98-039 ORD AUTHORIZE TEXAS WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING BONDS, SERIES 1998

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"NRMSIR" means each person whom the SEC or its staff has determined to be a nationally recognized municipal securities information repository within the meaning of the Rule from time to time. "Rule" means SEC Rule 15c2-12, as amended from time to time. "SEC" means the United States Securities and Exchange Commission. "SID" means any person designated by the State of Texas or an authorized department, officer, or agency thereof as, and determined by the SEC or its staff to be, a state information depository within the meaning of the Rule from time to time. Section 33. SALE OF IMTIAL BOND. The Initial Bond is hereby sold and shall be delivered to FIRST SOUTHWEST COMPANY (the "Underwriter") for cash for the price of $6,854,099.10 thereof and accrued interest thereon to date of delivery, (such price includes a discount to the Underwriter of $47,644.50 and an original issue discount to the Underwriter of $3,256.40) pursuant to the terms and provisions of a Bond Purchase Agreement with the Undenvriter. It is hereby officially found, determined, and declared that the Initial Bond has been sold pursuant to the terms and provisions of a Bond Purchase Agreement in substantially the form attached hereto as Exhibit B, which the Mayor of the Issuer is hereby authorized and directed to execute and deliver and which the City Clerk of the issuer is hereby authorized and directed to attest. It is hereby officially found, determined, and declared that the terms of this sale are the most advantageous reasonably obtainable. The Initial Bond shall be registered in the name of First Southwest Company. Section 34. INTEREST EARNINGS ON BOND PROCEEDS. The earnings derived from the investment of proceeds from the sale of the Refunded Bonds shall be used for the original project; provided that after completion of such project, if any of such interest earnings remain on hand, such interest earnings shall be deposited in the Interest and Sinking Fund. It is further provided, however, that interest earnings on the Bonds proceeds which are required to be rebated to the Llnited States of America pursuant to Section 13 hereof in Ordinance to prevent the Bonds from being arbitrage bonds shall be so rebated and not considered as interest earnings for the purpose of this Section Section 35. APPROVAL OF OFFICIAL STATEMENT. The Issuer hereby approves the form and content of the Official Statement relating to the Bonds and any addenda, supplement or amendment thereto, and approves the distribution of such Official Statement in the reoffering of the Bonds by the Underwriter in final form, with such changes therein or additions thereto as the officer executing the same may deem advisable, such determination to be conclusively evidenced by his execution thereof. Section 36. APPROVAL OF ESCROW AGREEMENT AND TRANSFER OF FLTNDS. The Mayor of the Issuer is hereby authorized and directed to execute and deliver and the City Clerk 38