Ord 1993-038 - Laserfiche WebLink

Home Browse Search

4 13D!3ß paragraph of the Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in this Ordinance and the Bond, but only from the sources and in the manner provided herein for the payment of principal of and interest on the Bonds to Holders, and will otherwise treat MBIA as the owner of such rights to the amount of such principal and interest. (g) In connection with the issuance of Additional Parity Bonds, the Issuer shall deliver to MBIA a copy of the disclosure document, if any, circulated with respect to such Additional Parity Bonds. (h) Copies of any amendments made to the documents executed in connection with the J.ssuance of the Bonds which are consented to by MBIA shall be sent to Standard & Poor's Corporation. (i) MBIA shall receive notice of the resignation or removal of the Paying Agent/Registrar and the appointment of a successor thereto. (j) MBIA shall receive copies of all notices required to be delivered to Bondholders and, on an annual basis, copies of the Issuer's audited financial statements and Annual Budget. ~ ARTICLE XXII PUBLIC MEETING¡ EMERGENCY DECLARATION Section 22.01. Public Meetinq. It is officially found, determined, and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the time, place and subject matter of the public business to be considereq and acted upon at said meeting, including this Ordinance, was gJ.ven, all as required by the applicable provisions of Article 6252-17, Vernon's Annotated Civil Statutes, as amended. Section 22.02. Emerqency Declaration. The public importance of this measure and the fact that it is to the best interest of the City to provide for the refunding of the Refunded Bonds, thereby reducing the debt service requirements on the debt represented thereby at the earliest possible date, for the immediate preservation of the public peace, health and safety, constitutes and creates an emergency and an urgent public necessity requiring that the Charter rules requiring ordinances to be read on three several days and that no ordinance shall become effective until the expiration of ten (10) days following the date öf its final passage be dispensed with for the purpose of adopting this 4588f -50-