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06-08-20 Agenda Packet
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06-08-20 Agenda Packet
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upon such terms as are acceptable to the Mayor and the Controller consistent with the terms of this <br />Ordinance. The final form of the purchase contract shall be determined by the Mayor and Clerk, <br />upon advice of the City's bond counsel and Municipal Advisor and the Mayor and the Clerk are <br />hereby authorized and directed to complete, execute and attest the same on behalf of the City so <br />long as its provisions are consistent with this Ordinance. <br />d) The Controller is hereby authorized to appoint one or more financial <br />institutions to serve as Escrow Agent (each an "Escrow Agent") for the Refunded Bonds in <br />accordance with the terms of one or more escrow agreements to be entered into between the City <br />and the Escrow Agent (collectively, the "Escrow Agreement"). The Mayor and the Clerk are <br />hereby authorized and directed to complete, execute and attest the same on behalf of the City so <br />long as its provisions are consistent with this Ordinance. <br />e) The execution, by either the Mayor, Controller, or the purchaser of the <br />Refunded Bonds, of a subscription for investments of proceeds of the Refunding Bonds to be held <br />under the Escrow Agreement in a manner consistent with this Ordinance is hereby approved. <br />f) Distribution of an Official Statement (Preliminary and Final), if necessary, <br />when and if prepared by the Municipal Advisor, on behalf of the City, is hereby authorized and <br />approved, and the Mayor is authorized and directed to execute the Official Statement on behalf of <br />the City in a form consistent with this Ordinance. The Mayor or the Controller is authorized to <br />deem the Preliminary Official Statement as "final" for purposes of Rule 15c2-12 promulgated by <br />the United States Securities and Exchange Commission(the"SEC Rule"). <br />g) After the Refunding Bonds have been properly sold and executed, the <br />Controller shall receive from the purchasers thereof payment for the Refunding Bonds and shall <br />provide for delivery of the Refunding Bonds to the purchasers. Proceeds derived from the sale of <br />the Refunding Bonds shall be and are hereby set aside for the application to the costs of refunding <br />the Refunded Bonds and the expenses necessarily incurred in connection therewith including the <br />expenses incurred in the issuance of the Refunding Bonds on account of the financing thereof. <br />h) The Refunding 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 Refunding Bonds to the <br />purchaser, to draw all proper and necessary warrants, and to do whatever acts and things which <br />may be necessary to carry out the provisions of this Ordinance. <br />i) The Mayor and the Controller each are hereby authorized to deem final an <br />official statement or official statements with respect to the Refunding Bonds,as of the date of such <br />official statement or official statements,in accordance with the provisions of the SEC Rule,subject <br />to completion as permitted by the SEC Rule, and the City further authorizes the distribution of the <br />deemed final official statement or official statements, and the execution, delivery and distribution <br />of such document or documents as further modified and amended with the approval of the Mayor <br />or the Controller in the form of a final official statement or official statements. <br />0) In order to assist any underwriter of the Refunding Bonds in complying with <br />paragraph (b)(5) of the SEC Rule by undertaking to make available appropriate disclosure about <br />I1 -
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