Ord 2011-057 - Laserfiche WebLink

Home Browse Search

Section 14. APPROVAL OF PAYING AGENUREGISTRAR AGREEMENT AND ESCROW AGREEMENT. (a) The Paying Agent/Registrar Agreement ( "Paying Agent Agreement ") by and between the City and the Paying Agent in substantially the form and substance attached hereto as Exhibit "B" is hereby approved and the Pricing Officer is each hereby authorized and directed to complete, amend, modify and execute the Paying Agent Agreement as necessary. (b) The Escrow Agreement ('Escrow Agreement ") if necessary by and between the City and the Escrow Agent in substantially the form and substance attached hereto as Exhibit "E" in connection with refunding the Refunded Obligations is hereby approved, and the Pricing Officer is hereby authorized to complete, amend, modify and execute the Escrow Agreement, as necessary. The Director of Finance is hereby authorized to take such action as may be necessary to cause any contribution of lawfully available City funds for the refunding to purchase and delivery of the federal securities to be acquired and deposited to the credit of the Escrow Funds created by the Escrow Agreement. Section 15. REFUNDING OF REFUNDED OBLIGATIONS. That concurrently with the delivery of the Bonds, the City shall cause to be deposited an amount from the proceeds of the sale of the Bond with the Escrow Agent sufficient, together with other legally available funds of the City, to provide for the refunding and defeasance of the Refunded Obligations. The Pricing Officer is hereby authorized and directed to issue to the Escrow Agent the Notice of Redemption with respect to the Refunded Obligations in substantially the form set forth in Exhibit "D" hereto completed with such information to conform with the Pricing Certificate. Section 16. APPROVAL OF OFFICIAL STATEMENT. The Pricing Officer 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. The City further approves the distribution of such Official Statement in the reoffering of the Bonds by the underwriter in final form, with such changes therein or additions thereto as the Pricing Officer executing the same may deem advisable, such determination to be conclusively evidenced by his execution thereof. Section 17. INSURANCE PROVISIONS. In connection with the sale of the Bonds, the City may obtain municipal bond insurance policies from one or more recognized municipal bond insurance organizations (the 'Bond Insurer" or 'Bond Insurers ") to guarantee the full and complete payment required to be made by or on behalf of the City on the Bonds. The Pricing Officer is hereby authorized to sign a commitment letter with the Bond Insurer or Bond Insurers and to pay the premium for the bond insurance policies at the time of the delivery of the Bonds to the underwriter out of the proceeds of sale of the Bonds or from other available funds and to execute such other documents and certificates as necessary in connection with the bond insurance policies as the Pricing Officer may deem appropriate. Printing on the Bonds covered by the bond insurance policies a statement describing such insurance, in form and substance satisfactory to the Bond Insurer and the Pricing Officer, is hereby approved and authorized. The Pricing Certificate may contain provisions related to the bond insurance policies, including payment provisions thereunder, and the rights of the Bond Insurer or Insurers, and any such provisions shall be read and interpreted as an integral part of this Ordinance. San Marcos GORB 2011 - Delegated: Ordinance 24