1988-070-RES WHEREAS, the City Council of the City of Paris is desirous of effecting needed repair, improvement and
RESOLUTION NO. 88-070
WHEREAS, the City Council of the City of Paris is
desirous of effecting needed repair, improvement and
extension of its waterworks and sewer system; and,
WHEREAS, the assistance of Rauscher Pierce Refsnes,
Inc., and its Vice President, Robert G. Day, has been
procured to assist in the sale of Waterworks and Sanitary
System Prior Lien Revenue Bonds, Series 1988, the first
draft dated July 7, 1988, of the notice of sale and bidding
instructions of which is attached hereto as Exhibit A and
should be approved; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PARIS, That the first draft, dated July 7, 1988, of "NOTICE
OF SALE AND BIDDING INSTRUCTIONS ON $5,000,000 CITY OF
PARIS, TEXAS (Lamar County) WATERWORKS AND SANITARY SEWER
SYSTEM PRIOR LIEN REVENUE BONDS, SERIES 1988", attached
hereto as Exhibit A, should be and is hereby in all things
approved.
Passed and adopted this
11t~f July, 1988.
~/~-=>-
Eric S. Clifford, Mayor
ATTEST:
~~\-. ~~~~
Mattie Cunn~ng am, . ty C er
ORM:
ty Attorney
NOTICE OF SALE ~'IRST DRAFT July 7, 1988
AND
BIDDING INSTRUCTIONS
ON
S5 000 000
CITV OF'rARls, TEXAS
(Laur Countvl
WATERWORrs AND SANITARV SEWER SVSTEM
PRIOR LIEN REVENUE BONDS, SERIES 19BB .!'
SELLING: August 22, 19BB at 3:00 P.M., C.D.T. ,- , '/0 - G V- H
"
THE CIIV WILL DESIGNATE THESE BONDS AS 'TAX-EXEMPT OBLIGATIONS'
IN THE ORDINANCE AUTHORIZING THE BONOS.
!onds Offered for Sale at Co~etitive Bi~diDq: The City Council of Ihe Cily of Paris La.ar Counly, Texas (Ihe 'City') is
offering for saTi!lr.i~~f its-iraterwor{s & Sanitary SeNer Syste. Prior Lien Revenue ~onds, Series 19BB, INhich shall for
purpose of definition include the 'Initial Bond' and Ihe 'Definitive Bonds'l, as further described in Ihe Official Slatelent
Nhich acco.panies these instructions.
Address of Bids: Sealed bids, plainly a.rked 'Bid for Bonds', are invited 10 be subaitted and should be addressed and
delivered to "'Honorable Eric S. Clifford, Nayor, Cily of Paris, Texas, City Hall, 135 First Street, S.L, Paris, Texas, 75,4bO,
prior 10 3:00 o'clock P.N.,C,D.T., Augusl 22, 19~B. Bids lusl be suoailled on Ihe Official Bid Fora, Nilhoul alleralion or
interlineation.
Place and Tiae of Bid O~!nq: The Cily Council Nill cause the bids for Ihe purchase of the Bonds 10 be opened and publicly
read, In Ihe Clly C.uiiC11 Roo., City lIall, Paris, Texas at 3.00 P.N., C.S.L,AugusI22.19BB; checked for accuracy, tabulaled
and presenled 10 Ihe City Louncll for its consideration al a special session 01 Ihe C.uncil to convene al 5.15 o'clock
P.N.,C.D.T., Nonday, Augusl 22, 19BB. The Council Nill al thai liae lake aclion to aNard the Bonds to the bidder offering the
10Nest net effective interest cost to Ihe City (or reject all bids), and adopt an ordinance authorizing the b.nds and approving
the Official SIateaenl.
ANard of Bond, I,"ediately afler the .pening of Ihe bids and the confir.ation of the bid offering Ihe 10Nest net effeclive
Interest cost to Ihe Cily, Ihe City CounCil Nill take aclion to aNard Ihe Bonds (or reject all bldsl, and adopt a resolution
a.ardinl sale of Ihe Bonds and approving the Official SIaleaent.
