/registrar with respect to the Series 1984-A Refunded Obligations, is hereby authorized and directed to cause to be mailed a notice of redemption for the Series 1984-A Refunded Obligations in the manner specified in the ordinance authorizing the issuance of said Bonds and in substantially the form attached hereto as Exhibit "B." (e) The sources of funds for payment of the principal of and interest on the Certificates called for redemption by this ordinance shall be from the funds escrowed with the MBank Austin, N.A., Austin, Texas, pursuant to the Escrow Agreement approved in Section 14.01 of this Ordinance. ARTICLE XIV MISCELLANEOUS MATTERS Section 14.01. Public Meeting. It is officially found, determined, and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered and acted upon at said meeting, including this Ordinance, was given, all as required by the applicable provisions of Article 6252-17, V.T.c.S., as amended. Section 14.02. Emergency. The public importance of this Ordinance and the fact that it is to the best interest of the City to provide for the refunding of the Refunded Obligations, thereby restructuring the waterworks and sewer system revenue debt of the City and reducing the debt service requirements on such debt, constitutes an emergency and creates a necessity for the immediate preservation of the public peace, health and safety requiring that the Charter rule which requires that ordinances be read on three separate days be dispensed with and that this Ordinance be passed and take effect as an emergency measure. It is accordingly ordained that said Charter rule is hereby dispensed with, and this Ordinance is passed as an emergency measure and is and shall be in full force and effect from and after its passage in accordance with the Charter of the City. 1659f -30-