2183ORDINANCE NO. 2183
COUNCIL MEMBER ABBOTT INTRODUCED THE FOLLOWING ORDINANCE:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION VARIOUS
PURPOSE BONDS OF THE CITY OF BLAIR, NEBRASKA, IN THE PRINCIPAL AMOUNT OF
ONE MILLION TWO HUNDRED SEVENTY THOUSAND DOLLARS ($1,270,000) FOR THE
PURPOSE OF PAYING THE COSTS OF IMPROVING STREETS AND INTERSECTIONS IN
STREET IMPROVEMENT DISTRICT NOS. 190 AND 191; PAYING THE COST OF STREET
IMPROVEMENTS IN GAP PAVING PROJECT NO. 192; PAYING THE COST OF WATER
IMPROVEMENTS IN WATER EXTENSION DISTRICT NOS. 48, 49 AND 50; AND PAYING THE
COSTS OF SEWER IMPROVEMENTS IN SANITARY SEWER EXTENSION DISTRICT NOS. 71, 72
AND 73; DIRECTING THE APPLICATION OF THE PROCEEDS OF SAID BONDS; PRESCRIBING
THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY AND COLLECTION OF TAXES TO
PAY THE SAME; PROVIDING FOR THE SALE OF THE BONDS; AUTHORIZING THE
DELIVERY OF THE BONDS TO THE PURCHASER; AND ORDERING THE ORDINANCE
PUBLISHED IN PAMPHLET FORM.
BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF BLAIR,
NEBRASKA:
Section 1. The Mayor and Council hereby find and determine: that pursuant to ordinances
heretofore duly enacted, Street Improvement District Nos. 190 and 191 were created in said City and
certain street improvements were constructed in said Districts; that said improvements have been
completed and accepted and hereby are accepted by the City; that the cost of said improvements, as
reported by the City's Engineer, is not less than $644,443, of which $644,443 is District cost; that in
addition, the City has incurred additional costs in an amount not less than $83,232 for interest on warrants
and other indebtedness and miscellaneous expenses in connection with said improvements; that special
assessments have been or shall be levied according to law on the real estate in said Districts specially
benefited by said improvements and such special assessments are valid liens on the lots and tracts of land
upon which they are assessed; that after applying available monies collected from the special assessments
and other funds available for such purpose, there still remains due and payable from the City on the
district costs not less than $727,675; that all conditions, acts and things required by law to exist or to be
done precedent to the issuance of Street Improvement Bonds of said Districts in the amount of $727,675
pursuant to Section 16 -623 R.R.S. Neb. 2007, do exist and have been done as required by law.
Section 2. The Mayor and Council further find and determine: that pursuant to ordinances duly
enacted Sanitary Sewer Extension District Nos. 71, 72 and 73 were created for said City and certain
improvements were constructed in said Districts; that said improvements have been completed and
accepted by the City and are hereby accepted; that the cost of said improvements as reported by the City's
engineers is not less than $173,751; that in addition, the City has incurred additional costs in an amount
not less than $22,440 for interest on warrants and other indebtedness and miscellaneous expenses in
connection with said improvements; that special assessments have been or shall be levied according to
law on the real estate specially benefited by said improvements and such special assessments are valid
liens on the lots and tracts of land upon which they are assessed; that after applying available monies
collected from special assessments and other funds available for such purpose, there still remains due and
payable from the City not less than $196,191; that all conditions, acts and things required by law to exist
or to be done precedent to the issuance of District Sanitary Sewer Service Extension Bonds of said
Districts in the amount of $196,191 pursuant to Section 19 -2405, R.R.S. Neb. 2007, do exist and have
been done as required by law.
Section 3. The Mayor and Council further find and determine: that pursuant to ordinances duly
enacted Water Extension District Nos. 48, 49 and 50 were created for said City and certain improvements
were constructed in said Districts; that said improvements have been completed and accepted by the City
and are hereby accepted; that the cost of said improvements as reported by the City's engineers is not less
than $132,201; that in addition, the City has incurred additional costs in an amount not less than $17,074
for interest on warrants and other indebtedness and miscellaneous expenses in connection with said
improvements; that special assessments have been or shall be levied according to law on the real estate
specially benefited by said improvements and such special assessments are valid liens on the lots and
tracts of land upon which they are assessed; that after applying available monies collected from special
assessments and other funds available for such purpose, there still remains due and payable from the City
not less than $149,275; that all conditions, acts and things required by law to exist or to be done precedent
to the issuance of District Water Service Extension Bonds of said Districts in the amount of $149,275
pursuant to Section 19 -2405, R.R.S. Neb. 2007, do exist and have been done as required by law.
