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<br />CONTINUING DISCLOSURE: <br /> <br />The Issuer will covenant in the <br />resolution awarding the sale of the <br />bonds and in a Continuing <br />Disclosure Undertaking to provide, <br />or cause to be provided, annual <br />financial information, including <br />audited financial statements of the <br />Issuer, and notices of certain <br />material events, as required by SEC <br />Rule 15c2-12. <br /> <br />QUALIFIED TAX <br />EXEMPT OBLIGATIONS: <br /> <br />The Issuer will designate the bonds <br />as qualified tax exempt obligations <br />for purposes of Section 265(b) (3) <br />of the Internal Revenue Code of <br />1986, as amended. <br /> <br />AWARD: <br /> <br />Award will be made solely on the <br />basis of lowest true interest cost, <br />determined by doubling the <br />semiannual interest rate compounded <br />semiannually necessary to discount <br />the debt service payments from the <br />payment dates to February 16, 1999 <br />and to the price bid. <br /> <br />The Issuer reserves the right to reject any and all bids, to <br />waive informalities and to adjourn the sale. <br /> <br />Dated: December 14, 1998. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />Isl Steve Sarkozy <br />City Manager <br /> <br />1004111.1 <br /> <br />B-6 <br />