08-10-09 Common Council Meeting Agenda & Packet

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(d) Sale to the Indiana Bond Bank. The Bonds may, in the discretion of the Controller, be sold to the Bond Bank. In the event of such determination, Bonds shall be sold to the Bond Bank at a price not less than 97.5% of the par value of the Bonds or such higher percentage of the par vah~.e of the Bonds as may be set forth in the Purchase Agreement (defined herein) and in such denomination or denominations as the Bond Bank may request and pursuant to a purchase agreement (the "Purchase Agreement") between the City and the Bond Bank, hereby authorized to be entered into and executed by the Mayor on behalf of the City, and attested by the Clerk, subsequent to the date of the adoption of this Ordinance. Such Purchase Agreement may set forth the definitive terms and conditions for such sale, but all of such terms and conditions must be . consistent with the terms and conditions of this Ordinance, including without limitation, the interest rate or rates on the Bonds which shall not exceed the maximum rate of interest for the Bonds authorized pursuant to this Ordinance. Bonds sold to the Bond Bank shall be accompanied.by all documentation required by the Bond Bank pursuant to the provisions of Indiana Code 5-1.5 and the Purchase Agreement, including, without limitation, an approving opinion of nationally recognized bond counsel, certification and guarantee of signatures and certification as to no litigation pending, as of the date of delivery of the Bonds to the Bond Bank, challenging the validity or issuance of the Bonds. In the event the Controller determines to sell the Bonds to the Bond Bank, the submission of an application to the Bond Bank and the entry by the City into the Purchase Agreement and the execution of the Purchase Agreement on behalf of the City by the Mayor in accordance with this Ordinance are hereby authorized approved and ratified. -25- BDDBO] 5738468v1