Res 2005-036 - Laserfiche WebLink

Home Browse Search

(iii) the City shall make provision for the investment of such moneys by the Paying AgentJRegistrar or such other lawfully authorized entity in direct noncallable obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America; provided that such obligations shall mature and/or bear interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payment and/or redemption of such Bond or Bonds and may be in book entry form; (iv) the City shall make provision for the payment to the Owners at the date of maturity or prior redemption of the full amount to which the Owners of such Bond or Bonds would be entitled by way of principal and interest to the date of such maturity; and (b) Upon compliance with subsection (a) of this Section, the Bond or Bonds for the payment of which provision is thus made shall no longer be regarded as outstanding and unpaid, and the Paying AgentlRegistrar, upon receipt of a letter of instructions from the City requesting the same, shall discharge and release the lien ofthis Ordinance as to such Bond or Bonds and shall execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof. (c) Following the final payment of the principal of, interest on and redemption premium, if any, of such Bond or Bonds, any moneys, interest earnings, profits or capital gains over and above the amounts necessary for such purposes shall be paid to the City. (d) Notwithstanding any other provision of this Ordinance to the contrary, any determination not to redeem defeased Bonds that is made in conjunction with the payment arrangements specified above shall not be irrevocable, provided that: (1) in the proceedings providing for such defeasance, the City expressly reserves the right to call the defeased Bonds for redemption; (2) gives notice of the reservation of that right to the owners of the defeased Bonds immediately following the defeasance; (3) directs that notice of the reservation be included in any redemption notices that it authorizes; and (4) at the time of the redemption, satisfies the conditions above with respect to such defeased debt as though it was being defeased at the time of the exercise of the option to redeem the defeased Bonds, after taking the redemption into account in determining the sufficiency of the provisions made for the payment of the defeased Bonds. ARTICLE XIII CONTINUING DISCLOSURE UNDERTAKING Section 13.01. Definitions. As used in this Article, the following terms have the meanings ascribed to such terms below: "MSRB" means the Municipal Securities Rulemaking Board. "NRMSIR" means each person whom the SEC or its staff has determined to be a nationally recognized municipal securities information repository within the meaning of the Rule from time to time. "Rule" means SEC Rule l5c2-12, as amended from time to time. "SEC" means the United States Securities and Exchange Commission. "SID" means any person designated by the State of Texas or an authorized department, officer, or agency thereof as, and determined by the SEe or its staff to be, a state information depository within the meaning of the Rule from time to time. R:\San Marcos\WWWWRfd,05\Docs\OrdinanGc\Ord fina1.wpd 31