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55A - RESO - GAS TAX BONDS
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11/05/2019
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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execution or delivery of the Bonds, or contesting the validity of the Bonds, any proceeds of the City, concerning <br />the issuance or sale thereof, pledge or application of the money or security provided for payment of the Bonds, or <br />the existence or powers of the City. <br />There are currently various litigation matters pending against the City. The City does not believe that <br />these actions materially adversely affect the collection of Gas Tax Revenues or the payment of debt service on the <br />Bonds. <br />CONTINUING <br />The City has covenanted for the benefit of owners of the Bonds to provide certain financial information <br />and operating data relating to the City and the Gas Tax Revenues by not later than March 31 of each year <br />commencing with the report for the 2018-19 Fiscal Year (the "Annual Report") and to provide notices of the <br />occurrence of certain enumerated events. The Annual Report and the notices of enumerated events will be filed <br />by the Dissemination Agent with the Municipal Securities Rulemaking Board's Electronic Municipal Market <br />Access system ("EMMA') or any successor assigned by the Municipal Securities Rulemaking Board or Securities <br />and Exchange Commission. These covenants have been made in order to assist the Underwriter in complying <br />with Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as amended (the "Rule'). The specific <br />nature of the information to be contained in the Annual Report or the notices of enumerated events by the City is <br />set forth in "APPENDIX C FORM OF CONTINUING DISCLOSURE AGREEMENT." [TO BE UPDATED] <br />UNDERWRITING <br />The Bonds are being purchased by Samuel A. Ramirez & Co., Inc. (the "Underwriter'). The Underwriter <br />has agreed to purchase the Bonds at a purchase price of $ (which is equal to the principal amount of <br />the Bonds ($ ), plus/less original issue premium/discount of $ less an underwriter's discount <br />of $ ). <br />The contract of purchase pursuant to which the Bonds are being purchased by the Underwriter provides <br />that the Underwriter will purchase all of the Bonds if any are purchased. The obligation of the Underwriter to <br />make such purchase is subject to certain terms and conditions set forth in the contract of purchase. <br />The Underwriter may offer and sell the Bonds to certain dealers and others at prices or yields different <br />from the prices or yields stated on the cover page of this Official Statement. In addition, the offering prices or <br />yields may be changed from time to time by the Underwriter. <br />Although the Underwriter expects to maintain a secondary market in the Bonds after the initial offering, <br />no guarantee can be made that such a market will develop or be maintained by the Underwriter or others. <br />255A2109 <br />
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