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<br /> the Paying ,~gent/Registrar. Payment for the Certificates must be made in immediately avail-
<br /> able funds for unconditional credit to the City, or as otherwise directed by the City. The
<br /> Purchaser will be given six business days' notice of the time fixed for delivery of the
<br /> Certificates. It is anticipated that Initial Delivery of the Initial Certificate can be made
<br /> on or about January 23, 1984, and it is understood and agreed that the Purchaser will accept
<br /> delivery and make payment for the Initial Certificate by 10:00 AM, CST, on January 23,1984,
<br /> or thereafter on the date the Certificate is tendered for delivery, up to and including
<br /> February 6, 1984, The Purchaser will not be required to pay for the Initial Certificate until
<br /> such time as the definitive Certificates of Obligation are available and have been duly regis-
<br /> tered. If for any reason the City is unable to make delivery on or before February 6, 1984,
<br /> then the City shall immediately contact the Purchaser and offer to allow the Purchaser to
<br /> extend his offer for an additional thirty days. If the Purchaser does not elect to extend his
<br /> offer within six days thereafter, then his Good Faith Deposit will be returned, and both the
<br /> City and the Purchaser shall be relieved of any further obligation, In no event shall the
<br /> City be liable for any damages by reason of its failure to deliver the Certificates, provided
<br /> such failure is due to circumstances beyond the City's reasonable control.
<br /> Delivery of Definitive Certificates of Obligation ... Upon payment for the Initial Certificate
<br /> at the time of the Initial Delivery, the Paying Agent/Registrar shall cancel the Initial Cer-
<br /> tificate, provided registration instructions have been received by the Paying Agent/Registrar,
<br /> and shall register and deliver the registered definitive Certificates of Obligation, in any
<br /> integral multiple of ~5,000 for anyone maturity, in accordance with instructions received
<br /> from the Purchaser and/or members of the Purchaser's syndicate account. It sha 11 be the duty
<br /> of the Purchaser to furnish to the Paying Agent/Registrar, at least five business days prior
<br /> to the Initial Delivery, written instructions on forms which the Purchaser must request and
<br /> obtain from, and which shall be provided by, the Paying Agent/Registrar designating the names
<br /> in which the Certificates are to be registered, the addresses of the registered Holders, the
<br /> maturities, interest rates and denominations. If such forms are not available, written in-
<br /> structions by letter shall be furnished to Paying Agent/Registrar. The Paying Agent/Registrar
<br /> will not be required to accept registration instructions after the fifth business day prior
<br /> to Initial Delivery. If such written instructions are not received within the specified time
<br /> period, the cancellation of the Initial Certificate and delivery of registered definitive
<br /> Certificates of Obligation will be delayed until such written instructions are received.
<br /> Conditions to Delivery.., The obligation of the Purchaser to take up and pay for the Certifi-
<br /> cates is subject to the Purchaser's receipt of (a) the leqal opinion of Mr. Rick p. Fisher
<br /> Austin, Texas, Bond Counsel for the City ("Bond Counsel"), (b) the no-litigation certificate,
<br /> and (c) the certification as to the Official Statement, all as further described in the Offi-
<br /> cial Statement.
<br /> Legal Opinions ... The Certificates are offered when, as and if issued, subject to the unquali-
<br /> fied legal opinion of the Attorney General of the State of Texas, and Mr, Rick p, Fisher, (see
<br /> Legal Opinions in Official Statement); the opinion of said firm will be printed on the Certifi-
<br /> cates.
<br /> Certification of Official Statement ... At the time of payment for, and Initial Delivery of,
<br /> the Initial Certificate, the City will execute and deliver to the Purchaser a certificate in
<br /> the form set forth in the Official Statement.
<br /> Change in Tax Exempt Status... At any time before the Certificates are tendered for del ivery,
<br /> the Purchaser may withdraw his bid if the interest received by þrivate holders from bonds of
<br /> the same type and character shall be declared to be taxable income under present Federal in-
<br /> come tax laws, either by ruling of the Internal Revenue Service or by a decision of any Fed-
<br /> eral court, or shall be declared taxable or be required to be taken into account in computing
<br /> any Federal income taxes, by the terms of any Federal income tax enacted subsequent to the
<br /> date of this Notice of Sale and Bidding Instructions.
<br /> GENERAL
<br /> Future Registration ... The Certificates may be transferred, exchanged and registered only on
<br /> the registration books of the Paying Agent/Registrar, and such registration and transfer shall
<br /> be without expense or service charge to the Holder, except for any tax or other governmental
<br /> charges required to be paid with respect to such registration and transfer, A Certificate
<br /> may be assigned by the execution of an assignment form on the Certificates cr by other instru-
<br /> ment of transfer and assignment acceptable to the Paying Agent/Registrar, A new Certificate
<br /> or Certificates will be delivered by the Paying Agent/Registrar, in lieu of the Certificate
<br /> being transferred or exchanged, at the principal corporate office of the Paying Agent/Regi-
<br /> strar, or sent by United states mail, first class, postage prepaid, to the new registered
<br /> Holder or his designee. To the extent possible, new Certificates issued in an exchange or
<br /> transfer of Certificates will be delivered to the registered Holder or assignee of the Holder
<br /> in not more than three business days after the receipt of the Certificates to be cancelled,
<br /> and the written instrument of transfer or request for exchange duly executed by the Holder or
<br /> his duly authorized agent, in form satisfactory to the Paying Agent/Registrar. New Certi fi-
<br /> cates registered and delivered in an exchange or transfer shall be in any integral multiple
<br /> of 55,000 for anyone maturity and for a like aggregate principal amount as the Certificate
<br /> or Certificates surrendered for exchange or transfer.
<br /> Record Date for Interest Payment ... The record date ("Record Date") for the interest pay-
<br /> able on any interest payment date means the 15th day of the preceding month. In the event
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