Loading...
279685 �,WH17E � - CITV CLERK �1`�'�`I`/ . PINK '� FINANCE G I TY OF SA I NT PAU L Council -��� CANARV - DEPARTMENT BLUE ' - MAYDR File NO. � Co n.cil Resolution Presented By �`�' ��� Referred To Committee: Date Out of Committee By Date WHEREAS, the City of Saint Paul has heretofore been ordered by the Minnesota Pollution Control Agency to abate pollution of the Mississippi River caused by the discharge of sewage into the Mississippi River; and WHEREAS, Chapter 115, Minnesota Statutes, the Water Pollution Control Act, provides for the prevention, control and abatement of pollution of all waters of the State; and WHEREAS, said Chapter further provides that taxes or assessments levied or bonds issued for the construction, installation, maintenance and operation by a municipality of a sewage disposal system or any part thereof are not subject to any limitation and the municipality shall have the power for such purposes to levy taxes and assessments and issue bonds without limitation and without any election or referendum therefor; NOW THEREFORE, be it resolved, by the Council of the City of Saint Paul, that pursuant to the provisions of Chapter 115, Minnesota Statutes, there shall be issued and sold general COUNCILMEN Requested by Department of: Yeas Nays Fletcher � x�4lmix C—/tis�!N� � �t�t hU'C�S Masanz In Favor Nicosia � _; � �/�_���J- � scheibel _ __ Against BY �t "l�� Tedesco Wilson Form Approved by City Atto ey Adopted by Council: Date � Certified Passed by Council Secretary BY B� /\pproved by 17avor: Date _ Approved b ayor for Submission to Council BY - BY �NHITE� - CITV CLERK ��/'\� • � -0INK --i1NANCE V CATJqR�Y - 15EPARTMENT GITY OF SAINT PAUL COUIICII " �BLUE - MAVOR v � - File N 0. � Council Resolution Presented By � Referred To Committee: Date Out of Committee By Date -2- obligation bonds of said City in the aggregate principal amount of Six Million and Eighty Thousand Dollars ($6,080,000.00) for the purpose of procurement by said City of funds in said amount to be used by the City exclusively for sewage disposal systems to provide for the prevention, control and abatement of pollution of waters; and, be it FURTHER RESOLVED, that said bonds shall be issued and sold pursuant to the provisions of said Chapter 115, Minnesota Statutes, and in accordance with Chapter 475, Minnesota Statutes, and that sealed proposals be received in the office of the Director, Department of Finance and Management Services, for the sale of said bonds in accordance with tlie Official Terms of Offering, a copy of which is attached hereto and Yias been presented to the Council and is hereby directed to be _ ., placed on file in the office of the City Clerk; the terms and � conditions of said bonds and of the sale thereof, as set forth in said Official Terms of Offering, are hereby approved and confirmed; and the Official Terms of Offering shall be published in the manner prescribed by law in the Saint Paul Legal Ledger, the official City newspaper and in Commercial West; and, be it FURTHER RESOLVED, that the bonds authorized above shall be designated "General Obligation Water Pollution Abatement Bonds, Series 1983 . " COUNCILMEN Requested by Department of: Yeas Nays � � � ���� Fletcher � �Ii31dS�C lN�T��Q. .,, Masanz [n Favor .Miees�a � � a ��,�j scheibe� _ d __ Against BY " � �"'L�°�,� Tedesco Wilson .� Adopted by Council: Date JAN 13 1983 Form A ve y City A orne Certified P s-e y Co nc , cr y BY " � B�, �'r\\ tap ro y 'Vlavor: D � 1983 Approved b r orSubmi s t Council By _ By - PUBLISNED 2 2 � A J N 1983 �-- _ �sss� �' . _ . . OFFICIAL TERMS OF OFFERIWG • $6���� . CITY OF SAINT PAUL, MIN�ESOTA ' GENERAL OBLIGATION WATER POLLUTION ABATEMENT BOPDS, SERIES 1963 Sealed bids for the Obligations will be opened by Peter H�nes, Director, Department of Finance and Management Services on Tuesday, February I, 1983, at I I:00 A.M., Central Time, in Room 234, City Hall, Saint Paul, Minnesota. Consideration of the bids will be by the City Council the same day at 12:00 Noon, Central Time. DETAILS OF TI-E OBLIGATIOt� The Obligations will be dated March I, 1983 and will bear interest payment on September I and March I of each year, commencing September I, 1983. The Obligations will be general obligations of the Issuer for which the Issuer will pledge its full faith and credit and power to levy direct general ad valorem taxes. The Obligations will be in the