RES 86534 - Laserfiche WebLink

Council on November 18, 1986 (the "Resolution"). authorizing the issuance of the Bonds. The Bonds and interest thereon will be payable from unpaid special assessments (the "Assessments") levied and collected with interest. in accordance with the Resolution,-and from the Reserve Fund as defined and provided in the Resolution establishing the Reserve Fund. Proceeds of the sale of the Bonds will be used by the City in accordance with the Resolution to acquire and construct the Improvements (as defined in Resolution of Intention No. 86-250, adopted by the Council of the City on June 3, 1986. as amended by Resolution No. 86-477. adopted October 7, 1986, and as described in the Offering Memorandum. The Resolution, Resolution of Intention No. 86- 250, and all actions, agreements and proceedings related thereto had and taken pursuant to the Municipal Improvement Act of 1913 (the "1913 Act"), the Improvement Bond Act of 1915 (the "Bond Law") and all other applicable laws are herein collectively referred to as the "Proceedings". Section 4. Any action under this Purchase Contract taken by Stone & Youngberg, including payment for and acceptance of the Bonds, and delivery and execution of any receipt for the Bonds and any other instruments in connection with the Closing, shall be valid and sufficient for all purposes and binding upon the Underwriter, provided that any such action shall not impose any obligation or liability upon the Underwriter other than as may arise as expressly set forth in this Purchase Contract. Section 5. It shall be a condition to the City's obligation to sell and deliver the Bonds to the Underwriter, and to the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Bonds. that the entire $105,996.679 aggregate principal amount of the Series A Bonds authorized by the Resolution shall be sold and delivered by the City. and purchased, accepted and paid for by the Underwriter, at the Closing. The Underwriter agrees to make a bona fide public offering of all of the Bonds. at not in excess of the initial public offering yields or prices set forth in the cover page of the Offering Memorandum, plus any interest accrued thereon from the date of the Bonds. Section 6. The City h,as furnished some, but not all, of the information contained in the Offering Memorandum and hereby authorizes the use of that information by the Underwriter in connection with the public offering and sale of the Bonds. The City approves and confirms ~ use by the Underwriter prior to the Closing of the Offering Memorandum in connection with the public offering of the Bonds. Section 7. The City represents and warrants to the Underwriter that: (A) The City is a municipal corporation duly organiz.ed and existing under the Constitution and laws of the State of California, and has, and at the date of the Closing will have, full legal right, power and authority (i)to enter into this Purchase Contract, (ii) to adopt the Resolution and the other Proceedings relating to the Bonds, (iii) to issue, sell and deliver the Bonds to the Underwriter as provided herein, and (iv)to carry out and consummate the transactions contemplated by this Purchase Contract, the Resolution and the Offering Memorandum; (B) The City has complied, and will at the Closing be in compliance. in all respects, with the Resolution, the 1913 Act. the Bond law and all other -2-