Res 1988-107 - Laserfiche WebLink

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GENERAL Financial Advisor First Southwest Company is employed as Financial Advisòr to the City in connection with the issuance of the Bonds. The Financial Adv isor's fee for serv ices rendered \Iii th respect to the sale of the Bonds is contingent upon the issuance and deJi'~ery of the Bonds. First Southwest Company may submit a bid for the Bonds, either independently or as a member of a syndicate organized to submit a bid lor the Bonds. First Southwest Company, in its capacity ~s Financial Advisor, has not verified and does not assume any responsibility for the information, covenants and representations contained in any of the bond documen- tation with respect to the federal income tax status of the Bonds. Blue Sky Laws By submission of his bid, the Purchaser represents that the sale of the Bonds in states other than Texas will be made only pursuant to exemptions from registration or, where necessary, the Purchaser wm register the Bonds in accordance with the securities law of the states in which the Bonds are offered or sold. The City agrees to cooperate with the Purchaser, at the Purchaser's written request and expense. in registering the Bonds or obtaining an exemption from registration in any state where such action is necessary. provided, however, that the City shall not be obligated to execute a general or special consent to service of process in any such jurisdiction. Not an Offer to Seu This Notice of Sale and Bidding Instructions does not alone constitute an offer to sell the Bonds, but is merely notice of the sale of the Bonds. The offer to seU the Bonds is being made by means of the Notice of Sale and Bidding Instructions, the Official Bid Form and the Official Statement. Prospective purchasers are urged to carefully examine the Official Statement to determine the investment quality of the Bonds. (Market Protection,) Issuance of Additional Bonds The City does not anticipate the issuance of additional revenue debt during the 1988-89 fiscal year. Ratings The presently outstanding revenue debt of the City is rated "Baal" by ~\oody's Investors Service. Inc. and "A.-" by Standard &: Poor's Corporation. Applications for contract ratings on this issue have been made to both Moody's and Standard & Poor's. The results of their determinations wiB be provided as soon as possible. Municipal Bond Insurance In the event the Bonds are qualified for municipal bond insurance, and the Purchaser desires to purchase such insurance, the cost therefor will be paid by the Purchaser. It will be the responsibility of the Purchaser to disclose the existence of insurance. its terms and the effect thereof with respect to the reoffering of the Bonds. The Official Statement The Cit;, wiB furnish to the Purchaser, without cos.t, 50 copies of the Official Statement (and 50 copies of any addenda. supplement or amendment thereto), complete except as to interest rates and other terms relating to the reoffering of the Bonds. The Purchaser may arrange at his own expense to have the Official Statement reproduced anc! printed if he requires more than 50 copies. and may also arrange, at his total expense and responsibility, for completion and perfection of the first or cover page of the Official Statement so as to reflect interest rates and other terms and information related to the reoffering of the Bonds. The City assumes no responsibiJity or obligation [or the distribution or delivery of any of these copies to anyone other than the Purchaser. Additional Copies of Notice, Bid Form and Statement A limited number of additional copies of this Notice of Sale and Bidding Instructions, the Official Bid Form and the Official Statement, as avaiJable over and above the normal mailing, may be obtained at the offices of First Southwest Company, Investment Bankers, 500 First City Center, 1700 Pacific Avenue, Dallas, Texas 75201, Financial Advisor to the City. The City Council has approved the form and content of the Notice of Sale and Bjddinb Instructions, the Official Bid Form and Official Statement. and authorized the use thereof in its initial offering of the Bonds. On the date of the sale, the City Council will, in the Ordinance authorizing the issuance of the Bonds, confirm its approval of the form and content of the Official Statement, and any addenda, supplement or amendment thereto, and authorize its use in the reof!ering of the Bonds by the Purchaser. KA TH Y ~IORRIS ~Iayor City of San "Iarcos, Texas ATTEST: JANICE WOMACK Ci ty Secretary October 10, 19&& - iv -