O-2000-2389 - Laserfiche WebLink

Browse Search

e e interest on the Bonds under section 103 of the Code or (ii) the City seeks the advice of nationally-recognized bond counsel with respect to such sale, lease, or other disposition. Section 13. DESIGNATION AS OUALIFIED TAX-EXEMPT OBLIGATIONS. The City hereby designates the Bonds as "qualified tax-exempt obligations" as defined in section 265(b)(3) of the Code. In furtherance of such designation, the City represents, covenants, and warrants the following: (a) during the calendar year in which the Bonds are issued, the City (including any subordinate entities) has not designated nor will designate obligations, which when aggregated with the Bonds, will result in more than $10,000,000 of "qualified tax-exempt obligations" being issued; (b) the City reasonably anticipates that the amount of tax-exempt obligations issued during 2000 by the City (including any subordinate entities) will not exceed $10,000,000; and (c) the City will take such action which would assure, or to refrain from such action which would adversely affect, the treatment of the Bonds as "qualified tax-exempt obligations." Section 14. SALE OF BONDS. The sale of the Bonds to the Initial Purchasers pursuant to the taking of competitive bids at a price of par, plus accrued interest to the date of delivery and a premium of $ is hereby confirmed. It is hereby officially found, determined, and declared that the Initial Purchasers submitted the bid which results in the lowest true interest cost to the City and delivery of the Bonds to the Initial Purchasers shall be made as soon as practicable after the adoption of this Ordinance, upon payment therefor, in accordance with the terms of sale. The Initial Bond shall be registered in the name of the Initial Purchasers. The officers of the City are hereby authorized and directed to execute and deliver such certificates, instructions, or other instruments as are required or necessary to accomplish the purposes of this Ordinance. Section 15. APPROVAL OF OFFICIAL STATEMENT. The City hereby approves the form and content of the Official Statement relating to the Bonds, and any addenda, supplement, or amendment thereto and approves the distribution of such Official Statement in the reoffering of the Bonds by the Initial Purchasers in fmal form, with such changes therein or additions thereto as the officer executing the same may deem advisable, such determination to be conclusively evidenced by his execution thereof. It is further officially found determined and declared that the statements and representations contained in said Official Statement are true and correct in all material respects to the best knowledge and belief of the Council. Section 16. CONTINUING DISCLOSURE UNDERTAKING. (a) Annual ReDorts. The City shall provide annually to each nationally-recognized municipal securities information repository ("NRMSIR") and to any state information depository ("SID"), within six months after the end of each fiscal year ending in or after 2000, financial information and operating data with respect to the City of the general type included in the final Official Statement authorized by Section 15 of this Ordinance, being the information described in Exhibit B hereto. Any financial statements so to be provided shall be (l) prepared in accordance with the accounting principles described in Exhibit B hereto and (2) audited, if the City commissions an audit of such statements and the audit is completed within the period during which they must be provided. If the audit of such fmancial statements is not complete within such period, the City shall provide audited financial statements for the applicable fiscal year to each NRMSIR and any SID when and if the audit report on such statements becomes available. If the City changes its fiscal year, it will notify each NRMSIR and any SID of the change (and of the date of the new fiscal year end) prior to the next date by which the City otherwise would be required to provide financial information and operating data pursuant to this Section. The financial information and operating data to be provided pursuant to this Section may be set forth in full in one or more documents or may be included by specific reference to any document (including an official statement or other offering document) if it is available from the Municipal Securities Rulemaking Board (the "MSRB") that theretofore has been provided to each NRMSIR and any SID or filed with the Securities and Exchange Commission ("SEC"). (b) Material Event Notices. The City shall notify any SID and either each NRMSIR or the Municipal Securities Rulemaking Board ("MSRB"), in a timely manner, of any of the following events with respect to the Bonds, if such event is material within the meaning of the federal securities laws: (i) principal and interest payment 15