Ord 2002-054 - Laserfiche WebLink

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(c) All officers of the City are authorized to do any and all things to execute and deliver any and all documents, certificates or other instruments necessary or required for the issuance of any policy or policies of municipal bond insurance relating to the Bonds. The ordinance requirements and accompanying commitments for such insurance are hereby approved and made a part of this Ordinance by reference. To the extent permitted by applicable law, the City will comply with all notice and other applicable requirements of the insurer issuing the municipal bond insurance policy and financial guaranty insurance in connection with the issuance of the Bonds, as such requirements may be in the effect and transmitted to Bond Counsel with such insurer's commitment to issue such insurance. (d) All officers of the City are authorized to execute such documents, certificates and receipts as they may deem appropriate in order to consummate the delivery of the Bonds in accordance with the Purchase Contract. (e) The obligation of the Purchaser to accept delivery of the Bonds is subject to the Purchaser's being furnished with the final, approving opinion of Fisher & Newsom, P.C., Bond Counsel for the City, which opinion shall be dated and delivered the Closing Date. (d) All officers of the City are authorized to take such actions and to execute such documents, certificates and receipts as they may deem necessary and appropriate in order to consummate the delivery of the Bonds. (e) The obligation of the Purchaser to accept delivery of the Bonds is subject to the Purchaser being furnished with the final, approving opinion of Fisher & Newsom, P.C., Bond Counsel for the City, which opinion shall be dated as of and delivered on the Closing Date. Section 7.02. Control and Delivery of Bonds. (a) The Mayor of the City is hereby authorized to have control of the Initial Bond and all necessary records and proceedings pertaining thereto pending investigation, examination and approval of the Attorney General of the State of Texas, registration by the Comptroller of Public Accounts ofthe State of Texas, and registration with, and initial exchange or transfer by, the Paying Agent/Registrar. (b) After registration by the Comptroller of Public Accounts ofthe State of Texas, delivery of the Bonds shall be made to the Purchaser under and subject to the general supervision and direction of the Mayor of the City, against receipt by the City of all amounts due to the City under the terms of sale. Section 7.03. Deposit of Proceeds. (a) All amounts received on the Closing Date as accrued interest on the Bonds from the Bond Date to the Closing Date plus an amount equal to $4,064.65 received in connection with the sale of the Bonds shall be deposited to the Interest and Sinking Fund. (b) The sum of $13,484,785.97 shall be deposited to the Escrow Fund, which sum shall be applied as provided in the Escrow Agreement. (c) The sum of$236,684.98 shall be deposited as directed by the Mayor of the City and used to pay (i) the premium for the policy of municipal bond insurance to be issued by Financial Security Assurance, Inc. ("FSA"), with respect to the Bonds, (ii) the premium for the Surety Policy also to be issued R San Marcos\EUS Rfdg.02\Docs\OrdinanceIFinal.wpd 23