Minutes 11/25/1997 - Laserfiche WebLink

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',,, 26t ,N0v~.mber 25~ 1997 SECTION 6. CUSIP Numbers. CUSIP identification numbers may be printed on the Bonds, but neither the failure to print any such number on any Bond nor any error or omission with respect thereto shall constitute cause for failure or refusal by the Underwriters of the Bonds to accept delivery of and pay for the Bonds in accordance with the terms of the Purchase Contract relating to such Bonds. No such number shall constitute or be deemed to be a part of any Bond or a part of the contract evidenced thereby and no liability shall attach to the City or any of its officers or agents because of or on account of any such number or any use made thereof. All expenses in relation to the printing of such numbers on the Bonds shall be paid by the City, including the CUSIP Service Bureau charge for the assignment of such numbers. SECTION 7. Public Improvement Projects. The proceeds of sale of the Public Improvement Bonds shall be applied to the payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descriptions of their respective projects: Purpose Amount Drainage and Street Improvements Education Industrial and Economic Development Leisure Services Public Safety Municipal Facilities $4,431,317 938,878 9,180,734 2,342,875 1,872,865 3.278.331 $22,045,000 provided that if any such project shall require less than the e~ire respective amount set forth above, the difference may be applied to pay the cost of any other project so set forth. SECTION 8, Tax Covenant Relating to Tax-Exempt Bond-~, In the case of Bonds issued hereunder the interest on which is contemplated to be excluded from gross income for purposes of federal income taxation, the City covenants and agrees to comply with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated thereunder throughout the term of the Bonds. SECTION 9. Sale of Bonds to Underwriters: Approval of Execution and Delivery_ of Purchase Contracts. (a) Pursuant to the authority of and for the purposes specified herein, the Council hereby authorizes the sale of the Bonds of each such series, without further action by the Council, in the case of the Series 1997A Bonds and the Series 1997B Bonds to the Craigie Incorporated, Scoff & Stringfellow, Inc. and Wheat, First Securities, Inc. (collectively the "Underwriters") and in the case of the Series 1997C Bonds to Craigie Incorporated at a price of not less than of the principal amount of the Bonds of each such series, less an aggregate discount (including underwriting discount and original issue discount) of not greater than 2% of the principal amount of the Bonds of each such series plus accrued interest from the date of the Bonds of each such series to the date of delivery thereof to, and payment therefor by, the Underwriters or by Craigie Incorporated in the case of the Series 1997C Bonds. The Bonds of each series shall be issued in a principal amount not to exceed the amount specified in Section 2, shall bear interest from their date at such rates per annum as shall be approved in a written determination made by the City Manager or Deputy City Manager for Finance and shall have such other details as shall be specified and approved by the City Manager or the Deputy City Manager for Finance; provided that (i) in no event shall the true or Canadian interest cost with respect to the Bonds of any series exceed 7 %; (ii) in no event shall the redemption premium payable upon the redemption of the Bonds of any series exceed 3% of the princi pal amount thereof; and (iii) in no event shall the principal amount of any series of refunding bonds exceed the amount necessary to