Ord 1996-085 - Laserfiche WebLink

Home Browse Search

!r7Y 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 the 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 the Texas Water Development Board, at a price of the principal amount of the Bonds. 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) A policy of municipal bond guaranty insurance having been obtained by the City with respect to for 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 a municipal bond" insurance policy relating to the Bonds. 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 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 \vith 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 Attomey General of the State of Texas, registration by the Comptroller of Public Accounts of the State of Texas, and registration with, 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 tenns of sale. "-\.SA. '<>IAIl \ wwss. "" \DOO\O aDSŒ1'N 20