Resolution No. 4808 - Laserfiche WebLink

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(b) The holders thereof may look for repayment only to the revenues that are pledged to the payment thereof; and may not directly or indirectly be paid or compensated through the property of the City, or EWEB, or by or through the taxing power of the City. Section 5. Provisions for Sale of Bonds at Private Negotiated Sale. The Council hereby authorizes EWEB to sell the Bonds at a private negotiated sale based upon written recommendation of EWEB~s independent financial advisor, provided that such financial advisor makes a written evaluation of the terms and conditions of the sale and the pricing thereo~2 Section 6. Bonds Reporting. EWEB shall submit to the City by May 1 of each year the following annual reports commencing after the first sale of any Bonds or other evidences of indebtedness hereunder and each year thereafter until the Bonds have been paid and retired: (a) A report on the funds for each series of Bonds describing the funds established, the amounts in each fund, expenditure from each fund, the manner in which the monies in each fund have been invested, the income from such investments and the application of such income; and (b) A report on bond payments describing amounts paid and amounts scheduled to be paid and the source of such payments. If the contents of the reports required by subsections (a) and (b) above are included in the EWEB's yearly audit report, EWEB may comply with this section by transmitting a copy of its yearly audit report to the City. Section 7. Appointment of Professionals. EWEB is authorized to appoint bond counsel, underwriters~ financial advisors, a registrar and paying agent, an escrow agent and any other professional assistance that EWEB determines is necessary or convenient to accomplish the issuance and sale of the Bonds. Section 8. Official Statement. EWEB or any party designated by EWEB is authorized to prepare and distribute or direct the preparation and distribution of a preliminary official statement or other disclosure document for the Bonds, as determined to be necessary by EWEB~ to obtain bond insurance or other credit enhancement, if required, and to obtain a rating on the Bonds from Moody's Investors Service, Inc, Standard & Poor's and/or Fitch Ratings, if required. Section 9. Taxable Bonds. The City hereby consents to the issuance of a portion of the Bonds as bonds the interest on which is taxable for federal income tax purposes. Section 10. Effective Date of Resolution. This Resolution shall become effective immediately upon its adoption. Resolution - 3