Ord 1988-080 - Laserfiche WebLink

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financial consultant fees no greater than two percent (2%) and bond counsel fees no greater than two and one half per- cent (2-1/2%) of the principal amount of each issue of District bonds. ARTICLE THREE ISSUANCE OF BONDS BY THE DISTRICT Section 3.01. General Statement. The parties acknowl- edge and agree that the creation of the District, and the ci ty , s consent thereto, is intended to promote sound plan- ning, resource management, and the orderly development of the property comprising the District, while at the same time furthering regionalization of utility services and achieving the economies and efficiencies inherent in such regionaliza- tion, as well as assuring compatibility of the District with the city to provide ease of future annexation of the District by the City. The District agrees that it shall issue Bonds and notes, including bond anticipation notes, only for the purposes and in the manner provided by law and the rules and requirements of the Commission and this Amended Agreement. It is specifically agreed that the Bonds, when issued, shall be secured by a pledge of the District's taxes. section 3.02. citv Review of Bond Election and Bond Issuance Documents. The District's draft Order Calling Bond Election shall be submitted to the City ten (10) working days prior to consideration by the District's Board of Directors for review which shall be limited to compliance with this Amended Agreement. The bond application to the Commission for authorization to issue the Bonds shall be submitted to the City simultaneously with its submission to the Commission. All offering documents for the issuance of Bonds and the terms and provisions thereof, including bond prices, interest rates, and redemption premiums, shall be submitted to the City for review ten (10) working days prior to the publication of any invitation to bid on such Bonds provided, however, that the principal amount of Bonds (plus interest) proposed to be issued by the District shall be deemed to include the review of bond anticipation notes in a principal amount not to exceed the amount of principal and interest of the Bonds so proposed. The right of review granted in this Section 3.02 specifically excludes any right of approval. -7-