Res 1996-052 - Laserfiche WebLink

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LJJ-£ - G KNERAL FmANCIAL.ÅDVISOR. . . First Southwest Company is employed as Financial Advisor to the City in connection with the issu.anœ of the Bonds. The Financial Advisor's fee for services rendered with respect to the sale of the Bonds is contingent upon the issuance and delivery of the Bonds. First Southwest Company may submit a bid for the Bonds, either ÌIIdependently or as a member of a syndicate organized to submit a bid for the Bonds. First Southwest Company, in its capacity as Financial Advisor, has relied on the opinion of Bond Counsel and has not verified and does not assume any responsibility for the information, covenants and representations contained in any of the legal documents with respect to the federal income tax status of the Bonds, or the possible impact of any present, pending or future actions taken by any legislative or judicial bòdies. Brm:SICYuws. . . By submission of its bid, the Purchaser represents that the sale of the Bonds in states other than Texas will be made only pursuant to exemptions from registration or, where n¡;:ç....""ry, the Purchaser will register tbe Bonds in accordance with tbe securities law of the states in which tbe Bonds are offered or sold. The City agrees to cooperate with tbe Purchaser, at the Purchaser's written request and expense, in registering the Bonds or obtaining an exemption from registration in any state where such action is neœssBry, provided., however, that the City shall not be obligated to execute a general or special consent to service ofprocess in any suchjurisdiction. NOT AN OFFER TO SELL. . . This Notice of Sale and Bidding Instructions does not alone constitute an offer to sell the Bonds, but is merely notice of the sale of the Bonds. The offer to sell the Bonds is being made by means of the Notice of Sale and Bidding Instructions, the Official Bid Form and the Official Statement Prospective purchasers are urged to carefully examine the Official Statement to determine the investment quality of the Bonds. IssuANCJ: OF ADDITIONAL DEBT. . . The City is in the process of issuing $7.5 Million of Watetvrorks and Sewer System revenue bonds through the Texas Water Development Board's SRF program. RATINGS . . . Applications for contract ratings on this issue have been made to both Moody's Investors Service, Inc. ('Moody's') and by Standard & Poor's Ratings Services, A Division of McGraw-Hill, Companies, Inc. ('S&P'). The results of their detaminations will be provided as soon as possible. ~ MUNICIPAL BoND INSURA.."iC:i: . . . In the event the Bonds are qualified for municipal bond insurance, and the Purchaser desires to purcb.ase such insurance, the cost therefor will be paid bv the Purchaser. Any fees to be paid to the rating agencies as a result of said insurance will be uaid bv the City. It will be the responsibility of the Purchaser to disclose the existence of insurance, its terms and the effect thereof with respect to the reoffering of the Bonds. Tm: OFFICIAL STA'IJ:ME.."IT AND COMPUANa: wrm SEC RULE 1Sc2-12 . . . The City has prepared the accompanying Official Statement and, for the limited purpose of complying with SEC Rule l5c2-l2, deems such Official Stßtt>m""'t to be final as of its date within the mPßning of such Rule for the purpose of review prior to bidding. To the best knowledge and belief of the City, the Official Stati'm.-nt contains information., including financial infonnation or operating data., concerning every entity, enterprise, fund. account, or person that is material to an evaluation of the offering of the Bonds. The City has not entered into any previous continUÎDg <fuclosure undertaking in a written contract or agreemt:nt specified in SEC Rule l5c2-l2(bX5Xi) and, accordingly, has not failed to comply with any such undertaking. Representations made and to be made by the City concerning the absence of material mis.<d""tl"TT1~ts and omissions in the Official Statement are addressed elsewhere in this Notice of Sale and Bidding Instructions and in the Official Statement The City will furnish to the Purchaser, or Purcb.a.sers, acting through a designated senior representative, in accordance with instructions received from the Purchaser(s), within seven (7) business days from the sale date an aggregate of 100 copies òfthe Official Statl!T11"'t1t including a like nmnber of copies of any Supplement(s) reflecting interest rates and other terms relating to the initial reoffering of the Bonds. The cost ofa reprinted Official Staíemt"nt, if the Purchaser(s) shall so elect, and the cost of any Official S~t in excess of the number specified shall be prepared and distributed at the cost of the PUrch.aser(s). The Purchase:r(s) shall De responsible for providing in writing the initial reoffering prices and other terms, if any, to the Financial Advisor by the close of the next business day afI:a the award. Except as noted above, the City assumes no responsibility or obligation for the distribution or delivery of any copies of the Official Statement in connection with the offering or reoffering of the subject securities. CONTINUING DIscLOSURE ExnœnON . . . The City is a "small issuer" described in subsection (dX2) of SEC Rule l5c2-12. Accordingly, the City will agree in the Resolution to provide certain information and notices of material events in accordance with that section, as described in the Official Statement under "Continuing Disclosure ofInformation." The Purchaser(s) obligation to accept and pay for the Bonds is conditioned upon delivery to the Purchaser(s) or their agent of a certified copy of the Resolution containing the agreement described under such heading. iv