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Section 2. The City Council hereby approves the Bond Purchase Agreement <br />between the City and the Underwriter in the form presented to the City Council at this <br />meeting. The Authorized Officers are each hereby authorized and directed to accept <br />the offer of the Underwriter to purchase the Bonds contained in the Bond Purchase <br />Agreement and to execute the Bond Purchase Agreement, for and in the name and on <br />behalf of the City and the District, in such form, together with any additions thereto or <br />changes therein deemed necessary or advisable by the Authorized Officer executing <br />such document upon consultation with the City Attorney and Bond Counsel; provided <br />that no additions or changes shall authorize an aggregate principal amount of Bonds in <br />excess of $6,900,000, or result in an underwriter's discount (excluding original issue <br />discount) in excess of nine -tenths of one percent (0.9%) or net present value savings of <br />less than three percent (3.0%) of the Bonds; provided, however, that in the event the <br />County fails to timely pay to the City a material portion of the Fiscal Year 2011/12 tax <br />levy which was due on November 1, 2011, then the aggregate principal amount of <br />Bonds shall not be in excess of $8,000,000. The City Council hereby authorizes the <br />delivery and performance by the City of the Bond Purchase Agreement. <br />The City Council hereby finds and determines that the sale of the Bonds at <br />negotiated sale as contemplated by the Bond Purchase Agreement will result in a lower <br />overall cost. <br />Section 3. The City Council hereby approves the Preliminary Official Statement <br />in the form presented to the City Council at this meeting. The Authorized Officers are <br />each hereby authorized and directed to execute a final Official Statement (the "Official <br />Statement"), for and in the name and on behalf of the City and the District, in such form, <br />together with any additions thereto or changes therein deemed necessary or advisable <br />by the Authorized Officer executing such document upon consultation with the City <br />Attorney, Quint & Thimmig LLP ("Disclosure Counsel") and Bond Counsel. The City <br />Council hereby authorizes and directs the Underwriter to distribute copies of said <br />Preliminary Official Statement to persons who may be interested in the purchase of the <br />Bonds and to deliver copies of the Official Statement to all actual purchasers of the <br />Bonds. The City Council hereby authorizes the delivery by the City of the Official <br />Statement. The Authorized Officers are each hereby authorized and directed to <br />execute a certificate or certificates to the effect that the Official Statement and the <br />Preliminary Official Statement were deemed "final" as of their respective dates for <br />purposes of Rule 15c2-12 of the Securities Exchange Act of 1934, and the Authorized <br />Officers are each hereby authorized to so deem such statements final. <br />Section 4. The City Council hereby approves the Continuing Disclosure <br />Agreement (the "Disclosure Agreement"), between the City and the Dissemination <br />ATTY/RESO 21861 ISSUANCE AND SALE OF SPECIAL TAX REFUNDING BONDS (PACIFIC SHORES PROJECT) <br />REV:12/19/11 <br />