THE BONDS
Description: The Bonds Nill be dated Septe.ber 1,19BB, and inleresl Nill be due on March I, 19B9 and each Sepleaber I and
Narch 1 thereafler until the earlier of .aturily or prior redeaplion. The Bonds Nill be issued in tully regislered fora, only,
in any integral aultiple of S5,000 Nithin a aaturity and principal and seaiannual interesl Nill be paid by the Paying
Agent/Registrar, initially the First RepublicBank ~allas N.A., Dallas, Texas. Principal of the Bonds Nill be payable to the
regislered holder or ONner at aalurity or earlier redeaption only upon presenlalion at the principal corporate office of the
raying Agent/Regislrar. Inleresl on Ihe Bonds Nill be payable by check, daled as of Ihe interest payaenl dale, and aailed by
Ihe Paying Agent/Registrar to the registered holders as shoNn on the securily regisler of Ihe PaYing Agenl/Regislrar on Ihe
Record O.te. (See 'Record Date for Inlerest Pay~ent' in Ihe Official State.ent) or by such other aethod acceptable to the
Paying Agent Registrar, requested bl' and al the risk and expense of the holder. If the date f.r Ihe payaenl of Ihe principal
~f or inleresl ~n the Bonds shal be a Salurday, Sunday, a legal holiday, or a day on Nhich banking inslitutions in Ihe Cily
Nhere the raying Agent/Registrar is located are authorized by IaN or execullve order to close, Ihen the date for such payaenl
shall be the next succeeding day Nhich is not a Saturday, Sunday, legal holiday or day on Nhich banking institutions are
aulhorized 10 close; and payaent on such date shall have the saae force and effect as if aade on the original dale payaent Nas
due.
The Bonds Nill aature on Septe~ber 1 in each of the years as folloNS:
Principal Principal
Vear Aaount Vear Aaount
Tm' r7J,000 1m mQ,O"OO
1990 S 90,000 2000 $245,000
1991 S 110,000 2001 mo,ooo
1992 . 125,000 2002 S275,OOO
1993 S 140,000 2003 $290,000
1m S 155,000 2004' HOO,OOO
1995 . 170,000 2005' mo,ooo
199b S IB5,OOO 200b' sm,ooo
1997 . 200,000 2007' $410,000
199B S 215,000 200B' S500,OOO
OPTION. The Cily reserves Ihe right, at its option, 10 redeel Bonds .aluring on and after Septe.ber I, 2004, in Nhole or in
part In principal aaounts of .5 000 or any integral aultiple thereof land if Nithin a Maturity by lot by the Paying
Agenl/Reglstrar), on Sepleaber I, 2003, or on any interesl payaenl dale Ihereafter, at the par value thereof plus accrued
interesl to Ihe dale fixed for redeapllon. (See Official Stale.ent for procedure for 'Exercise of Rede.plion Option',
'Seleclion of Bonds for Redelpti.n' and 'Nolice of Rede.plion').
Source of Pataent: These Bonds to be aulhorized by ordinance adopted by the City Council of the City of Paris, Texas, on
August 22,19BB,-rii accordance Nilh Ihe provisions of Articles 23bBa & Articles 1111 el.seq.,V.A.LC.S., 1925 as ..ended, are in
the opinion 0 B~nd Counsel, special ~bligati.ns of the Cily of Paris, Texas, payable as 10 principal and inlerest fro. a first
and prior lien on the Net Revenues of the City's coabined WalerNorks and Sanitary SeNer srsle. (' Srstea'l. The Cily has
~utstanding issues .f revenue bonds and cerlificates of obligation payable fr.. subordinate iens and p edge of the revenues of
Ihe 'Systea' (identified and defined in Ihe Ordinancel.
EXHIBIT A
CONDITIONS OF THE SALE
Tvpe of Bids and Interes!~a!es: The Bonds will be sold in one block, and bids .n an 'Allor None' basis are required. The
Bonds WIll be sold at a price or-not loss than their par value plus accrued interest to the date of delivery of the Bonds.
Bidders are invited to na.e the rale or rates of inlerost 10 be borne by the Bonds, provided Ihal each rale bid lusl be in a
lulliple of I/B of IX or 1/20 of IX and the net effeclive inleresl rale lusl not exceed 15%. The highest rale bid lay not
e,ceed tho lowesl rate bid by .ore than 3X in rale. No lilitation is ilposed upon bidders as 10 Ihe nUlber of rates or changes
which .ay bo used. All Bonds of ono laturily lusl boar one and Iho salo ralo. No bid involving supplolental intoresl rales
will be considered or accoplod. Each bidder shall slale in his bid Ihe tolal inlerest"cPsl i.n dollars and Ihe effoclive
interest rate doteroined thereby Icalculated in Iho lanner proscribod by Arlicle 717k-2, V.A.T.C.S.I which shall bo considered
infonalive only and not as pari of tho bid. "
Basis of Award: For tho purpose of awarding the salo of Ihe Bonds, Ihe inleresl cosl of each bid will be co.puled bi
aeterllnl~tho rate or ratos specified thorein, Ihe tolal dollar cost of all interest on tho Bonds frol the date thoreo
to Ihoir respoctivo laturity datesl using tho lablo of Bond ,ears herein, and deducling Iherefrol Ihe preliul, if any, bid.
