Res 1995-121 - Laserfiche WebLink

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!()Z C- Sources and Uses of Funds The proceeds of the Bonds mIl be applied approximately as follows: Sources: Principal Amount of the Bonds $ Accrued Interest Contribution from the City Total Sources of Funds S Uses: Deposit to the Escrow Fund S Deposit to the Interest and Sinking Fund Underwriters' Discount Costs ofIssuancelInsuranceIRounding Amount Total Uses of Funds S BOND INFO.RJ.'\1ATION General Interest ",ill accrue on the Bonds and the principal of and interest on the Bonds mIl initially be payable as provided on the cover page of this Official Statement. In the event that the Bonds are no longer subject to the Book-Entry Only System described herein, the principal of the Bonds will be payable to the principal office of the Paying AgentlRegistrar and interest on the Bonds mIl be payable to the registered owners shown on the records of the Paying AgentlRegistrar on the fifteenth day of the month next preceding each interest payment date by check mailed on or before the interest payment date or by such other method as described in the Ordinance. The Bonds are issued as fully registered bonds in the denomination of$5,000 or any integral multiple thereofmthin a maturity. Security for Bonds ~ All taxable property within the City is subject to a continuing direct annual ad valorem tax levied by the City sufficient to provide for the payment of principal of and interest on all obligations payable in whole or in part trom ad valorem ta.xes, which tax must be levied mthin limits prescribed by law. The City operates under a home-rule charter as authorized by Article XI, Section 5 of the Constitution of the State of Texas. The City's charter adopts the constitutional provisions linúting such ta.x levy to no more than 52.50 per 5100 of Assessed Valuation for all purposes of the City, including the payment of debt. Redemption of Bonds The City reserves the right, at its option, to redeem Bonds that remain outstanding in advance of their scheduled maturities, in whole or in part in principal amounts of $5,000 or any integral multiple thereof, on August 1, 2004, or any date thereafter, at the par value thereof plus accrued interest to the date fixed for redemption. If less than all of the Bonds of a maturity is to be redeemed, the Paying AgentlRegistrar shall detennine by lot the Bonds, or portions thereof, within such maturity to be redeemed. If a Bond (or any portion of the principal sum thereof) shall have been called for redemption and notice of such redemption shall have been given, such Bonds (or the principal amount thereof to be redeemed) shall become due and payable on such redemption date and interest thereon shall cease to accrue trom and after the redemption date provided funds for the payment of the redemption price and accrued interest thereon are held by the Paying AgentIRegistrar on the redemption date. Not less than 30 days prior to a redemption date for the Bonds, the City shall cause a notice of redemption to be sent by United States mail, first class, postage prepaid, to each registered owner of a Bonds to be redeemed, in whole or in part, at the address of the registered owner appearing on the registration books of the Paying AgentlRegistrar at the close of business on the business day next preceding the date of mailing such notice. Any notice of redemption so mailed shall be conclusively presumed to have been duly given irrespective of whether received by the bondholder. . Book-Entry-Only System The Depository Trust Company ("DTC"), New York, New York, mll act as securities depository for the Bonds. The Bonds ",ill be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee). One fully-registered certificate mIl be issued for each maturity of the Bonds in the aggregate principal amount of such maturity, and mIl be deposited mth DTC. DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" mthin the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17 A of the Securities Exchange Act of 1934. DTC holds securities that its participants ("Direct Participants") deposit mth DTC. DTC also facilitates the settlement among Participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in Participants' accounts, thereby eliminating the need for physical movement of securities certificates. Direct Participants include securities