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88-093
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Resolutions 1988
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88-093
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8/8/2005 1:32:29 PM
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8/8/2005 11:01:27 AM
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<br />~ <br />! <br /> <br />(d) as provided in the Loan Agreement and <br />Indenture, the Bonds are not to be payable from <br />or charged upon any funds other than the revenue <br />pledged to the payment thereof; the city is not <br />subject to any liability thereon; no holder of <br />any Bonds shall ever have the right to compel any <br />exercise by the City of its taxing powers to pay <br />any of the Bonds or the interest or premium <br />thereon, or to enforce payment thereof against <br />any property of the City except the interests of <br />the City in the Loan Agreement which have been <br />assigned to the Trustee under the Indenture; the <br />Bonds shall not constitute a charge, lien or <br />encumbrance, legal or equitable upon any property <br />of the City except the interests of the City in <br />the Loan Agreement which have been assigned to <br />the Trustee under the Indenture; the Bonds shall <br />recite that the Bonds are issued without moral <br />obligation on the part of the state or. its <br />political subdivisions, and that the Bonds, <br />including interest thereon, are payable solely <br />from the revenues pledged to the payment thereof; <br />and, the Bonds shall not constitute a debt of the <br />City within the meaning of any constitutional or <br />statutory limitation. <br /> <br />5. Subject to the final approval of the City <br />Attorney, the forms of the Loan Agreement and Indenture and <br />exhibits thereto are approved substantially in the form <br />submitted. The Loan Agreement and Indenture, in substantially <br />the form submitted, are directed to be executed in the name <br />and on behalf of the City by the Mayor and the City Clerk- <br />Treasurer together with any other documents and certificates <br />necessary to the transaction described above. Copies of all <br />of the documents necessary to the transaction herein described <br />shall be delivered, filed and recorded as provided herein and <br />in the Loan Agreement and Indenture. <br /> <br />6. The City shall proceed forthwith to issue its <br />Bonds, in the form and upon the terms set forth in the <br />Indenture. The offer of the Bond Purchaser, USAA Tax-Exempt <br />Money Market Fund, San Antonio Texas, to purchase the Bonds at <br />par plus accrued interest to the date of delivery at the <br />interest rate or rates specified in the Indenture is hereby <br />accepted. The Mayor and City Clerk-Treasurer are authorized <br />and directed to prepare and execute the Bonds as prescribed in <br />the Indenture and to deliver them to the Trustee for <br />authentication and delivery to the Bond Purchaser. <br />
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