Ord 2008-038 - Laserfiche WebLink

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reputation to mature as to principal and interest in such amounts and at such times as will ensure the availability, without reinvestment, of sufficient money to provide for such payment and when proper arrangements have been made by the City with the Paying Agent/Registrar or a commercial bank or trust company for the payment of its services until the Defeased Bond shall have become due and payable or (3) any combination of (1) and (2). At such time as a Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or entitled to the benefits of, the ad valorem taxes or revenues herein levied and pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such money or Defeasance Securities. (b) The deposit under clause (ii) of subsection (a) shall bF ?med a payment of a Bond as aforesaid when proper notice of redemption of such Bond shall have b? given, in accordance with this Ordinance. Any money so deposited with the Paying Agent/Reg? ? ?? al ? commercial bank or trust company as provided in this Section may at the discretion of tl ? City C? ?il ??lso be invested in Defeasance Securities, maturing in the amounts and at the times a ?ereinbefo yet forth, and all income from all Defeasance Securities in possession of the Pa????? Ag '?e?ic4 ar or a commercial bank or trust company pursuant to this Section which is nc? requ . ed for ?l?_ ?dyment of such Bond and premium, if any, and interest thereon with aspect to ` hic?_ such n ?ney has been so deposited, shall be turned over to the City Council. (c) Notwithstanding any provision of any oth, section of this Ordinance which may be contrary to the provisions of this S??tion, all r- - ?,°v or li? ,Ca,?ce Securities set aside and held in trust pursuant to the provisions of t' __ ' ?ctic nor ??l ?ymen? ?fprincipal of the Bond and premium, if any, and interest thereon, shall be ail ?? to and u d solely for the payment of the Bond and premium, if any, and interest thereon, witrl ?nect to ? Which such money or Defeasance Securities have been so set aside in trust. Ur?'' +he Dei. 'd r' end shall have become due and payable, the Paying Agent/Registrar shall perf ?rrrl tl, ?rvices ?l t'aying Agent/Registrar for such Defeased Bond the same as if they ha ?1?: been ' ?fea ,ed, ? he City shall make proper arrangements to provide and pay for such sF vices as required ?y this ordinance. (d) N? withst?. ? ??? anything elsewhere in this Ordinance, if money or Defeasance Securities have been deb, sited or ? Cide with the Paying Agent/Registrar or a commercial bank or trust company pursuant to this Se. ?? f? r the payment of the Bond and such Bond shall not have in fact been actually paid in full, no arr? .?dment of the provisions of this Section shall be made without the consent of the registered owner of each Bond affected thereby. (e) Notwithstanding the provisions of subsection (a) immediately above, to the extent that, upon the defeasance of any Defeased Bond to be paid at its maturity, the City retains the right under Texas law to later call that Defeased Bond for redemption in accordance with the provisions of the Ordinance authorizing its issuance, the City may call such Defeased Bond for redemption upon complying with the provisions of Texas law and upon the satisfaction of the provisions of subsection (a) immediately above with respect to such Defeased Bond as though it was being defeased at the time of the exercise of the option to redeem the Defeased Bond and the effect of the redemption is taken into account in determining the sufficiency of the provisions made for the payment of the Defeased Bond. SAN MARCOSI CO Rfdg Bonds2008:Ordinance