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<br /> allowed on the Good Faith Deposit In the event the Purchaser -shDuld fail or refuse to take up and pay for the Bonds in
<br /> a.ccocdanœ with the bid, then said check shall be cashed and accepted by the City as full and complete liquidated damages.
<br /> The checks accompanying bids other than the winning bid will be returned imt1U">'iil'lt"'ty after the bids are opened, and an award
<br /> of the Bonds bas been made.
<br /> DE LIVERY OF THE BONDS AND A C C 0 MP ANYIN G DOCUMENTS
<br /> CUSIP NUMBJ:llS . . . It is anticipated that CUSIP identification numbers will appear on the Bonds, but neither the failure to
<br /> print or type such number on any Bond nor any eITOI' with respect thereto shall constitute cause for a fail~e or refusal by the
<br /> Purchaser to accept delivery of and pay for the Bonds in accordance with the terms of this Notice of Sale and Bidding
<br /> Instructions and the terms of the Official Bid Form. All expenses in relation to the printing or typing of CUSIP numbers on the
<br /> - Bonds shall be paid by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of the numbers
<br /> shall be the responsibility of and shall be paid for by the Purch.a.ser.
<br /> DJ:IJ:Vl:R.Y OJ' BoNDS. . . Initial Delivery will be accomplished by the issuance of one Initial Bond (also called the 'Bond" or
<br /> 'Bonds'), either in typed or printed form., in the aggregate principal amount ofS1,5oo,000, payable in stated insta11m.ents to the
<br /> Purchaser, signed by the Mayor and City Secretary, approved by the Attorney General, and registered and manually signed by
<br /> the Comptroller of Public Accounts. Upon delivery of the Initial Bond, it shall be immediately cancelled and one definitive
<br /> Bond for each maturity will be registered and delivered only to Cede & Co., and deposited with DTC in connection with DTC's
<br /> Book-Emry-Only System. Delivery will be at the principal office of the Paying AgentlRegistrar. Payment for the Bonds must
<br /> be made in imm""¡il'lt",ly availiilile funds for uru:onditional credit to the City, or as otherwise directed by the City. The
<br /> Purchaser will be given six business days' notice of the time fixed for delivery of the Bonds. It is anticipated that delivery of
<br /> the Bond(s) can be made on or about May 21, 1996, and it is understood and agreed that the Purchaser will accept delivery and
<br /> make payment for the Bonds by 10:00 AM., CST, on May 21, 1996, or thereafter on the date the Bond is tendered for delivery,
<br /> up to and irn:luding June 4,1996. !ffor any reason the City is unable to make delivery on or before June 4, 1996, the City shall
<br /> immediately contact the Purchaser and offer to allow the Purchaser to extend its offer for an additional thirty days. If the
<br /> Purchaser does not elect to extend its offer within six days thereafter, then its Good Faith Deposit will be returned., and both
<br /> the City and the Purch.a.ser shall be relieved of any further obligation. In no event shall the City be liable for any damages by
<br /> reason of its failure to deliver the Bonds, provided such failure is due to circumstances beyond thiCity's reasonable control.
<br /> CONDmONS OJ' DEUVERY . . . The obligation of the Purchaser to take up and pay for the Bonds is subject to the Purch.a.ser's
<br /> receipt of (a) the legal opinion of Fisher & Newsom.. PC, Austin, Texas, Bond Counsel for the City ('Bond Counsel'), (b) the
<br /> n<>-litigation certificate, and (c) the certification as to the Official Statement, all as further described in the Official Statement.
<br /> In order to provide the City with information required to enable it to comply with certain conditions of the Int.ernal Revenue
<br /> Code of 1986 relating to the exemption of interest on the Bonds fÌ'om the gross income of their owners, the Purchaser will be
<br /> required to complete, execute, and deliver to the City (on or before the 6th business day prior to the delivery of the Bonds) a
<br /> certification as to their '1ssue price" substantially in the form and to the effect attached hereto or accompanying this Notice of
<br /> Sale and Bidding Instructions. In the event the sucœssfiù bidder will not reoffer the Bonds for sale, such certificate may be
<br /> - modified in a manner approved by the City. In no event will the City fail to deliver the Bonds as a result of the Initial
<br /> Purchuer's inability to sell a substantia! amount of the Bonds at a particular price prior to delivery. Each bidder, by
<br /> submitting its bid, agrees to complete, execute, and deliver such a certificate by the date of delivery of the Bonds, if its bid is
<br /> acœpted by the City. It will be the responsibility of the Purchaser to institute such syndicate reporting requirements to make
<br /> such investigation, or otherwise to ascertain the facts necessary to enable it to make such certification with reasonable =tainty.
<br /> Any questions concerning such certification should be directed to Bond Counsel.
<br /> Lw..u. OpINIONS. . . The Bonds are offered when, as and if issued., subject to approval of the Attorney General of the State of
<br /> Texas. Delivery of and payment for the Bonds is subject to the receipt by the Purchaser of opinions of Bond Counsel, to the
<br /> effect that the Bonds are valid and binding special obligations of the City and that the interest on the Bonds will be excludable
<br /> from gross income_for federal income tax purposes under existing law, subject to the matters described i.mder "O1EER
<br /> RELEVANT INFORMATION - Tax Exemption" in the Official Statt"f'lU"nt, including the alternative minimum tax on
<br /> corporations.
<br /> CD.TIJ.l'ICATION OJ' OFFICIAL STATXML",T. . . At the time of payment for and Initial Delivery of the Bonds, the City will execute
<br /> and deliver to the Purchaser a certificate in the form set forth in the Official Statement.
<br /> ew.."'GE IN TAX EnMPT STATUS. . . At any time before the Bonds are tendered for delivery, the Purchaser may withdraw its
<br /> bid if the interest received by private holders on bonds of the same type and character shall be declared to be ta.x.able income
<br /> under present federal income ta.x laws, either by ruling of the Internal Revenue Service or by a decision of any Federal court, or
<br /> shall be declared taxable or be required to be taken into account in computing any federal income taxes, by the terms of any
<br /> federal income tax law enacted subsequent to the date of this Notice of Sale and Bidding Instructions.
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