Ord 1997-030 - Laserfiche WebLink

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/tqA}( explanation. in narrative form, of the reasons for the amendment and of the impact of any change in the type of [mancial information or operating data so provided. The City may also repeal or amend the provisions of this Article if the SEC amends or repeals the applicable provisions of the Rule or any court of [mal jurisdiction enters judgment that such provisions of the Rule are invalid, and the City also may amend the provisions of this Article in its discretion in any other manner or CirClli11Stance, but in either case only if and to the extent that the provisions of this sentence would not prevent an lil1demTiter ITom lawfully purchasing or selling Bonds in the primary offering of the Bonds. -. 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 Flil1d, in an amOlil1t equal to the all or a portion of the amOlil1t of the average annual requirement for the payment of principal and interest with respect to the Bonds, it being fOlil1d and detennined that the substitution of a Surety Policy in lieu of depositing cash to the Reserve Flil1d is cost effective. ARTICLE XVI . PUBLIC MEETING; EMERGENCY DECLARATION Section 16.01. Public Meeting. It is officially found, detennined, 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 of the 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.55 I, as amended. Section 16.02. Emergencv Declaration. The public importance of this measure and the fact that it is to the best interest of the City to provide firnds for the proposed public improvements at the earliest possible date, for the immediate preservation of the public peace, health and safety, constitutes and creates an emergency and an urgent public necessity requiring that the Charter rules requiring ordinances to be read on three several days and that no ordinance shall become effective lil1til the expiration of ten (10) days following the date of its final passage be dispensed with for the purpose of adopting this Ordinance as an emergency measure; and said Charter rules are hereby dispensed with, and this Ordinance is accordingly passed as an emergency measure, effective and in force immediately upon and after its passage. R:ISA.'""""\ WWSS. '~=CI\DNŒ 33