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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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any documents incorporating there by reference and as amended and supplemented, the "Official <br />Statement'). <br />The purchase price for the Bonds shall be $ calculated as the aggregate principal <br />amount of the Bonds in the amount of $ , plus an original issue premium in the amount of <br />$ and less an underwriter's discount in the amount of $�. <br />Section 2. Authorization and Purpose of the Bonds. The Bonds are being issued pursuant to <br />resolution of the City adopted on , 2019 (the "Resolution') and shall be as described in and shall <br />be executed, delivered and secured in accordance with the provisions of an Indenture of Trust, dated as of <br />December 1, 2019, (the "Indenture") between the City and U.S. BankNational Association, as trustee. <br />The Bonds are being issued for the purpose of providing funds to (i) prepay the outstanding Gas <br />Tax Revenue Certificates of Participation (2007 Local Street Improvement Program), (ii) purchase a <br />municipal bond insurance policy and debt service reserve surety for the Bonds, and (iii) pay the costs of <br />issuing the Bonds. <br />The Bonds shall be payable, and shall be subject to prepayment prior to their respective stated <br />maturities, as provided in the Indenture and as described in the Official Statement. The Bonds are secured <br />a pledge by the City of the Gas Tax Revenues (as defined in the Indenture) for the payment of the principal <br />of and interest on the Bonds when due. <br />A municipal bond insurance policy (the "Insurance Policy') [debt reserve surety bond (the "Surety <br />Bond")] shall be purchased from (the "Insurer') for the Bonds. <br />In connection with the issuance of the Bonds, the City will enter into a Continuing Disclosure <br />Agreement (defined herein) and an Escrow Deposit and Trust Agreement, dated as of 12019, <br />(the "Escrow Agreement') with U.S. Bank National Association, as escrow agent (the "Escrow Agent. <br />The Purchase Agreement, the Indenture, the Continuing Disclosure Agreement and the Escrow Agreement <br />are referred to collectively herein as the "City Documents." <br />Section 3. Official Statement. The City ratifies, approves and confirms the distribution of the <br />Preliminary Official Statement with respect to the Bonds, dated November , 2019 (together with the <br />appendices thereto, any documents incorporated therein by reference, and any supplements or amendments <br />thereto, the "Preliminary Official Statement'), in connection with the offering and sale of the Bonds by the <br />Underwriter prior to the availability of the Official Statement. The City represents that the Preliminary <br />Official Statement was deemed final as of its date for purposes of Rule 15c2-12 promulgated by the <br />Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended <br />("Rule 15c2-12"), except for any information permitted to be omitted therefrom in accordance with <br />paragraph (b)(1) thereof. <br />The City shall provide the Underwriter, within 7 business days after the date hereof (but in any <br />event at least 2 business days prior to the Closing Date) with a reasonable number of copies of the Official <br />Statement in the form of the Preliminary Official Statement, with such changes thereto as have been <br />approved by the Underwriter (which approval shall not be unreasonably withheld), as requested by the <br />Underwriter for distribution. The City authorizes and approves the distribution by the Underwriter of the <br />Official Statement in connection with the offering and sale of the Bonds. The City authorizes the <br />Underwriter to file, and the Underwriter hereby agrees to file at or prior to the Closing Date, the Official <br />Statement with Municipal Securities Rulemaking Board Rule G-32 (the "MSRB'), or its designees. <br />55A2127 <br />
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