Ord 1982-054 - Laserfiche WebLink

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and budgeted to be available for the payment of such debt service requirements on the certificates during the next succeeding fiscal year of the City (based upon the amount of net revenues available from the preceding fiscal year). The amount required to be provided in the succeeding fiscal year of the City from ad valorem taxes shall be the amount, if any, the debt service requirements on the certificates in such fiscal year exceed the sum of (i) the amount shown to be on deposit in the Interest and Sinking Fund at the time the annual budget is prepared and (ii) the net revenues shown to be budgeted and available for payment of such debt service requirements. Following final approval of the Ci ty' s annual budget, the City Council shall levy an ad valorem tax at a rate sufficient to produce taxes in the amount so determined, to be used for the purpose of paying the principal and interest on the certificates in the next succeeding fiscal year of the City. Section 11. The City covenants and agrees with the holders of the certificates that it will at all times collect rates and charges in connection with its ownership and operation of the system as will be at least sufficient to provide net revenues which will be, together with the funds to be derived from taxation as hereinabove provided, adequate to pay promptly all of the principal of and interest on the 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 12. 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 13. 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 14. 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 15. 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 sign for said Comptroller) shall manually sign the Comptroller's Registration Certificate printed and endorsed on each of the certificates, 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 arbitrage bonds or obligations within the meaning of Section 103(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