Ord 1996-085 - Laserfiche WebLink

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/174 ç ARTICLE XI - TEXAS WATER DEVELOPMENT BOARD S~tion 11.01. Application of Article XI. The provisions oftbis Article shall apply so long as the Bonds, or any of them, are owned by the Texas Water Development Board. - S~tion 11.02. As-Built Plans. The City shall provide to the Texas Water Development Board a full and complete set of "as-built" plans relating to the project to be financed with the proceeds of the Bonds, promptly upon completion of such proj~t. S~tion 11.03. Annual Audit Reports. The City shall provide to the Development Fund Manager of the Texas Water Development Board, without the necessity of a written request therefor, a copy of the City's annual audit report, to be submitted without charge, within 120 days of the close of each City fiscal year. Section 11.04. Final Accounting. Upon completion of the project to be financed with the proceeds of the Bopds, the City shall render a final accounting of the cost of such project to the Texas Water Development Board. If the total cost of such project, as finally completed, is less than originally estimated, so that the proper share of the participation by the Texas Water Development Board is such project is reduced, the City shall return to the Texas Water Development Board the amount of such excess to the nearest multiple of the denomination of the Bonds, whereupon the Texas Water Development Board shall cancel and return to the City a like amount of said Bonds held by the Texas Warer Development Board. The Bonds to be canceled and returned shall be chosen in inverse order of maturity. The remainder of such excess (an amount less than $5,000) shall be deposited into the Bond Fund. Section 11.05. Covenant to Abide with Rules. The City will abide with all applicable laws of the State of Texas and Rules of the Texas Water Development Board relating to the loan of funds evidenced by the Bonds and the project for which the Bonds are issued, sold and delivered. Section 11.06. Ta.x Covenant. The City will not take, or omit to take, any action which action or omission would adversely affect the excludability for federal income ta.x purposes of interest payable on the Bonds or on any series ófbonds issued by the Texas Water Development Board or the Texas Water Resources Finance Authority. ""M. """"'-'wwu 9G1D()C:M1lCNCE.F>I 29