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Section 4. The Mayor and Council further find and determine: that pursuant to a resolution
heretofore duly passed, Gap Paving Project No. 192 was created in said City and certain street
improvements were constructed in said Project; that said improvements have been completed and
accepted by the City and hereby are accepted; that the cost of said improvements as heretofore found by
the City's engineers and by the Mayor and Council is not less than $174,342; that in addition, the City has
incurred additional costs in an amount not less than $22,517 for interest on warrants and other
indebtedness and miscellaneous expenses in connection with said improvements; that special assessments
have been levied according to law on the real estate in said Project specially benefited by said
improvements and such special assessments are valid liens on the lots and tracts of land upon which they
are assessed; that after applying available monies collected from special assessments and other funds
available for such purpose, there still remains due and payable from the City on the costs for said Project
not less than $196,859; that all conditions, acts and things required by law to exist or to be done precedent
to the issuance of Paving Bonds of the City in the amount of $196,859 pursuant to Section 18 -2003,
R.R.S. Neb. 2007, do exist and have been done as required by law.
Section 5. The Mayor and Council of the City of Blair, Nebraska, further find and determine:
That all conditions, acts and things required to exist or to be done precedent to the issuance of Various
Purpose Bonds of the City of Blair, Nebraska, in the principal amount of One Million Two Hundred
Seventy Thousand Dollars ($1,270,000) under Sections 18 -1801 and 18 -1802 R.R.S. Neb. 2007, as
amended, to pay the costs described in Sections 1, 2, 3 and 4 hereof do exist and have been done as
required by law.
Section 6. For the purposes described in Sections 1, 2, 3 and 4 hereof, there shall be and there are
hereby ordered issued General Obligation Various Purpose Bonds, Series 2010, of the City of Blair,
Nebraska, in the principal amount of One Million Two Hundred Seventy Thousand Dollars ($1,270,000)
(the "Series 2010 Bonds ") with said bonds bearing interest at the rates per annum (said interest to be
computed on the basis of a 360 -day year consisting of twelve 30 -day months) and maturing on May 15 of
each year in the principal amounts as follows:
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Principal
Amount Date of Maturity R ate of Interest
$ 70,000 May 15, 2011 0.85%
70,000 May 15, 2012 1.35
75,000 May 15, 2013 1.70
75,000 May 15, 2014 2.10
75,000 May 15, 2015 2.40
75,000 May 15, 2016 2.90
80,000 May 15, 2017 3.20
80,000 May 15, 2018 3.45
85,000 May 15, 2019 3.65
90,000 May 15, 2020 3.80
90,000 May 15, 2021 3.95
95,000 May 15, 2022 4.05
100,000 May 15, 2023 4.15
105,000 May 15, 2024 4.20
105,000 May 15, 2025 4.25
The Series 2010 Bonds shall be issued in fully registered form in the denomination of $5,000 or any
integral multiple thereof. The date of original issue for the Series 2010 Bonds shall be the date of
delivery thereof. Interest on the Series 2010 Bonds, at the respective rates for each maturity, shall be
payable semiannually on May 15 and November 15 of each year, commencing November 15, 2010 (each
of said dates an "Interest Payment Date ") and the Series 2010 Bonds shall bear such interest from the date
of original issue or the most recent Interest Payment Date, whichever is later. The interest due on each
Interest Payment Date shall be payable to the registered owners of record as of the close of business on
the last business day of the month immediately preceding the month in which the Interest Payment Date
occurs (the "Record Date "), subject to the provisions of Section 8 hereof. The Series 2010 Bonds shall be
numbered from 1 upwards in the order of their issuance. No Series 2010 Bond shall be issued originally
or upon transfer or partial redemption having more than one principal maturity. The initial bond
numbering and principal amounts for each of the Series 2010 Bonds issued shall be designated by the
City's Treasurer as directed by the initial purchaser thereof. Payments of interest due on the Series 2010
Bonds prior to maturity or date of redemption shall be made by the Paying Agent and Registrar, as
designated pursuant to Section 7 hereof, by mailing a check or draft in the amount due for such interest on
each Interest Payment Date to the registered owner of each Series 2010 Bond, as of the Record Date for
such Interest Payment Date, to such owner's registered address as shown on the books of registration as
