11/09/2009 Council Packet (2) - Laserfiche WebLink

Home Search

• • • 5.02. It is determined that no comprehensive official statement or offering material has been prepared or circulated by the City in connection with the sale of the Note and that the City has provided or will provide to the County any information regarding the City and the Note requested by the County. Section 6. No Requirement of Continuing Disclosure. The continuing disclosure requirements of Rule 15c2 -12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 do not apply to the Note, because the Note is offered in authorized denominations of $100,000 or more, and the Note will be sold to a single purchaser which the City reasonably believes (i) has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the Note , and (ii) is not purchasing for more than one account or with a view to distributing the Note. Consequently, the City will not enter into any undertaking to provide continuing disclosure of any kind with respect to the Note. Section 7. Defeasance. When the Note and all interest thereon, have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the Note will cease, except that the pledge of the full faith and credit of the City for the prompt and full payment of the principal of and interest on the Note will remain in full force and effect. The City may discharge all Notes which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full. If any Note should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. Section 8. Refunding of County Bond. Upon any refunding of the County Bonds, the City will issue a replacement Note with a payment schedule adjusted to reflect the debt service due and payable on the bonds issued to refund the County Bonds. (The remainder of this page is intentionally left blank.)