denomination of $5,000, in coupon form, and non-registrable. The proceeds will be used to construct water pollution abatement facilities. The Obligations will mature March I, in the amounts and years as follows: 55,000 I 984 225,000 I 991-I 992 325,000 I 996 475,000 2000 I50,000 1985-1986 250,000 1993 350,000 1997 525,000 2001 �200,000 I 989-I 990 300,000 I 995 425,000 l 999 525,000 2003 The Issuer may elect on March I, 1993, and on any interest payment date thereafter, to prepay � Obligations due on or after March I, 1994 at a price of par and accrued interest. Redemption may be in whole or in part of the Obligations subject to prepayment. lf redemption is in part, those Obligations remaining unpaid which have the latest maturity date will be prepaid first and if only part of the Obligations having a common maturity date are called for prepayment the specific Obligations to be prepaid wifl be chosen by lot by the Paying Agent. TYPE OF BID A sealed bid for not less than $5,989,000 and accrued interest on the total principal amount of the Obligations shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening a certified or cashier's check in the amount of $60,000, payable to the order of the Issuer, shall have been filed with the undersigned or SPRINGSTED Incorporated, the Issuer's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the Issuer as liquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the Issuer scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. No rate for a maturity shall exceed the rate specified for any subsequent maturity by more than 1.5%. No rate nor the net effective rate for the entire Issue of the Obligations shall exceed the maximum rate permitted by law. Obligations of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity and additional coupons shall not be used. No bid may be conditioned upon award of any other offering of obligations by the City. �• -,��r , - - �2'79685 AWARD The Obligations will be awarded to the Bidder offering the (owest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the Obligations from their date to their final scheduled maturity. The Issuer's computation of the total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The Issuer will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Obligations, (ii) reject all bids without cause, and, (iii) reject any bid which the Issuer determines to have failed to comply with the terms herein. ' PAYWG AGENT . The principal of and interest on the Obligations will be payable at Chemical Bank, New York, New York. The Issuer will pay the charges for the services of the Paying Agent. CUSIP NUMBERS If the Obligations qualify for assignment of CUSIP numbers su:.h numbers will be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. SETTLEMENT Within 40 days following the date of their award the Obtigations will be delivered without cost to the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser. Delivery will be subject to receipt by the Purchaser of an approving tegal opinion of Briggs and Morgan Professional Association of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Obligations, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Obligations shall be made in federal, or equivalent, funds which shall be received at the offices of the Issuer or its designee not later than I:00 P.M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Obligations shall have been made impossible by action of the Issuer, or its agents, the Purchaser shall be liable to the Issuer for any loss suffered by the tssuer by reason of the Purchaser's non- compliance with said terms for payment. At settlement the Purchaser will be furnished with a certificate signed by appropriate officers of the Issuer to the effect that the Official Statement prepared for the Issuer did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Upon request to the Issuer's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. The Purchaser will be provided with 50 copies. Dated 13 January I 983 BY ORDER OF TF� CITY COUNClL /s/ Peter Hames Director, Department of Finance and Management Services �:- ' � - �WV� ; . , .