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<br />(a)A report on the funds for Refunding Bonds describing the funds <br />established, the amounts in each fund, expenditure from each fund, the manner in which the <br />monies in each fund have been invested, the income from such investments and the application <br />of such income; and <br /> <br />(b)A report on Refunding Bonds payments describing amounts paid and <br />amounts scheduled to be paid and the source of such payments. <br />If the contents of the reports required by subsections (a) and (b) above are included in the <br />yearly audit report of EWEB, then EWEB may comply with this Section 7 by transmitting a <br />copy of its yearly audit report to the City. <br /> <br />Section 8. <br />Appointment of Professionals. EWEB is authorized to appoint bond <br />counsel, disclosure counsel, financial advisors, a registrar and paying agent and any other <br />professional assistance that EWEB determines is necessary or convenient to accomplish the <br />issuance and sale of the Refunding Bonds. <br /> <br />Section 9. <br />Official Statement; Sale Documents. EWEB or any party designated by <br />EWEB is authorized to prepare and distribute or direct the preparation and distribution of one or <br />more preliminary official statement(s) or other disclosure document(s) for any of the Refunding <br />Bonds or in connection with a preliminary official statement or other disclosure document for <br />any other bonds, as determined to be necessary by EWEB, to obtain bond insurance or other <br />credit enhancement or commitments therefore, if required, to obtain a rating on any or all of the <br />Bonds from Moody’s Investors Service, Inc., Standard & Poor’s and/or Fitch Ratings, or from <br />such other bond rating agency as may be nationally recognized at the time of issuance, if <br />required, and to issue and publish such notices of sale of the Refunding Bonds as may be <br />necessary or required to accomplish the public competitive sale of the Refunding Bonds or <br />negotiate and execute a bond purchase agreement if the Refunding Bonds are to be sold by a <br />negotiated sale, whichever the case may be in EWEB’s determination, in accordance with this <br />Resolution <br /> <br />Section 10. <br />Effective Date of Resolution. This Resolution shall become effective <br />immediately upon its adoption. <br />th <br />The foregoing Resolution adopted by the City Council this 11 day of May, 2009. <br /> <br /> City Recorder <br />5 <br />