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ARTICLE VII <br />SALE OF THE BONDS; CONTROL AND DELIVERY OF THE BONDS <br />Section 7.01. Sale of Bonds: Official Statement. <br />(a) The Bonds are hereby officially sold and awarded to Wachovia Bank, National <br />Association, Estrada Hinojosa & Company, Inc., SAMCO Capital Markets, Inc. and Cabrera Capital <br />Markets, Inc., in accordance with the terms and provisions of that certain Bond Purchase Agreement <br />relating to the Bonds between the City and the Purchaser and dated the date of the passage of this <br />Ordinance. The form and content of such Bond Purchase Agreement are hereby approved, and the <br />Mayor of the City is hereby authorized and directed to execute and deliver such Bond Purchase <br />Agreement. It is hereby officially found, determined and declared that the terms of this sale are the <br />most advantageous reasonably obtainable. The Bonds shall initially be registered in the name of <br />Wachovia Bank, National Association or its designee. <br />(b) The form and substance of the Official Statement for the Bonds and any addenda, <br />supplement or amendment thereto (the "Official Statement") presented to and considered at this <br />meeting, is hereby in all respects approved and adopted, and the Preliminary Official Statement is <br />hereby confirmed as deemed final as of its date (except for the omission of pricing and related <br />information) within the meaning and for the purposes of paragraph (b)(1) of Rule 15 c2-12 under the <br />Securities Exchange Act of 1934, as amended, by the City Council. The Mayor and City Clerk ofthe <br />City are hereby authorized and directed to execute the same and deliver appropriate numbers of <br />executed copies thereof to the Purchaser of the Bonds. The Official Statement as thus approved, <br />executed and delivered, with such appropriate variations as shall be approved by the Mayor of the <br />City and the Purchaser of the Bonds, may be used by the Purchaser in the public offering and sale <br />thereof. The use and distribution of the Official Statement in the public offering of the Bonds by the <br />Purchaser is hereby ratified, approved and confirmed. The City Clerk of the City is hereby authorized <br />and directed to include and maintain a copy of the Official Statement and any addenda, supplement <br />or amendment thereto thus approved among the permanent records of this meeting. The use and <br />distribution of the Preliminary Official Statement for the Bonds and the preliminary public offering <br />of the Bonds by the Purchaser is hereby ratified, approved and confirmed. <br />(c) All officers of the City are authorized to do any and all things to execute and deliver <br />any and all documents, certificates or other instruments necessary or required for the issuance of any <br />policy or policies of municipal bond insurance relating to the Bonds. The ordinance requirements and <br />accompanying commitments for such insurance are hereby approved and made a part of this <br />Ordinance by reference. To the extent permitted by applicable law, the City will comply with all <br />notice and other applicable requirements of the insurer issuing the municipal bond insurance policy <br />and financial guaranty insurance in connection with the issuance of the Bonds, as such requirements <br />maybe in the effect and transmitted to Bond Counsel with such insurer's commitment to issue such <br />insurance. <br />SANMARCOS/W W W SRev2008: Ordinance 25 <br />