Ord 1993-038 - Laserfiche WebLink

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/JôI+M outstanding Parity Bonds and Additional Parity Bonds, and the ordinances authorizing same, and that the Interest and Sinking Fund and the Reserve Fund each contains the amount then required to be therein. (b) An independent certified public accountant, or independent firm of certified public accountants, si9I?-s a written certificate or report to the effect that, during either the next preceding year, or any twelve consecutive calendar month period ending not more than ninety days prior to the date of the then proposed Additional Parity Bonds, the Net Revenues were, in his or its opinion, at least equal to 1.25 times the average annual principal and interest requirements (computed on a fiscal year basis) of all then outstanding Parity Bonds to be outstanding after the issuance of the then proposed Additional Parity Bonds. ARTICLE XII PURCHASE OF SECURITIES; APPROVAL OF ESCROW AGREEMENT Section 12.01. Purchase of Securities. The City Manager and Director of Finance, e~ ther or both of such officials, in cooperation with the Escrow Agent, are authorized to make necessary arrangements for the purchase of the Escrowed Securi ties referenced in the Escrow Agreement, as may be necessary for the Escrow Fund. Section 12.02. Approval of Escrow Aqreement. The Escrow Agreement and its execution and delivery by the Mayor are hereby authorized and approved. The signature of the Mayor shall be attested by the City Secretary~ , ARTICLE XIII TERMINATION OF MANAGEMENT PROVISIONS Section 13.01. Termination of Manaqement Provisions. At such time as all of the City of San Marcos, Texas, Electric Utility System Revenue Bonds, Series 1986, that are not refunded by the Bonds are no longer outstanding as to principal or interest, in accordance with the terms and provisions of the ordinance authorizing the issuance of such bonds, Section 25 of such ordinance entitled "MANAGEMENT OF THE SYSTEM" shall terminate in its entirety and be of no further force or effect. 4588f -35-