Authorizing Issuance and Sale of Bonds to refund Outstanding Refunding Revenue Bonds of 1993

Home Browse Search

The 2001 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 Mayor and the Controller each are hereby authorized to deem final an official statement with respect to the 2001 Bonds, as of its date, in accordance with the provisions of Rule 15c2-12 of the U.S. Securities and Exchange Commission, as amended (the "SEC Rule"), subject to completion as permitted by the SEC Rule, and the City further authorizes the distribution of the deemed final official statement, and the execution, delivery and distribution of such document as further modified and amended with the approval of the Mayor or the Controller in the form of a final official statement. In order to assist any underwriter of the 2001 Bonds in complying with paragraph (b)(5) of the SEC Rule by undertaking to make available appropriate disclosure about the City and the 2001 Bonds to participants in the municipal securities market, the City hereby covenants, agrees and undertakes, in accordance with the SEC Rule, unless excluded from the applicability of the SEC Rule or otherwise exempted from the provisions of paragraph (b)(5) of the SEC Rule, that it will comply with and carry out all of the provisions of the continuing disclosure contract. "Continuing disclosure contract" shall mean that certain continuing disclosure contract executed by the City and dated the date of issuance of the 2001 Bonds, as originally executed and as it maybe amended from time to time in accordance with the terms thereof. The execution and delivery by the City of the continuing disclosure contract, and the performance by the City of its obligations thereunder by or through any employee or agent of the City, are hereby approved, and the City shall comply with and carry out the terms thereof. The opinion of Barnes & Thornburg, bond counsel, approving the legality of the 2001 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 2001 Bonds shall be and are hereby set aside for application on the cost of the Refunding. The proceeds of the 2001 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 2001 Bonds shall be used to pay costs of issuance of the 2001 Bonds and other incidental expenses. Accrued interest to the date of delivery shall be deposited in the Debt Service Account of the Sinking Fund described below and used to pay interest on the 2001 Bonds on the first interest payment date. SECTION 8. Approval of Escrow Agreement. The Escrow Agreement shall be in customary form, as approved by the Mayor as evidenced by his signature thereon. The moneys deposited pursuant to the Escrow Agreement to carry out the Refunding shall be held as cash or invested in direct obligations of, or obligations the principal and interest on which are unconditionally guaranteed by, the United States of America, and shall be irrevocably set aside and pledged for such purpose. The Mayor is hereby authorized to enter into the Escrow Agreement and the Controller is hereby authorized to pay the charges for the services of the Escrow Agent. The entry by the City into -6-