Subject to Ihe City Council's right 0 reject any or all bids and 10 waive anr irregularilies, excepl lile of filIng, Ihe Bonds
will be awarded by the City Council 10 the bidder or syndicate accounl (tho Initial Purchaser' or 'Purchaser') whose bid based
on the above co.putation produces tho lowosl nel effoclive inleresl cost 10 Ihe City. Each bidder shall designate on Ihe
Official Bid For. Ihe nalo in which tho 'lnitial Bond' shall be regislered by Ihe Paying Agenl/Regislrar.
Good Faith Deoosil: A Good Faith Doposit, payable 10 'Cily of Paris, Texas' in Ihe alount of One Hundred Thousand Dollars
(IIOO,OOlf! IS roqulrod. Such G.od Faith Deposit shall be in Ihe fon of a Cashier's Check, which is to be retained by the Cily,
uncashed pending tho Purchasor's cOlplianco with Iho lerls of his bid and Ihe N.lice .f Sale and Bidding Instructions. The
Good Failh DepOSit lay acco.pany the Official Bid Fori or it lay be sublitted soparately. If sublitlod soparalely, it shall bo
.ado availablo to,tho City prIor to tho oponing of Iho bids, and shall be accolpanied by inslruclions frol Ihe bank on which
drawn which authorlzo its uso as a Good Failh Oeposil by the Purchaser, who shall be naled In such inslruclions. The Good Failh
Deposit of Ihe Purchaser will be applied on the purchase price on Ihe dale of dolivery of Ihe Bonds. No inleresl will bo
allowed on any Good Faith Doposit. In tho ovont tho Purchaser shall fail or refuso 10 lake up and pay for Ihe Bonds in
accordance wilh his bid thon said chock shall bo cashed and accepted by Ihe Cily as full and cOlplote liquidaled dalages. The
checks acco.panying Ihe ~ids of bidders other Ihan Ihe winning bidder will be relurned illedialely afler an a.ard of the Bonds
has beon ..de.
CUSIP NUnBERS: II is anticipaled that CUSIP idenliflcation nUlbers .ill appear .n Ihe B.nds, but nellher the failure I. prinl
or lype such nu.ber on any Bond nor any error .ith res~ect Ihereto shall conslltute cause for a failure or refusal by Ihe
Purchasor 10 accept delivery of and pay for the Bonds In accordance .ith the terls of this Notice of Sale and the lerls of,lhe
Official Bid Fori. All e'pensos in relation to the prinling or typing of CUSIP nUlbers on the Bonds shall be ~aid by the Clt!I'
providedl however, thai the CUSIP Service Bureau charge for Ihe asslgnlenl of nu.bers shall be Ihe responsibility of and sha
be paid lor by the Purchaser.
Oeliv~ of lnilial Bon~' Initial Delivery will be accolplished by Ihe issuance of one Initial Bond represenling Ihe aggregate
prinCIpal a.ounl of '5,000,000, either in typed or printed fori, payable in installlents 10 the Purchaser, lanually Slgnea by
the Nayor ~ Cily Secretary, approved by the Allorney General, and regislered and lanually signed by the COlptroller of Public
Accounls. Such delivery will be lado at Ihe princi~al corporale office of Ihe Paying Agent/Registrar. Pay lent for the Bonds
.usl be .ade in il.edialely available funds for uncondlti.nal credil 10 Ihe Cily or as olherwise direcled by the Cily. The
Purchaser will be given seven (7) calendar days notice of the tile fixed for delivery of the Bonds. It in anticipaled Ihat
delivery of the Inilial Bond can be lade on or aboul Seplelber 21l19B8; and il is underslood and agreed Ihat Ihe Purchaser .ill
accept delivery and oake pay.ent for the Inilial Bond by 10:Ou A.N., Septelber 21,I9B8 or Ihereafler on the dale the Bond is
tendered for delivery up to and including October 20 198B. The Purchaser .ill not be required to pay for the inilial Bond
until such ti.e as Ihe definilive Bonds are availa~le for registration and exchange. If for any reason the City is unable 10
lake delivery on or before Oclober 20, 198B, Ihen the Cily shall illediately conlact Ihe Purchaser and offer 10 allo. Ihe
Purchaser 10 e,tend his offer 10 purchase Ihe Bonds for another thirty (301 days. If the Purchaser does not elect to exlend his
offer within seven 171 calendar days Ihereafler, Ihen his Good Failh Deposit will be relurned and bolh Ihe Cily and Ihe
Purchaser shall be relieved of any further obligallon. In no evenl shall the City be liable for anr dalages by reason of its
failure to deliver the Bonds, provided such failure is due 10 circulslances beyond Ihe City's reasonab e contr.l.
