Res85 9902 - Laserfiche WebLink

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or, if such proposal is accepted but not performed, unless such failure of performance shall be caused by any act or omi ssion of the Ci ty, it shall then be cashed and the proceeds retained by the Di rector of Fi nance. The check accompanying each unaccepted proposal wi 11 be returned promptly. If only a part of the Notes bi d for in a proposal is awarded by the Ci ty Counc i 1 the amount of the bid check, will be prorated and the bidder may substitute a check for the prorated amount in p1 ace of the bi d check accompanyi ng the proposal. No interest will be paid by the City on a bidder's good faith check. CHANGE IN TAX EXEMPT STATUS: At any time before the Notes are tendered for delivery, any successful bidder may disaffirm and withdraw its proposal if the interest received by private holders from notes of the same type and character shall be dec 1 ared to be taxable income under present federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court, or shall be declared taxable or be required to be taken into account in computing any federal income taxes by the terms of any federal income tax law enacted subsequent to the date of this Notice. WHEN ORDINANCE EFFECTIVE: The Ci ty Charter requi res that the Notes be issued pursuant to an ordinance. The Ordinance authorizing issuance' of the Notes was introduced on June 3,1985, adopted on June 17,1985, and will not become effective until July 18, 1985. CLOSING PAPERS; LEGAL OPINION: Each proposal wi 11 be understood to be conditioned upon the City furnishing to each successful bidder, without charge, concurrently with payment for and delivery of the Notes, the following closing papers, each dated the date of such delivery: (a) The opinion of Jones Hall Hill & White, A Professional Law Corporation, of San Francisco, California, Bond Counsel, approving the validity of the Notes and stating that interest on the Notes is exempt from income taxes of the United States of America under present federal income tax 1 aws, and that such interest is also exempt from personal income taxes of the State of California under present State income tax laws. A copy of said opinion, certified by an officer of the City by facsimile signature, will be printed on the back of each Note. No charge will be made to the purchaser for such printing or certification. (b) The certificate of the City that on the basis of the facts and estimates and circumstances in existence on the date of delivery, it is not expected that the proceeds of the Notes wi 11 be used in a manner that would cause the Notes to be arbitrage bonds. (c) The certificate of an appropriate City official acting on behalf of the City solely in his official, and not his personal capacity, that there is no litigation threatened or pending affecting the validity of the Notes. -4-