FIN 2021-04-26 Item 1B - Ordinance - Issue Debt for General Fund Portion of Public Safety Plan: Public Works Shops Project

Browse Search

(b) the Maturity Date for each series of Bonds issued under this ordinance is no later than December 1, 2034, (c) the aggregate purchase price for each series of Bonds shall not be less than 98% of the aggregate stated principal amount of such series of Bonds, excluding any original issue discount, (d) the true interest cost for all Tax -Exempt Bonds (in the aggregate) does not exceed 2.50%, (e) the true interest cost for all Taxable Bonds (in the aggregate) does not exceed 3.00%, and (f) any Refunding Bond is sold for a price that results in a minimum aggregate net present value debt service savings over the Refunded Bonds to be refunded by such Refunding Bonds of at least 0.50%. Subject to the terms and conditions set forth in this section, the Designated Representative is hereby authorized to execute the one or more Bond Purchase Contracts for the sale of the Bonds. Following the sale of a series of Bonds, the Designated Representative shall provide a report to Council describing the sale and final terms of such Bonds approved pursuant to the authority delegated in this section. The authority granted to the Designated Representative by this Section 10 shall expire on December 31, 2021. Upon passage and approval of this ordinance, the proper officials of the City including the Designated Representative, the Mayor, the City Administrator and the City Clerk are authorized and directed to undertake all action necessary for the prompt execution and delivery of the Bonds to the Purchaser thereof and further to execute all closing certificates, agreements, and documents required to effect the closing and delivery of the Bonds in accordance with the terms of the Bond Purchase Contract. Section 11. Ongoing Disclosure; Covenants. The Bonds are exempt from ongoing disclosure requirements of the Rule. The City may agree in a Bond Purchase Contract to provide the Purchaser of a series of Bonds certain financial or other information and agree to such covenants as determined to be necessary by the Designated Representative. Section 12. Lost, Stolen or Destroyed Bonds. In case any Bond shall be lost, stolen or destroyed while in the Registered Owner's possession, the Bond Registrar may at the request of the Registered Owner execute and deliver a new Bond of like date, number and tenor to the Registered Owner thereof upon the Registered Owner's paying the expenses and charges of the City and the Bond Registrar in connection therewith and upon its filing with the City written certification that such Bond was actually lost, stolen or destroyed and of its ownership thereof. In the case any Bond shall be lost, stolen, or destroyed while in the Registered Owner's possession, the Registered Owner may elect upon final payment of principal and interest of such Bond to surrender a photocopy of the Bond for cancellation at the office of the Bond Registrar CC:\Legislative Development\LTGO-Refunding Bond 2020—PW facilities 4-20-21 VC:bjs Review and analysis by Barbara Saxton Page 12 of 13 40