Reso 2000-111 - Laserfiche WebLink

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Section 2. Authorities Granted. The City Manager, Director of Finance, or such other official of the City as may be designated by such officer pursuant to Section 3 hereof (each, an "Authorized Officer") is hereby authorized and directed to execute and deliver the documents approved herein in substantially the form on file with the City Clerk, together with such additions or changes as are approved by such Authorized Officer upon consultation with the City Attorney and the City's financial advisors and bond counsel, including such additions or changes as are necessary or advisable to permit the timely issuance, sale and delivery of the Bonds, provided, however, that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of Six Million Dollars ($6,000,000). The approval of such additions or changes shall be conclusively evidenced by the execution and delivery by an Authorized Officer of the documents herein specified. Section 3. Fiscal Agent Agreement. The Council hereby approves the form of the Fiscal Agent Agreement by and between the City and U.S. Bank Trust, National Association., as fiscal agent (the "Fiscal Agent Agreement ") with respect to the Bonds, in substantially the form on file with the City Clerk together with such additions thereto or changes therein as are approved by the Authorized Officer who executes the Fiscal Agent Agreement. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed and delivered. The terms and provisions of the Fiscal Agent Agreement, as executed, are incorporated herein by this reference as if fully set forth herein. An Authorized Officer is hereby authorized and directed to execute the Fiscal Agent Agreement on behalf of the City and the City Clerk is hereby authorized and directed to attest thereto, subject to the terms of Section 2 hereof. Section 4. Continuing Disclosure. The Council hereby approves the form of the Continuing Disclosure Certificate with respect to the Bonds in substantially the form on file with the City Clerk. An Authorized Officer is hereby authorized and directed to complete and execute the Continuing Disclosure Certificate on behalf of the City with such changes, additions or deletions as may be approved by the Authorized Officer in consultation with the City's financial advisor and bond counsel. Section 5. Approval of Sale of the Bonds. The sale of the Bonds to Prager, McCarthy & Sealy (the "Underwriter ") pursuant to a Bond Purchase Contract is hereby approved, and the Authorized Officer is hereby authorized and directed for and in the name and on behalf of the City, to execute and deliver said Bond Purchase Contract, with such additions thereto or changes therein as are recommended or approved by such officer; provided, however, as follows: (i) that the true interest cost payable on the Bonds shall not exceed eight and one -half percent (8 1 /2 %) per annum; and (ii) the purchase price paid by the Underwriter for the purchase of Bonds shall be not less than ninety-eight and two tenths percent (98.2 %) of the par amount thereof, excluding any original issue discount on the Bonds. Section 6. Official Statement. The City Council hereby authorizes and directs the Authorized Officer to cause to be prepared, to approve, and to deem nearly final within the meaning of Rule 15c2 -12 of the Securities Exchange Act of 1934, the preliminary Official Statement which describes the City, the CFD and the Bonds. The Preliminary Official Statement shall be submitted to the City Council for its information prior to its distribution by the Underwriter. The Authorized Officer is hereby authorized and directed to execute and deliver an appropriate certificate stating that the preliminary Official Statement has been deemed nearly final within the meaning of Rule 15c2 -12, and an appropriate certificate with respect to the contents of the final Official Statement. 2