2016-037 - Authorizing the issuance of the City’s General Obligation Bonds, Series 2016; approving the use of a paying agent/registrar agreement; engaging bond counsel ....

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purposes of the foregoing, the portion of the property comprising personal property and disposed in the ordinary course shall not be treated as a transaction resulting in the receipt of cash or other compensation. For purposes hereof, the Issuer shall not be obligated to comply with this covenant if it obtains an opinion that such failure to comply will not adversely affect the excludability for federal income tax purposes from gross income of the interest. Section 10. SALE OF BONDS AND APPROVAL OF OFFICIAL STATEMENT; FURTHER PROCEDURES. (a) The Bonds are hereby sold and shall be delivered to PNC Capital Markets LLC (the "Purchaser "), at a price of $8,890,955.35 (representing the par amount of the Bonds, plus a net cash premium of $110,955.35) and plus accrued interest in the amount of $20,862.72 (which accrued interest shall be deposited to the Interest and Sinking Fund. It is hereby officially found, determined and declared that the Bonds have been sold at public sale to the bidder offering the lowest interest cost, after receiving sealed bids pursuant to an Official Notice of Sale and Bidding Instructions, and that the terms of the Bonds are in the Issuer's best interests. The Initial Bond shall be registered in the name of the Purchaser or its designee. (b) It is further officially found, determined and declared that the Bonds have been offered pursuant to a Preliminary Official Statement dated November 28, 2016, prepared and distributed in connection with the sale of the Bonds. Said Preliminary Official Statement, the Official Statement dated December 5, 2016, and any addenda, supplement or amendment thereto, have been and are hereby approved by the governing body of the Issuer, and its use in the offer and sale of the Bonds is hereby approved. It is further officially found, determined and declared that the statements and representations contained in said Official Statement are true and correct in all material respects, to the best knowledge and belief of the City Council. (c) The Mayor and Mayor Pro -Tem, the City Manager, the Finance Director and City Clerk and all other officers, employees and agents of the Issuer, and each of them, shall be and they are hereby expressly authorized, empowered and directed from time to time and at any time to do and perform all such acts and things and to execute, acknowledge and deliver in the name and on behalf of the Issuer a Paying Agent/Registrar Agreement with the Paying Agent/Registrar, and all other instruments, whether or not herein mentioned, as may be necessary or desirable in order to carry out the terms and provisions of this Ordinance, the Bonds, the sale of the Bonds and the Official Statement. In case any officer whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. Section 11. DEFAULT AND REMEDIES (a) Events of Default. Each of the following occurrences or events for the purpose of this Ordinance is hereby declared to be an Event of Default: (i) the failure to make payment of the principal of or interest on any of the Bonds when the same becomes due and payable; or 21