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HomeMy WebLinkAboutReso 045-92 DBX AD91-1BondSaleRESOLUTION NO. 45-92 RESOLUTION ORDERING SALE OF BONDS DUBLIN BOULEVARD EXTENSION ASSESSMENT DISTRICT 91-1 The City Council of the City of Dublin resolves: The City Council accepts the offer of Rauscher, Pierce, Refsnes, Inc. (the "Underwriter") to purchase all of the improvement bonds to be issued in Dublin Boulevard Extension Assessment District 91-1 in accordance with the purchase contract of said Underwriter attached hereto. as Exhibit A and by reference incorporated herein. The City Treasurer of theCity is authorized to execute the agreement, approve the maturity schedule, interest rates, bond date and closing date for the delivery of bonds provided that the net interest rate on the bonds does not exceed 8.5% per annum. The City Council directs the sale and delivery of the bonds to the offeror in accordance with the terms and conditions stated in the offer. PASSED, APPROVED, AND ADOPTED this 27th day of April, 1992, by the following vote: AYES: NOES: Councilmembers Burton, Howard, Jeffery, Moffatt & Mayor Snyder None ABSENT: None ABSTAIN: None ATTEST: $2,350,000 LIMITED OBLIGATION IMPROVEMENT BONDS CITY OF DUBLIN DUBLIN BOULEVARD EXTENSION ASSESSMENT DISTRICT 91-1 Series 91-1 PURCHASE CONTRACT May __, 1992 Honorable City Council City of Dublin P.O. Box 2340 100 Civic Plaza Dublin, CA 94568 Dear City Councilmembers: Rauscher Pierce Refsnes, Inc. (the "Underwriter'l, acting not as fiduciary or agent for you, but on behalf of itself, offers to enter into this Purchase Contract with the City of Dublin (the '~ity'~}, which upon acceptance will be binding upon the City and upon the Underwriter. This offer is made subject to the City's acceptance by the execution of this Purchase Contract and its delivery to the Underwriter at or before 5:00 p.m., local time, on the date set forth hereinabove, and, if not so accepted, will be subject to withdrawal by the Underwriter upon notice delivered to the City at any time prior to the acceptance hereof by the City. 1. Purchase, Sale and Delivery of the Bonds. (a) Subject to the terms and conditions and in reliance upon the representations, warranties and agreements herein set forth, the Underwriter hereby agrees to purchase from the City, and the City hereby agrees to sell to the Underwriter, all (but not less than all) of the Limited Obligation Improvement Bonds, City of Dublin, Dublin Boulevard Extension Assessment District 91-1, Series 91-1 (the '~3onds'% in an aggregate principal amount of $ , dated as of May __, 1992, earning interest from said date (payable on March 2 and September 2 in each year commencing on March 2, 1993) at such rates per annum and maturing on such dates in such amounts as set forth in Exhibit "A" hereto. The purchase price for the Bonds shall be $ , which is the aggregate principal amount of the bonds, less an underwriting discount of $ . The Bonds shall be substantially in the form described, shall be issued upon satisfaction of the contingencies set forth in, shall be secured under the provisions of, and shall be payable and subject to redemption as provided in a resolution adopted by the City on. , 1992 (as amended from time to time, the "Resolution'% the Official Statement dated May , 1992, relating to the Bonds (the "Official Statement'~ and the Improvement Bond Act of 1915, constituting Division 10 of the Streets and Highways Code of the State of California (the '~ond Act'~. (b) By its acceptance of this proposal, the City approves the Official Statement relating to the Bonds, with such changes as may be made thereto, with the approval of the City's Bond Counsel and the Underwriter, from time to time prior to the Closing Date. The City hereby authorizes the Underwriter to use and distribute in connection with the offer and sale of the Bonds: the Official Statement, the Resolution, this Purchase Contract and all information contained herein, and all other documents, certificates and statements furnished by the City to the Underwriter in connection with the transactions contemplated by this Purchase Contract. (C) Except as the City and the Underwriter may otherwise agree, the City will deliver to the Underwriter in New York, New York, the Bonds, in definitive form, duly executed by the City in the manner provided for in the Resolution and the Act at 8:00 a.m. local time, on May __, 1992, or such later date as may be acceptable to the Underwriter (the "Closing Date'd; and the Underwriter will accept such delivery and pay the purchase price of the Bonds as set forth in paragraph (a) of this section by wire transfer of immediately available funds (such delivery and payment being herein referred to as the "Closing'~. The Bonds shall be made available to the Underwriter not later than 24 hours prior to the Closing Date for purposes of inspection and packaging. The Bonds shall be in fully registering form and shall be registered in accordance with instructions to be supplied to the City by the Underwriter, 2. _Representations. Warranties and A~reements of the City. The City represents and warrants to and agrees with the Underwriter that: (a) The City is duly organized and validly existing as a general law city under the Constitution and laws if the State of California and has, and at the Closing Date will have, full