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267830 [[^-��j :,y. WH17E - CITV CLERK C�unCll •'������f�� PINK - FINANCE G I TY O F SA I NT PA U L � , CANARY - DEPARTMENT � � BLUE - MAVOR File NO. � � . ouncil Resolution Presented By ` Referred To Committee: Date Out of Committee By Date RESOLVED, That the Council of the City of Saint Paul does hereby approve the employment of Springsted Incorporated to provide f iscal advisory services to the City Council and the Mayor in regard to the issuance of bonds or other obligations of the City of Saint Paul for a period of one year from the date of agreement and thereafter until terminated by either party upon thirty (30) days written notice at a fee set forth in the said agreement and the proper City officers are authorized and directed to execute the agreement on behalf of the City of Saint Paul. COUNCILMEN Yeas Nays � Requested by Depattment of: � � In Favor Hunt ; � Levine _ Against BY Roedler Sylvester Tedesco Adopted b uncil: Date SEP 9 1976 Form Approved Ci Att ey Ce ied Pa. by Council Secret�y BY v Ap r v by N(ayor: a / SEP 1 5 1976 Approve by Mayor for Sub is on P"o Council By BY PttBLISHED SEP 1 8197fi _ �' .f ./ �>. .-�f ' :�� ..'ofi 1 � `�3r� y�• f F � . ! f �� .�{ � �e � � =�t' a F � �I s� n 16 � ,�� ��n � a �� � � _ � r '� 1 � :�a �,r��P �` �' i: y �+ ,� . � � �{ ��; i t .��� � �a s'� � _ .. .��l-. � � . . ; / 1". - ..�a 1 �. ( � � �,r . _ �- ,�43�� � � n� ���, � � ` '� � � � , � � � � 9�'�„M, � .�r � � � _ ��'�� .r ' �, t . ( r'. + � N f � '� { . . � y �� �. � ". �, ! � a �?� � ;� � � 4 t . } J r �,'. . . . ..� y; . 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OFFICE OF THE CITY ATTORNEY August 31, 1976 HARRtET LANSING Members of the Council of the City of Saint Paul Seventh Floor Court House Saint Paul, Minnesota . Dear Messrs. and Mesdames: INTRODUCTION � You have requested information on the fee arrangement contained in the proposed contract between the City of St. Paul and Springsted Incorporated. You have alsa requested an opinion as to whether the proposed fee arrangement creates a conflict of interest for Springsted Incorporated. In general the proposed contract provides an absolute fee for specified services in connection with a �o d�' ssi ue which fee increases as the dollar amount of the bonds increases.�owC- ever, the ercenta�e of the issue paid to Springsted decreases as t e amourit of the issue - increases. For examp e�ori a one million dollar issue, the fee would be $6,050.00, while on a five million dollar issue, the fee would be $12,760.00. These fees represent 6.05% of the one million dollar issue and 2.55% of a f ive million dollar issue. SERVICES UNDER THE CONTRACT Under the proposed contract (which is for the term of one year and renewable by mutual eonsent) Springsted would perform the following services: City Hali, Saint Paul, Minnesota 55102 612 29$-5121 � " � ,����,� . � Members of the Council Page 1�wo August 31, 1976 1. Act as a consultant to the City in connection with _ general bonding policies and practices. 