Res07 14774 - Laserfiche WebLink

Browse Search

proceeds to be deposited in the Project Fund will be used for the construction and acquisition of the Project. Pursuant to the Act, the City Council hereby finds that the issuance of the Bonds by the Authority will result in savings in effective interest rates, underwriting costs and bond insurance costs and thereby result in significant public benefits within Section 6586 of the Act. Section 2. Approval of Bonds. The City Council hereby approves of the issuance of the Bonds by the Authority under and pursuant to the Act provided that the maximum aggregate principal amount of the Bonds shall not exceed $15,500,000. Section 3. Approval of Financinq Documents. The City Council hereby approves each of the following documents in substantially the respective forms on file with the City Clerk, together with such additions thereto and changes therein deemed advisable by the Mayor, Vice Mayor, City Manager or Finance Director, or their respective designated representatives (each, an "Authorized Officer"), upon consultation with the City Attorney and bond counsel, whose execution thereof shall be conclusive evidence of the approval of any such additions and changes: (a) the Installment Purchase Contract, currently dated as of May 1, 2007 (the "Installment Purchase Contract") relating to the purchase of the Project by the City from the Authority; and (b) the Continuing Disclosure Agreement, to be dated the date of initial delivery of the Bonds, between the City and The Bank of New York Trust Company, N.A., as dissemination agent. An Authorized Officer is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest to, the final forms of each of the above- mentioned documents for and in the name and on behalf of the City. Section 4. Sale of Bonds; Notice of Sale. The City Council hereby approves the sale of the Bonds by the Authority; provided, that the true interest cost for the Bonds shall not be more than 5.00%. The City Council hereby approves the form of the Notice of Sale in substantially the form on file with the City Clerk, together with such additions thereto and changes therein as the City Attorney and Bond Counsel shall deem necessary, desirable or appropriate. Section 5. Official Statement. The City Council approves the preparation of, and hereby authorizes an Authorized Officer to deem final within the meaning of Rule 15c2-12 of the Securities and Exchange Commission except for permitted omissions, a preliminary form of Official Statement describing the Bonds. An Authorized Officer is hereby authorized to execute the final Official Statement in the name and on behalf of the City, including as it may be modified by such additions thereto and changes therein as the Authorized Officers, upon consultation with the City Attorney, disclosure counsel and bond counsel, shall deem necessary, desirable or appropriate, and the execution of A TTY/RESO/RESO.1701 041707 2