RES 90059 - Laserfiche WebLink

by an amount equal to 15% of the tax-exempt interest received or accrued on obligations, including the Bonds, acquired after August 7, 1986. CorPorations, property and casualty insurance companies, banks and thrift institutions owning Bonds should consult their tax advisors with respect to what effect the receipt of interest on the Bonds will have on their federal tax liabihty in light of the provisions of the Code described above. NO LITIGATION There is no action, suit, or proceeding known by the City to be pending at the present time restraining or enjoining the delivery of the Bonds or in any way contesting or affecting the validity of the Bonds or any proceedings of the City taken with respect to the execution or delivery thereof. A no litigation certificate executed by the City Attorney will be required to be delivered to the Underwriter simultaneously with the delivery of the Bonds. NO RATING The City has not made, and does not contemplate making, application to any rating agency for the assignment of a rating to the Bonds. UNDERWRITING Miller & Schroeder Financial, Inc., the Underwriter, has agreed to purchase the Bonds from the City at a price of $1,528,800 plus accrued interest, if any, on the Bonds to the date of delivery thereof, pursuant to a Contract of Purchase between the City and the Underwriter. The Contract of Purchase provides that the Underwriter will purchase all of the bonds if any are purchased, the obligation to make such purchase being subject to certain conditions set forth in the Contract of Purchase, the approval of certain legal matters by counsel and certain other conditions. The public offering prices may be changed from time to time by the Underwriter. The Underwriter may offer and sell Bonds to certain Dealers and others at a price lower than the offering price stated on the cover page hereof. MISCELLANEOUS All quotations from, and summaries and explanations of the Bond Resolution and other statutes and documents contained herein do not purport to be complete, and reference is made to said documents, Bond Resolution and statutes for full and complete statements of their provisions. This Official Statement is submitted only in connection with the sale of the Bonds by the City. All estimates, assumptions, statistical information and other statements contained herein, while taken from sources considered reliable, are not guaranteed by the City, or the Underwriter. The information contained herein should not be construed as representing all conditions affecting the City or the Bonds.