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USE OF iNFORMATION IN THE OFFICIAL STATEMENT For purposes of compliance with Rule 15c2-12 of the Securities Exchange Commissi,o,n (!.he "Rule"), this document constitutes a preliminan/official statement of the issuer with respect to the Bonds that has been deemed final by the Issuer as of its date except for the omission of no more than the information permittedby the Rule. No dealer broker salesman, or other person has been authorized to give any information, or to make any representation other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the Issuer. This Official Statement ~s not to be used in connection with an offer to sell or the solicitation of an offer to buy in any state in which such offer or soli~:itation i~ .not qualified to do so or to any person to whom it is unlawfut to make such offer or so icitat on Any nformafion or expression of oplmon herein contained are sub ec~ to change without notice, and neither the de ivery of this Offic a Statement nor any sale made hereunder shall, under any circumstances, create an implication that there has been no change in the affairs of the ssuer or other matters described herein since the date hereof. THE BONDS ARE EXEMPT FROM REGISTRATION WITH THE SECURITIES AND EXCHANGE COMMISSION AND CONSEQUENTLY HAVE NOT BEEN REGISTERED THEREWITH. THE REGISTRATION, QUALIFICATION, OR EXEMPTION OF THE BONDS IN ACCORDANCE WITH APPLICABLE SECURIT~ES LAW PROVISIONS OF THE JURiSDICTiONS IN WHICH THESE SECURITIES HAVE BEEN REGISTERED, QUALIFIED, OR EXEMPTED SHOULD NOT BE REGARDED AS A RECOMMENDATION THEREOF. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, iF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS ELECTED OFFICIALS ............................................................. 2 ADMINISTRATION ................................................................... 2 CONSULTANTS AND ADVISORS ........................................... 2 USE OF INFORMATION iN THE OFFICIAL STATEMENT......3 TABLE OF CONTENTS ........................................................... 3 SELECTED DATA FROM THE OFFICIAL STATEMENT ......... 4 INTRODUCTORY STATEMENT .............................................. 5 PLAN OF FINANCING ............................................................. 5 Purpose ........................................................................... 5 Refunded Bonds .............................................................. 5 THE BONDS ............................................................................. 5 General Description ......................................................... 5 Authority for Issuance ...................................................... 6 Security for Payment ....................................................... 6 Redemption Provisions .................................................... 6 Limitation on Transfer or Exchange of Bonds .................. 7 Payment Record .............................................................. 7 Leoality ............................................................................ 7 De'~easance ...................................................................... 7 Default and Remedies ..................................................... 7 REGISTRATION, TRANSFER AND EXCHANGE .................... 8 Paying Agent/Registrar .................................................... 8 Record Date ..................................................................... 8 Future Registration .......................................................... 8 Limitation on Transferability ............................................. 8 Replacement Bonds ........................................................ 9 BOND INSURANCE ................................................................. 9 BOOK-ENTRY-ONLY SYSTEM ...............................................9 Use of Cer[ain Terms in Other Sections of this Official Statement ................................................................... 11 THE SYSTEM ......................................................................... 11 Water Supply ................................................................. 11 Water Treatment ........................................ ; ................... 11 Water Storage and Distribution ...................................... 11 Sewer Facilities .............................................................. 12 INVESTMENT POLICIES ....................................................... 12 Investment Authority and Policies .................................. 12 Legal Investments .......................................................... 12 investment Strategy ....................................................... 12 Investment Reports ........................................................ 13 Authorized / Suitable Investments ................................. 13 Schedule of Refunded Bonds Financial information of the Issuer Current Investments ...................................................... 13 RETIREMENT PLANS ........................................................... 14 Texas Mu,nic~al Retirement System ............................. 14 Firefighter s ~elief and Retirement Fund ....................... 14 AD VALOREM TAX PROCEDURES ...................................... 15 Property Tax Code and Countywide Appraisal District.. 15 Property Subject to Taxation by the Issuer .................... 15 Effective Tax Rate and Rollback Tax Rate .................... 16 Levy and Collection of Taxes ........................................ 16 Penalties and Interest .................................................... 16 Tax Rate Limitations ...................................................... 17 Issuer's Rights in the Event of Tax Delinquencies ........ 17 CITY APPLICATION OF THE PROPERTY TAX CODE ........ 17 ADDITIONAL TAX COLLECTIONS ........................................ 18 Municipal Sales Tax Collections .................................... 18 Optional Sales Tax ........................................................ 18 TAX MATTERS ...................................................................... 18 Opinion .......................................................................... 18 Collateral Federal Income Tax Consequences ............. 18 Federal income Tax Accounting Treatment of Original Issue Discount ............................................................ 19 Qualified Tax-Exempt Obligations ................................. 20 State, Local and Foreign Taxes ..................................... 20 CONTINUING DISCLOSURE OF INFORMATION ................ 20 Annual Reports .............................................................. 20 Material Event Notices ................................................... 21 Availability of Information from NRMSIR, MSRB and SID ....................................................................... 21 Limitations and Amendments ........................................ 21 Compliance with Prior ~reements ............................... 21 OTHER P_RIIRENT IRFOR...ATION ................................... 2.1 Legal Mattor$ ................................................................. 2'1 Registration and Qualification of Bonds for Sale ........... 22 Litigation ........................................................................ 22 Legal Investments and Eligibility to Secure Public Funds in Texas ........................................................... 22 Ratings .......................................................................... 22 Financial Advisor ........................................................... 22 Underwriting.. .................................................................. 23 Concluding~tatement ................................................... 23 General Information Regarding the City of Pads and Lamar County, Texas Form of Legal Opinion of Bond Counsel The Issuer's General Purpose Audited Financial Statements for the Year Ended September 30, 2000 Municipal Bond Insurance Specimen Schedule I Appendix A Appendix B Appendix C Appendix D Appendix E The cover page, subsequent pages hereof and appendices attached hereto, are part of this Official Statement. 3