2. Perform certain specified services in connection with each issue of obligations by the City (other than Port Authority issues, advance refunding issues and temporary borrowings) . The most impor� tant of these services are: a. An appraisal of the fiscal feasibility of the issue. b. An o�inion of the impact of the issue on the _ City s rating and future financings. c. Preparation and printing of the official state- � ment for the issue. The proposed contract sets forth other services to be performed. ADDITIONAL. FEES In addition to the fees set forth in the schedule, the City would pay the following: 1. $250.00 per day plus travel expenses for any con- ference or meetings outside the City. 2. $50.00 per hour in the event that an issue is abandoned prior to the award or for failure to receive an award. 3. $50.00 per hour for additional services not agreed to in the proposed contract. 4. Fees, if any, in connection with advance xefundzng issues, Port Authority issues or temporary borrowing. . ` � . ��-.����� Members of the Council � Page Three August 31, 1976 CONFLICT OF INTEREST The absolute fee paid to Springsted Incorporated would increase as the amount of the issue increases, but the percentage of the issue paid in fees decreases as the issue increases and if t�he issue is abandoned, Springsted Incorporated is paid $50.00 per hour. Does this create a conf lict of interest for Springsted in rendering the services under the contract? In my opinion, as a matter of law, it does not. I have found no prohibition in � statute, the Charter or the Administrative Code which re- lates to consultants employed on a contractua.l basis as is here proposed for Springsted Incorporated. That is not to say that, as a ma.tter of ethics or morals there i.s not some question raised. A determination should be made as to whether there is a basis in economic reality for the fee for a five million dollar issue to be $1,210.00 greater than that for a four million dollar issue. A question of this nature is best asked a fiscal consultant or an expert familiar with the field of fiscal consu}.ting. However, such a fee differential might be justified on the basis of the increased liability Springsted assumes in the event of an error on his part. The proposed contract provides that: 1. Springsted shall advise the City on the content of the official statement which, in his opinion, is necessary to protect the City from failure to have used due diligence in adequa.tely disclosing material facts. 2. Springsted shall not be deemed to have been indemni- fied by the City from liability by reason of faiZure to have disclosed a material fact. . . � . , + • Members of the Council Page Four August 31, 1976 3. For the purposes of the proposed contract, Springsted shall be deemed to be an independent contractor and not an employee of the City, and any claims made by third persons as a consequence of any act or omission on the part of Springsted employees or other persons engaged by it shall not be deemed to be the obligation of the City. While this is not a complete review of the liabilities of Springsted, the contract provisions enumerated above : certainly suggest a scope of substantial responsibilities and liabilities of Springsted. This would constitute an eCOnoma.c justification for increasing the fee as the amount of the issue grows larger. Springsted Incorporated has stated that this provision for compensation is standard in all of their contracts and is