� OFFICIAL 7ERMS OF OFFERING $6r��� CITY OF SAINfT PAUL, MlNhE50TA GEt�RAL 48LtGATION WATER POLLUf ION ABATEMENT BOND�S,SERlES I 983 Sealed bids for the Obtigations will be opened by Peter Haimesy Director, Department of Finance and Management Services on Tuesday, February i, 1983, at I Is00 A.M., Central Time, in Room 234, City Hail, Saint Paul, Minnesota. Consideration of the bids will be by the City Councit the same day at 12:00 Noon, Central Time. DETAtLS OF TI-E OBLIGATIONS The Obligations will be dated March I, 1983 and will bear interest payment on September I and March I of each year, commencing September 1, 1983. The Obligations will be general obligations of #he tssuer for which the Issuer will ptedge its fult faith and credit and pawer to levy direct general ad valorem taxes. The Obligations will be in the denomination of $5,000, in � coupon form, and non-registrable. The proceeds wilt be used to construct water pollution abatement facilities. The Obligations will mature March I, in the amounts and years as foltows: 55,000 1984 225,000 I 991-I 992 325,000 I 996 75,000 2000 150,000 1985-1986 250,000 1993 350,Q00 1997 525,000 200t $l75,000 1987-1988 275,000 1994 00,000 1998 575,OOQ 2002 $200,000 t989-1990 300,000 1995 425,000 1999 25,000 2003 The Issuer may elect on March I, I993, and on any interest payment date thereafter, to prepay Obligations due on or ofter March I, I994 at a price of par and accrued interest. Redemption may be in whole or in part of the Obtigations subject to prepayment. tf redemption is in part, those Obligntions remaining unpaid which have the latest maturity date will be prepaid first and if only part of the Obligations having a common maturity date are called for prepayment the specific Obligations to be prepaid will be chosen by lot by the Paying Agent. TYPE OF B1D A sealed bid for not less than $5,989,000 and accrued interest on the total principa! amount of the Obligations shall be filed with the undersigned prior #o the time set for the opening of bids. Also prior to the time set for bid opening a certified or cashier's check in the amount of $60,000, payable to the order of the Issuer, shall have been filed with the undersigned or SPRINGSTED Incorporated, the Issuer's Finaneial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the Issuer us (iquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid shall be withdrawn after the time set for opening bids, unless the meeting of th� Issuer scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Ob{igations having been made. No rate for a maturity shall exceed the rate specified for any su6sequent maturity by more than I.5%. No rate nor the net effective rate for the entire Issue of the Obligations shall exceed the maximurn rate permitted by law. Obligations of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity and additional coupons shall not be used. No bid may be conditioned upon award of any other offering of ob{igations by the City. c ='��. 2'7968� AWARD The Obiigations will be award�d to the Bidder offeri�g the lowest doliar interest cost to be determined by #he deduction of the premium, if any, from, or the addition of any amount less than par, to, the totat dollar interest on the Obligations from their date to their finat scheduled maturify. The Issuer's computation of the total net doilar interest cost of eoch bid, in aiccordance with customary practice, wili be controlling, The Issuer will reserve the right to: (i) waive non-substantive informaliti.es of any bid or of matters relating to the receipt of bids and award of the Obligations, (ii) reject all bids without cause, and, (iii) rej�ct any bid which the Issuer determines to have� failed to comply with the terms herein. PAYING AGENT The principal of and interest on the Obligations will be payable at Chemica) Bnnk, New York, New York. The Issuer will pay the charges for the services of the Paying Agent. CUSIP NUMBERS If the Obligatio�s qualify for assignment of CUSIP numbers su:.h numbers will be printed on the Obligations, but nei#her the failure to print such nurnbers on any Obligation nor any error with respect thereto will constitute cause for failure or refusul by the Purchaser to accept delivery of the Obligations. The CUSIP Service Bureau charge for the assignment of CUSlP identification numbers shall be paid by the Purchaser. SETTLEMENT Within 40 days following the date of their award the Obtigations witl be delivered without cost to - - the Purchaser at a place mutuatly satisfactory to the Issuer and the Purchaser. Delivery will be subject to receipt by the Purchaser of an approving legat opinion of Briggs and Morgan Professional Association