Oo!iv~IY of Oefiniti~_B~n~1: Upon paYlenl for Ihe,lnitial ,Bond ~y Ihe P~rchas~r a! Ihe li~e of Delivery.f ,such Inilial Bond
tne raYing Agent/Roglslrar shall cancel Ihe Initial Bond, prOVided reglstratl.n InstructIons have been received by the PaYIng
Agent/RegIstrar, and shall register and doliver Ihe regislered definilive Bonds, in any inlegral lultiple of '5,000 for anyone
laturily, in accordance with instruclion received frol Ihe Purchaser and/or lelbers of the Purchaser's syndicale account. It
shall be tho duly of Ihe Purchaser 10 furnish 10 Ihe Paying Agent/Regislrar, al leasl five (51 business days prior I. Ihe
delivery of Iho Inilial Bond Instructions designaling Ihe nales in .hich the Bonds are 10 be regiSlered, the addresses of Ihe
registered holders, Ihe laturillos, interesl rates and aenolinalionso The Paying Agenl/Regislrar .ill n.1 be required 10 accept
registration inslruclions aftor the fifth business day prior I. Delivery of Ihe Initial Bond. If such inslructions are not
received .ithin Ihe specified lile period Ihe Delivery of Ihe Inilial Bond shall nevertheless be lade and paid f.r, and delivery
of Ihe definilive Bonds .ill be delayed unlil such .rltten instructions are received.
DELIVERY OF THE BONOS AND ACCONPANYING DOCUNENTS
2
Condilions 10 Delivery: The "'1.1ion of the Purch.ser 10 l.ke u~ .nd p.y f 'he Bonds is subjecl 10 the Purch.ser:s
rempl of la) the legal opinio "cCall Parkhursl & Hortonl Dallas, h , Bond Counsel for the City ('Bond
Counsel'l, Ibl the no-lillgation cerlificale, and Icl the cer ification as 10 the Official State.ent, all as further
described in the Official State.ent.
The Purch.ser , in order 10 provide lhe issuer ICityl oilh the infor.ation necess.ry t. en.ble it 10 cOlply oilh cerl.in
condilions of the lnlern.l Revenue Code of 1986 rel.ting 10 the exeoplion of interest on the Bonds froo gross incooe of
lheir ooners Mill be required 10 cOlplele, execute1 .nd deliver to the City (on or bef.re the d.le of delivery of the
Inili.l BondI a cerlificalion as 10 the 'Issue rrice' subslanlially in the for. and 10 the effect attached hereto and
,ccoIP.nying this Holice of Sale .nd Bidding Instruclions. Each bIdder, by sublitting his bid agrees 10 cOlplele
execule .nd deliver such cerlificale by the d.te of delivery of the Initial Bond, if its bl~ is'accepled by the City. II
Mill be the responsibilily of the Purch.ser 10 instilute such syndic.te reporting requirelents; 10 ..ke such
inyestig.tion, or olheroise 10 .scerl.in the facts necess.fY 10 enable it to lake such certification. Any questions
concerning such cerlificale should be direcled 10 Bond Counsel.
leoal Opinions: The Bonds .re offered ohenl as .nd if issued, subject to the unqualified legal opinion of the Attorney
Seneral of Texas and of "essrs. "cCall rarkhurst & Horton Bpnd Counsel to the effect lhat the Bonds are valid and
leg.lly binding obligations of the Cily 0/ P.ris, Tex.s and oilh respect to Bond Counsel's opinion that the intereslon
lhe Bonds is exelpt frol federal incole taxallon under existing 1.0. (See caption 'Tax Exe.plion' in the Official
St.le.enlo Such opinion oill be printed on the definilive bonds.
Certification of Official Slate.enl: Al lhe ti.e of p'Ylenl for and Delivery of the Inilial Bond, lhe Purchaser oill be
furnished. cerllflc.le, executed by the proper offici.ls of the Cily, acting in their official capacily, certifying the
infor.alion as sel forlh in the Dffici.l Slalelenl.
Ch.n~e in T.x Exe.pt Slatus: Al any tile before the B.nds .re tendered for delivery, the Purchaser .ay oilhdr.o his bid
If I e Inlerest received by privale holders on securilies of the sa.e type and character as the Bonds shall be declared
10 be laxable incole under presenl Feder.1 incole lax laosl eilher by ruling of the Inlernal Revenue Service or by a
decision of any Federal Courl, or shall be declared to De l.xable or be required to be laken inlo account in co.putlng
anr Feder.l incole l.xesl by Ihe ter.s of any Federal incole tax lao enacled subsequenl 10 lhe dale of lhis Hollce of
Sa e and Bidding Inslruc ions.