a standard practice in the trade. Inquiry has been made into fee structures for fiscal consultants con- tracted by other municipalities and •this information wi11 be made available as it is received. In addition, Springsted Incorporated ha.s expressed a willingness to contract on a retainer and straight hourly fee basis if the Council determines that this is preferable to the fee schedule contained in the proposed contract. truly yours, , ARRIET LANSTNG ity Attorney � HL:jr . � �� . .. ��� .f � ..� • � � x � �.. �� � ��-� �Y�'k ,�' . � � ` � !, y 't a i x�t � � 1 � ` �;� ��$` a �''a � � �� �« �'° � . r �" G;ti cr.f�r� , � �r . •_ s� ��� � / � C � ,� . 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'� �f ' � r . , � � �. .. ,t � ! . ... � . . ' .. . � � � � ,r � � � , . r , . , , ' .., ��.. . , , ,'� . � �, �:7 r, , � �f? . . � x s,: � �i y� , � ,'��r.� n , � �� � � t � s ��, � � '�' � � X � � �; ' � T; >F � ~ ti, r - " i ♦, ' . ' � F ��' �» � s� .'t f d. � - k . � . . - �/ ! 7 3 b' {'. Y: � I f. , � � w iF � �" �s ' � l� � I , � � � � ' - ?� ' q � �_. � ., .. . ,/ ' , ' .�,' r .� �{ � ��- w` ` � . . ... . � . �i o. � �} 1� �� 7 i .. . � . 1 . . t- .� � � � � �� .�.� � . . . ` � _ 1 ��' F . . . � � . �1 � , .� � �������y� ' �;'I ; `, t � ���, y � , . � .. -♦ . .. ' , � � t , ��e � � .. . � . .. . � . . .. . ... . . . ' . .. �i♦1 '�6 H. � a. t ��' .. � . . , 1� .. . i � �_ �n} • 1 � . -• �����'� -��. C ITY OF SAI NT PAUL OFFICE OF THE CITY ATTORNEY k�4�1� HARRIET LANSING TOc �ERS OF THE COUNC�L OF THE C�T�' OF ST��NT P1�UL �'ROPQ; HARRTET I,�NS�NG � C3,ty Attorne�r �,Ec Spr%ngsted �ncorQorated - Fa�scal Consu].tant F s Contract D�TEs September 7, 1976 TIie attached proposed Fisc�l Consultant Agreement with Spr�tngsted Tncorporated has been revised to add a new paragrapfi 5 warranting that the firm will not enter into any contracts which will conflict with the duties to be per�ormed �or the City of Saint Paul. The Agreement has been further revised in paragraph 6 (paXment of fees) so as to provide for the payment of an annual retaa�ner by the C3ty in the sum o£ $7,500. 00, plus payment of $50, 00 per hour for fiscal consultant serv�ces. Spr�ngsted wi11 be available for consultation genera,lly during the year and the hourly charge will not apply to such consultation. Tn addition to the hourly fee, the City wi11 be obligated to pay travel expenses, pr�.nting and ma.iling expenses, and rating fees. The agreement provides that the annual retainer covers the period. starting �u1y 1, 1976. , City Hall, Saint Paul, Minnesota 55102 612 298-5121 ,{.�'n•. . � . . . S.�f�i . . F� w��s ��.�.� _ t + �sy . . �, ,t;� '�, ��;fYS, ' t�- � �°' � ' h, ��� ��'�9�`•;' `,� �� ;` ° �_ . � -4if� n. -. , . � . . � �s°i:F'„�dK . .' .• ��;.!� ,v ,,,�, Y u :��i Y, ' • � _ . . , . . . . _ . . .. . . �. '-F`T� -� . . � . . �. . � . . . . .. .. . � . . ' T .. . .. . .. . � . . . . . . . _ � ..,� .. . . .. t . . . � 1 ��C J- . . . . �. � . . . . . . . . 3 g`,:f_,'- _ � . . . . . . .. . �.?. rt� . . . . . . . �', . . . - . � . . .. � . . . . . . ; .�i.�. .' : -���� . }N,.�.� ,!';. . - . �. .. . . . .. , ��-'� ,:�,..� ' . . ...,; � . .. i f''.� .. .:�.� ' . � ,. .-.. �- � . . .� . . � . . . - }��'� S��.STED t��RAT� MUNICIPAL CONSULTA,NTS ,Er-., ��e,.