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15 Resolution authorizing agreement with First Southwest Asset Management, Inc.
City-of-Paris
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10 October
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2008-10-13
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15 Resolution authorizing agreement with First Southwest Asset Management, Inc.
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Last modified
8/23/2012 9:48:28 AM
Creation date
10/10/2008 11:00:01 AM
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AGENDA
Item Number
15
AGENDA - Type
RESOLUTION
Description
15-Resolution authorizing Agreement with First Southwest Asset Management, Inc.
AGENDA - Date
10/13/2008
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Covenants of the Issuer <br />In connection with the performance of the aforesaid duties, the Issuer agrees to the following: <br />a. The fees due to First Southwest in providing arbitra~e rebate compliance services shall be calculated in <br />accordance with Appendix A attached hereto. The fees will be payable upon delivery of the report prepared <br />by First Southwest for each issue of Bonds during the term of this Agreement. <br />b. The Issuer will provide First Southwest all information regarding the issuance of the Bonds and the <br />investment of the proceeds therefrom, and any other information necessary in connection with calculating <br />the Arbitrage Amount. First Southwest will rely on the information supplied by the Issuer without inquiry, it <br />being understood that First Southwest will not conduct an audit or take any other steps to verify the <br />accuracy or authenticity of the information provided by the Issuer. <br />The Issuer will notify First Southwest in writing of the retirement, prior to the scheduled maturity, of any <br />Bonds included under the scope of this Agreement within 30 days of such retirement. This notification is <br />required to provide sufficient time to comply with Treasury Regulations Section 1.148-3(g) which requires <br />fmal payment of any Arbitrage Amount within 60 days of the final retirement of the Bonds. In the event the <br />Issuer fails to notify First Southwest in a timely manner as provided hereinabove, First Southwest shall have <br />no further obligation or responsibility to provide any services under this Agreement with respect to such <br />retired Bonds. <br />In providing the services set forth in this Ab eement, it is agreed that First Southwest shall not incur any liability for <br />any error of judgment made in good faith by a responsible officer or officers thereof and, except to the limited extent <br />set forth in this paragaph, shall not incur any liability for any other errors or omissions, unless it shall be proved that <br />such error or omission was a result of the gross negligence or willful misconduct of said officer or officers. In the <br />event a payment is assessed by the Internal Revenue Service due to an error by First Southwest, the Issuer will be <br />responsible for paying the correct Arbitrage Amount and First Southwest's liability shall not exceed the amount of <br />any penalty or interest imposed on the Arbitrage Amount as a result of such error. <br />Bonds Issued Subsequent to Initial Contract <br />6. The services contracted for under this Agreement will automatically extend to any additional Bonds (including <br />fmancing lease obligations) issued during the term of this Ab eement, if such Bonds are subject to the rebate <br />requirements under Section 148(fl(2) of the Code. In connection with the issuance of additional Bonds, the Issuer <br />agrees to the following: <br />a. The Issuer will notify or cause the notification, in writing, to First Southwest of any tax-exempt fmancing <br />(including fmancing lease obligations) issued by the Issuer during any calendar year of this Agreement, and <br />will provide First Southwest with sucfi information regarding such Bonds as First Southwest may reGuest in <br />connection with its performance of the arbitrage rebate services contracted for hereunder. If such notice is <br />not provided to First Southwest with regard to a particular issue, First Southwest shall have no obligation to <br />provide any services hereunder with respect to such issue. <br />At the option of the Issuer, any additiona] Bonds to be issued subsequent to the execution of this Agreement <br />may be excluded from the services provided for herein. In arder to exclude an issue, the Issuer must notify <br />First Southwest in writing of their intent to exclude any specific Bonds from the scope of this Agreement, <br />which exclusion shall be permanent for the full life of the Bonds; and after receipt of such notice, First <br />Southwest shall have no obligation to provide any services under this Agreement with respect to such <br />excluded Bonds. <br />34725 Page 2 <br />~ O0O0SLr <br />
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