Ord 2003-069 - Laserfiche WebLink

Home Browse Search

Section 6.05. Municipal Bond Insurance. If municipal bond guaranty insurance is obtained with respect to the Certificates, the Certificates, including the Initial Certificate, may bear an appropriate legend, as provided by the insurer. ARTICLE VII SALE OF THE CERTIFICATES; CONTROL AND DELIVERY OF THE CERTIFICATES Section 7.01. Sale of Certificates. Official Statement. (a) The Certificates are hereby officially sold and awarded to Legg Mason Wood Walker, Inc., at a price of par, plus accrued interest from the Original Issue Date to the Closing Date. It is officially found, determined and declared that the bid of said Purchaser is bid for the Certificates providing for the lowest True Interest Cost as the result of competitive bids in accordance with the Notice of Sale and Bidding Instructions, Official Bid Form and Preliminary Official Statement for the Certificates. The Certificates shall initially be registered in the name of the Purchaser or its designee. (b) The form and substance of the Official Statement for the Certificates and any addenda, supplement or amendment thereto (the "Official Statement") presented to and considered at this meeting, is hereby in all respects approved and adopted, and the Preliminary Official Statement is hereby confirmed as deemed final as of its date (except for the omission of pricing and related information) within the meaning and for the purposes of paragraph (b)( 1) of Rule 15c2-12 under the Securities Exchange Act of 1934, as amended, by the City Council. The Mayor and City Clerk of the City are hereby authorized and directed to execute the same and deliver appropriate numbers of executed copies thereof to the Purchaser of the Certificates. The Official Statement as thus approved, executed and delivered, with such appropriate variations as shall be approved by the Mayor of the City and the Purchaser ofthe Certificates, may be used by the Purchaser in the public offering and sale thereof. The use and distribution of the Official Statement in the public offering of the Certificates by the Purchaser is hereby ratified, approved and confirmed. The City Clerk of the City is hereby authorized and directed to include and maintain a copy of the Official Statement and any addenda, supplement or amendment thereto thus approved among the permanent records of this meeting. The use and distribution of the Preliminary Official Statement for the Certificates and the preliminary public offering of the Certificates by the Purchaser is hereby ratified, approved and confirmed. (c) All officers of the City are authorized to execute such doéuments, certificates and receipts as they may deem appropriate in order to consummate the delivery of the Certificates in accordance with the Purchase Contract. (d) In the event municipal bond guaranty insurance is obtained for the Certificates pursuant to the terms of sale of the Certificates as set forth in the winning bid, all officers of the City are authorized to do any and all things to execute and deliver any and all documents, certificates or other instruments necessary or required for the issuance of a municipal bond insurance policy relating to the Certificates. To the extent permitted by applicable law, the City will comply with all notice and other applicable requirements of the insurer issuing the municipal bond insurance policy in connection with the issuance of the Certificates, as such requirements may be in the effect and transmitted to Bond Counsel with such insurer's commitment to issue such insurance. R:\San Marcos\CO.03\Docs\Ordinance\CO Ord Final.wpd 21