Ord 2010-063-1 - Laserfiche WebLink

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(e) Designation as Qualified Tax - Exempt Bonds. The City hereby designates the Bonds as "qualified tax - exempt bonds" as defined in section 265(b)(3) of the Code. In furtherance of such designation, the City represents, covenants and warrants the following: (a) that during the calendar year in which the Bonds are issued, the City (including any subordinate entities) has not designated nor will designate bonds, which when aggregated with the Bonds, will result in more than $10,000,000 ($30,000,000 for taxable years beginning after December 31, 2008 and ending prior to January 1, 2011) of "qualified tax - exempt bonds" being issued; (b) that the City reasonably anticipates that the amount of tax - exempt obligations issued, during the calendar year in which the Bonds are issued, bythe City (or any subordinate entities) will not exceed $10,000,000 ($30,000,000 fortaxable years beginning after December 31, 2008 and ending prior to January 1, 2011); and (c) that the City will take such action or refrain from such action as necessary, and as more particularly set forth in this Section, in order that the Bonds will not be considered "private activity bonds" within the meaning of section 141 of the Code. Section 13. SALE OF BOND. The Bonds shall be sold and delivered, pursuant to a bond purchase agreement by and between the City and the underwriter in substantially the form previously used by the City as approved by the Pricing Officer at a price and under the terms set forth in the Pricing Certificate. The Pricing Officer is authorized to execute and approve such changes to the bond purchase agreement as necessary in connection with the sale of the Bonds. Section 14. APPROVAL OF PAYING AGENT/REGISTRAR AGREEMENT AND ESCROW AGREEMENT. (a) The Paying Agent/Registrar Agreement ( "Paying Agent Agreement ") by and between the City and the Paying Agent in substantially the form and substance attached hereto as Exhibit "B" is hereby approved and the Pricing Officer are each hereby authorized and directed to complete, amend, modify and execute the Paying Agent Agreement as necessary. (b) The Escrow Agreement ( "Escrow Agreement ") if necessary by and between the City and the Escrow Agent in substantially the form and substance attached hereto as Exhibit "E" in connection with refunding the Refunded Obligations is hereby approved, and the Pricing Officer is hereby authorized to complete, amend, modify and execute the Escrow Agreement, as necessary. The Assistant City Manager and Director of Finance are each hereby authorized to take such action as may be necessary to cause the contribution of lawfully available City funds for the refunding to purchase and delivery of the federal securities to be acquired and deposited to the credit of the Escrow Funds created by the Escrow Agreement. Section 15. REFUNDING OF REFUNDED OBLIGATIONS. That concurrently with the delivery of the Bonds, the City shall cause to be deposited an amount from the proceeds of the sale of the Bond with the Escrow Agent sufficient, together with other legally available funds of the City, to provide for the refunding and defeasance of the Refunded Obligations. The Pricing Officer is hereby authorized and directed to issue to the Escrow Agent the Notice of Redemption with respect to the Refunded Obligations in substantially the form set forth in Exhibit "D" hereto completed with such information to conform with the Pricing Certificate. San Marcos GORB 2010 - Delegated: Ordinance 24