RES 03023 - Laserfiche WebLink

Section 4: Approval of Purchase Contract. In the event the Certificates are sold pursuant to a competitive negotiated sale, the City Manager and Director of Finance are hereby authorized to select the Underwriter. An Officer is hereby authorized and directed, for and on behalf of the City, to execute, acknowledge and deliver an Purchase Contract, in substantially the form approved by the City Attorney and Special Counsel, such approval to be conclusively evidenced by the execution and delivery thereof; provided that the true interest cost to be represented by the Certificates shall not exceed six and one-half percent (6.5%) per annum, and the underwriter's discount shall not exceed one percent (1%). Section 5: Award of Sale of Certificates. In the event the Certificates are sold by competitive bid, an Officer is hereby authorized and directed to award the sale of the Certificates to the bidder with the lowest true interest cost, provided, that the true interest cost to be represented by the Certificates shall not exceed six and one-half percent (6.5%) per annum, and the underwfiter's discount shall not exceed one percent (1%). Section 6: Publication of Notice. In the event the Certificates are to be sold by competitive bid, an Officer, in cooperation with Special Counsel and the City's Financial Advisor, is hereby authorized and directed to publish a Notice of Intention to Sell Securities in The Bond Buyer at least fifteen (15) days prior to the date bids are to be received. The Officers in cooperation with the Financial Advisor shall cause the Official Notice Inviting Buds to be circulated among prospective bidders. Section 7: Approval of Preliminary and Final Official Statement. The form of preliminary official statement as presented at this meeting (the "Preliminary Official Statement") is hereby approved, in substantially the form presented at this meeting, with such changes therein as the Officers may require or approve, with the advice and approval of the City Attorney and Special Counsel. An Officer is hereby authorized and directed, for and on behalf of the City, to execute all certificates necessary to deem final the Preliminary Official Statement as of its date, with the exception of certain final pricing and related information. An Officer is hereby authorized and directed, for an on behalf of the City, to execute and deliver the final Official Statement when completed, with the advice and approval of the City Attorney and Special Counsel. The use and distribution of said Preliminary Official Statement and use and distribution of the final Official Statement in connection with the sale of the Certificates is hereby ratified and approved.