Finance Highlights 2011 1202 - Laserfiche WebLink

Home

CONTINUING DISCLOSURE The City will covenant for the benefit of owners of the Bonds to provide certain financial information and operating data relating to the City by not later than March 31 after the end of each fiscal year of the City (currently June 30th), commencing with the report for the 2011 -12 fiscal year (the "Annual Report"), and to provide notices of the occurrence of certain enumerated events, if material. The specific nature of the information to be contained in the Annual Report or the notices of material events is summarized in "APPENDIX E — Form of Continuing Disclosure Certificate," attached to this Official Statement. These covenants have been made in order to assist the Underwriters (as defined below) in complying with Securities Exchange Commission Rule 15c2 12(b)(5). The City has complied with all of its material obligations under existing continuing disclosure undertakings during the past five years. CONCLUDING INFORMATION Underwriting Morgan Keegan & Company, Inc. and Wedbush Securities Inc. (together, the "Underwriters ") have agreed, subject to certain conditions, to purchase the Bonds from the City at a purchase price of $ (being the principal amount of the Bonds, less an original issue discount of $ and less an Underwriters' discount in the amount of $ ). The obligations of the Underwriters are subject to certain conditions precedent, and they will be obligated to purchase all such Bonds if any Bonds are purchased. The Underwriters intend to offer the Bonds to the public initially at the prices and /or yields set forth on the inside cover page of this Official Statement, which prices or yields may subsequently change without any requirement of prior notice. The Underwriters reserve the right to join with dealers and other underwriters in offering the Bonds to the public. The Underwriters may offer and sell Bonds to certain dealers (including dealers depositing Bonds into investment trusts) at prices lower than the public offering prices, and such dealers may reallow any such discounts on sales to other dealers. In reoffering Bonds to the public, the Underwriters may overallocate or effect transactions which stabilize or maintain the market prices for Bonds at levels above those which might otherwise prevail. Such stabilization, if commenced, may be discontinued at any time. Legal Opinion Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, will render an opinion substantially in the form of Appendix D hereto with respect to the validity of the Bonds. Bond Counsel undertakes no responsibility for the accuracy, completeness or fairness of the Official Statement. Jones Hall is also serving as Disclosure Counsel to the City. Certain matters will passed upon for the City by the City Attorney and for the Underwriters by Lofton & Jennings, San Francisco, California, Underwriters' Counsel. Fees payable to Bond Counsel, Disclosure Counsel and Underwriters' Counsel are contingent upon issuance of the Bonds. 34