legal right, power and authority (i) to enter into this Purchase Contract, (ii) to issue, sell and deliver the Bonds to the Underwriter as provided herein, and (iii) to carry out, give effect to and consummate the transactions contemplated by this Purchase Contract, the Resolution, the Official Statement and any City ordinances, resolutions or agreements referred to therein. (b) The City has complied, and will at the Closing Date be in compliance, in all material respects with the agreements on its part contained in the Resolution, the Act, and all other applicable laws and the agreements referred to in subsection (a) hereof. (c) The City has, or prior to the Closing Date, will have, duly and validly: (i) adopted the Resolution and approved and authorized the execution and delivery of the Bonds, this Purchase Contract, the Official Statement and any other applicable agreements; and (ii) authorized and approved the per[ormance by the City of its obligations contained in, and the taking of any and all action as may be necessary to carry out, give effect to and consummate the transactions contemplated by, each of said documents; and at the Closing Date (assuming due authorization, execution and delivery by the respective other parties thereto, where necessary) the Bonds, the Resolution, this Purchase Contract, and any other applicable agreements will constitute the valid, legal and binding obligations of the City, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency and other laws affecting the enforcement of creditors' rights in general and to the application of equitable principles if equitable remedies are sought. (d) The City is not, and at the Closing Date will not be, in any respect material to the transactions referred to herein or contemplated hereby, in breach of or default under any law or administrative rule or regulation of the State of California, the United States of America, of any department, division, agency or instrumentality of either thereof, or any applicable court or administrative decree or order, of any loan agreement, note resolution, indenture, contract, agreement or other instrument to which the City is a party or is otherwise subject or bound; and the adoption of the Resolution, and the execution and delivery of the bonds, this Purchase Contract, any other applicable agreements and the other instruments contemplated by any of such documents to which the City is a party, and compliance with the provisions of each thereof, will not, in any respect material to the transactions referred to herein or contemplated hereby, conflict with or constitute a breach of or default under any applicable law or administrative rule or regulation of the State of California, the United States of America, or of any department, division, agency or instrumentality of either thereof, or any applicable court or administrative decree or other or any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the City is a party or is otherwise subject or bound. 2 (e) All approvals, consents, authorizations, elections, and orders of or filing or registrations with any governmental authority, board, agency or commission having jurisdiction over the City which would constitute a condition precedent to, or the absences of which would materially adversely affect, the performance by the City of its obligations hereunder and under the Resolution, the Bonds and any other applicable agreements have been obtained. (f) The Bonds, the Relolution, and other applicable agreements conform as to form and tenor to the descriptions thereof contained in the Official Statement; and the Bonds, when delivered to and paid for by the Underwriter on the Closing Date as provided herein, will be validly issued and outstanding and entitled to all the benefits and security of the Resolution. (g) The special assessments referred to in the Official Statement have been duly and lawfully levied under and pursuant to the Municipal Improvement Act of 1913, being Division 12 of the Streets and Highways Code of the State of California, and such assessments constitute valid and legally binding liens on the properties on which they have been levied, all as described in the Official Statement. (h) Except as disclosed in the Official Statement, there are no outstanding assessment liens against .any of the properties within the City's Dublin Boulevard Extension Assessment District 91-1, Series 91-1 (the "District,) which are senior to the assessment liens referred to in paragraph (g) hereof. (i) To the best knowledge of the City, the Official Statement is, and will be, as of the Closing Date, true, correct and complete in all material respects; and, to the best knowledge of the City, the Official Statement does not, and will not, as of the Closing Date, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. (j) The City (i) certifies to the Underwriter, as of the date hereof, that the Official Statement dated May . 1992, furnished on such date in relation to the proposed sale of the Bonds, was "deemed final" (within the meaning of Rule 15c2-12 promulgated under the Securities Exchange Act of 1934 ('~,ule 15c2-12")) by the City on . 