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required to be maintained in Section 7 hereof. Payments of principal and accrued interest thereon due at
maturity or at any date fixed for redemption prior to maturity shall be made by said Paying Agent and
Registrar to the registered owners upon presentation and surrender of the Series 2010 Bonds to said
Paying Agent and Registrar. The City and said Paying Agent and Registrar may treat the registered
owner of any Series 2010 Bond as the absolute owner of such Series 2010 Bond for the purpose of
making payments thereon and for all other purposes and neither the City nor the Paying Agent and
Registrar shall be affected by any notice or knowledge to the contrary, whether such Series 2010 Bond or
any installment of interest due thereon shall be overdue or not. All payments on account of interest or
principal made to the registered owner of any Series 2010 Bond in accordance with the terms of this
Ordinance shall be valid and effectual and shall be a discharge of the City and said Paying Agent and
Registrar, in respect of the liability upon the Series 2010 Bonds or claims for interest to the extent of the
sum or sums so paid.
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Section 7. The City Treasurer is hereby designated as the Paying Agent and Registrar for the
Series 2010 Bonds provided that the City reserves the right to designate a bank or trust company to serve
in such capacity and upon such agreed terms as shall be determined by the Mayor and Council. The
Paying Agent and Registrar shall keep and maintain for the City books for the registration and transfer of
the Series 2010 Bonds at the City offices. The names and registered addresses of the registered owner or
owners of the Series 2010 Bonds shall at all times be recorded in such books. Any Series 2010 Bond may
be transferred pursuant to its provisions at the office of said Paying Agent and Registrar by surrender of
such Series 2010 Bond for cancellation, accompanied by a written instrument of transfer, in form
satisfactory to said Paying Agent and Registrar, duly executed by the registered owner in person or by
such owner's duly authorized agent, and thereupon the Paying Agent and Registrar on behalf of the City
will deliver at its office (or send by registered mail to the transferee owner or owners thereof at such
transferee owner's or owners' risk and expense), registered in the name of such transferee owner or
owners, a new Series 2010 Bond or Series 2010 Bonds of the same interest rate, aggregate principal
amount and maturity. To the extent of the denominations authorized for the Series 2010 Bonds by this
Ordinance, one such bond may be transferred for several such bonds of the same interest rate and
maturity, and for a like aggregate principal amount, and several such bonds may be transferred for one or
several such bonds, respectively, of the same interest rate and maturity and for a like aggregate principal
amount. In every case of transfer of a Series 2010 Bond, the surrendered Series 2010 Bond or Bonds
shall be canceled and destroyed. All Series 2010 Bonds issued upon transfer of the Series 2010 Bonds so
surrendered shall be valid obligations of the City evidencing the same obligations as the Series 2010
Bonds surrendered and shall be entitled to all the benefits and protection of this Ordinance to the same
extent as the Series 2010 Bonds upon transfer of which they were delivered. The City and said Paying
Agent and Registrar shall not be required to transfer any Series 2010 Bond during any period from any
Record Date until its immediately following Interest Payment Date or to transfer any Series 2010 Bond
called for redemption for a period of 30 days next preceding the date fixed for redemption.
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Section 8. In the event that payments of interest due on the Series 2010 Bonds on an Interest
Payment Date are not timely made, such interest shall cease to be payable to the registered owners as of
the Record Date for such Interest Payment Date and shall be payable to the registered owners of the
Series 2010 Bonds as of a special date of record for payment of such defaulted interest as shall be
designated by the Paying Agent and Registrar whenever monies for the purpose of paying such defaulted
interest become available.
Section 9. If the date for payment of the principal of or interest on the Series 2010 Bonds shall be
a Saturday, Sunday, legal holiday or a day on which banking institutions in the City of Blair, Nebraska,
are authorized by law or executive order to close, then the date for such payment shall be the next
succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such day shall have the same force and effect as if
made on the nominal date of payment.
