1989-15 CRA - Laserfiche WebLink

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. . . . . " Section 1. Issuance of Bonds; Approval of Indentures. The Agency hereby authorizes the issuance of the Bonds under and pursuant to the Bond Law and the Indentures, in the aggregate principal amount of not to exceed $9,000,000 in the case of the Bonds issued to refund the Series A Bonds, of not to exceed $70,000,000 in the case of the Bonds issued to refund the Series B Bonds, of not to exceed $15,500,000 in the case of the Bonds issued to refund the Series C Bonds, and of not to exceed $15,000,000 in the case of the Bonds issued to refund the Series D Bonds. The Agency hereby approves each of the Indentures in substantially the respective forms thereof on file with the Secretary together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director. The Chairman and Secretary of the Agency are hereby authorized and directed to execute, attest and affix the seal of the Agency to each of the Indentures for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Indentures. Section 2. Sale of Bonds. The Agency hereby authorizes the sale of the Bonds to the Underwriters pursuant to and in accordance with the Bond Purchase Agreement in substantially the form on file with the Secretary together with any additions thereto or changes therein approved by the Executive Director, whose execution thereof shall be conclusive evidence of such approval. The Agency hereby delegates to the Executive Director the authority to accept an offer from the Underwriters to purchase the Bonds and to execute said Bond Purchase Agreement for and in the name and on behalf of the Agency; provided, however, that the net effective rate of interest borne by all of the Bonds of any series shall not exceed eight and one-half percent (8-1/2%) per annum and the purchase price paid to the Agency for the purchase of Bonds of any series shall not be less than ninety-seven percent (97%) of the par amount thereof. Section 3. Official Statement. The Agency hereby approves the preliminary Official Statement describing the Bonds, in substantially the form submitted by the Underwriters and on file with the Secretary, together with any changes therein or additions thereto approved by the Executive Director, whose execution thereof shall be deemed conclusive evidence of her approval of such additions or changes. The Underwriters are hereby authorized to distribute the Official Statement in connection with the marketing of the Bonds. The Executive Director is hereby authorized and directed to approve any changes in or additions to the final form of such Official Statement as the Executive Director shall deem advisable, and to execute said final Official Statement for and in the name and on behalf of the Agency. Section 4. Appointment of Remarketing Agent; Cancellation of 1985 Remarketing Agreements. The Agency hereby approves the substitution of the firm of Donaldson, Lufkin & Jenrette Securities Corporation to act as the remarketing agent for each issue of the 1985 Bonds. In accordance with Section 7 of each of the Remarketing Agreements dated as of December 27, 1985, relating to the 1985 Bonds (collectively, the "1985 Remarketing Agreements"), the Agency hereby authorizes and directs the cancellation of the 1985 Remarketing Agreements for the purpose of removing the remarketing agents appointed thereunder. Such cancellation shall not become effective prior to the execution and delivery by Donaldson, Lufkin & Jenrette Securities Corporation of an agreement with the Agency containing substantially the same terms and provisions of the 1985 Remarketing Agreements, which agreement is hereby authorized to be executed and attested by the Chairman and Secretary of the Agency. -2-