SENERAl
Fin.nci.1 Advisor's Rilht 10 Bid: Rauscher Pierce Refsnes, Inc., is elployed as Fin.ncial Advisor 10 the City of Paris,
Tex.s, In connecllon 0' h the Issuance of the Bonds. The Fln.ncial Advisor 5 fee for services rendered oilh respect to
lhe sale of lhe Bonds is conlingent upon Ihe issuance .nd delivery of lhe Bonds. Rauscher Pierce Refsnes, Inc. h.s
reserved Ihe right to suboil a bid for the Bonds, eilher independently or as a .e.ber of a syndic.le forled 10 sub.il a
bid for Ihe Bonds. Rauscher Pierce Refsnes, Inc. in ils capacity .5 Financial Advisor h.s not verified and does nol
assune any responsibility for the infor.alion, covenanls, and represenlalions conlained in any of the Bonds doculenlalion
oilh respect 10 lhe Federal inco.e lax slalus of lhe Bonos.
Blue Sky laos: By suboission of his bid lhe Purchaser represenls Ihat lhe sale of lhe Bonds in Stales olher than Texas
0111 be .ade only pursuanl 10 exelplions Iro. registration, or ohere necessarYl lhe Purchaser oill regisler lhe Bonds in
.ccordance oilh lhe securities lao of the 51 ales in ohlch the Bonds are ofTered or sold. The City of Paris agrees 10
cooperale oilh lhe Purchaser al Ihe Purchaser's orilten requesl and expense, in registering Ihe Bonds or obtaining an
exelplion fro. regislralion in any slale ohere such aclion is necessary, except that the Cily shall not be required 10
consent 10 service of process in any such jurisdiction .
Not an Offer 10 Sell: This Nolice of Sale does nol alone constitute an offer 10 sell Ihe BondsL bul is .erely notice of
Ihe s.le of lhe Bonds. The offer 10 sell Ihe B.nds is being .ade by .eans of the Notice of Sale and Bidding
lnslruclions, Ihe Official Bid For. and the Official Slalelenl. Prospective purchasers are urged 10 carefully ex..ine
Ihe Official Slaleoent 10 deler.ine Ihe invesllenl quality of Ihe Bonds.
lssu.nce of Addilional Waler & Seoer Systel Revenue Debl: The Cily has $300,000, voted but unissued o~ler and seoer
SYSIEI revenue bonds; bul does nol anllclpale Ihe aulhorlzation and issuance of any of I~ose bonds, because they oere
voled in 1956 and 19b5.
Rali~Qs: An applic.lion for a conlracl raling on this issue has been .ade to "oody's Investors Service Inc. The City's
ou 5 .nding general obligalion lax debt is raled 'A' by "oody's lnveslors Servicel Inc. and its Waleroor~s & Seoer Syslel
Revenue Refunding Bonds, Series 1983 are raled 'AAA' by Slandard & Po.r's Corp.ra i.n by reason of being insured. The
results of the delerlinalions by Moody's [nveslors Service, Inc. on Ihis issue Mill be provided as soon as possible.
"unicipal Bond lnsurance: In Ihe evenl Ihe Bonds are qualified for .unicipal bond insurance, and Ihe purchaser desires
10 purchase such Insurance, the co 51 thereof Mill be paid by the Purchaser, and it oill be Ihe duty of Ihe Purchaser 10
disclose Ihe exislence of Insurance, its lerls and Ihe effecl Ihereof oilh respecl 10 Ihe Bond holders.
3
The Official Slalelenl: The Cily Mill furnish 10 lhe Purchaser, Milhoul CDS I 50 copies of Ihe Official Slale.enl land
50 copIes of any addenda, supplelenl or alendlenl lherelo), cOlplele excepl as to interesl rates and olher terls relaling
10 lhe reofferlng of lhe Bonds. The Purchaser .ay arrange al his OMn expense 10 have lhe Official Stalelent reproduced
and prinled if he requires .ore lhan 50 copies, and lay also arrange, al his tolal expense and responsibilIty, for
cOlplelion and perfeclion of Ihe firsl or cover page of Ihe Official Slalelenl so as 10 reflecl interest rales and olher
lerls and infor.alion relaled 10 the reoffering of lhe Bonds. The Cily assules no responsibilily or obligation for the
dislribulion or delivery of any of lhese copin 10 anyone olher lhan lhe Purchaser. ,,'
,.
