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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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9/24/2009 2:28:11 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
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bids be accompanied by certified or cashier's checks payable to the order of the City, or a surety <br />bond, in an amount not to exceed one percent of the aggregate principal amount of the 1997 Bonds <br />as a guaranty of the performance of said bid, should it be accepted. In the event no satisfactory <br />bids are received on the day named in the sale notice, the sale may be continued from day to day <br />thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said <br />sale is continued, no bid shall he accepted which offers an interest cost which is equal to or higher <br />than the best bid received at the time fixed for sale in the bond sale notice. The Fiscal Officer <br />shall have full right to reject any and all bids. <br />After the 1997 Bonds have been properly sold and executed, except to the extent <br />otherwise required by I.C. §36-4-6-19(f), the Fiscal Officer shall receive from the purchasers <br />payment for the 1997 Bomis and shall provide for delivery of the 1997 Bonds to the purchasers. <br />(b) The 1997 Bonds, when fully paid for and delivered to the purchaser shall be <br />the binding special revenue obligations of the City, payable out of the Net Revenues. The proper <br />officers of the City are hereby directed to sell the 1997 Bonds to the purchaser, to draw all proper <br />and necessary warrants, and to do whatever acts and things which may be necessary to carry out <br />the provisions of this Ordinance. <br />(c) The Executive and the Fiscal Officer each are hereby authorized to deem <br />final an official statement with respect to the 1997 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 authorizes <br />the distribution of the deemed final official statement, and the execution, delivery and distribution <br />of such document as further modified and amended with the approval of the Executive or the <br />Fiscal Officer in the form of a final official statement. <br />In order to assist any underwriter of the 1997 Bonds in complying with paragraph <br />(b)(5) of the SEC Rule by undertaking to make available appropriate disclosure about the City and <br />the 1997 Bonds to participants in the municipal securities market, the City hereby covenants, <br />agrees and undertakes, in accordance with the SEC Rule, unless excluded from the applicability <br />of the SEC Rule or otherwise exempted from the provisions of paragraph (b)(5) of the SEC Rule, <br />that it will comply with and carry out all of the provisions of the continuing disclosure contract. <br />"Continuing disclosure contract" shall mean that certain continuing disclosure contract executed <br />by the City and dated the date of issuance of the 1997 Bonds, as originally executed and as it may <br />be amended from time to time in accordance with the terms thereof. The execution and delivery <br />by the City of the continuing disclosure contract, and the performance by the City of its <br />obligations thereunder by or through any employee or agent of the City, are hereby approved, and <br />the City shall comply with and carry out the terms thereof. <br />(d) The Fiscal Officer is hereby authorized and directed to obtain a legal <br />opinion as to the validity of the 1997 Bonds from Barnes & Thornburg, and to furnish such <br />opinion to the purchasers of the 1997 Bonds or to cause a copy of said legal opinion to be printed <br />on each 1997 Bond. The cost of such opinion shall be paid out of the proceeds of the 1997~Bonds. <br />-16- <br />
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