2009-097 Council Resolution - Laserfiche WebLink

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• • hereby authorized. The City Council will cause all further actions and proceedings relative to the making and financing of the Project financed hereby to be taken with due diligence that are required for the construction of each Improvement financed wholly or partly from the proceeds of the Note, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Note and interest and County fee thereon when due. (b) In the event of any current or anticipation deficiency in the Assessments the City Council will levy ad valorem taxes in the amount of said current or anticipated deficiency. (c) The City will keep complete and accurate books and records showing: all receipts and disbursements in connection with the Project, Assessments levied therefor and other funds appropriated for their payment, all collections thereof and disbursements therefrom, moneys on hand and, the balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. Section 5. Authentication of Transcript. 5.01. The officers of the City are hereby authorized and directed to prepare and furnish to the County and to the attorneys approving the Note, certified copies of proceedings and records of the City relating to the Note and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Note and such instruments, including any heretofore furnished, will be deemed representations of the City as to the facts stated therein. 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 359834v3 SJB LN140 -103 6