Res 2005-036 - Laserfiche WebLink

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ARTICLE VII SALE OF TIlE BONDS; CONTROL AND DELIVERY OF THE BONDS Section 7.01. Sale of the Bonds; Official Statement. (a) The Bonds shall be sold and delivered to A.G. Edwards & Sons, Southwest Securities, and Estrada Hinojosa & Co., Inc., and the other Purchasers, if any, named in Exhibit A hereto, in accordance with the terms and provisions of the Purchase Contract relating to the Bonds between the District and the Purchasers substantially in the form previously approved by the City Council in connection with refunding bonds, at a price and under the terms set forth in this Ordinance and in Exhibit A hereto. The officer designated in Section 3.02 hereof is authorized to approve such changes to the Purchase Contract as necessary in cOlmection with the sale of the Bonds. (b) The officer designated in Section 3.02 of this Ordinance is hereby authorized to approve the Preliminary Official Statement and the Official Statement relating to the Bonds and any addenda, supplement or amendment thereto, and to deem such documents final in accordance with Rule 15c2-12 under the Securities Exchange Act of 1934, as amended. The City further approves the distribution of the Official Statement in the reoffering ofthe Bonds by the Underwriters in final form, with such changes or additions thereto as such officer may deem advisable, and the execution thereof by such officer shall be conclusive evidence of such determination. ( c) All officers of the City are authorized to take such actions and to execute such documents, certificates and receipts as they may deem necessary and appropriate in order to consummate the delivery of the Bonds. (d) All officers ofthe 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 any policy or policies of municipal bond insurance and any Surety Policy relating to the Bonds. The ordinance requirements and accompanying conunitments for such insurance are hereby approved and made a part of this Ordinance by reference. 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 and financial guaranty insurance in connection with the issuance of the Bonds, as such requirements may be in the effect and transmitted to Bond Counsel with such insurer's commitment to issue such insurance. (e) The obligation of the Purchasers to accept delivery of the Bonds is subject to the Purchasers' being furnished with the final, approving opinion of Fisher & Newsom, P.C., Bond Counsel for the City, which opinion shall be dated and delivered the Closing Date. The engagement of such firm as bond counsel for the City in connection with the issuance, sale and delivery of the Bonds is hereby approved, ratified and confirmed. Section 7.02. Control and Delivery of Bonds. (a) The Mayor of the City is hereby authorized to have control of the Initial Bond and all necessary records and proceedings pertaining thereto pending investigation, examination and approval ofthe Attorney General of the State of Texas, registration by the Comptroller of Public Accounts of the State of Texas, and registration with, and initial exchange or transfer by, the Paying Agent/Registrar. (b) After registration by the Comptroller of Public Accounts, delivery of the Bonds shall be made to the Purchasers under and subject to the general supervision and direction of the Mayor of the City, against receipt by the City of all amounts due to the City under the terms of sale. R:\San Murcos\WWWWRfd.05\Docs\Ordinance-\Ord Fina1.wpd 21