�.,� • , t; �`. - SUiTE 813 OSBORN EWLDIN� •SAINT PAUL.MINNESOTA 5b102 •(612) 227-8378 �'� � � ��^, ; ,� , P Q iOX it�9ROOKFIEID,WISCON3IN 53006•(<f4)Ta4 1Wp V .a C+.� � - �4JL� �� ,./Y �,y� �" � ., N '4t �" �,.`��5� � � p Y. ��' 'y' r�'. , � 5 � � �. �� +i�!rF '���Y� r f rs ' ti }r� /�.k�4 4 1.*.°,�.� .r+4> ,�� G S.�n}'� � �.: . 3.s .. �p,`. *4��, ;'.qlL 31?. {��i r �,�4 :� Y P i' � .�Sk � f 5 � aaR ,��:y��.y t -..�-k ty r�r ` r� �.��,'�t'r t . +. � ,"'' r 3 � 3'E,Tf�-a}Ct,- �f�y.�-+<�� � '. � �-- 1 J�S�. ,�r. 3.51 S � tl r . � � t�e{, s,� �3 �.. �i ��. S �.�� .��o,�. _ � YG��.t.�h�..�,,-t�"�a 7�'y �Av�"k-p �t ,.,4v��1�ti��� �3 _� � ���� .i sa r, _ �. y x�,� y,d t�' �s��'�� L���y�i � N,� d���r t�''i -�}'"' �. t f �' t �Sr-e '7 < r�c {s>.� ,-�xa'�� f . �' � " �7`a h��'��"�°'3 .g.,? '��" i.'.t ���.� '��'�- .' . .E .. ,. d � y� { r +,'4 ' ... � . .. . , . ' ��, .:� ��' � Robert..JR�;;Sylvester,,.Covacil:Presid�nC : �, � _ •; �'� ,� � � , , g'�<+� :Me.mbera- of�"th,�: Cit}r�CcYC�scil'� 5 ' v `� �� � t ` "~ �$= ,b 1�' �;,s7��. Y�y,''�i �#+' ��� f ar v e." 'T r' Y C .+/� t j' :'t�'�'�.Eti. �a� ({ �' � ,YJ: .�,� .�,v.��w .n 'ry y;C S. t`�w-� F b .r< +'�,i°��^w, �r P` �6 ,+ r Y. ..:,t�S�,��t '�,Yjiy,�f � �;. ;City of Sa�.aC Paul..�� , r���{� �., r �,a .� >�' �,,r rr �4 �� ,��s�.�-,�ti x et�"d {�' . �?":.±: . . .� -sy�. '` ,�, . �,d'A'�'�syK�'�'�`�„i��M�sM�'�f'°jr a.Fa�s+» �.�' sv �- -^r�M1- �. 9 � �.,,,�r x y�8`�y �p. -�.`<.. . , dJ��.s���:.7,� p� 'J . r R ��� Mr�+� t ,J�y,�/�k4 *'�x,�,i_ t j``, 7 .,, . , %!4,�'�'��,��;��rs �+i . ...,:ak ., .4 . a1�yr;.4�Wi {{. . . � .'k.�' _.;. 3�.�.. ,. � ' �' g�'�; •v . . . r .. ta, ,��� � �w � 5'x ,This AGREEl�1T'mada: and:�;eziterect inta:��ttiia � �'�` d�ty.:of S�pteaa�ber,. � '`�'w �� - ��,,,��;- �976, by aad.:be�ee�.�T�E=�CITY. OF S�INT".PAUL s (the���.'Cj.tyn}:a: muTt�.Cip81 ' '`� 4�a�1� . corparation of- the� Stat��{of I�iinaesota, ;and SPItINGSTEA :INCO�PORATLD (S-I) ����+`�. � . :� ��'mua�C.i�-; ri.Q[l.Bii.L�4a'�'�,��.�V< t3,.1' �., r. 9�i r,�„� i .•4 i ^�v a,>* ,r,,,��hn"� _ 7 ty '�l'''',A* - iS � � ' . k �� , r f � : s .. .;�,., i'� te y �ca > �' r'� �. ;�.�. : G r r.4r � . ,..�{ _} . . .: % . a +yd` . ,t r i� -x�x r�it�'�i w.< �eb�5. ,��k ����a�� � �. ... ': � ', 5 >`k ..k�����M ,,�.. ,e tn�'` 1 '�s�a �'� � � ... '#'W�.. y �< X�y,y f� � `.�'`°y�+�,t3'f� .p.t� �. . `���� .�' ' The City and S=I do hereb�r sutual].y agree aa follo�rs � ' ` ,, ` _� � � ;, � SR �� r � � � :: .�`J �} : s y� , .� i : : t .' �, � n: s$' 6: '.+ 7 r�.��.i-.,f ���*„`�54,���{�� � .� . .'. 3 1 :: ����`�'# � , f� ��,: r'...>_ ir�n �:`y �< :. � °�'F ., � c��. kh F :a4 .: �s3 s%�*d�.�dq ! � `�sar. ��Y�+ J"w,�� {� _ u w .. . �.-.... � ,-� �,��� . 1. S-I:shall': a.c�,'ms.t�.°ccnsu�.taat to;�the Gity°,` as. am agent'amd �ot aa ..,Y ={���� .� : a principaZ; for.:.tb�.<;�.ncurring bp;th� ,City-of zI1:oblig�tions_fQr �"` ` ..•:� :� `":;'., : . bc��o�ed: ftuidss: ea[G�gt-;thos� ftz�u�T�d ag behaTf'of the Yort Authox�.ty� . whether auch obligazions are:payable: as a.'general`obligat3on of the : "�� �' �f F ..I` .. . � . City or fro�-desigxiated revenues, for the periad of one .(I) y�ar �' Y �,.��. � � , fram July Y,.. 1.976 w a,nc�.,<thereaf ter�:until:.tern�inated by either party _ �-: , ? ��� l.