Ordinance 2690-03 - Laserfiche WebLink

has not been executed within 30 days after the date of final approval of this ordinance, the authorization for the issuance of the Bonds shall be rescinded, and the Bonds shall not be issued nor their sale approved unless such Bonds shall have been re-authorized by ordinance of the Council. The ordinance re-authorizing the issuance and sale of such Bonds may be in the form of a new ordinance repealing this ordinance in whole or in part or may be in the form of an amendatory ordinance approving a bond purchase contract or establishing terms and conditions for the authority delegated under this Section 17. (c) Delivery of Bonds; Documentation. Upon the passage and approval of this ordinance, the proper officials of the City including the Finance Director, are authorized and directed to undertake all action necessary for the prompt execution and delivery of the Bonds to the Underwriter thereof, to purchase the Bond Insurance Policy and further to execute the Bond Purchase Contract and all closing certificates and documents required to effect the closing and delivery of the Bonds in accordance with the terms of the Bond Purchase Contract. (d) Preliminary and Final Official Statements. The Finance Director is authorized to ratify and to approve for purposes of the Rule, on behalf of the City, the Official Statement (and any Preliminary Official Statement) (both as defined in the Bond Purchase Contract) relating to the issuance and sale of the Bonds and the distribution of the Official Statement pursuant thereto with such changes, if any, as may be deemed by him/her to be appropriate. The preliminary Official Statement for the Bonds, dated May 5, 2003, is hereby deemed final as of its date for the purposes of the Rule. The City's Finance Director is hereby further authorized to negotiate the terms of Qualified Insurance in the form of a surety bond for the purpose of satisfying the Reserve -50- P:\CMW\CMW5NP 04/22/03