15-Issuance and Sale of GO Bonds Series 2017

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Section 10. SALE OF BONDS AND APPROVAL OF OFFICIAL STATEMENT; PROJECT FUND; USE OF PREMIUM; FURTHER PROCEDURES. (a) The Issuer hereby creates and establishes and shall maintain on the books of the Issuer a separate fund to be entitled the "Series 2017 Bond Construction Fund" (the "Project Fund ") for use by the Issuer for payment of all lawful costs associated with the acquisition and construction of the Project as hereinbefore provided and to pay the costs of issuance of the Bonds. Upon payment of all such costs, any moneys remaining on deposit in the Project Fund shall be transferred to the Interest and Sinking Fund. (b) The Bonds are hereby sold and shall be delivered to (the "Purchaser ") for the purchase price of $ , representing the aggregate principal amount of the Bonds, plus a reoffering premium of $ , less the Purchaser's discount of $ . The Bonds shall initially be registered in the name of the Purchaser or its designee. It is hereby officially found, determined, and declared that the terms of this sale are the most advantageous reasonably obtainable. (c) 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 such and Bidding Instructions. It is further officially found, determined and declared that the Bonds have been offered pursuant to a Preliminary Official Statement prepared and distributed in connection with the sale of the Bonds. Said Preliminary Official Statement, the Official Statement, 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 Council. (d) The net premium received from the sale of the Bonds, in the amount of $ shall be applied as follows: (i) the sum of $ shall be applied to pay costs of issuance incurred in connection with the issuance of the Bonds, with any excess to be deposited into the Interest and Sinking Fund, (ii) the sum of $ shall be deposited into the Project Fund and counted against voted authorization and (iii) the sum of $ shall be applied to pay the Purchaser's discount. Therefore, the voted authorization of Bonds which are being issued pursuant to the Election is $ with the balance of voted but unissued bonds authorized at the Election being $ (e) The Issuer may place proceeds of the Bonds (including investment earnings thereon) and amounts deposited into the Interest and Sinking Fund in investments authorized by the Public Funds Investment Act, Chapter 2256, Texas Government Code, as amended; provided, however, that the Issuer hereby covenants that the proceeds of the sale of the Bonds will be used as soon as practicable for the purposes for which the Bonds are issued. (f) All deposits authorized or required by this Ordinance shall be secured to the fullest extent required by law for the security of public funds. (g) The Mayor, the Mayor Pro Tem, the City Manager, the Director of Finance and the City Secretary, individually or jointly, 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 under the corporate seal and on behalf of the Issuer such documents, certificates and instruments, whether or not herein mentioned, as may be necessary or IV