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Section 9. Sale of the Bond. <br />(a) The Bond shall be sold to the Purchaser pursuant to the terms of this <br />ordinance and the Proposal. The City hereby accepts the Proposal, which is attached <br />as Exhibit A and incorporated herein by this reference. The Finance Director is hereby <br />authorized: (a) to approve the principal amount of the Bond; (b) to execute a bond <br />purchase agreement with the Purchaser; and (c) to agree to any other terms, conditions <br />and covenants that are in the best interest of the City and in accordance with the <br />Proposal, so long as the principal amount of the Bond does not exceed $2,350,000 and <br />the terms of the Bond are otherwise consistent with the terms of this ordinance. <br />(b) The appropriate City officials, including but not limited to the City Mayor, City <br />Administrator and the Finance Director, are hereby authorized and directed to do <br />everything necessary for the prompt issuance, execution and delivery of the Bond and <br />for the proper application and use of the proceeds thereof. <br />Section 10. Ongoing Disclosure; Covenants. <br />(a) Ongoing Disclosure. The Bond is exempt from ongoing disclosure <br />requirements of the Rule. <br />(b) Covenants. So long as the Bond is outstanding, the City hereby covenants <br />and agrees to provide the Registered Owner: <br />(1) Copies of the City's audited financial statements within a reasonable time <br />after such statements become available; and <br />(2) Financial or other information as may be reasonably requested from time <br />to time. <br />Section 11. Lost, Stolen or Destroyed Bond. In case the Bond shall be lost, <br />stolen or destroyed while in the Registered Owner's possession, the Bond Registrar <br />may at the request of the Registered Owner execute and deliver a new Bond of like <br />date, number and tenor to the Registered Owner thereof upon the Registered Owner's <br />paying the expenses and charges of the City and the Bond Registrar in connection <br />therewith and upon its filing with the City written certification that such Bond was <br />actually lost, stolen or destroyed and of its ownership thereof. In the case the Bond <br />shall be lost, stolen, or destroyed while in the Registered Owner's possession, the <br />Registered Owner may elect upon final payment of principal and interest of the Bond to <br />surrender a photocopy of the Bond for cancellation at the office of the Bond Registrar <br />together with written certification that such Bond was actually lost, stolen or destroyed <br />and of its ownership thereof. <br />W: Word Processing\Ordinances\LTGO Bond -2017 Cashmere Valley Bank 10-10-17 <br />PM:bjs <br />Page 7 of 8 <br />11 <br />