2021-043 Council Resolution - Laserfiche WebLink

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I. UFU L I 'Al Lj PtiRPt�SE The Bonds will be genea, obligations of the City for 1 °Mich tine C`in will l leclae its fill fault and credit and power to lets- direct general ad valorem taxes. Tine proceeds of the Bonds will be used to finance various street reconstruction projects as identified in the Citt.`s 2'020,20?4 Street Reconstruction Plan. QI.I..IPIED TAB-E1FTPT OBLIt:7 �TIC3\S The C'itti� tt7ll tiesi�ata the Bonds as qualified tax-exempt abligations for piu�tases of Section ?65(b)(3} of the Internal Revenue Code of 1986. as amended. BTDDT'3CT P<�R�=��ETERS Proltosals shall be for not less than'�1.800,480 plus acenied vtterest, if anv, ou the total principal annouut of the Bonds. No proposal can be withdrawn or amended after the time set for receiving proposals on the Sale Date iudess the meeting of the Cite= scheduled for award of the Bonds is adjatuzned, recessed, or continued to another date ivithout award of the Bonds having been made. Rates shall be in integral multiples of 1;/100 or 1-8 of 10o. The initial price to the public for each maturity as stated on the proposal roust be 9&011o or greater. Bonds of the same niaturityv shall bear a single rate fram the date of the Bonds to the date of maturity. NTo conditional proposals will be accepted. ESTABLISHA3E1ti�I' C>F ISSt?E PRICE In order to prop°ide the Cite t�=i8i irrfontaation necessary° far cornpliauce with Section 1=t8 of the Internal Revenue Code of 1986, as amended. and the Treasure Regulations promulgated thereunder (cotlectiveIV the "Cade"). the Purchaser will be required to assist the City in establishing the issue price of the Bonds and shall complete. execute, and deliver to the City prior to the closing date. a written certification u) a form acceptable to the Purchaser. the Cite. and Bond Counsel fthe "Issue Price Certificate"} containing the followino for each maturity of the Bonds (and, if different interest rates apply within a nnaturritt-* to each separate CUSIP munber within that mattu•ity): (i) the interest rate: (nil the reasonablw expected initial offering price to the "public' (as said term is defined in Treasury Regulation Section 1.1484(f) (the "Regulation"}") or the sale price_ and (iii) pricing wires or equivalent communications supporting such offering or sale price. Any action to be taken or doctnmentatiou to be received by the City pursuant hereto rnaw be taken or received on behalf of the Citz- by Baker Tillv TMA. The Cite intends that the Sale of the Bonds pursuant to this Terms of Proposal shall constitute a "competitive sale" as defined in the Regulation leased on the faIlawilig_ the C,it�- shall cause this Teens of Proposal to be disseminated to potential bidders in a manner that is reasonably designed to reach potential bidders; alt bidders shall have an equal opportunity to submit a bid: {iii) the City reasonably expects that it will receive bids from at least three bidders that have established industry reputations for undemwriting municipal bonds such as the Bonds: and (ir) the Cite- anticipates awarding the sale of the Bonds to the bidder who provides a proposal with the lowest true interest cost, as set forth in this Terms of Proposal (See "ANVARD liereiii). Any bid submitted pursuant to this Terms of Proposal shall be considered a firm offer for the purchase, of the Bonds. as specified in the proposal. The Purchaser shall constihrte au "urtderlwriter" as said term is defined in the Regulation. By submitting its proposal, the Purchaser confirms that it shall require any agreement among underwriters, a selling group agreement, or other agreement to which it is a part-- relating to the initial sale of the Bonds. to include provisions requiring compliance with the provisions of the Code and the Regulation renarding the initial sale of the Bonds. -ru- A-4 LN 140-125-718748.v 1