Section 10. Series 2010 Bonds maturing May 15, 2016, and thereafter shall be subject to
redemption, in whole or in part, prior to maturity at any time on or after the fifth anniversary of the date
of original issue thereof at par plus accrued interest on the principal amount redeemed to the date fixed for
redemption. The City may select the Series 2010 Bonds for optional redemption in its sole discretion.
The Series 2010 Bonds shall be redeemed only in amounts of $5,000 or integral multiples thereof. Series
2010 Bonds redeemed in part only shall be surrendered to said Paying Agent and Registrar in exchange
for new Series 2010 Bonds evidencing the unredeemed principal thereof. Notice of redemption of any
Series 2010 Bond called for redemption shall be given at the direction of the City in the case of optional
redemption by said Paying Agent and Registrar by mail not less than 30 days prior to the date fixed for
redemption, first class, postage prepaid, sent to the registered owner of such Series 2010 Bond at said
owner's registered address. Each notice of redemption shall designate the Series 2010 Bond or Series
2010 Bonds to be redeemed by maturity or otherwise, the date of original issue and the date fixed for
redemption and shall state that such Series 2010 Bond or Series 2010 Bonds are to be presented for
prepayment at the office of said Paying Agent and Registrar. In case of any Series 2010 Bond partially
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redeemed, such notice shall specify the portion of the principal amount of such Series 2010 Bond to be
redeemed. No defect in the mailing of notice for any Series 2010 Bond shall affect the sufficiency of the
proceedings of the City designating the Series 2010 Bonds called for redemption or the effectiveness of
such call for Series 2010 Bonds for which notice by mail has been properly given and the City shall have
the right to further direct notice of redemption for any such Series 2010 Bond for which defective notice
has been given.
Section 11. The Series 2010 Bonds shall be in substantially the following form:
Registered Owner:
Principal Amount:
UNITED STATES OF AMERICA
STATE OF NEBRASKA
COUNTY OF WASHINGTON
GENERAL OBLIGATION VARIOUS PURPOSE BOND OF
THE CITY OF BLAIR, NEBRASKA
SERIES 2010
No. $
Interest Rate Maturity Date Date of Original Issue CUSIP No.
May 15, 20 , 2010
KNOW ALL PERSONS BY THESE PRESENTS: That the City of Blair, in the County of
Washington, in the State of Nebraska, hereby acknowledges itself to owe and for value received promises
to pay to the registered owner specified above, or registered assigns, the principal amount specified above
in lawful money of the United States of America on the date of maturity specified above with interest
thereon to maturity (or earlier redemption) from the date of original issue or most recent Interest Payment
Date, whichever is later, at the rate per annum specified above, payable semiannually on May 15 and
November 15 of each year, commencing November 15, 2010 (each of said dates an "Interest Payment
Date "). Said interest shall be computed on the basis of a 360 -day year consisting of twelve 30 -day
months. The principal hereof and unpaid accrued interest thereon due at maturity or upon redemption
prior to maturity are payable upon presentation and surrender of this bond at the office of the City
Treasurer, the Paying Agent and Registrar, in Blair, Nebraska. Interest on this bond due prior to maturity
or earlier redemption will be paid on each Interest Payment Date by a check or draft mailed by the Paying
Agent and Registrar to the registered owner of this bond, as shown on the books of record maintained by
the Paying Agent and Registrar, at the close of business on the last business day of the month
immediately preceding the month in which the Interest Payment Date occurs, to such owner's registered
address as shown on such books and records. Any interest not so timely paid shall cease to be payable to
the person entitled thereto as of the record date such interest was payable, and shall be payable to the
person who is the registered owner of this bond (or of one or more predecessor bonds hereto) on such
special record date for payment of such defaulted interest as shall be fixed by the Paying Agent and
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Dollars ($ )
Registrar whenever monies for such purpose become available. For the prompt payment of this bond,
principal and interest, as the same become due, the full faith, credit and resources of said City are hereby
irrevocably pledged.