of Saint Paul and Minneapolis, Minnesota, which opir�ion will be printed on the Obligations, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Obligations sholl be made in federal, or equivalent, funds which shall be received at the offices of the Issuer or ifs designee not later than t:00 P.M., Centra! Time of the day of settlement. Except as comptiance with the terms of payment for the Obligations shall have been made impossible by action of the Issuer, or its agents, the Purchaser shall be liable to the Issuer for any loss suffered by the Issuer by reQSOn of the Purchaser's non- compliance with said terms for payment. At settlement the Purchaser will be furn'rshed with a certificate signed by appropriate officers of the Issuer to the effect that the Official Statement prepared for the Issuer did not as of the date of the Official Statement, and dces not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which fihey were made, not misleading. OFFICIAL STATEMENT Upon request to the Issuer's Financial Advisor prior to the bid apening underwriters may obtain a copy of the Official Statement. The Purchaser will be provided with 50 copies. Dated 13 Januory 1983 BY ORDER OF THE CITY COUNCIL /s/ Peter Hames Director, Deportment of �inonce and Management Services . t; .. �. '� f • ��� OF-FICIAL TERMS OF OFFERiNG $6���� CITY OF SAiNT PAUL, MINPESOTA � GEt�RAL OBLIGATION WATER PQLLUTION ABATEMENT BONDS, SERiES I 983 Sealed bids for the Obligations will be opened by Peter Harnes, Director, Department of Finance ond Management Services on Tuesday, February I, 1983, at I I:00 A.M., Central Time, in Room 234, City Hall, Saint Paul, Minnesota. Consideration of the bids will be by the City Council the same day at 12:00 Noon, Central Time. DETAILS OF TI-E OBL1GATlONS The Obligatio�s will be dated March I, 1983 and will bear interest payment on September I and March I of each year, commencing September I, 1983. The Obligations will be general obtigations of the Issuer for which the Issuer will pledge its fult foith and credit and power to levy direct general ad valorem taxes. The Obligations will be in the denomination of $5,000, in coupon form, and non-registrable. The proceeds will be used to construct water pollution abaternent facilities. � The Obligations will mature March I, in the amounts and years as follows 55,000 1984 225,000 1991-1992 325,000 1996 75,000 200Q I50,000 1985-1986 250,000 1993 350,000 . 1997 525,000 2001 175,000 1987-1988 275,000 1994 400,000 1998 575,000 2002 20�,000 1989 1990 300,000 1995 25,000 1999 25,000 2003 The Issuer may elect on March 1, 1993, and on any interest payment date thereaffier, to prepay � - Obligations due on or after March I, I994 at a price of par and accrued interest. Redemption may be in whote or in part of the Ob(igations subject to prepayment. If redemption is i� part, those Obligntions remaining unpaid which have the latest maturity date wilt be prepaid first and if only part of the Obligations having a common maturity date are called for prepayment the specific Obligations tv be prepaid will be chosen by lot by the Paying Agent. TYPE OF BID A sealed bid for not tess than $5,989,000 and .accrued interest on the total principal amount of the Obligations shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening a certified or cashier's check in the amount of $60,000, payabte to the order of the Issuer, shall have been filed with the undersigned or SPRINGSTEU Incorporated, the Issuer's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the lssuer as liquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid shaH be withdrawn after the time set for opening bids, unless the meeting of the Issuer scheduted for consideration of the bids is adjournecl, recessed, or continued to another date without award of the Obligatians having been made. No rate for a maturity shali exceed the rate specified for any subsequent maturity by more than 1.5°�'0. No rate nor the net effective rate for the entire Issue of the Obligations shall exceed the maximum rate permitted by law. Ubligations of the same r�naturity shall bear a single rate from the date of the Obligations to the date of maturity and additional coupons shall not be used. No bid may be conditioned upon award of any other offering of obligafiions by the City. :�.