Res 1985-031 - Laserfiche WebLink

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GENERAL Future Registration .,. The Bonds may be transferred, exchanged and registered only on the registration books of the Paying Agent/Registrar, and such registration, exchange and transfer shall be without expense or service charge to the Holder, except for any tax or other govern- mental charges required to be paid with respect to such registration, exchange and transfer. A Bond may be assigned by the execution of an assignment form on the Bond or by other instrument of transfer and assignment acceptable to the Paying Agent Registrar.. A new Bond or Bonds will be delivered by the Paying Agent/Registrar, in lieu of the Sand being transferred or exchanged, at the principal corporate office of the Paying Agent/Registrar, or sent by United States mail, first class, postage prepaid, to the new registered Holder or his designee. To the extent possible, a new Bond issued in an exchange or transfer of Bonds will be delivered to the registered Holder or assignee of the Holder in not more than three business days after the recei pt of the Bonds to be cancelled, and the wri tten instrument of transfer or request. for exchange duly executed by the Holder or his duly authorized a~ent, in form satis- factory to the Paying Agent/Registrar. New Bonds registered and delivered in an exchange or transfer shall be in any integral multiple of $5,000 for anyone maturity and for a like aggregate principal amount as the Bond or Bonds surrendered for exchange or transfer. Record Date for Interest Payment ... The record date ("Record Date") for the interest payable on any interest payment date means the 15th day of the preceding month. In the event of a non-payment of interest on a scheduled payment date, and for 30 days there- after, a new record date for such interest payment (a "Special Record Datell} will be established by the Paying Agent/Registrar, if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest (the IISpecial Payment Datell which shall be 15 days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail, first class, postage prepaid, to the address of each Holder of a Bond appearing on the books of the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. Financial Advisor's Right to Bid .,. First Southwest Company is employed as Financial Advisor ~ty in connection with the issuance of the Bonds. The Financiaì Advisor's fee for services rendered with respect to the sale of the Bonds is contingent upon the issuance and delivery 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 for 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 ar, where necessary, the Purchaser will 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. Not an Offer to Sell... This Notice of Sale does not alone constitute an offer to sell the Bonds, but is merely notice of the sale of the Bonds. The offer to sell 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. Issuance of Additional Bonds ... The City plans on issuing the remaining $3,080,000 in authorized but unissued general obligation tax bonds in two years to fund the City's third and fourth year of their capital improvement program. Ratings... The outstanding General Obligation Bonds of the City are rated "Baa 1" by Moody'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 will 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. -iv-