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10190-12 Refinance Waterworks revenue of 2002
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10190-12 Refinance Waterworks revenue of 2002
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Last modified
10/12/2012 12:35:11 PM
Creation date
10/12/2012 12:35:02 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/2012
Ord-Res Number
10190-12
Bill Number
53-12
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(f) The 2012B 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 2012B 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 /> (g) The Executive and the Fiscal Officer each are hereby authorized to deem <br /> final an official statement with respect to the 2012B 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 2012B 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 2012B 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 2012B 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 2012B Bonds from Barnes &. Thornburg LLP, and to furnish <br /> such opinion to the purchasers of the 2012B Bonds or to cause a copy of said legal opinion to be <br /> printed on each 2012 Bond. The cost of such opinion shall be paid out of the proceeds of the <br /> 2012B Bonds. <br /> (j) In connection with the sale of the 2012B Bonds, the Executive and the <br /> Fiscal Officer each are authorized to take such actions and to execute and deliver such agreements <br /> and instruments as they deem advisable to obtain a rating and/or to obtain bond insurance for the <br /> 2012B Bonds, and the taking of such actions and the execution and delivery of such agreements <br /> and instruments are hereby approved. <br /> SECTION 11. Use of Proceeds. The accrued interest received at the time of delivery of <br /> the 2012B 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 2012B Bonds <br /> on the first interest payment date. An amount of proceeds from the sale of the 2012B Bonds of <br /> any Series equal to the amount described in Section 14(b) will be deposited to the 2012 <br /> Subaccount of the Debt Service Reserve Account for the 2012B Bonds of such Series and <br /> applied as described below. An amount of proceeds from the sale of the 2012B Bonds of any <br /> Series equal to the estimated costs of issuance of the 2012B Bonds and other fees and charges <br /> - 16 - <br />
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