� � R �- �'796�85 AWARD The Obligations wil! be awarded to the Bidder offering the lowest do1lar interest cost to be determined by the deduction of the premit�rn, if ony, from, or the addition of any amount less tha� par, to, the totai dollar interest on ti�e Obligations from their date to their final scheduled maturity. The Issuer's�-computation of the totai net dollar interest cost of each bid, in accordance with customary practice, wi1! be co�trolling. The Issver wil) reserve the right to: (i) waive non-substantive informalities of any bid or of matters relafiing to the receipt of bids and award of the Obligations, (ii) reject alt bids without cause, and, (iii) reject any bid which the Issuer determines to have failed to camply with the terms herein. PAYING AGENT The principal of and intere�t on the Obligations will be payable at Chemical Bank, New York, New York. The Issuer will pay the charges for the services of the Paying Agent. CUSIP NUMBERS If the Obligations qualify for assignment of CUSIP numbers su�h numbers witl be printed on the Obligations, but neither the failure to print such numbers on any Obligation nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Obligations. The CUSIP Service Bureau charge for the assignment of CUS[P identification numbers shall be paid by the Purchaser. SETTLEMENT Within 40 days following the d�te of their awurd the Obtigations wilt be delivered without cost to -" the Purchaser at a place mutually satisfactory to the Issuer and the Purchaser. Delivery wil! be subject to receipt by the Purchaser of an approving tegal opinion of Briggs and Morgan ProfessionQl Association of Saint Pau! and Minneapolis, Minnesota, which opinior� will be printed on the 4bligations, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Obligations shall be made in federal, or equivalent, funds which shall be received at the offices of the Issuer or its designee not (ater than I:00 P.M., Central Time of the day of settlement. Except as comptiance with the terms of payment for the Obligattons shall have been made impossible by action of the Issuer, or its agents, the Purchaser shall be liable to the Issuer for any loss suffered by the Issuer by reason of the Purchaser's nan- complionce with said terms for payment. At settlement the Purchaser wil) be furnished with a certificate signed by appropriate officers of the Issuer to the effect that the Official Statement prepared for the Issuer did not as of the date of the Official Statement, and dces not as of the date of settlement, contai� any untrue statement of a material fact or omit to state a material fact necessary in order ta make the statements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Upon request to fhe Issuer's Financial Advisor prior to the bid opening underwriters may obtain a copy of the Official Statement. The Purchaser will be provided with 50 copies. Dated 13 January 1983 BY ORDER OF TF-� CITY COUNCIL /s/ Peter Hames Director, Department of Finance and Management Services . . � �'�� �'196�5 � - OFFlCIAL TERMS OF OFFERWG $6,��� CITY OF SAINT PAUL, MIi�A�ESOTA GEI�RAL OBLIGATION WATER POLLUTION ABATEMENT BONDS,SER1E5 t 983 Sealed bids for the Obligations will be opened by Peter Hamea, Director, Deportment of Finance and Management Services on Tuesday, Febr�ary (, I983, at I I:00 A.M., Central Time, in Room 234, City Hall, Saint Paul, Minnesota, Consideration of the bids wilf be hy the City Councit the same day at I 2:00 Noon, Central T i me. DETAILS OF Tt-E OBLIGATIONS The Obligations will be dated March I, 1983 and will beor interest payment on September I and March I of each year, commencing September I, l983. The Obligations will be general obligations of the Issuer for which the Issuer will pledge its full fai#h nnd credit and power to levy direct general ad valorem taxes. The Obligations will be in ihe denomination of $5,000, in coupon form, ond non-registrable. The proceeds will be used to construct water pollution abatement facilities. The Obligations wil) mature March l, in the amounts and years as foltows: S5,000 I 984 225,000 I 99l-I 992 325,000 1996 75,000 2U00 I50,000 1985-1986 250,000 1993 350,000 1997 525,000 200t �20Q,000 198�t9890 300,000 19 5 425,�000 1999 525,000 2003 . The Issuer may elec# on MQrch I, 1993, and on any interest payment date thereafter, to prepay - Obligations due on or after March I, I994 at a price of par and accrued interest. Redemption may be in whole or in part of the Obligations subject to