Ord 2008-038 - Laserfiche WebLink

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be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and proportionately with any and all other Bonds duly issued under this Ordinance. (e) Authority for Issuing Replacement Bonds. In accordance with Subchapter B of Texas Government Code, Chapter 1206, this Section of this Ordinance shall constitute authority for the issuance of any such replacement Bond without necessity of further action by the governing body of the City or any other body or person, and the duty of the replacement of such Bonds is hereby authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall authenticate and deliver such Bonds in the form and manner and with the effect, as provided in Section 4(a) of this Ordinance for Bonds issued in conversion and °xchange for other Bonds. Section 10. CUSTODY, APPROVAL, AND REGISTRA ?1N OF BOND; BOND COUNSEL'S OPINION AND CONTINGENT INSURANCE Pp ? v ? -''1N, IF OBTAINED. The Mayor of the City is hereby authorized to have control of the Bc ?d initial?1 ?uF ? and delivered hereunder and all necessary records and proceedings pertaining to th fond Pena , ;its delivery and its investigation, examination, and approval by the Attorney ?' ??Pra? `fie ?t? e of Texas, and its registration by the Comptroller of Public Accounts of the c gate < < Texas. .,ion registration of the Bond the Comptroller of Public Accounts ? r a depul ? d? ?ignate?' in writing to act for the Comptroller) shall manually sign the Comptr? ??? ?Zegistr, ?n Certi? ate attached to such Bond, and the seal of the Comptroller shall be impresses. r place .simile, on such Bond. The approving legal opinion of the City's Bond Counsel ma? ?+ the option of the City, be printed on the Bond issued and delivered under th?ry Ordinanr? ''''t neith? '?a'1 have any legal effect, and shall be solely for the convenience and info? _? ' ?n o ???e n?` ?ered ? avner of the Bond. In addition, if bond insurance or other credit enhancement ?. '?? ained, the fond may bear an appropriate legend. Section 11. COVENANT` '?EGA? ??r 1,AX EXEMPTION OF INTEREST ON THE BOND. (a) Covenants. T' ?e Cry wenant? co take any action necessary to assure, or refrain from any action whic? ?? ? ??ld ad ??sel atl ' le treatment of the Bond as obligations described in section 103 of the T lcernal Revenue C ode o ? X86, as amended (the "Code"), the interest on which is not includable ?, ? P "gross incony ? 4he holder for purposes of federal income taxation. In furtherance th reof, t?, ??ty covenants as follows: (1) to take ar?? +???? to assure that no more than 10 percent of the proceeds of the Bond or the projects fine _,;ed therewith (less amounts deposited to a reserve fund, if any) are used for any "private business use," as defined in section 141(b)(6) of the Code or, if more than 10 percent of the proceeds or the projects financed therewith are so used, such amounts, whether or not received by the City, with respect to such private business use, do not, under the terms of this Ordinance or any underlying arrangement, directly or indirectly, secure or provide for the payment of more than 10 percent of the debt service on the Bond, in contravention of section 141(b)(2) of the Code; (2) to take any action to assure that in the event that the "private business use" described in subsection (1) hereof exceeds 5 percent of the proceeds of the Bond or the projects financed therewith (less amounts deposited into a reserve fund, if any) then the SAN MARCOSI CO Rfdg Bonds2008:Ordinance 1