RES 78082 - Laserfiche WebLink

the validity of the assessment and enforcement of supplemental remedies. The cost of the legal proceedings and opinion shall be included in the cost of each project. C. The bonds shall be issued as a result of five separate assessment districts as outlined in paragraph I-E of this agreement. D. The combined total amount of bonds to issue as a result of these five districts shall not exceed $12,000,000. E. The purchase price of each bond issue or series shall not he less than ninety-seven per cent (97%) of the principal amount without accrued in- terest for bonds to bear interest at a rate of not to exceed eight per cent (8%) per annum. The final purchase price of each bond issue or series shall be determined on the basis of a market reoffering dollar price less three per cent (3%). Buyer agrees its margin of gross profit shall not exceed three per cent (3%). This margin includes and covers the cost of syndication, sales, distribution and offering statements and return for the term capital co~nitment and risk. Under no conditions will the pur- chase price including the margin of gross profit be less than 97% of par. The rcoffering dollar price of each issue or series shall be determined by Buyer and approved by the City of Pleasanton and the property owners prior to the date of each funding: F. All bonds to issue are hereby awarded to Buyer on the basis of this sale and purchase agreement. 'Award of said bonds is deemed to have been made by Seller upon execution of this agreement by authorized officers of the City under resolution authorizing the same of the City Council of the City of Pleasanton. The subsequent funding of each issue shall be documented by approved letter of the Buyer detailing the price, interest rates, maturity schedules, and bond date, as well as an amendmentto the original resolution of award of bonds. G. Buyer's purchase of these bonds is subject to the condition that the Regional ghopp~ng Center will be approved by all required governing bodies, and said center will either be under construction or approved for construction with firm construction loans. Buyer reserves the right to form and manage an unden~riting syndicate for the purpose of underwriting and distributing any part or all of the hondo to issue as a result of this project. The formation of any such syndicate shall not chaage any terms of this underwriting agreement.