prepayment. If redemption is in part, those Obligations remaining unpaid which have the latest maturity date witl be prepoid first and if only part of the Obligations having a common maturity date are called for prepayment the specific Obligations to be prepaid will be chosen by lot by the Paying Agent. TYPE OF BID A sealed bid for not less than $5,989,000 and accrued interest on the total principal amount of the Obligafiions shall be filed with the undersigned prior to the time set for the opening of bids. � Also prior to the time set for bid opening a certified or cashier's check in the amount of $60,000, payable to the order of the Issver, shall have been filed witF� the undersigned oc SPRINGSTED Incorporated, the Issuer's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the Issuer as liquidated damages in the event the Purchaser fuils to comply with the accepted bid. No bid shall be withdrawn after the time set for opening bids, un{ess the meeting of the Issuer scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Obligations having been made. No rate for a maturity shall exceed the rate specified for any subsequent maturity by more than 1.5'%. No rate nor the net effective rate for the entire Issue of the Obligations shall exceed the maximum.rate permitted by law. Obligations of the same maturity shall bear a single rate from the date of the Obligations to the date of maturity and additiona{ coupons shall not be used. No bid may be conditioned upon award of any other offering of obligations by the City. � _�..- ��9�Q� � � � � � AWARD The Obligations wiil be awarded to the Bidder offering the lowest doitar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the Obligations from their date to their final scheduled maturity. The Issuer's computation of the totol net dotlar interest cost of each bid, in accordance with customary practice, will be controlting. The Issuer will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt af bids and award of the Obligations, (ii) reject all bids withoufi couse, and, (iii) reject any bid which the Issuer determines to have failed to comply with the terms herein. PAYING AGENT The principal of and interest on the Obligcations witl be payable at Chemical $ank, New York, New York. The Issuer wil) pay the charges for the services of the Paying Agent. CUSIP NUMB�RS If the Obligations q�alify for assignment of CUSIP numbers su�h numbers will be printed on the Obligations, but neither the failure to print such numbers on any Obligntion nor a�y error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept def iv�ery of the Obligations. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. SETTLEMENT Within 40 days following the date of their award the Obligations will be delivered without cost to - the Purchoser at a ptace mutually satisfactory to the lssuer and the Purchaser. Delivery will be subject to receipt by the Purchaser of an approving legat opinion of Briggs and Morgan Professiona! Association of Saint Paul and Minneapolis, Minnesota, which opinion will be printed on the Obligations, and of customary closing papers, including a no-litigation certificate. On the date of settlement paym�nt for the Obtigations shall be made in federal, or equivalent, funds which shall be received at the offices of the Issuer or its designee not later than t:00 P.M,, Central Time of the day of settlement. Except as compliance with the terms of payment far the Obligations shall have been made impossible by action of the Issuer, or its agents, the Purchaser shall be (iable to the Issuer for any loss suffered by the Issuer by reason of the Purchaser's non- compliance with said terms for payment. At settlement the Purchaser will be furnished with a certificate signed by appropriate officers of the Issuer to the effect that the Official Statement prepared for the Issuer did not as of the date of the Official Statement, and does not as of the date of settlement, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the siatements therein, in light of the circumstances under which they were made, not misleading. OFFICIAL STATEMENT Upon request to the Issuer's Financial Advisor priar to the bid opening un�erwriters may obfiain a. copy of the Official Statement. The Purchaser will be provided with 50 copies. Dated 13 January 1983 BY ORDER OF THE CITY COUNCIL /s/ Peter Hames Director, Department of Finance and Management Services .