Ord 2007-036 - Laserfiche WebLink

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(b) The deposit under clause (ii) of subsection (a) shall be deemed a payment of a Bond as aforesaid when proper notice of redemption of such Bonds shall have been given or upon the establishment of ~rrevokable provisions for the giving of such notice, m accordance with this Ordinance Any money so deposited with the Paying Agent/Registrar or an eligible trust company or commercial bank as provided m this Section may at the discretion of the Crty Council also be invested m Defeasance Securities, maturing in the amounts and at the times as hereinbefore set forth, and all income from all Defeasance Securities m possession of the Paying Agent/Registrar or an eligible trust company or commercial bank pursuant to this Section which is not required for the payment of such Bond and premium, if any, and interest thereon with respect to which such money has been so deposited, shall be remitted to the City Council (c) Notwithstanding any provision of any other Section of this Ordinance which maybe contrary to the provisions of this Section, all money or Defeasance Securities set aside and held m trust pursuant to the provisions of this Section for the payment of principal of the Bonds and premium, if any, and interest thereon, shall be applied to and used solely for the payment of the particular Bonds and premium, if any, and interest thereon, with respect to which such money or Defeasance Secunties have been so set aside m trust. Until all Defeased Bonds shall have become due and payable, the Paying Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Bonds the same as if they had not been defeased, and the Crty shall make proper arrangements to provide and pay for such services as requued by this Ordinance (d) Notwithstanding anything elsewhere in this Ordinance, if money or Defeasance Securities have been deposited or set aside with the Paying Agent/Registrar or an eligible trust company or commercial bank pursuant to this Section for the payment of Bonds and such Bonds shall not have m fact been actually paid m full, no amendment of the provisions of this Section shall be made without the consent of the registered owner of each Bond affected thereby (e) Notwithstanding the provisions of subsection (a) immediately above, to the extent that, upon the defeasance of any Defeased Bond to be paid at its maturity, the Crty retains the right under Texas law to later call that Defeased Bond for redemption m accordance with the provisions of this Ordinance, the Crty may call such Defeased Bond for redemption upon complying with the provisions of Texas law and upon the satisfaction of the provisions of subsection (a) immediately above with respect to such Defeased Bond as though rt was being defeased at the lime of the exercise of the option to redeem the Defeased Bond and the effect of the redemption is taken into account m detenmmng the sufficiency of the provisions made for the payment of the Defeased Bond. ARTICLE XII CONTINUING DISCLOSURE OBLIGATION Section 12 O1 Definitions As used m this Article, the following terms have the meanings ascribed to such terms below "MSRB" means the Municipal Securities Rulemakmg Board. "NRMSIR"means each person whom the SEC or its staffhas determmedto be a nationally recognized municipal securities information repository within the meaning of the Rule from time to time "Rule" means SEC Rule 15c2-12, as amended from time to time sanMarcosG02007 Ordinance 28