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9603-05 Authorizing the Issuance of Revenue Bonds - Concerning the Construction of Improvements to the Municipal Waterworks - not to exceed $4,710,000
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9603-05 Authorizing the Issuance of Revenue Bonds - Concerning the Construction of Improvements to the Municipal Waterworks - not to exceed $4,710,000
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Last modified
12/13/2010 10:32:41 AM
Creation date
2/12/2008 1:46:10 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/25/2005
Ord-Res Number
9603-05
Bill Number
39-05
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2005 Bonds as a guaranty of the performance of said bid, should it be accepted. In the event no <br />satisfactory bids are received on the day named in the sale notice, the sale may be continued <br />from day to day thereafter for a period of thirty (30) days without readvertisement; provided, <br />however, that if said sale is continued, no bid shall be accepted which offers an interest cost <br />which is equal to or higher than the best bid received at the time fixed for sale in the bond sale <br />notice. The Fiscal Officer shall have full right to reject any and all bids. <br />After the 2005 Bonds have been properly sold and executed, except to the extent <br />otherwise required by I.C. §36-4-6-19(f), the Fiscal Officer shall receive from the purchasers <br />payment for the 2005 Bonds and shall provide for delivery of the 2005 Bonds to the purchasers. <br />(b) The 2005 Bonds, when fully paid for and delivered to the purchaser shall <br />be the binding special revenue obligations of the City, payable out of the Net Revenues. The <br />proper officers of the City are hereby directed to sell the 2005 Bonds to the purchaser, to draw all <br />proper and necessary warrants, and to do whatever acts and things which may be necessary to <br />carry out the provisions of this Ordinance. <br />(c) The Executive and the Fiscal Officer each are hereby authorized to deem <br />final an official statement with respect to the 2005 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 />In order to assist any underwriter of the 2005 Bonds in complying with paragraph (b)(5) <br />of the SEC Rule by undertaking to make available appropriate disclosure about the City and the <br />2005 Bonds to participants in the municipal securities market, the City hereby covenants, agrees <br />and undertakes, in accordance with the SEC Rule, unless excluded from the applicability of the <br />SEC Rule or otherwise exempted from the provisions of paragraph (b)(5) of the SEC Rule, that it <br />will comply with and carry out all of the provisions of the continuing disclosure contract. <br />"Continuing disclosure contract" shall mean that certain continuing disclosure contract executed <br />by the City and dated the date of issuance of the 2005 Bonds, as originally executed and as it <br />may be amended from time to time in accordance with the terms thereof. The execution and <br />delivery by the City of the continuing disclosure contract, and the performance by the City of its <br />obligations thereunder by or through any employee or agent of the City, are hereby approved, <br />and the City shall comply with and carry out the terms thereof. <br />(d) The Fiscal Officer is hereby authorized and directed to obtain a legal <br />opinion as to the validity of the 2005 Bonds from Barnes & Thornburg, and to furnish such <br />opinion to the purchasers of the 2005 Bonds or to cause a copy of said legal opinion to be printed <br />on each 2005 Bond. The cost of such opinion shall be paid out of the proceeds of the 2005 <br />Bonds. <br />(e) In connection with the sale of the 2005 Bonds, the Executive and the <br />Fiscal Officer each are authorized to take such actions and to execute and deliver such <br />agreements and instruments as they deem advisable to obtain a rating and/or to obtain bond <br />-16- <br />
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