Addilional C.pies of Notice of Sale. Bid Fori and Official Slale.enl: A lililed nUlber'ofaddiiional copies of lhis
Nollce of Sale and BiddIng lnstrucllons, lne OffIcIal Bid Fori and"lhe Ufficial Slalelenl, as available over and above
lhe norlal lailing\ lay be oblained al lhe offices of Rauscher Pierce Refsnes, Inc., 2400 RPR TOMer, lock Box 331, Plaza
of the Alericas BUI ding, Dallas, Texas, 75201.
The Cily Council of the Cily of Paris, Texas, reserves the righl 10 rejecl any and all bids and to Maive irregularities,
except ti.e of filing.
On Ihe dale of lhe sale, lhe Cily Council, Mill, in the ordinance aulhorizing issuance of the Bonds, confirl its approval
of lhe fori and conlenl of the Official Scale.enl, and any addenda, supplelenl or a.end.ent therelo, and authorize ils
use in the reoffering of the Bonds by the Purchaser.
/s/ Eric S. Cliff.rd,
nayor, City of Paris, Texas
Allest:
/s/ naltie Cunninghal,
City Clerk, City of Paris, Texas.
July ___,19B8.
4
nil lernl BID FORK
Augu.1 2? - -q8
II~n., ~b I e "~y", I r~nnrll "".1,.",
rlly .1 Pari., l~.a.
Grnllt'.p.nl
Snblct! 10 Ihc Ir... ., y'''' IIfflrlal N.tlre ~r Sale and Olflclal Slale_enll daled luly __ 11988, .hich
alC ..,,1, I part 0' lhl. p'~p",,1 .e h~,~hy .ub_1I Iho 1.1I..ing bid lor he 15,000,000 C TV OF PARIS,
11m, UAIERUIIIII, AlIO ,ANIIAI11 r,/UIR RYSHK rRIOR LIEN REVENUE 90NOS, SERIES 1988, dal..d.!S'~h.~" 1,IV88.
I., y~nr Icg,'"[ I,\,,~~ p,."" " dr'" Ih~d In .ald H.llte 01 Sal', .e.fI pay you par' plus accru,d
Inlr"sl fro. d.. 0 or Iho P"nl. to dlte or Ihelr dell'er~', to us, p u. I cnh pruiul 01 I.._____-'or
Prnd. ..luring ~"d h'''lnq Inl"..1 o. '0110..,
Srplrober I, 1187 , Srplrober I, 1996 . Seple.ber I, 2003 .
Srp I ~.ber I, 1770 .-.--.. S~p le.h.r I, 1997 -----I Seple.ber I, 200\ -----I
Srp I~.ber 1,1911 0.---, Srpl..".r I, 1998 -----I S.pl..b.r I, 2005 -----,
Srp I r.her 1,1712 ---.', Srpl~.h.r I, 1999 ---h. Seple.ber I, 2006 -----I
srpl"her I, 1m -, Srpl"be, I, 2000 -----, Seple_ber I, 2007 -----,
srp lroh~r I, 17'/\ , Srptr.h~r I, 2001 -----, Seple.ber I, 2008 -----I
,rplr.h" I, 1m .'.:.s r.~P I ..her I, 2002 :::::s
Inl" "I ro,1 I. 011'" d.,,,,o ollh ".. oho,. bid 1\1
P,o.. Inlrr 0.1 Co.I------------------------- .
1.~1'1 r,..lu. II Iny----------------------- .------------
NIl IHflRIS! lOSI--------------------------- .::::::::::::_
Ir,rClIVE INflRESI RAIE--------------------- ____________.
lhr Inlllll Crrtlllr.,lr!,! ,hili h. "gl"ered In Ihe nile 01 ,
1r.ln~I,,'. """qr,'. N, .111 I~,I" the IIr.I Clly HllIonal--giiil-iif--Austlnj-Austiii;--leiiS"I-Cirpiirite
1"1'01 OI,lslon, Ilh~ r~Y'''1 AI,nl/nrql.h"l, on Ions pro,lded by said flying Rgenl/Req .Irar, our
rrql~h~lIon h"hl'rtl~II' ~l r." flve 151 bll.ln... dly. prior 10 th! dah s!1 for Ihe Initial Delivery.