�� �z;�` upo�s 30;days. wr�ttea noti.ce to• the.Qther- partq.. 3-I''shal.l"perform tis �i'����"��'����" , the- f oll .a ro, �,.. . . . �. b�:,����, . ;� � �S '. FP. P�ate. senrices d through I for each-' Zssue of > �� ; ' ..ar such-obligaCioas,�iu.add�.tion :ta wh�.ch:5-I �ill.p�xfQrm�.tihe servic�s , { �'�� atat�d ix� para8r�p1�.� sad :uchy�other services as th� Citg map �, �'.� - , �� =p.qil�.�� S .��'���'� '�G. �;;�`�;;r}t } � .'.�,S, •`.t�,:`. i^ y y'a" :. r �`^S, ;i ' `�j,'k4��} .r f rt ... .r�a� �*'�+jk���'�'�'�,";, Y"+�t�^`�:j��� �4 �vt�tyi�.��Hry ,{� :����z.,ct:� �t - y � � . 3 M s,�"� A�`�'t''we,eti� x�, r.. ,.,� �3,��, �' �.�� �t � ± �,�s.. ��Yr , a r'�*k+ i��i �{'SS� :``, �' r�`�w w°tr"r� �a � u-r �k�'4^+�'t` ''� �i',�'�y, � ���"c ��2n t ' .L T 'i � i"YXt' f� C�. s < \ 1 .�.� �� r , ,� � . ~.` l: Y.� j . �' ,�� �:: ' A. ;S T ahal,r:"gt+ep��ce and au�init ta the Citp, fcrn�lly,�or� informally. � �4�� L �t�, t' �,���' '�`f� �.,:�!'St'����d�*"�,�t�v�J' k^ Z 4 .�,� ., .•�a ,",+���.,..'� �. . ���. ��..:"�r�ft ?�:•�"7 �J .'. �t ,�'',F,r *Z . +,2) � Au• appraisal:of:the �iscal `fea.sibilitq of th� Issue based °: �, � ,����w��`� upoa� in�arm�tton �Provided by t1�e City th, �,� ,$ ,�t . :� � i ii✓�.,.w��'txr.� �4���� -YS�*,C�_�. t � - � c �ti � r �3'!�' � *� ��' r a F: w�:�.. ���;� x�?i�ti�,'�r a; ., �„',, .,. - ,'��'; ':; �:�'^ _ T~:` `t�l, -. :" °t�` ;` ' � : 2} `: Aa estimate--of' th� principal and iaterest ("TfebtY Serv�ce")�::` f � ° � require�a+�nts a£ the Issue ' '� Y �C" y.+ � r� � `. �,����, ! 'c � r" � m _ i r ,� i �� `�fx .�1F��� „ ' _ ,;:' A,,i�3��''�F'4 t-�:. s . ;;.�` �' '� ? �? _r �=' ,,.¢�.~� . '`..%i' . :, ,�f� �� } 'r.-. ``3 � ` ` = 3} .� Aa opinio�a..of the adequacp �of� current or propased �cost '` = Q � :� � . . � �� ; . _ , _ .- '_ �; n; , , ' •.': reCOVery' po13c3es s as pre�etlted �to S�I by the City, ta :., " . � ,+ �" , provid� Debt-:Sezvice Y . _ -�-, - yf t . . . ..�.-.� 1 ,7+f�rw(��1 > .���' .. . ' -. .. _ .'• �' y '. . ���. ... • :��' �i .�, ] �- ` T � . . ,- 4) .�;"Alternative methods,' if there�are any;� :availabl.� for th� -;= _ � ' ' _. 1 <, pravisi,an: of Debt Service revenues . d yG = t . .. . ,-;;� �Sa» r :,�. . ' ; " _. ' '..,. ` . - '.,,' 4 ""'' , �" . .-.. s ` :��� . ' S) Al.ternative m�thods, ff there are ang, for spreading the � cost of. the Issue. , �, `� a ' � :z � ��� �, t� � s . ' ? 44 �: ` _. 3 ' bfi, �- : �_l }«����J� . i<i � I 3� � T � ;,�,,�i � S': .. t s < � ,� �.wn�rr�s.�fi�'§,�'r p 'z r � ..�.' r rt�'Ywt"`e �..{Eict'z 2 . y r; f�'Y L.� t �,�,Cs� r.; GY,y ,.� -t't t .t�s���'�� .. ....� . :k2�. . . .. , . ... . � . ., t, ....�. . . ,. ..r < .. ._. _. . _ ._ ,� . , � � . _ _ _ ,., _: :. _ .: . . - - � � � � � � � �� �� ����� h� ��.. � � . . .. . . . . . . � � ... _ . i �a ��� 'y.'., . �°� � • 6) An opin3,on+ of the impact of the Issue upon the City`s: r ,y� � x r �� -� a. Rating. �" �� �4 b. Future Financing. as�1 . . . � � . o `+' . _ .� . .. . �. . � . � 7) Aa estimate of the cost impact of the Issue. .�; , .�,x' � �"�'�' 8) Aa opinioa of_ the marketability of the I'ssue. N � �� �` ��,�,�x.�- . , , - - �� = ..+4 : : ,. �,��'� B. S-I shal]. prepare�and recammend a writCen computerized debt ��x� � ��_�.,.��- : reti�emea� plan (the "Plau") for the Issue which must be ��� �� ` acce�table to-';the City and which shall considerc � t • �, ,. . , .