8359-93 Revenue Bonds Refund Outstanding Sewage Segregation

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So long as the 1993 Bonds remain and are held in book-entry form on the books of The Depository Trust Company, the provisions of its standard form of Letter of Representations, if executed in connection with the issuance of the 1993 Bonds, as amended and supplemented, or any successor agreement shall control on the matters set forth herein. The Registrar, by accepting the duties of Registrar under this Ordinance, agrees that it will undertake the duties of "Agent" set forth therein and that those duties to be undertaken by either the "Agent" or the "Issuer" in paragraphs 2, 3, 4 and 12 thereof shall be the responsibility of the Registrar. Further, so long as the 1993 Bonds remain and are held in book- entry form, the provisions of Section 5 of this Ordinance shall control over conflicting provisions in any other section of this Ordinance. Section 6. Sale of Bonds. The Controller is hereby authorized and directed to have the 1993 Bonds prepared, and the Mayor, Controller and Clerk are hereby authorized and directed to execute the 1993 Bonds in substantially the form and the manner herein provided. The Controller is hereby authorized and directed to deliver the 1993 Bonds to the Treasurer of St. Joseph County, ex officio Treasurer of the City of South Bend, and shall take his receipt therefor, and upon the consummation of the sale of the 1993 Bonds the Controller shall certify to the Treasurer the amount which the purchaser is to pay for the same together with the name and address of the purchaser; thereupon, the Treasurer shall be authorized to receive from the purchaser the amount so certified by the Controller, and to deliver the 1993 Bonds to such purchaser and take the purchaser's receipt for the 1993 Bonds. The amount to be certified by the Controller and collected by the Treasurer shall be the full amount which the purchaser has agreed to pay therefor, which shall be not less than 98.6% of the face value of the 1993 Bonds (exclusive of original issue discount) plus accrued interest to the date of delivery. If the Treasurer is not available, then the Controller shall deliver the 1993 Bonds to the purchaser and deliver the proceeds to the Treasurer. The Mayor is authorized to enter into a bond purchase contract in customary form with First Chicago Capital Markets, Inc. and Raffensperger, Hughes & Co. , Inc. , as bond purchasers, on behalf of the City. The entry by the City into the purchase contract and the execution of the purchase contract on behalf of the City by the Mayor in accordance with this Ordinance are hereby authorized and approved. The 1993 Bonds, when fully paid for and delivered to the purchasers, shall be the binding special revenue obligations of the City, payable out of the net revenues of the City's sewage works to be set aside into the Sinking Fund as herein provided. The opinion of Barnes & Thornburg, bond counsel, approving the legality of the 1993 Bonds, will be furnished to the purchasers at the expense of the City. Section 7. Use of Bond Proceeds. The proceeds derived from the sale of the 1993 Bonds shall be and are hereby set aside for application on the cost of the Refunding. The proceeds of the 1993 Bonds plus moneys on hand in connection with the Prior Bonds and which are available, if any, together with investment earnings thereon, to carry out the refunding of the Prior Bonds shall be deposited in escrow pursuant to the Escrow Agreement. The balance of the proceeds of the 1993 Bonds shall be used to pay costs of issuance of the 1993 Bonds and nthar incidental expenses. Accrued interest to the date of