Ord 1999-004 - Laserfiche WebLink

Home Browse Search

No default by the City in observing or performing its obligations under this Article shall comprise a breach of or default under the Ordinance for purposes of any other provision of this Ordinance. Nothing in this Article is intended or shall act to disclaim, waiver, or otherwise limit the duties of the City under federal state securities laws. The provisions of this Article may be amended by the City from time to time to adapt to changed circumstances that arise from a change in legal requirements, a change in law, or a change in the identity, nature, status, or type of operations of the City, but only if(l) the provisions of this Article, as so amended, would have permitted an underwriter to purchase or sell Bonds in the primary offering of the Bonds in compliance with the Rule, taking into account any amendments or interpretations ofthe Rule to the date of such amendment, as well as such changed circumstances, and (2) either (a) the Owners of a majority in aggregate principal amount of the Outstanding Bonds consent to such amendment or (b) a person that is unaffiliated with the City (such as nationally recognized bond counsel) determines that such amendment will not materially impair the interests of the Owners and beneficial owners ofthe Bonds. The Issuer may also repeal or amend the provisions ofthis Article if the SEC amends or repeals the applicable provisions of the Rule or any court of final jurisdiction enters judgment that such provisions of the Rule are invalid, but in either case only if and to the extent that the provisions of this sentence would not prevent an underwriter from lawfully purchasing or selling Bonds in the primary offering of the Bonds. If the Issuer so amends the provisions of this Article, it shall include with any amended financial information or operating data next provided in accordance with Section 13.02 an explanation, in narrative form, of the reasons for the amendment and of the impact of any change in the type of financial information or operating data so provided. ARTICLE XV SURETY POLICY Section 15.01. Surety Policy. In order to satisfy in whole or in part the City's obligations with respect to the Reserve Fund provided in this Ordinance, and subject to the provisions of Section 8.05(b) hereof, the City may purchase from a Surety or Sureties a Surety Policy or Policies for such Fund, in an amount equal to the all or a portion of the amount of the average annual requirement for the payment of principal and interest with respect to the Bonds, it being found and determined that the substitution of a Surety Policy in lieu of depositing cash to the Reserve Fund is cost effective. ARTICLE XVI PUBLIC MEETING; EMERGENCY DECLARATION Section 16.01. Public Meeting. It is officially found, determined, and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the time, place and subject matter ofthe public business to be considered and acted upon at said meeting, including this Ordinance, was given, all as required by the applicable provisions of Tex. Gov't Code Ann. ch.551, as amended. Section 16.02. Emergency Declaration. The public importance of this measure and the fact that it is to the best interest of the City to provide funds for the proposed public improvements at the earliest possible date, for the immediate preservation of R ',sANMAR\WWSS.99\DOCS\ORDNCED1. WPD 32