1992, with permitted omissions, subject to change without notice and to completion or modification in the final Official Statement; (ii) agrees to provide the Underwriter with as many copies as may be requested of the final Official Statement adopted by the City in relation to the sale by the City of the Bonds within 7 business days after the date hereof, at the sole cost and expense of the Dublin Boulevard Extension Assessment District 91-1; and (iii) agrees to provide the Underwriter, by written notice, of any "developments that impact the accuracy and completeness of the key representations" (within the meaning of the Rule 15c2-12) contained in the final Official Statement, which may occur in the period commencing as of the date hereof and ending on the 90th day next following such date of acceptance, unless such final Official Statement is available from a "nationally recognized municipal securities information repository" (within the meaning of Rule 15c2-12), in which event such period shall end on the 251h day next following such date of acceptance. (k) The Resolution creates a valid pledge of, lien upon and security interest in the unpaid assessments in the District and the interest thereon and the monies in all funds and accounts established pursuant to the Resolution, including the investments thereof, subject in all cases to the provisions of the Resolution permitting the application thereof for the purposes and on the terms and conditions set forth therein. (1) The best knowledge of the City, no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, regulatory agency, or public board of body is pending or threatened, in any affecting the existence of the City or the titles of its officers. to their respectixze offices or seeking to restrain or to enjoin the issuance, sale or delivery of the Bonds, the applications of the proceeds thereof in accordance with the Resolution, the collection or application of' assessments pledge or to be pledged to pay the principal of and interest on the BondsT or the pledge thereof, or in any way contesting or affecting the validity or enforceability of the Bonds, the Resolution, any other applicable agreements, this Purchase Contract, or any action of the City contemplated by any of said documents, or in any way contesting the completeness or accuracy of the Official Statement or the powers of the City or its authority with respect to the Bonds, the Resolution, any other applicable agreements, this Purchase Contract or any action of the City contemplated by any of said documents, or in any way seeking to enjoin or restrain the City from approving the development of any of the property within the District, or which would adversely affect the exclusion from gross income of interest paid on the Bonds from federal income taxation or exemption under California personal income taxation; nor to the best knowledge of the City, is there any basis therefor. (m) The City will furnish such information, execute such instruments and take such other action in cooperation with the Underwriter as the Underwriter may reasonably request to qualify the Bonds for offer and sale under the 'Blue sky" or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate; provided, however, that the City shall not be required to consent to service of process outside of California. (n) Any with the transaction to the Underwriter certificate signed by any official of the City authorized to do so, in connection contemplated hereby, shall be deemed a representation and warranty by the City as to the statements made therein. 3. Conditions to the Obligations of the Underwriter. The Obligations of the Underwriter to accept delivery of and pay for the Bonds on the Closing Dates shall be subject, at the option of the Underwriter, to the accuracy in all material respects of the representations and warranties on the part of the City contained herein as of the date hereof and as of the Closing Date; to the accuracy in all material respects of the statements of the officers and other officials of the City, as well as of the other individuals referred to herein, made in any certificates or other documents furnished pursuant to the provisions hereof; to the performance by the City of its obligations to be performed hereunder at or prior to the Closing Date; and to the following additional conditions: (a) At the Closing Date, the Resolution, and any other applicable agreements, shall be in full force and effect, and shall not have been amended, modified or supplemented, except as may have been agreed to in writing by the Underwriter, and there shall have been taken in connection therewith, with the issuance of the Bonds and with the transactions contemplated thereby and by this Purchase Contract, all such actions as, in the opinion of Sturgis, Ness, Brunsell & Sperry, a professional corporation ("Bond Counsel'D, shall be necessary and appropriate; (b) At the Closing Date, taxes and assessments shall not be delinquent on properties within the Assessment District which bear more than five percent (5%) of the aggregate amount of the assessments then remaining unpaid except as specifically approved by the Underwriter; (c) Between the date hereof and the Closing Date, the market price or marketability of the Bonds shall not have been materially adversely affected, in the judgment of the Underwriter (evidence by a written notice to the City terminating the obligation of the Underwriter to accept delivery of and pay for the Bonds), by reason of any of the following: (i) legislation