O-1991-1754 - Laserfiche WebLink

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e e Delivered to the City herewith is a corporate check of Mason Road Bank, payable to the City, in the amount of $128,600, as security for the performance by the Underwriter of their obligations to accept delivery of and pay for the Bonds at the Closing in accordance with the provisions of this Bond Purchase Agreement. If this offer is accepted by the City, SaId check shall be held by the City uncashed until the Oosing. Concurrently with the delivery of and payment for the Bonds at the Oosing, such check shall be returned uncashed to the Underwriter. In the event the City does not accept this offer, or upon the City's failure to deliver the Bonds at the Closing, or if the conditions to the obligations of the Underwriter contained in this Bond Purchase Agreement shall be unsatisfied (unless waived by the Underwriter), or if such obligations shall be terminated for any reason permitted by this Bond Purchase Agreement, the check shall be immediately returned to the Underwriter. In the event that the Underwriter fails (other than for a reason permitted under this Bond Purchase Agreement) to accept delivery of and pay for the Bonds at the Closing, the check shall be cashed by the City and the City shall retain the amount of the check as full liquidated damages for such failure and for any and all defaults hereunder of the part of the Underwriter, and shall constitute full release and discharge of all claims and rights hereunder of the City against the Underwriters. The Underwriter hereby agrees not to stop or cause payment on said check to be stopped unless the City has breached any of the terms of this Bond Purchase Agreement. 2. Bond Ordinance. The Bonds shall be as described in and shall be issued and secured under the provisions of the Bond Ordinance adopted by the City on May 14, 1991 (the "Bond Ordinance"). The Bonds shall be secured and payable as provided in the Bond Ordinance. 3. Public Offering. It shall be a condition of the obligations of the City to sell and deliver the Bonds to the Underwriter, and of the obligations of the Underwriter to purchase and accept delivery of the Bonds, that the entire principal amount of the Bonds authorized by the Bond Ordinance shall be sold and delivered by the City and accepted and paid for by the Underwriter at the Closing. The Underwriter agrees to make a bona fide public offering of all of the Bonds, at prices not in excess of the initial public offering prices, as set forth on the cover page of the Official Statement, plus interest accrued thereon from the date of the Bonds and confirm in writing to the City the principal amount of each maturity and the corresponding price for each maturity at which the Bonds were sold pursuant to such bona fide public offering. 4. Omcial Statement. The City hereby authorizes the Escrow Agreement, hereinafter defIDed, the Bond Ordinance and the Official Statement and the information therein contained to be used by the Underwriter in connection with the public offering and sale of the Bonds. The City confirms its consent to the use by the Underwriter prior to the date hereof of the Preliminary Official Statement dated May 6, 1991 (the "Preliminary Official Statement") in connection with the public offering and sale of the Bonds. 5. Representation, Warranties and Agreements of City. On the date hereof, the City represents, warrants and agrees as follows: -2-