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Concerning the Current Refunding of Outstanding Waterworks Revenue Bonds of 2000 and 2006,; Authorizing the Issuance of Revenue Bonds for such Purpose in the Principal Amount not to Exceed Three Million Seven Hudnred Twenty Thousand ($3,720,000)
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Concerning the Current Refunding of Outstanding Waterworks Revenue Bonds of 2000 and 2006,; Authorizing the Issuance of Revenue Bonds for such Purpose in the Principal Amount not to Exceed Three Million Seven Hudnred Twenty Thousand ($3,720,000)
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4/26/2017 8:24:57 AM
Creation date
12/21/2016 9:11:01 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/14/2016
Ord-Res Number
10480-16
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(c) As an alternative to public sale, the Fiscal Officer may negotiate the sale <br />of the 2016 Bonds to an underwriter or financial institution. The Mayor and the Fiscal Officer <br />are each authorized to execute a bond purchase agreement with such underwriter or financial <br />institution, in customary form, upon such terms as are acceptable to the Mayor and the Fiscal <br />Officer consistent with the terms of this Ordinance. <br />(d) Distribution of an Official Statement (Preliminary and Final) when and if <br />prepared by the City's financial advisor, on behalf of the City, is hereby authorized and <br />approved, and the Executive is authorized and directed to execute the Official Statement on <br />behalf of the City in a form consistent with this Ordinance. The Executive or the Fiscal Officer is <br />authorized to deem the Preliminary Official Statement as "final" for purposes of Rule 15c2 -12 <br />promulgated by the Securities and Exchange Commission. <br />(e) After the 2016 Bonds have been properly sold and executed, the Fiscal <br />Officer shall receive from the purchasers payment for the 2016 Bonds and shall provide for <br />delivery of the 2016 Bonds to the purchasers. <br />(f) The 2016 Bonds, as and to the extent paid for and delivered to the <br />purchaser shall be the binding special revenue obligations of the City, payable out of the Net <br />Revenues. The proper officers of the City are hereby directed to sell the 2016 Bonds to the <br />purchasers and to do whatever acts and things which may be necessary to carry out the <br />provisions of this Ordinance. <br />(g) The Executive and the Fiscal Officer each are hereby authorized to deem <br />final an official statement with respect to the 2016 Bonds, as of its date, in accordance with the <br />provisions of Rule 15c2 -12 of the U.S. Securities and Exchange Commission, as amended (the <br />"SEC Rule "), subject to completion as permitted by the SEC Rule, and the City further <br />authorizes the distribution of the deemed final official statement, and the execution, delivery and <br />distribution of such document as further modified and amended with the approval of the <br />Executive or the Fiscal Officer in the form of a final official statement. <br />(h) In order to assist any underwriter of the 2016 Bonds in complying with <br />paragraph (b)(5) of the SEC Rule by undertaking to make available appropriate disclosure about <br />the City and the 2016 Bonds to participants in the municipal securities market, the City hereby <br />covenants, agrees and undertakes, in accordance with the SEC Rule, unless excluded from the <br />applicability of the SEC Rule or otherwise exempted from the provisions of paragraph (b)(5) of <br />the SEC Rule, that it will comply with and carry out all of the provisions of the continuing <br />disclosure contract. "Continuing disclosure contract" shall mean that certain continuing <br />disclosure contract executed by the City and dated the date of issuance of the 2016 Bonds, as <br />originally executed and �as it may be amended from time to time in accordance with the terms <br />thereof. The execution and delivery by the City of the continuing disclosure contract, and the <br />performance by the City of its obligations thereunder by or through any employee or agent of the <br />City, are hereby approved, and the City shall comply with and carry out the terms thereof. <br />(i) The Fiscal Officer is hereby authorized and directed to obtain a legal <br />opinion as to the validity of the 2016 Bonds from Barnes & Thornburg LLP, and to furnish such <br />opinion to the purchasers of the 2016 Bonds or to cause a copy of said legal opinion to be printed <br />-16- <br />
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