Ord 1986-125 - Laserfiche WebLink

Home Browse Search

(b) The Purchase Contract setting forth the terms of the sale of the Bonds to the purchasers thereof referred to in (a) above, is hereby accepted, approved and authorized to be delivered in executed form to said purchasers. The Purchase Contract shall be executed by the Mayor and attested by the City Secretary on behalf of the City. Section 33. NO-ARBITRAGE CERTIFICATION. The City certifies that based on facts, estimates, and circumstances expected to exist on the date of issuance of the Bonds it is not reasonable to anticipate that the proceeds thereof will be used in a manner which would cause them to be "arbitrage bonds" or obHgations within the meaning of Section IO3(c) of the Internal Revenue Code of 1954, as amended, or any successor provision now contemplated in the Tax Reform Act of 1986 as contained in conference committee Report No. 99-841 to accompany H.R. 3838 or regulations thereunder applicable thereto, and the City covenants not to make any use of the proceeds of the Bonds or investment income therefrom which would cause the Bonds to become "arbitrage bonds" or obligations within the meaning of Section lO3(c) of such Code. The officers of the City charged with responsibilities in the issuance of the Bonds are authorized and directed to make, execute, and deliver certifications as to facts, estimates, and circumstances in existence as of the date of the issuance of the Bonds and stating whether there are any facts, estimates, or circumstances which would materially change the City's present expectations. The covenant herein made and the herein authorized are for the benefit of the Holders from time to time of the Bonds and may be reBed upon by said Holders and bond counsel for the City. Section 34. CUSTODY AND CONTROL OF RECORDS AND BONDS. The Mayor of the City is hereby authorized and directed to take and have charge of all necessary orders and records pending investigation by the Attorney General of Texas, including the printing and supply of definitive Bonds, and shall take and have charge and control of the Initial Bond pending its approval by the Attorney General, the registration thereof by the Comptroller of Public Accounts of the State of Texas, and the delivery thereof to the Purchaser. The Mayor and the City Secretary, of the City, either or both, are hereby further authorized and directed to furnish and execute such documents relating to the City and its financial affairs as may be necessary for the issuance of the Bonds, the approval by the Attorney General, and their registration by the Comptroller of Public Accounts and, together with the City's financial advisor, bond counsel and the Paying Agent/Registrar, make the necessary arrangements for the delivery of the Initial Bond to the Purchaser and the initial exchange thereof for definitive Bonds. Section 35. PRINTED OPINION. The Purchaser's obligation to accept delivery of the Bonds is subject to its being furnished a final opinion of Hutchison Price Boyle & Brooks, Attorneys at Law, approving the Bonds as to their validity, such opinion to be dated and delivered as of the date of delivery of and payment for the Bonds. Printing of a true and correct of such opinion on the reverse side of each of the hereby approved and authorized. IO37f -34-