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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Last modified
4/24/2013 2:54:09 PM
Creation date
4/16/2013 11:41:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/8/2013
Ord-Res Number
10226-13
Bill Number
12-13
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(b) The Fiscal Officer is hereby authorized to appoint one or more financial <br />institutions to serve as Escrow Trustee (each an "Escrow Trustee ") for each of the 1998 Bonds <br />and the 2004 Bonds in accordance with the terms of one or more escrow agreements to be <br />entered into between the City and the Escrow Trustee (collectively, the "Escrow Agreement "). <br />The Executive and the Fiscal Officer are hereby authorized and directed to complete, execute <br />and attest the same on behalf of the City so long as its provisions are consistent with this <br />Ordinance. <br />(c) The execution, by either the Executive, Fiscal Officer, or the purchaser, of <br />a subscription for investments of proceeds of the 2013A Bonds to be held under the Escrow <br />Agreement in a manner consistent with this Ordinance is hereby approved. <br />(d) Distribution of an Official Statement (Preliminary and Final), if necessary, <br />when and if prepared by the Financial Advisor, on behalf of the City, is hereby authorized and <br />approved, and the Executive is authorized and directed to execute the Official Statement on <br />behalf of the City in a form consistent with this Ordinance. The Executive or the Fiscal Officer is <br />authorized to deem the Preliminary Official Statement as "final" for purposes of Rule 15c2 -12 <br />promulgated by the Securities and Exchange Commission. <br />(e) After the 2013A Bonds have been properly sold and executed, the Fiscal <br />Officer shall receive from the purchasers payment for the 2013A Bonds and shall provide for <br />delivery of the 2013A Bonds to the purchasers. <br />(f) The 2013A 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 2013A 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 2013A 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 2013A 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 2013A 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 2013A 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 />-10- <br />
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