introduced in or enacted by the Congress or recommended to the 4 Congress by the President of the United States, the Department of the Treasury, the Internal Revenue Service, or any member of the Congress, or favorably reported for passage to either House of Congress by any committee of such House to which such legislation has been referred for consideration, or a decision rendered by a Court established under Article III of the Constitution of the United States of America or by the Tax Court of the United States of America, or an order, ruling, regulation (final, temporary or proposed), press release or other form of notice issued or made by or on behalf of the Treasury Department of the United States of America or the Internal Revenue Service, with the purpose or effect, directly or indirectly, of imposing federal income taxation upon such interest as would be received by any Owners of the Bonds in a manner contemplated in the Official Statement; (ii) legislation introduced in or enacted (or resolution passed) by the Congress or an order, decree or injunction issued by any court of competent jurisdiction, or an order, ruling, regulation (final, temporary or proposed), press release or other form of notice issued or made by or on behalf of the Securities and Exchange Commission, or any other governmental agency having jurisdiction of the subject matter, to the effect that obligations of the general character of the Bonds, including any or all underlying arrangements, are not exempt from registration under or other requirements of the Securities Act of 1933, as amended, or that the Resolution is not exempt from qualification under or other requirements of the Trust Indenture Act of 1939, as amended, or that the issuance, offering or sale of obligations of the general character of the Bonds, including any or all underlying arrangements, .as contemplated hereby or by the Official Statement or otherwise, is or would be in violation of the federal securities law as amended and then in effect; (iii) a general suspension of trading in securities on the New York Stock Exchange or the American Stock Exchange, the establishment of minimum prices on either such exchange, the establishment of material restrictions (not in force as of the date hereof) upon trading securities generally by any governmental authority or any national securities exchange, a general banking moratorium declared by federal, State of New York or State of California officials authorized to do so, or a war or other national calamity only if such event, in the opinion of the Underwriter, adversely affects the price of the Bonds; (iv) the withdrawal or downgrading of any rating of any securities of the City by a national rating agency; (v) any amendment to the federal or California Constitution or action by any federal or California court, legislative body, regulatory body or other authority materially adversely affecting the tax status of the City, its property, income, securities (or interest thereon), the validity or enforceability of the Assessments; (vi) the New York Stock Exchange or other national securities exchange or any governmental authority, shall impose, as to the Bonds or obligations of the general character of the Bonds, any material restrictions not now in force, or increase materially those now in force, with respect to the extension of-credit by, or the charge to the net capital requirements of, underwriters; or (vii) any event occurring, or information becoming known which, in the judgment of the Underwriter, makes untrue in any material respect any statement or information contained in the Official Statement, or has the effect that the Official Statement contains any untrue statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (d) At or prior to the Closing Date, the Underwriter shall have received two counterpart originals of certified copies of the following documents, in each case satisfactory in form and substance to the Underwriter: (i) The Official Statement, executed on behalf of the City by its City Manager or such other official as may be authorized by the Resolution; (if) , The Resolution, together with a certificate of the City Clerk, dated as of the Closing Date, to the effect that it is a true, correct and complete copy of the one duly adopted by the City and that it has not been amended, modified or rescinded (except as may have been agreed to by the Underwriter) and is in full force and effect as of the Closing Date; (iii) An opinion, dated the Closing Date and addressed to the City, of Bond Counsel to the effect that the Bonds are valid, legal, binding obligations of the City and that the interest thereon is excluded from gross income for purposes of federal income taxes, is not a specific preference item for purposes of federal individual and corporate alternative minimum taxes and is exempt from personal income taxes of the State of California, all as provided in the Official Statement together with an unqualified opinion of Bond Counsel, dated the Closing Date and addressed to the Underwriter, to the effect that such opinion addressed to the City may be relied upon by the Underwriter to the same extent as if such opinion was addressed to it; (iv) An opinion, dated the Closing Date and addressed to the Underwriter, of Bond Counsel to the effect that (1) this Purchase Contract