Finance Highlights 2011 1202 - Laserfiche WebLink

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Section 2. Sale of Bonds; Approval of Bond Purchase Agreement. The City Council hereby authorizes the sale of the Bonds to Morgan Keegan & Company, Inc. and Wedbush Securities Inc., as underwriters (together, the "Underwriters ") under the Bond Purchase Agreement in substantially the form on file with the City Clerk together with any additions thereto or changes therein approved by an Authorized Officer, whose execution thereof shall be conclusive evidence of such approval. The City Council hereby delegates to an Authorized Officer the authority to accept an offer from the Underwriters to purchase the Bonds and to execute the Bond Purchase Agreement for and in the name and on behalf of the City. The amount of Underwriters' discount shall not exceed 0.70% of the par amount of the Bonds. The Bonds shall be sold only if the net present value savings of refunding the PERS Side Fund Obligations are at least equal to 3.00% of the principal amount of the PERS Side Fund Obligations which are refunded. For purposes of determining the net present value savings of the refunding, the rate of interest on the PERS Side Fund Obligations shall be assumed to be 7.75 %. Determination of such net present value savings shall be made by Public Financial Management Inc., as financial advisor to the City, whose determination shall be final and conclusive. Section 3. Approval of Official Statement and Continuing Disclosure Certificate. The City Council hereby approves the Preliminary Official Statement describing the Bonds in substantially the form on file with the City Clerk. An Authorized Officer is hereby authorized to approve any additions to or changes in such Preliminary Official Statement, to deem the resulting Preliminary Official Statement nearly final within the meaning of Rule 15c2 -12 of the Securities Exchange Act of 1934 and to execute an appropriate certificate stating such Authorized Officer's determination that the Preliminary Official Statement has been deemed nearly final within the meaning of such Rule. Distribution of the Preliminary Official Statement by the Underwriters is hereby approved. An Authorized Officer is hereby authorized and directed to approve any changes in or additions to the Final Official Statement, and the execution thereof by an Authorized Officer shall be conclusive evidence of approval of any such changes and additions. The City Council hereby authorizes the distribution of the Final Official Statement by the Underwriters. The Final Official Statement shall be executed in the name and on behalf of the City by an Authorized Officer. The City Council hereby approves the Continuing Disclosure Certificate in substantially the form set forth as Appendix F to the Preliminary Official Statement. An Authorized Officer is hereby authorized to approve any additions to or changes in such Continuing Disclosure Certificate, and is hereby authorized and directed to execute the final form of the Continuing Disclosure Certificate for and in the name and on behalf of the City. The City Council hereby authorizes the delivery and performance of the Continuing Disclosure Certificate. Section 4. Taxable Status of the Bonds. The City Council hereby determines that interest payable on the Bonds will be subject to federal income taxation, and that the provisions of Section 5900 et seq. of the California Government Code (the "Taxable Bond Act ") apply to the Bonds. The City may take any action and exercise any power permitted to be taken by it under the Taxable Bond Act in connection with the issuance and sale of the Bonds. -2-