RES 85006 - Laserfiche WebLink

3. The Bonds shall be as described in the Offering Memorandum and shall be issued and secured under the provisions of a Resolution adopted by the City Council on JaDu~y 7, 1985 (the "Resolution"), authorizing the issuance of the Bonds. The Bonds and interest thereon will be payable from unpaid special assessmsnts (the "Assessments") levied and collected with interest, in accordance with the Resolution, and from the Reserve Fund as defined and provided in the Resoluton esta~blishing the Reserve Fund. Proceeds of the sale of the Bonds will be used by the City in accordance with the Resolution to acquire the Improvements (as defined in Resoulution of Intention No. 84-398, adopted by the Council of the City on August 14, 1984), and as described in the Offering Memorandum. The Resolution, Resolution of Intention No. 84-398 and all actions, agreements and procedings 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") eund all other applicable laws are herein collectively referred to as the "ProceSs". 4. Any action under this Purchase Contract taken by Imperial Securities Corporation, including palanent 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. 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 $5,917,329 aggregate principal amount of the Bonds authorized by the Resolution sha]l 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 bonafide public offering of all of the bonds, at not in excess of the initial public offering yields or process set forth on the cover page of the Offering Memorandum, plus any interest accrued thereon from the date of the Bonds. 6. The City has furnished some, but not all, of the information contained in the Offering MenDE 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 the use by the Underwriter prior to the Closing of the Preliminary Offering Memorandum in connection with the public offering of the 7. The City represents and warrants to the Underwriter that: (a) The City is a municipal corporation duly organized 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 Bondst (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;