39-12 Retire Outstanding Note with Bond Proceeds

Home Browse Search

Preliminary Official Statement is hereby approved. The Mayor and the Director of Finance are each authorized and directed to complete the Preliminary Official Statement, with such modifications, completions, changes and supplements, as those officers shall approve or authorize for the purpose of preparing and determining, and to certify or otherwise represent, that the revised Preliminary Official Statement is a "deemed final" official statement (except for permitted omissions) by the City as of its date for purposes of the Rule. Those officers are each further authorized and directed to complete and sign on behalf of the City, and in their official capacities, a final official statement for purposes of the Rule, and are further authorized to use and distribute, or authorize the use and distribution of, that final official statement and supplements thereto in connection with the original issuance of the Bonds as may in their judgment be necessary or appropriate. Those officers and each of them are also authorized to sign and deliver, on behalf of the City, and in their official capacities, such certificates in connection with the accuracy of the Preliminary Official Statement and the final official statement and any amendment thereto as may, in their judgment, be necessary or appropriate. (b) 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 fm• 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 fiznds 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) For• the benefit of the holders and beneficial owners fiom 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 information and operating data, audited financial statements and notices, in such manner, as may be required for purposes of the Rule. The Continuing Disclosure Agreement now on file with the Municipal 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 Agreement with such changes that are not inconsistent with this resolution, are not materially adverse to the City, and are approved by the Director of Finance. The Director of Finance is fur4her authorized and directed to establish procedures in order to ensure compliance by the City with its Continuing Disclosure Agreement, including timely provision of information and notices as described above. Prior to making any filing in accordance with clause (ii) above or providing notice of the occurrence of any other events, the Director of Finance shall consult with and obtain legal advice from, as appropriate, the Director of Law and bond or other qualified independent special counsel selected by the City. The Director of Finance, 13