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06-08-20 Agenda Packet
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06-08-20 Agenda Packet
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the City and the Refunding Bonds to participants in the municipal securities market, the City <br />hereby covenants, agrees and undertakes, in accordance with the SEC Rule,unless excluded from <br />the applicability of the SEC Rule or otherwise exempted from the provisions of paragraph (b)(5) <br />of the SEC Rule, that it will comply with and carry out all of the provisions of a continuing <br />disclosure contract from the City to each registered owner or holder of any Refunding Bonds (the <br />Continuing Disclosure Contract"). The execution and delivery by the City of a Continuing <br />Disclosure Contract, and the performance by the City of its obligations thereunder by or through <br />any employee or agent of the City with respect to the Refunding Bonds, are hereby approved, and <br />the City shall comply with and carry out the terms thereof. <br />k) The Controller is hereby authorized and directed to obtain a legal opinion <br />as to the validity of the Refunding Bonds from Barnes & Thornburg LLP, and to furnish such <br />opinion to the purchasers of the Refunding Bonds or to cause a copy of said legal opinion to be <br />printed on each Refunding Bond. The cost of such opinion shall be paid out of the proceeds of the <br />Refunding Bonds. <br />1) In connection with the sale of the Refunding Bonds, the Mayor and the <br />Controller each are authorized to take such actions and to execute and deliver such agreements and <br />instruments as they deem advisable to obtain a rating and/or to obtain bond insurance or a Credit <br />Facility (as defined herein) for the Refunding Bonds, and the taking of such actions and the <br />execution and delivery of such agreements and instruments are hereby approved. The costs of <br />obtaining any such insurance,Credit Facility,and/or credit ratings in preparing and delivering such <br />opinion and in the performance of related services in connection with the issuance, sale and <br />delivery of the Refunding Bonds, shall be considered as a part of the cost of issuance of the <br />Refunding Bonds and shall be paid out of the proceeds of the sale of the Refunding Bonds. <br />SECTION 11. Use of Proceeds. The accrued interest received at the time of delivery of <br />the Refunding Bonds, if any, and premium, if any, shall be deposited in the Bond and Interest <br />Account of the Sinking Fund (as hereafter defined) and applied to payments on the Refunding <br />Bonds on the first interest payment date. An amount of proceeds from the sale of the Refunding <br />Bonds may be deposited into the related Refunding Subaccount, if any, of the Reserve Account <br />as defined herein), for the Refunding Bonds and applied as described below as determined by the <br />Controller. An amount of proceeds from the sale of the Refunding Bonds equal to the estimated <br />costs of issuance of the Refunding Bonds and other fees and charges associated with the issuance <br />of the Refunding Bonds,including the premium for any bond insurance obtained for the Refunding <br />Bonds, shall be deposited into a fund of the utility hereby created and designated as"City of South <br />Bend, Indiana Sewage Works 2020 Costs of Issuance Fund" (the"Costs of Issuance Fund"). The <br />proceeds deposited in the Costs of Issuance Fund, together with all investment earnings thereon, <br />shall be expended only for the purpose of paying the costs of issuance of the Refunding Bonds and <br />other fees and charges associated with the issuance of the Refunding Bonds,including the premium <br />for any bond insurance obtained for the Refunding Bonds by the City. The remaining proceeds <br />from the sale of the Refunding Bonds shall be deposited into a fund of the utility hereby created <br />and designated as"City of South Bend, Indiana Sewage Works Refunding Fund" (the"Refunding <br />Fund"). The proceeds deposited in the Refunding Fund, together with all investment earnings <br />thereon, shall be expended only for the purpose of paying the costs of the Refunding. <br />12 -
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