2026-008 - Approve issuance of Tax Notes, Series 2026

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(f) Designation as Qualified Tax -Exempt Obligations. The City hereby designates the Notes as "qualified tax-exempt obligations" as defined in section 265(b)(3) of the Code. In furtherance of such designation, the City represents, covenants and warrants the following: (a) that during the calendar year in which the Notes are issued, the City (including any subordinate entities) has not designated nor will designate bonds, which when aggregated with the Notes, will result in more than $10,000,000 of "qualified tax-exempt obligations" being issued; (b) that the City reasonably anticipates that the amount of tax-exempt obligations issued, during the calendar year in which the Notes are issued, by the City (or any subordinate entities) will not exceed $10,000,000; and (c) that the City will take such action or refrain from such action as necessary, and as more particularly set forth in this Section, in order that the Notes will not be considered "private activity bonds" within the meaning of section 141 of the Code. 8Section 10. SALE OF NOTES AND APPROVAL OF OFFICIAL STATEMENT; FURTHER PROCEDURES; APPLICATION OF PREMIUM FROM SALE OF NOTES. (a) The Notes are hereby sold and shall be delivered to Hilltop Securities Inc. (the "Purchaser") for the purchase price of $2,479,475.95 (representing the aggregate principal amount of the Notes, plus a reoffering premium of $214,244.65, less an underwriter's discount of $14,768.70), plus accrued interest from the Dated Date to the Delivery Date in the amount of $3,800.00. The Notes 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. (b) It is hereby officially found, determined and declared that the Notes 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. It is further officially found, determined and declared that the Notes have been offered pursuant to a Preliminary Official Statement prepared and distributed in connection with the sale of the Notes. 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 City, and its use in the offer and sale of the Notes 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. (c) The Authorized Officials, 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 City such documents, certificates and 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 Blanket Issuer Letter of Representations, the Notes and the sale of the Notes. In addition, prior to the delivery of the Notes, the Authorized Officials are each hereby authorized and directed to approve any changes or corrections to this Ordinance or to any of the documents authorized and approved by this Ordinance: (i) in order to cure any ambiguity, formal defect, or omission in this Ordinance or such other document, or (ii) as requested by the Attorney General or his representative to obtain the approval of the Notes by the Attorney General. In case any officer whose signature shall appear on any Note shall cease to be such officer before 12