This bond is one of an issue of fully registered bonds of the total principal amount of One Million Two
Hundred Seventy Thousand Dollars ($1,270,000), of even date and like tenor except as to date of
maturity, rate of interest and denomination which were issued by the City for the purpose of paying the
costs of improving streets and alleys, intersections and areas formed by the crossing of streets, avenues or
alleys and streets adjacent to real estate owned by the City in Street Improvement District Nos. 190 and
191; paying the cost of street improvements in Gap Paving Project No. 192; paying the cost of water
improvements in Water Extension District Nos. 48, 49 and 50; and paying the costs of sewer
improvements in Sanitary Sewer Extension District Nos. 71, 72 and 72, all in strict compliance with
Sections 16 -623, 18 -1801, 18 -1802, 18 -2003 and 19 -2405 R.R.S. Neb. 2007, as amended. The issuance
of said bonds has been authorized by proceedings duly had and an ordinance legally passed, approved and
published by the Mayor and Council of said City.
Bonds of this issue maturing May 15, 2016 and thereafter are subject to redemption at the option
of the City, in whole or in part, at any time on or after the fifth anniversary of the date of original issue
thereof, at par plus interest accrued on the principal amount redeemed to the date fixed for redemption.
Notice of redemption shall be given by mail to the registered owner of any bond to be redeemed
at said registered owner's address in the manner specified in the ordinance authorizing said issue of bonds.
Individual bonds may be redeemed in part but only in $5,000 amounts or integral multiples thereof.
This bond is transferable by the registered owner or such owner's attorney duly authorized in
writing at the office of the Paying Agent and Registrar upon surrender and cancellation of this bond, and
thereupon a new bond or bonds of the same aggregate principal amount, interest rate and maturity will be
issued to the transferee as provided in the ordinance authorizing said issue of bonds, subject to the
limitations therein prescribed. The City, the Paying Agent and Registrar and any other person may treat
the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving
payment due hereunder and for all purposes and shall not be affected by any notice to the contrary,
whether this bond be overdue or not.
If the date for payment of the principal of or interest on this bond shall be a Saturday, Sunday,
legal holiday or a day on which banking institutions in the City of Blair, Nebraska, are authorized by law
or executive order to close, then the date for such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and
payment on such day shall have the same force and effect as if made on the nominal date of payment.
IT IS HEREBY CERTIFIED AND WARRANTED that all conditions, acts and things required
by law to exist or to be done precedent to and in the issuance of this bond did exist, did happen and were
done and performed in regular and due form and time as required by law and that the indebtedness of said
City, including this bond, does not exceed any limitation imposed by law. The special assessments levied
upon real estate specially benefited by the improvements in said improvement districts are valid liens on
the lots and tracts of land upon which they have been or shall be levied and when collected shall be set
aside and constitute a sinking fund for the payment of the principal and interest of this bond and the bonds
of this issue; the City agrees that it will collect said special assessments and, in addition thereto, will
cause to be levied and collected annually a tax by valuation on all the taxable property in the City, in
addition to all other taxes, sufficient in rate and amount to fully pay the principal and interest of this bond
and the other bonds of this issue as the same become due.
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AS PROVIDED IN THE ORDINANCE REFERRED TO HEREIN, UNTIL THE
TERMINATION OF THE SYSTEM OF BOOK - ENTRY -ONLY TRANSFERS THROUGH THE
DEPOSITORY TRUST COMPANY, NEW YORK, NEW YORK (TOGETHER WITH ANY
SUCCESSOR SECURITIES DEPOSITORY APPOINTED PURSUANT TO THE ORDINANCE,
"DTC"), AND NOTWITHSTANDING ANY OTHER PROVISIONS OF THE ORDINANCE TO THE
CONTRARY, A PORTION OF THE PRINCIPAL AMOUNT OF THIS BOND MAY BE PAID OR
REDEEMED WITHOUT SURRENDER HEREOF TO THE PAYING AGENT AND REGISTRAR.
DTC OR A NOMINEE, TRANSFEREE OR ASSIGNEE OF DTC OF THIS BOND MAY NOT RELY
UPON THE PRINCIPAL AMOUNT INDICATED HEREON AS THE PRINCIPAL AMOUNT
HEREOF OUTSTANDING AND UNPAID. THE PRINCIPAL AMOUNT HEREOF OUTSTANDING
AND UNPAID SHALL FOR ALL PURPOSES BE THE AMOUNT DETERMINED IN THE MANNER
PROVIDED IN THE ORDINANCE.
UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED OFFICER OF DTC (A) TO
THE PAYING AGENT AND REGISTRAR FOR REGISTRATION OF TRANSFER OR EXCHANGE
OR (B) TO THE PAYING AGENT AND REGISTRAR FOR PAYMENT OF PRINCIPAL, AND ANY
BOND ISSUED IN REPLACEMENT HEREOF OR SUBSTITUTION HEREOF IS REGISTERED IN
THE NAME OF DTC AND ANY PAYMENT IS MADE TO DTC OR ITS NOMINEE, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSONS IS WRONGFUL BECAUSE ONLY THE REGISTERED OWNER HEREOF, DTC OR ITS
NOMINEE, HAS AN INTEREST HEREIN.
This bond shall not be valid and binding on the City until authenticated by the Paying Agent and
Registrar.
IN WITNESS WHEREOF, the Mayor and Council of the City of Blair, Nebraska, have caused
this bond to be executed on behalf of the City with the facsimile signatures of the Mayor and the City
Clerk and by causing the official seal of the City to be imprinted hereon or affixed hereto, all as of the
date of original issue specified above.
ATTEST:
City Clerk
(SEAL)
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CITY OF BLAIR, NEBRASKA
Mayor
This bond is one of the series designated therein and has been registered to the owner named in
said bond and the name of such owner has been recorded in the books of record maintained by the
undersigned as Paying Agent and Registrar for said issue of bonds.
Signature Guaranteed
By
CERTIFICATE OF AUTHENTICATION
AND REGISTRATION
(Form of Assignment)
For value received hereby sells, assigns and transfers
unto
(Social Security or Taxpayer I.D. No.
) the within bond and hereby irrevocably constitutes and appoints
attorney, to transfer the same on
the books of registration in the office of the within mentioned Paying Agent and Registrar with full power
of substitution in the premises.
Dated:
Registered Owner(s)
Authorized Officer(s)
Note: The signature(s) on this assignment MUST CORRESPOND with the name(s) as written on
the face of the within bond in every particular, without alteration, enlargement or any change whatsoever,
and must be guaranteed by a commercial bank or a trust company or by a firm having membership on the
New York, Midwest or other stock exchange.
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City Treasurer,
Paying Agent and Registrar
for the City of Blair, Nebraska
Section 12. Each of the Series 2010 Bonds shall be executed on behalf of the City with the
facsimile signatures of the Mayor and the City Clerk and shall have imprinted thereon the City's seal. The
Series 2010 Bonds shall be issued initially as "book- entry- only" bonds under the services of The
Depository Trust Company (the "Depository "), with one typewritten bond per maturity being issued to the
Depository. In such connection said officers are authorized to execute and deliver a Letter of
Representations (the "Letter of Representations ") in the form required by the Depository (which may be
in the form of a blanket letter, including any such letter previously executed and delivered), for and on
behalf of the City, which shall thereafter govern matters with respect to registration, transfer, payment and
redemption of the Series 2010 Bonds. With respect to the issuance of the Series 2010 Bonds as
"book- entry- only" bonds, the following provisions shall apply:
(a) The City and the Paying Agent and Registrar shall have no responsibility or
obligation to any broker - dealer, bank or other financial institution for which the Depository holds
Series 2010 Bonds as securities depository (each, a "Bond Participant ") or to any person who is
an actual purchaser of a Series 2010 Bond from a Bond Participant while the Series 2010 Bonds
are in book -entry form (each, a "Beneficial Owner ") with respect to the following:
(i) the accuracy of the records of the Depository, any nominees of the
Depository or any Bond Participant with respect to any ownership interest in the
Series 2010 Bonds,
(ii) the delivery to any Bond Participant, any Beneficial Owner or any
other person, other than the Depository, of any notice with respect to the Series
2010 Bonds, including any notice of redemption, or
(iii) the payment to any Bond Participant, any Beneficial Owner or any
other person, other than the Depository, of any amount with respect to the Series
2010 Bonds. The Paying Agent and Registrar shall make payments with respect
to the Series 2010 Bonds only to or upon the order of the Depository or its
nominee, and all such payments shall be valid and effective fully to satisfy and
discharge the obligations with respect to such Series 2010 Bonds to the extent of
the sum or sums so paid. No person other than the Depository shall receive an
authenticated Bond, except as provided in (e) below.
