2006_Resolutions - Laserfiche WebLink

Home Browse Search

the assignment of such numbers shall be the responsibility of and shall be paid for by the • purchaser of the Bonds. The City covenants and agrees to comply with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated under such Sections 103 and 141-150 throughout the term of the Bonds. The proceeds of the sale of the Bonds shall be applied to the payment of the cost of the following public improvement projects of and for the City in substantially the following respective amounts: Projects Amounts Public Schools $2,800,000 Public Buildings 1,650,000 Downtown Mall and Streets 3,200,000 Neighborhood Improvements and Comprehensive Plan Implementation 1,850,000 Public Safety 3,000,000 Water System Improvements 2,000,000 Sewer System Improvements 1,000,000 $15,500,000 • If any project set forth above shall require less than the entire respective amount so set forth, the difference may be applied to any of the other projects so set forth. e. There is hereby delegated to the City Manager authority, without further action by the Council, to sell the Bonds authorized for issuance under this resolution in accordance with the provisions hereof at competitive sale at such price as shall be determined by the City Manager, plus accrued interest thereon from their date to the date of delivery thereof and payment therefor, and on such other terms and conditions as shall be provided in the Notice of Sale relating to the Bonds. The City Manager is hereby authorized to cause to be published and distributed a Notice of Sale of the Bonds of each series in such form and containing such terms and conditions as he may deem advisable, subject to the provisions hereof. In lieu of publishing the full text of the Notice of Sale of the Bonds in accordance with the provisions of the immediately preceding sentence, the City Manager is hereby authorized to cause a Summary Notice of Sale of the Bonds in such form as the City Manager shall approve to be published in The Bond Buyer on a date selected by the City Manager and is hereby further authorized to cause to be prepared and distributed a Preliminary Official Statement and a final Official Statement and a Detailed Notice of Sale relating to the Bonds of each series. There is hereby delegated to the City Manager the authority to receive bids for the purchase of the Bonds of each series and, without further action by the Council, to accept the bid offering to purchase the Bonds of each series at the lowest true interest cost to the City, computed in accordance with the provisions of the Detailed Notice of Sale of the Bonds of such series; provided (i) that such bid is accompanied or preceded by a surety bond meeting the • conditions specified in the Detailed Notice of Sale of such series and is otherwise in conformity M