Authorizing the Issuance of Bonds - EDIT 2015, Smart Streets $25 Million

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