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Authorizing the Issuance of Bonds - EDIT 2015, Smart Streets $25 Million
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Authorizing the Issuance of Bonds - EDIT 2015, Smart Streets $25 Million
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Last modified
2/6/2015 4:15:16 PM
Creation date
2/6/2015 4:14:43 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/26/2015
Ord-Res Number
10346-15
Bill Number
01-15
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SECTION 6. Preparation and Sale of Bonds. <br />(a) The Controller is hereby authorized and directed to have the Bonds prepared, and <br />the Mayor and Controller are hereby authorized and directed to execute the Bonds in the form <br />and manner herein provided. The Controller is hereby authorized and directed to deliver the <br />Bonds to the purchaser of the Bonds as selected through bidding in accordance with Indiana <br />Code 5- 1 -11 -2 and approved by the Controller, in accordance with a bond purchase agreement <br />between the City and the purchaser (the "Bond Purchase Agreement "). The substantially final <br />form of Bond Purchase Agreement between the City and the purchaser is submitted to the <br />Council with this ordinance and is incorporated herein and is hereby approved in such form by <br />the City. The Mayor and Controller are hereby authorized to approve necessary revisions to such <br />agreement and to execute the Bond Purchase Agreement and deliver the Bonds to the purchaser <br />thereof in accordance with the terms of the Bond Purchase Agreement so long as their terms are <br />consistent with this ordinance. The Bond Purchase Agreement shall establish a final principal <br />amount, purchase price, interest rates, maturity schedule, denominations and mandatory <br />redemption features, if any. <br />(b) The proceeds derived from the sale of the Bonds shall be and are hereby set aside <br />for the cost of the Project, the funding of a reserve for the Bonds, if necessary, and the payment <br />of various expenses necessarily incurred in connection with the Bonds. The proper officers of <br />the City are hereby directed to draw all proper and necessary warrants, and to do whatever acts <br />and things which may be necessary to carry out the provisions of this Ordinance. <br />(c) The preparation and distribution of an official statement for the Bonds is hereby <br />authorized in the form submitted with this ordinance. The Mayor and Controller are hereby <br />authorized and directed to finalize and execute such official statement on behalf of the City in a <br />form consistent with this Ordinance and are further authorized to designate the preliminary <br />official statement as "nearly final" for purposes of Rule 15c2 -12 of the Securities and Exchange <br />Commission (the "SEC Rule "), if applicable. <br />(d) The Controller, with the advice of the City's financial advisor, is hereby <br />authorized to obtain one or more ratings for the Bonds if such rating or ratings will facilitate the <br />sale of the Bonds. <br />(e) The Controller is hereby authorized and directed to obtain a legal opinion as to the <br />validity of the Bonds from Frost Brown Todd LLC, and to furnish such opinion to the purchaser <br />of the Bonds. The costs of such opinion shall be paid out of the proceeds of the Bonds. <br />7 <br />
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