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<br /> ).7f1C- <br /> ARTICLE XII <br /> LAPSE OF PAYMENT <br /> Section 12.01. Lapse of Pavment. <br /> (a) Unclaimed Payments shall be segregated in a special escrow account and held in trust, <br /> uninvested, by the Paying Agent/Registrar for the account of the Owner of the Bonds to which the <br /> Unclaimed Payments pertain. <br /> (b) Subject to any applicable escheat, abandoned property or similar law, Unclaimed <br /> Payments remaining unclaimed by the Owners entitled thereto for three years after the applicable payment <br /> or redemption date shall be applied to the next payment or payments on the Bonds thereafter coming due, <br /> and, to the extent any such money remains after the retirement of all outstanding Bonds, shall be paid to <br /> the City to be used for any lawful purpose. Thereafter, neither the City, the Paying Agent/Registrar nor <br /> any other person shall be liable or responsible to any Owners of such Bonds for any further payment of <br /> such unclaimed moneys or on account of any such Bonds, subject to any applicable escheat law or similar <br /> law. <br /> ARTICLE XIII <br /> PUBLIC MEETING; EMERGENCY DECLARATION <br /> Section 13.01. Pub lic Meeting. . <br /> It is officially found, determined, and declared that the meeting at which this Ordinance has been <br /> adopted was open to the public and public notice of the time, place and subject matter of the public <br /> business to be considered and acted upon at said meeting, including this Ordinance, was given, all as <br /> required by the applicable provisions of Tex. Gov't Code Ann. ch, 551. <br /> Section 13.02. Emergencv Declaration. <br /> The public importance of this measure and the fact that it is to the best interest of the City to <br /> provide funds for the proposed improvements at the earliest possible date, for the immediate preservation <br /> of the public peace, health and safety, constitutes and creates an emergency and an urgent public necessity <br /> requiring that the Charter rules requiring ordinances to be read on three several days and that no <br /> ordinance shall become effective until the expiration of ten (10) days following the date of its final passage <br /> be dispensed with for the purpose of adopting this Ordinance as an emergency measure; and said Charter <br /> rules are hereby dispensed with, and this Ordinance is accordingly passed as an emergency measure, <br /> effective and in force immediately upon and after its passage. <br /> SANMARlGO9<\DOCSI 0 RDNCE. HSS F <br /> 26 <br />