V~ .111 not "I thr rlylllq Aqrlll/Rogl.11II 10 Impllny reglslrlllon Inslrutllons athr Ibe flve day
pOI I,d.
r.~'hl~r's Cb,cl 01 'he hnl, In Ihe uounl of 1100,000, whlrh
rrprr",!! ,," r.~.d III If. niriill I\r-mmefherelol--ii"lm-Dmllde avalhble 10 y~u prior I~ Ihe
op,nlng ~f Ihl. hl~l, all~ I~ .uh.lllrd In ICC~ldlnce wllh Ihe lern sel Iorlh In Ihe 'Official Nollce of
S.lr' '"~ 'Olflr.\.11 511Iroolll'. IIp.n d~llvery 01 the e.nds, \lId ch.eI Is 10 be Ipplled on Ihe purcha.e
pll" of Ihe P,"~,.
Nr '1lee 10 arr.pl d,II,~,y 0' In .~le Ply.rnl lor Ihe Inll'al 90ndlsl In I..edlalely a,allable lunds al
Ihe o'poral~ hUIIOfflro, III.t Clly Nlllonll BanI of Au.lln, Au.tln Ieus, n~I hter Ihan 10 Ao".,
t.5.1.,;.ptr.hrr 1?,I?IIP, ., th"~all~11 on Iho dlle Ih! Bond.. are lenJered lor delivery, pursuanllo
Ihr 1."...1 1"lh In II.. 'IIIIIr.lol Ho I" 0' S,le'.
Ad~ltI~lIll1y, 0 h'n~ II~' off 01 Ing of Ih. 90nd.111 Initial olferlng prices lor mh 1I1urlty mulling in
yl~I~1 10' eath _~II" "r .1 lI.t 1m thin the y .Id. 10 be Idenllfled and furnished by Ihe undersigned al
01 b"'1f dellvc,y, 01 I ho "'d~1 and al or berore delivery, Ihe undersigned agrees 10 furnish I~e Cily
ollh . ",IIf1ralloll, In ~1I1"hlltl,'lIy Ih! loll Ind conhnl allached hereto, .~Ich In effecl cerllfies
Ihal I bona fl~r Pllbllr offer Ing 01 th! Bond. occurr.d Ind Ihe principal uounl I., percentage of
p,lnclp" "",nll ~I Ih, P~,"h of rath 1IIIIIIty .old al Ih. prices or rlelds cerllfled. For purposes of
lho 'o'.qolng 'ylrld' ,hili ho d~lrl.ln.d .llhout regard 10 Iccrued In erell or dealer conce.sion.
Ih. 11I1~OI'lgnrd "11I1",1""11. Ihll Ih. City will rely ~n Ih. statuen!! IIde herein and In Ihe confirnllon
'cglldlnq I~e P,,"~, ,.1~ rOI pll'p'.... 0' co_plllnt! wllh Ih! pro,lsl~n. 01 Ihe Inhrnal R!Yfnue Code 01
I'IP! rolaling I~ Ih, ~"II"I,".r Inl...,t on Ih. Brnd. fr.. g,... Inrooe pursulnl I~ Seclion 103(al of
llllh ro~r Ind Ih. '."lInl .1 OilY Irqllll od "bIte 01 In,esllenl earnings pursuanl to Secllon 1\811I of such
Codr.
Rr'rrrlhrlly ,"h.llIort
......._____.4......._....__.. _._..__..________ _____________________________________________________
.- - - - --------- _.- -. - _.. _.. - . . -... .. -- --------------- ------..............---------------------...--------------------
Pr.._____oo.__, - 0_._" - _________.________u__u__ Authorized Representallve
Iltr Ihtyo In~ l"rg"Ir'q hid '.r ~on,h I~ approved Ind ICCephd, by order of Ih! Cily Council of Ihe Cily
01 r" I" I..", thl. Ihr prn~ ~Ir 01 A"g".I, \988.
Al .,,11
..-niiir;-Clli-iir-Pirli;-liiis--------------------
CIli r.le;!; oWnl rii Ii, I;;...
blt"n 01 G.~~ rlllh nOlI I, hr"hl ,,In.olr~gr~1
fir.
Bii:::::::::::::::::::::::::::::::::::::::::-
Pnlld Yral';
Ij,OOO,OOO
til, .1 r~, I" l.,~~
U"I"N,tI, I ~,,"\l"y S'N" S,~I'I .r',
1'111111I 11111 III VI 11I/[ PUlIDS
!HAilS 110n
- _.._.__. .___..Ja___________________
11.,1"111 ~"rlrl1lh,., I, 11110 r,lllclpal Du.. S.pt..ber
CUIU I a Ii v.
