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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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• of Bond Counsel, dated the Closing Date and addressed to the Underwriters, to the <br />effect that the foregoing opinion may be relied upon by the Underwriters to the same <br />extent as if such opinion were addressed to the Underwriters; <br />(iii) An opinion of the City Attorney of the City, Counsel to the Issuer and <br />the Commission, dated the Closing Date, and addressed to the Issuer, the <br />Commission, the Trustee and the Underwriters in form acceptable to the <br />Underwriters; <br />(iv) An executed arbitrage certificate of the Issuer, dated the Closing Date, <br />satisfying the requirements of the regulations promulgated, proposed under or <br />pertaining to the Code; <br />(v) A certificate dated the Closing Date and signed by an authorized <br />officer of the Issuer to the effect that: (A) each of the representations, warranties and <br />agreements of the Issuer set forth herein are true and correct as of the date hereof <br />and as of the Closing Date, and (B) all of the conditions and agreements required in <br />this Contract to be satisfied or performed by such party at or prior to the Closing <br />Date have been satisfied or performed in the manner and with the effect contemplated <br />herein; <br />(vi) Evidence satisfactory to the Underwriters of the issuance and <br />maintenance of ratings assigned to the Bonds by Moody's Investors Service ' and <br />• Standard & Poor's Corporation not less than an "Aaa" and "AAA ", respectively; <br />(vii) Evidence satisfactory to the Underwriters of a bond insurance policy <br />or policies in the usual form issued with respect to the Bonds by <br />: and <br />(viii) Such additional legal opinions, certificates, instruments and other <br />documents as the Underwriters may reasonably request to evidence compliance with <br />legal requirements, the truth and accuracy, as of the date hereof and as of the Closing <br />Date, of the representations, warranties and agreements contained herein, the <br />accuracy and completeness of the statements and information contained in the Official <br />Statement, and the due performance or satisfaction on or prior to the Closing Date <br />of all the agreements then to be performed and conditions then to be satisfied by the <br />Issuer. <br />Section 8. Termination. The Representative shall have the right to terminate the <br />Underwriters' obligations under this Contract to accept delivery of and to pay for the Bonds by <br />notifying the Issuer of the election of the Underwriters to do so if, after the execution hereof and <br />prior to the Closing, under any one or more of the following circumstances: <br />(a) The marketability of the Bonds or the market price thereof, in the opinion of <br />the Underwriters, has been materially and adversely affected by (i) an amendment to the <br />Constitution of the United States or any legislation which shall have been (A) enacted by the <br />• United States, (B) recommended to Congress or otherwise endorsed for passage, by press <br />release, other form of notice or otherwise, by the President of the United States, the Treasury <br />-7- <br />
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