has been duly authorized, executed and delivered by the City, and, assuming due authorization, execution and delivery by the Underwriter, constitutes a legal, valid and binding agreement of the City, enforceable in accordance with its terms, subject to bankruptcy, insolvency and other laws affecting the enforcement of creditors' rights in general and except as such enforceability may be limited by the application of equitable principles if equitable remedies are sought; (2) the Bonds are not subject to the registration requirements of the Securities Act of 1933, as amended, and the resolution is exempt from qualification under the Trust Indenture Act of 1939, as amended, (3) based upon the information made available to them in the course of the preparation of the Official Statement and without having undertaken to determine independently or assuming any responsibility for the accuracy, completeness or fairness of the statements contained in the Official Statement, such counsel do not believe that the Official Statement, as of its date and as of the Closing Date, contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (except that no opinion or belief need be expressed as to any appendices and any other financial and statistical data contained in the Official Statement); and (4) the Resolution creates a valid pledge of, lien upon and security interest in the proceeds of the Bonds, the unpaid assessments in the District and the interest thereon, and the monies if all funds and accounts established pursuant to the Resolution, including the investments thereof, subject in all cases to the provisions of the Resolution permitting the application thereof for the purpose and on the terms and conditions set forth therein; (v) A certificate, dated the Closing Date and signed by the City Manager of the City or such other officer of the City as may be authorized by the Resolution, to the effect that (1) the representations and warranties of the City contained herein are true and correct in all material respects on and as of the Closing Date with the same effect as if made on the Closing Date; (2) to the best knowledge of said officer, no event has occurred since the date 6 of the Official Statement which should be disclosed in the Official Statement in order .to make the statements and information therein not misleading in any material respect; and (3) the City has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied under this Purchase Contract, the Resolution. and the Official Statement at and prior to the Closing Date; (vi) An opinion, dated the Closing Date and addressed to the Underwriter, of the City Attorney, to the effect that (1) to her best knowledge after diligent inquiry no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, regulatory agency, public board or body, is pending or threatened in any way affecting the existence of the City or the titles of its officers to their respective offices, or seeking to restrain or to enjoin the issuance, sale or delivery of the Bonds, the application of the proceeds thereof in accordance with the Resolution, the collection or application of the Assessments and the interest thereon to pay the principal of and interest on the Bonds, or in any way contesting or affecting the validity or enforceability of the Bonds, the Resolution, this Purchase Contract,~ or any other applicable agreements or any action of the City contemplated by any of said documents, or in any way contesting the completeness or accuracy of the Official Statement or the powers of the City or its authority with respect to the Bonds, the Resolution, this Purchase Contract, or any other applicable agreement, or any action on the part of the City contemplated by any of said documents, or in any way seeking to enjoin or restrain the City from approving the development of any of the property within the District, or which challenges the exemption of interest paid on the Bonds from federal income taxation or California personal income taxation, nor to her knowledge is there any basis therefor; (2) the City is duly organized and validly existing as a general law city of the State of California under the Constitution and laws thereof with full legal right, power and authority to issue the Bonds and to perform all of its obligations under this Purchase Contract, the Bonds, and all other applicable agreements; (3) the City has duly and validly adopted the Resolution, and it is in full force and effect; (4) the City had duly authorized, executed and delivered this Purchase Contract and the Official Statement; and (5) the statements contained in the Official Statement, to the best of her knowledge after diligent inquiry, do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the' circumstances under which they were made, not misleading; (vii) A transcript of all proceedings relating to the authorization, issuance, sale and delivery of the Bonds; (viii) A certificate, dated the Closing Date and signed by an authorized representative of the property owner(s) of "the District", as identified in the Official Statement for the Bonds, to the effect that (1) such representative is authorized to execute said certificate on behalf of said owner(s); and (2) as it pertains to the development and developers of property within the Assessment District, the Official Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (ix) Such