Ord 1982-022 - Laserfiche WebLink

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certificates, and to make all deposits now or hereafter required to be made into the Interest and Sinking Fund created and established by this ordinance. Section l2. Monies remaining in the Revenue Fund, after all of the required deposits and payments therefrom have been made and satisfied, may be used by the City for any lawful purpose. Section l3. All funds created by this ordinance shall be secured in the manner and to the fullest extent permitted or required by law for the security of public funds, and such funds shall be used only for the purpose and in the manner permitted or required by this ordinance. Section l4. The certificates are hereby sold and shall be delivered to HAYS COUNTY NATIONAL BANK, SAN MARCOS, TEXAS , for the pr incipal amount thereof and accrued interest thereon to date of delivery plus a premium of $ -0- . Accrued interest received upon delivery of the certificates shall be deposited in the Interest and Sinking Fund. Section l5. The Mayor of said City is hereby authorized to have control of the certificates and all necessary records and proceedings pertaining to the certificates pending their delivery and their investigation, examination, and approval by the Attorney General of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of the certificates, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate printed and endorsed on each of the certifi- cates, and the seal of said Comptroller shall be impressed or placed in facsimile on each of the Certificates. Section 16. This City Council, for and on behalf of the City, covenants to and with the purchasers of the certificates that no use will be made of the proceeds of the certificates at any time throughout the term of this issue of certificates, which, if such use had been reasonably expected on the date of delivery of the certificates to and payment for the certificates by the purchaser, would have caused the certificates to be aribtrage bonds or obligations within the meaning of Section l03(c) of the Internal Revenue Code of 1954, as amended, or any regulation or ruling pertaining thereto; and by this covenant the Ci ty is obligated to comply wi th the requirements of the aforesaid Section 103 (c) and all applicable and pertinent Department of the Treasury regulations and rulings relating to arbi trage bonds and obligations. It is further covenanted that the proceeds of the certificates will not otherwise be used directly or indirectly so as to cause all or any part of the certificates to become arbitrage bonds or obligations within the meaning of the aforesaid Section l03(c), or any regulation or rulings pertaining thereto. Section l7. The fact that the proceeds from the sale of the certificates are needed without delay for the construction and acquisition of urgently needed facilities and properties creates an emergency and an urgent public necessity relating to the 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 said Charter rule is hereby according dispensed with, and this ordinance is passed as an emergency measure, to take effect and be in force and effect from and after its passage. PASSED AND APPROVED this 14th~1/~f June, 1982. ",,,,,,,1;::;(,,,,1'" vd'C ~ayor, City of San Marcos, Texas ';&'lr1~''''1~~~