(b) Upon receipt by the Paying Agent and Registrar of written notice from the
Depository to the effect that the Depository is unable or unwilling to discharge its responsibilities,
the Paying Agent and Registrar shall issue, transfer and exchange Series 2010 Bonds requested
by the Depository in appropriate amounts. Whenever the Depository requests the Paying Agent
and Registrar to do so, the Paying Agent and Registrar will cooperate with the Depository in
taking appropriate action after reasonable notice (i) to arrange, with the prior written consent of
the City, for a substitute depository willing and able upon reasonable and customary terms to
maintain custody of the Series 2010 Bonds or (ii) to make available Series 2010 Bonds registered
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in whatever name or names as the Beneficial Owners transferring or exchanging such Series 2010
Bonds shall designate.
(c) If the City determines that it is desirable that certificates representing the Series 2010
Bonds be delivered to the ultimate beneficial owners of the Series 2010 Bonds and so notifies the
Paying Agent and Registrar in writing, the Paying Agent and Registrar shall so notify the
Depository, whereupon the Depository will notify the Bond Participants of the availability
through the Depository of bond certificates representing the Series 2010 Bonds. In such event,
the Paying Agent and Registrar shall issue, transfer and exchange bond certificates representing
the Series 2010 Bonds as requested by the Depository in appropriate amounts and in authorized
denominations.
(d) Notwithstanding any other provision of this Ordinance to the contrary, so long as any
Series 2010 Bond is registered in the name of the Depository or any nominee thereof, all
payments with respect to such Series 2010 Bond and all notices with respect to such Series 2010
Bond shall be made and given, respectively, to the Depository as provided in the Letter of
Representations.
(e) Registered ownership of the Series 2010 Bonds may be transferred on the books of
registration maintained by the Paying Agent and Registrar, and the Series 2010 Bonds may be
delivered in physical form to the following:
(i) any successor securities depository or its nominee; or
(ii) any person, upon (A) the resignation of the Depository from its
functions as depository or (B) termination of the use of the Depository pursuant
to this Section.
(f) In the event of any partial redemption of a Series 2010 Bond unless and until such
partially redeemed bond has been replaced in accordance with the provisions of this Ordinance,
the books and records of the Paying Agent and Registrar shall govern and establish the principal
amount of such bond as is then outstanding and all of the Series 2010 Bonds issued to the
Depository or its nominee shall contain a legend to such effect.
If for any reason the Depository is terminated or resigns and is not replaced, the City shall
immediately provide a supply of printed bond certificates for issuance upon the transfers from the
Depository and subsequent transfers or in the event of partial redemption. In the event that such supply of
certificates shall be insufficient to meet the requirements of the Paying Agent and Registrar for issuance
of replacement certificates upon transfer or partial redemption, the City agrees to order printed an
additional supply of such certificates and to direct their execution by manual or facsimile signatures of its
then duly qualified and acting Mayor and City Clerk and by imprinting thereon or affixing thereto the
City's seal. In case any officer whose signature or facsimile thereof shall appear on any Series 2010 Bond
shall cease to be such officer before the delivery of such bond (including such certificates delivered to the
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Paying Agent and Registrar for issuance upon transfer or partial redemption), such signature or such
facsimile signature shall nevertheless be valid and sufficient for all purposes the same as if such officer or
officers had remained in office until the delivery of such bond. The Series 2010 Bonds shall not be valid
and binding on the City until authenticated by the Paying Agent and Registrar. The Series 2010 Bonds
shall be delivered to the Paying Agent and Registrar for registration and authentication. Upon execution,
registration and authentication of the Series 2010 Bonds, they shall be delivered to the City Treasurer,
who is authorized to deliver them to Ameritas Investment Corp., as initial purchaser thereof, upon receipt
of 98.60% of the principal amount of the Series 2010 Bonds plus accrued interest thereon, if any, to date
of payment for the Series 2010 Bonds. Such purchaser and its agents, representatives and counsel and the
City's bond counsel are hereby authorized to take such actions on behalf of the City as are necessary to
effectuate the closing of the issuance and sale of the Series 2010 Bonds, including without limitation,
authorizing the release of the Series 2010 Bonds by the Depository at closing. The officers of the City (or
any one of them) are hereby authorized to execute and deliver the Bond Purchase Agreement for and on
behalf of the City. Said initial purchaser shall have the right to direct the registration of the Series 2010
Bonds and the denominations thereof within each maturity, subject to the restrictions of this Ordinance.