VI'''' ftlllflllllt P.nd '.arP.nd Yu,~ Year
------- ----------
I'/II? t"~,llflO 75 75 1989
17'/11 '?lJ,MI'l 100 255 1990
1'/'11 1II0,noo 330 50S 1991
In? \I?j,OOO 500 1,085 1992
1m 1\\0,000 700 1,785 1993
111\ \ljj,OOO 930 2,715 1m
1m 1170,000 1,190 3,905 1995
I'm Ilnj,OOO 1,\80 5,385 1996
1m '~110, 000 1,800 7,185 1997
19'1A Im,~oo 2,150 9,335 1998
11'/9 mo,ooo 2,530 11,865 1999
POllll Im,ooo 2,9\0 1\,805 2000
~(UlI ':'/,0,000 3,300 18,185 2001
pnn2 IP15,OOO 3,850 22,035 2002
?l1nJ 1<'10,1100 \,350 26,385 2003
pnol 1\00,000 6,\00 32,785 200\
i'nn~ I\po,Ooo 7,1\0 39,925 2005
i'llll~ Im,ooo 8,010 \7,m 2006
~IUl'1 1\ 10,001) 8,930 56,865 2007
i'II"" ':.nn,MO 10,000 66,065 2000
....--. . . ---------
Ij,OOO,OOO 66,065
nv.rag. laturlly 13.373 Ym~
CfllIlf ItAIE or IIIIDERNAIlER
RillA"" \ Nil t1f.l..lR I,Nr.,f:!lJJ:J or BONDS
II.. u.dersi~r"~ ''''rhy (,.tltlr' .Ith "'prel to thr sal!' 01 lhe cm OF FARIS, IEIAS, NAIERNORYS AND
SA/IIIARY ~f,NfD mil" r""IilIlIl/ DEVIl/ill. BIJIIDS, SERIES 1988 Ithe 'Bonds'l, Issued in the aggregate
r.lllril'al a.rlllll of 15,01111,/100,1' 'olio."
III Ih. "'''lr...lgllrd I. Ihp Ulld".,ltpl Dr the uoager 01 the slndlcale 01 under.riters .hich
I'""h"rd th, P..",.. III" Ih, I:IIy .1 ra,l.II 'pus, Ithe 'hsuer') pursuant 0 a cD.petitive sale.
I~J The '11l11~f ;1~'lnl ,tlllt!n, t'lIr l\r 'f>l1!l flltH!f Ml'lbt'rs 0' the underwriting syndicate, if any, have
.,,1, a br.a f1,I. ."., '"~ .', Ih. 0,,"1. 01 ra,h ..,Iurity to the public.
III \h. l"ill.l1 "1"'11111 ".Irr I"r'e"pd as yleldl lor Ihe IDnds 01 each oatu,ity al.hich a
",h,I.,,,II.,1 a."""t.1 Ih" 0"1111, ", '",h ."I'"lly.n sold 10 the public is as set forth belo.,
r, IlIr i",,\ Yw Principal Year
n~(lIII" P' A.ount of
n<1tul ill~ ""lu'lly !.Irld, "alurlna "aturl \r Yield
I 75,0"( 190? . , 1230,00 -1999
I 90,OI,I{1 11'ln 12\S,OOO 2000
1I10,rlll' 11'11 1260,000 2001
1I15,lIuO \1'11 127S,OOO 2002
II\O,N'O I~'IJ 1290,000 2003
"55,O,,1l 1m 1\00,000 200\
1170,1'01' 1~15 1120,000 2005
1105,110" 1m IllS,OOO 2006
fC'.'ll,(llll' 1111 mo,ooo 2007
1215,"011 191" ISOO,OOO 200B
III 'h~ Ir.. '1'"1011,', ,,, u,>rd h~'eln, orans persons olher than bondhouses, brokers, dealers, and
;llilar rers,.' .. ..~allil"II,". !ftlnq In tho capaclty~' undemllers or wholesalers.
151 Ihp ."r, 1111 p.lrr lylrlrl,1 dr"rlbrd above refl~cl current larkel prices al the Il.e Dr such
1).111:'0;.
III 'h~ ""''''';19".,1 lI"d~"I.'''''' Ihallhe shle.ellls lade herein .ill be relied upon by Ihe Clly of
roll j'l I"" 11"111'" '" ii, rllod I~ ,r'l'ly .lIh the ,ondllions Ilposed by Ihe Internal Revenue Code of
1?11\ "" Ih. r'.'I,II''', ", '"1.,...1 on thp OPlld, fro. Ihe ,.OSS Inco.e of thier o.ners.
fllilllFD a',rl PIII'ill:II' 1Ii1, Ihr ,____day 01 ___uu__n' 19____
lniii-o'-Oniirwrlir-or-fliniijirl-
IY,____________________________
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