Ord 2012-014 - Laserfiche WebLink

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Certificate to be executed and delivered by the Pricing Officer pursuant to subsection (b) of this section. The Pricing Certificate is hereby incorporated in and part of this Ordinance. The Bonds shall be designated by the year in which they are awarded forth in the Pricing Certificate. The authority for the Pricing Officer to execute and deliver the Pricing Certificate for the Bonds shall expire at 5:00 p.m. C.D.T. on March 6, 2013. Bonds priced on orefore March 6, 2013 may be delivered to the initial purchaser after such date. (b) As authorized by Chapter 1207.007, Texas Government Code, asnded, the Pricing Officer is hereby authorized to act on behalf of the City in selling and delivering one or more Series of the Bonds, determining which of the Refundable Obligations shall be refunded and constitute Refunded Obligations under this Ordinance and carrying out the other procedures specified in this Ordinance, including determining the date of the Bonds, any additional or different designation or title by which the Bonds shall be known, the price at which the Bonds ars in which the Bonds will mature, the principal amount to mature in each of suc aggregate principal amount of Current Interest Bonds and Premium Compound Interest Bds, the rate or rates of interest to be borne by each such maturity, the interest payment periods, the dates, price, and terms upon and at which the Bonds shall be subject to redemption priorurity at the option of the City, as well as any mandatory sinking fund redemption provisions, and all other matters relating to the issuance, sale, and delivery of the Bonds and the refunding of the Refunded Obligations, all of which shall be specified in the Pricing Certificate; provided that (i) the price to be paid for the Bonds shall not be less than 90% of the aggregate original principal a thereof plus accrued interest thereon from its date to its delivery, (ii) none of the Bonds shnterest at a rate, or yield in the case of Premium Compound Interest Bonds, greater than the maximum authorized by law, and (iii) the refunding must produce a net present value debt service savi least 3.0% of the principal amount of the Refunded Obligations, net of any City contribution. In establishing the aggregate principal amount of the Bonds, the Pricing Officer shall establimount not to exceed the amount authorized in Section 3, which shall be sufficient to provide for the purposes for which the Bonds are authorized and to pay the costs of issuing the Bonds. The Bonds shall be sold by negotiated sale to the underwriter(s) pursuant to a bond purchase agreement, in substantially the form previously approved by the City in connection with refunding bonds with sucroved by the Pricing Officer, at such price, with and subject to such terms, as determined by the Pricing Officer in the Pricing Certificate. The Pricing Officer may not executecing Certificate unless the minimum required savings as described in this subsection is achieved. The Pricing Officer shall designate the senior managing underwriter for the Bonds and any ther co-managers as the Pricing Officer deems appropriate to assure that the Bonds are sold on t advantageous terms. In satisfaction of Section 1201.022(a)(3), Texas Government Code, the City Council determines that the delegation of the authority to the Pricing Officer to approve the final terms and conditions of each Series of the Bonds as set forth in the Ordinance is, and the decisions made by the Pricing Officer pursuant to such delegated authority and incorporated in the Pricing Certificate will be, in the best interests and shall have the same force and effect as if such determination were made by the City Council and the Pricing Officer is hereby authoirzede and include in a Pricing Certificate an appropriate finding to that effect. 3 San Marcos GORB 2012 - Delegated: Ordinance