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1993-06-29 Resolution 77
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1993-06-29 Resolution 77
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7/23/2008 3:18:36 PM
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1_: <br />(e) At or prior to the time of Closing, the Underwriter shall have received copies of each of <br />the following documents in such number as shall be requested and in form and substance <br />satisfactory to the Underwriter: <br />(i) The Official Statement and each supplement or amendment, if any, thereto, executed <br />on behalf of the Authority by its President or Vice-President; <br />(ii) The Trust Agreement, fully executed by the Authority and the Trustee; and <br />(iii) Opinion of Bond Counsel, dated the Closing Date and addressed to the Underwriter; <br />and <br />(v) _ A certified copy of the transcript of proceedings relating to the issuance of the Bonds_ <br />(f) Within the earlier of (i) five (S) Business Days from the date of this Contract or (ii) such other <br />time, if any, as the Underwriter has notified the Authority, prior to the date hereof, that <br />confirmations requesting payment will be sent to parties purchasing Bonds from the Underwriter, the <br />Underwriter will have received for distribution to the prospective investors copies of the Official <br />Statement (as the same may be amended or supplemented) in such quantities as may be necessary in <br />order for the Underwriter to comply with the requirements of the SEC Rule 15c2-12 and the rules of <br />the Municipal Securities Rulemaking Board. The Underwriter agrees to notify the Authority or its <br />Counsel of the approximate number of copies of the Official Statement that will be necessary to be <br />supplied for purposes of the foregoing requirement, prior to the printing of the Official Statement or <br />any supplement thereto. <br />6. Termination. The Underwriter shall have the right to terminate the Underwriter's obligations <br />under this Contract to purchase, to accept delivery of and to pay for the Bonds by notifying the <br />Authority of the election of the Underwriter to do so if, after the execution hereof and prior to the <br />Closing: <br />(a) Legislation shall be enacted by the Congress of the United States of America, or a <br />decision by a court of the United States of America shall be rendered, to the effect that <br />obligations of the general character of the Bonds are not exempt from registration under the <br />Securities Act of 1933, as amended and as then in effect, or the Securities Exchange Act of 1934., as <br />amended and as then in effect, or that the Trust Agreement, as then amended or supplemented, <br />is not exempt from qualification under the Trust Agreement Act of 1939, as amended and as then <br />i n effect; <br />(b) Subsequent to the respective dates as of which information is given in the Official <br />Statement, there shall have occurred any change or any development involving a prospective <br />change in the business or financial condition of the Authority which, in the judgment of the <br />Underwriter, makes it impracticable or inadvisable to proceed with the offering described in <br />Section 2 ofthisContract; <br />(c) Any rating assigned to the Bonds shall have been downgraded, suspended or withdrawn <br />by Moody's Investors Service, Inc., or there has been an official statement. regarding a <br />downgrading, suspension or withdrawal of any such rating and such action, in the opinion of the <br />Underwriter, materially and adversely affects the market price for the Bonds; or <br />(d) The Authority fails to deliver to the Underwriter the copies of the Official Statement (as <br />the same may have been amended or supplemented) in the amounts and within the time period <br />specified in Section 5(f) of this Contract and such failure, in the reasonable opinion of the <br />Underwriter, materially and adversely affects the marketability of the Bonds or subjects the <br />Underwriter to fines, sanctions or other penalties under the rules governing the delivery or filing <br />of Official Statements promulgated by the Securities and Exchange Commission or the Municipal <br />Securities Rulemaking Board. <br />. 7. Expenses. The Authority shall pay all costs and expenses incident to the performance. of its <br />obligations under this Contract, including all expenses incident to the delivery of the Bonds to the <br />-S- <br />
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