� i 21.+i'. ^ �_ � .... '-�.. � '. ' . S�'� .� � . '': ��t �° . ."�` ._�. .'.'�'� ,.- .�:�� .. ��... ' ..:.• �...: ''.n� � ` I? .Prpj+ected. available reveav.�s, including taxes tf appropriata, , � y;:�� lr for Debt Service of the Issue. , i`����r ���- ..s .. . � �. 'q . ... . . •�.:s�^��""�T. .. _ .. �- �',��, ` .'2� �; ;.Correlatian��of the Debt�.?Ser°vice of the Issue with outstaadia� Y;��;� , K� sad projected :indebtedaess. � � - �' ; x `,,n� �,� k , • , .�k . k f Tr'TC � (�P� ..^�M" �'in � ��� . ; .' 'i .. ,° ;',.... , F �' � . ... . J' _ '^v��$ Y� « " '.�:-� . :"' ' ' . ��r 4.'k� 9 4 ii + , , . .; � ' � � - 3} °Curr'eat. and projected�fiscal poZicies. : ;F�; -� ,, �'.��' � 4 K�•.k h. ° .:x jH�F�at'T �e .. $�.L}�Y�-+e r:�•A , . ... . . , .� .. . � . --- J .,. „"T)+LY'1'n' �.. . '..: -�: ..,� ` :^F� { .;_ . � � .. . �.. ,�.. . . . .. . ' ", �� - .. '��., .� .' - .-. : � : 4) = Fund-f 1oaT=��ad�quacy to meeC.Deb t Service paymeats. �" �,'. <� F . . c,; �� � ��,,. ,�'��.��',N; , . ,,. > ' ��� ., �� : 5) '.;Total Co�munitq xesources. � K - � .4 _ { r�"�. � y� }��R . . 1. q���,...�. � � �' � '.'��� s ,*�th:, ,. -' . , ','', ;_:.:-. .: � . � �.�r r .. � � ` �� . 6� . -MarkeLabf.liCy factors,..i,ncluding: -: �;Q Y���z�� '� � a. -.Currea�. and forecast market conditions �: y � e{:��� 3 � . b.., :-Bating-.�s�,,�.: . . . , - ��, ,� ��;V ' _ ��'�`� c.. Diacouat requiX�ents. ,' �t _ �,�,s d. Ba.te-ltmitations. � - :- •� � ' ���r�� e. Rede�ption options. . �'�';��.r { f. Length :of maturity. - ,�; •i , . . . . _ . -. �r . g. Deacminatioas. � . ,. , , ' h. Securi.ty. covenants. : . � ` - �� . ;` , "�;' ' i. ? Iiarket. acceptability of the-purpose of the• Is�ue.' - > � � kr r� . . . .. � � . �' 4 x -. . . .,..;�� a Z.1'CS���`.�.;..'. ; ' ..-' ... �.' - � -� ` . ::' , '� �.: .t� ' , f d . , . ..,_ . . . : ;. ". 7) Campliaac� �r3.th arbitrage regulationa. ` r . ,:; - � � � � � .� � , � �,�,�����, �,,:;_ ... ; ; . �- k�1.r k �t�< C. On behglf of the�Citp and��rith f ts cooperation S--2 �shall t �`'. erform ths reaearch and data collectioa �*� -� p process necessary ta ~" � � ° write, publish �nd distribute the Offfcial Statement for the _ ;� �y ,� ,,;. Issue which StatemenC shal], be released only after it has be�n '� ` approved by the City. �* � �� �x'�.� � '^ _ ''�,��'�"�� S-I shal,], advise the City of the contenC of the Official .����'��-� � Statement which in the o infon of S-I is necessa .� �,� ,� _ P' ry to protect '�'�� �`.� the City fra� failure to have used due diligence in adequateiy * � �����:�„�`Y'� , disclosing a taaterial fact relative to the Issue. (S-I: will 4'�'���_ _•. reserve the right to disclaim respansibility for the Official � "`�� Sta_, tement if,' when issued, it cantains information which S-I : � i F = beli.eves does not properly disclose material facts stated in � ���`'��� it, or if it fails to disclose material facts which ir, the �,. _. , ", : ° opinion of S-I should be disclosed.) , � , � .. . ,;::: �, ...�:. _ , - �, . , � . . . y .+;'`���.. ... . � � . - � � '� . .. . . . . .. ., , �� .. . s . � . . . - � .� . . . . .. . . ,:,. . . . . -. .� . .. . -. � ... �. :. -� . . . . . _. .,.:.:..; .,: .. . . . . . . . - � . . : -.,�. .