Ord 1998-006 - Laserfiche WebLink

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Section 6.05. Municipal Bond Insurance. Municipal bond guaranty insurance has been obtained with respect to the Bonds. The Bonds, including the Initial Bond, shall bear an appropriate legend, as provided by such insurer. The Mayor of the City is authorized to execute the commitment provided by the insurer with respect to such policy. ARTICLE VII SALE OF THE BONDS; CONTROL AND DELIVERY OF THE BONDS Section 7.01. Sale of Bonds: Official Statement. (a) The Bonds are hereby officially sold and awarded to William R. Hough & Co., at a price of par, plus accrued interest from the Original Issue Date to the Closing Date, plus a premium of$-O-, It is officially found, determined and declared that the bid of said Purchaser is the bid for the Bonds that produces the lowest true interest cost to the City, as the result of competitive bids. The Bonds shall initially be registered in the name of the Purchaser or its designee. (b) 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. (c) If a policy or policies of municipal bond guaranty insurance and/or fmancial guaranty insurance are obtained by the City with respect to the Bonds, 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 such policy or policies 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) 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 Deliverv 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 of the State of Texas, and registration \vith, and initial exchange or transfer by, the Paying Agent/Registrar, (b) After registration by the Comptroller of Public Accounts, 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. R:\SANMAR.\WVo'SS.98\DOCS\ORDNCE 20