additional legal opinions, certificates (including a non-arbitrage certificate), instruments and other documents as the Underwriter may reasonably request to evidence the truth and accuracy, as of the date hereof and as of the Closing Date, of the City's representations and warranties contained herein and of the statements and information contained in the Official Statement and the due performance or satisfaction by the City at or prior to the Closing of all agreements then to be performed and all conditions then to be 7 satisfied by the City in connection with the transactions contemplated hereby and by the Resolution and the Official Statement. If any of the conditions to the obligations of the Underwriter contained in this section or elsewhere in this Purchase Contract shall not have been satisfied when and as required herein, all obligations of the Underwriter hereunder may be terminated by the Underwriter at, or at any time prior to, the Closing Date by written notice to the City. 4. Expenses. (a) Whether or not the Underwriter accepts delivery of and pays for the Bonds as set forth herein, it shall be under no obligation to pay, and the City shall pay or cause to be paid (out of proceeds of the Bonds or any other legally available funds of the City) all expenses incident to the performance of the City's obligations hereunder, including, but not limited, to the cost of preparing, printing, engraving and delivering the Bonds to the Underwriter; the cost of preparing (including Counsel fees in connection therewith), printing, distribution and delivery of the Preliminary Official Statement and the Official Statement and any supplement or amendment thereto which may hereinafter be required, in reasonable quantities as requested by the Underwriter; the fees and disbursements .and Bond Counsel, accountants, engineers, appraisers, economic consultants and any other experts or consultants retained by the City in connection with the Bonds; and any other expenses not specifically enumerated in paragraph (b) of this section incurred in connection with the issuance of the Bonds. (b) Whether or not the Bonds are delivered to the Underwriter as set forth herein, the City shall be under no obligation to pay, and the Underwriter shall pay, all expenses paid or incurred to qualify the Bonds for sale under any '~lue sky" laws; and all other expenses paid or incurred by the Underwriter in connection with its offering and distribution of the Bonds not specifically enumerated in paragraph (a) of this section. 5. Notices. Any notice or other communication to be given to the City under this Purchase Contract may be given by delivering the same in writing to the City Manager, City of Dublin, P.O. Box 2340, 100 Civic Plaza, Dublin, CA 94568, and any notice of other communication to be given to the Underwriter under this Purchase Contract may be given by delivering the same in writing to Rauscher Pierce Refsnes, Inc., One Market Plaza, 1100 Steuart Street Tower, San Francisco, CA 94105. 6. Parties in Interest. This Purchase Contract is made solely for the benefit of the City and the Underwriter (including successors or assignees of the Underwriter) and no other person, including, but not limited to, any owner of land within the District, shall acquire or have any right hereunder or by virtue hereof. 7. Survival of Revresentatives and Warranties. The representations and warranties of the City, set forth in or made pursuant to this Purchase Contract, shall not be deemed to have been discharged, satisfied or otherwise rendered void by reason of the Closing or termination of this Purchase Contract, regardless of any investigations made by or on behalf of the Underwriter (or statements as to the results of such investigations) concerning such representations and statements of the City and regardless of delivery of and payment for the Bonds. 8. Offerin~ by Underwriter. It is understood that the Underwriter proposes to offer the Bonds for sale to the public (which may include selected dealers) as set forth in the Official Statement. Concessions from the public offering price may be allowed to selected dealers. It is understood that the initial public offering price and concessions set forth in the Official Statement may vary after the initial public offering. It is further understood that the Bonds may be offered to the public at prices 8 other than the par value thereof after the initial public offering. The net premium on the sale of the Bonds, subsequent to the initial public offering, if any, shall accrue to the benefit of the Underwriter. The City hereby confirms the authority and use by the Underwriter of the Official Statement. 9. Time. Time shall be of the essence of the Agreement. 10. Counternarts. This Agreement may be executed in any number of counterparts. 11. Effective. This Purchase Contract shall become effective and binding upon the respective parties hereto upon the execution of the acceptance hereof by the City and shall be valid and enforceable as of the time of such acceptance. Very truly yours, RAUSCHER PIERCE REFSNES, INC. By: Managing Director ACCEPTED: City of Dublin City Manager EXHIBIT "A" MATURITY SCHEDULE Due September 2 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 '2009 2010 2011 2012 Principal Amount $ Interest Rate % (Price 100%) 10