74-10 Issuance & sale of bonds $4,550,000

Home Browse Search

(b) Application for Rating or Bond Insurance. If, in the judgment of the Director of Finance, the filing of an application for (i) a rating on the Bonds by one or more nationally-recognized rating agencies, or (ii) a policy of insurance from a company or companies to better assure the payment of principal of and interest on the Bonds, is in the best interest of and financially advantageous to this City, the Director of Finance is authorized to prepare and submit those applications, to provide to each such agency or company such information as may be required for the purpose, and to provide further for the payment of the cost of obtaining each such rating or policy, except to the extent otherwise paid in accordance with the Bond Purchase. Agreement, from the proceeds of the Bonds to the extent available and otherwise from any other funds lawfully available and that are appropriated or shall be appropriated for that purpose. To the extent the Director of Finance has taken such actions, those actions are hereby ratified and confirmed. (c) Agreement to Provide Continuing Disclosure. For the benefit of the owners and beneficial owners from time to time of the Bonds, the City agrees, as the only obligated person with respect to the Bonds under the Rule, to provide or cause to be provided such financial informaton and operating data, audited fmancial statements and notices, in such manner, as may be required for purposes of pazagraph (b)(5)(i) of the Rule. The City further agrees, in particular, to provide or cause to be provided: (i) to the MSRB, (A) Annual Information for each City fiscal year ending hereafter, not later than the 270th day following the end of the fiscal year, and (B) when and if available, audited City financial statements for each such fiscal year; and (ii) to the MSRB, within 10 days, notice of (A) any Specified Event, (B) the City's failure to provide the Annual Information within the fime specified above, and (C) any change in the accounting principles applied in the preparation of its annual financial statements, any change in its fiscal yeaz, its failure to appropriate funds to meet costs to be incurred to perform the agreement, and of the termination of the agreement. The Continuing Disclosure Certificate in the form now on file with the Clerk is approved. The Director of Finance is authorized and directed to complete, sign and deliver, in the name and on behalf of the City, the Continuing Disclosure Certificate with such changes that are not inconsistent with this Ordinance, are not materially adverse to the City, and are approved by the Director of Finance, to specify in reasonable detail the Annual Information to be provided (which may be provided by specific reference to other documents previously filed and available in accordance with the Rule), whether the City has obtained any credit enhancement or provider for the Bonds and the City's expectations as to whether audited fmancial statements will be prepared, the accounting principles to be applied in their preparation, and whether they will be available together with, or separately from, Annual Information. ,That any such changes to the Continuing Disclosure Certificate are not materially adverse to the City and are approved by the Director of Finance shall be evidenced conclusively by the signing of the Continuing Disclosure Certificate by the Director of Finance. The Director of Finance is further authorized and directed to establish procedures in order to ensure compliance by the City with its Continuing Disclosure Certificate, including timely provision of information and notices as described above. Prior to making any filing in accordance with clause 14