Laserfiche WebLink
<br /> ARTICLE XIII <br /> LAPSE OF PAYMENT <br /> Section 13. 01. Lapse of Payment. <br /> (a) Unclaimed Payments shall be segregated in a special <br /> escrow account and held in trust, uninvested, by the Paying <br /> Agent/Registrar for the account of the Owner of the Bonds to which <br /> the Unclaimed Payments pertain. <br /> (b) Subject to any applicable escheat, abandoned property <br /> or similar law, Unclaimed Payments remaining unclaimed by the Owners <br /> entitled thereto for three years after the applicable payment or <br /> redemption date shall be applied to the next payment or payments on <br /> the Bonds thereafter coming due, and, to the extent any such money <br /> remains after the retirement of all outstanding Bonds, shall be paid <br /> to the City to be used for any lawful purpose. Thereafter, neither <br /> the City, the Paying Agent/Registrar nor any other person shall be <br /> liable or responsible to any Owners of such Bonds for any further <br /> payment of such unclaimed moneys or on account of any such Bond s , <br /> subject to any applicable escheat law or similar law. <br /> ARTICLE XIV <br /> PUBLIC MEETING <br /> Section 14.01. Public Meetina. <br /> <br /> It is officially found, determined, and declared that the <br /> meeting at which this Ordinance has been adopted was open to the <br /> public and public notice of the time, place and subject matter of <br /> the public business to be considered and acted upon at said meeting, <br /> including this Ordinance, was given, all as required by the <br /> applicable provisions of Article 6252-17, V.A.T.C.S., as amended. <br /> Section 14.02. Emeraencv Declaration. <br /> <br /> The public importance of this measure and the fact that it is <br /> to the best interest of the City to provide funds for the proposed <br /> improvements at the earliest possible date, for the immediate <br /> preservation of the public peace, health and safety, constitutes and <br /> creates an emergency and an urgent public necessity requiring that <br /> the Charter rules requiring ordinances to be read on three several <br /> days and that no ordinance shall become effective until the <br /> 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 <br /> emergency measure; and said Charter rules are hereby dispensed with, <br /> and this Ordinance is accordingly passed as an emergency measure, <br /> effective and in force immediately upon and after its passage. <br /> 4322f <br /> -39- <br />