The City Clerk shall make and certify a transcript of the proceedings of the Mayor and Council with
respect to the Series 2010 Bonds which shall be delivered to said purchaser.
Section 13. The proceeds of the Series 2010 Bonds shall be applied to the payment of costs of
construction of the improvements described in Sections 1, 2, 3 and 4 hereof or to the payment of warrant
or other indebtedness incurred for the payment of said costs and to pay issuance costs. Accrued interest,
if any, received from the sale of the Series 2010 Bonds shall be applied to pay interest falling due on said
Series 2010 Bonds on November 15, 2010.
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Section 14. The special assessments levied and to be levied as described in Sections 1, 2, 3 and 4
of this Ordinance and the interest on said assessments shall constitute a sinking fund for the payment of
the principal of and interest on the Series 2010 Bonds. The City agrees that it will levy and collect said
special assessments and, in addition thereto, shall cause to be levied and collected annually a special levy
of taxes on all the taxable property in the City, in addition to all other taxes, sufficient in rate and amount
to make up the deficiency between the amounts collected on said special assessments and the amount
required to fully pay the principal of and interest on the Series 2010 Bonds when and as such principal
and interest become due.
Section 15. The City hereby covenants to the purchasers and holders of the Series 2010 Bonds
hereby authorized that it will make no use of the proceeds of said bond issue, including monies held in
any sinking fund for the Series 2010 Bonds, which would cause the Series 2010 Bonds to be arbitrage
bonds within the meaning of Sections 103(b) and 148 of the Internal Revenue Code of 1986, as amended
(the "Code "), and further covenants to comply with said Sections 103(b) and 148 and all applicable
regulations thereunder throughout the term of said bond issue. The City hereby covenants and agrees to
take all actions necessary under the Code to maintain the tax exempt status (as to taxpayers generally) of
interest payable on the Series 2010 Bonds. The City hereby designates the Series 2010 Bonds as its
"qualified tax - exempt obligations" pursuant to Section 265(b)(3)(B)(i)(III) of the Code and covenants and
warrants that it does not reasonably expect to issue tax - exempt bonds or other tax - exempt interest bearing
obligations aggregating in principal amount more than $30,000,000 during calendar 2010, excluding for
such purposes any and all "private activity bonds" issued by the City in such year within the meaning of
Section 141 of the Code other than "qualified 501(c)(3) bonds" as defined in Section 145 of the Code.
Section 16. The City's obligations under this Ordinance with respect to any or all of the Series
2010 Bonds herein authorized shall be fully discharged and satisfied as to any or all of such Series 2010
Bonds and any such Series 2010 Bond shall no longer be deemed to be outstanding hereunder if such
Series 2010 Bond has been purchased by the City and canceled or when the payment of the principal of
and interest thereon to the respective date of maturity or redemption (a) shall have been made or caused to
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be made in accordance with the terms thereof or (b) shall have been provided for by depositing with a
national or state bank having trust powers, or trust company, in trust, solely for such payment (i)
sufficient money to make such payment and /or (ii) direct general obligations (including obligations issued
or held in book entry form on the books of the Department of Treasury of the United States of America)
of or obligations the principal and interest of which are unconditionally guaranteed by the United States
of America (herein referred to as "U.S. Government Obligations ") in such amount and bearing interest
payable and maturing or redeemable at stated fixed prices at the option of the holder as to principal, at
such time or times, as will ensure the availability of sufficient money to make such payment; provided,
however, that with respect to any Series 2010 Bond to be paid prior to maturity, the City shall have duly
called such bond for redemption and given notice of such redemption as provided by law or made
irrevocable provision for the giving of such notice. Any money so deposited with a bank or trust
company may be invested or reinvested in U.S. Government Obligations at the direction of the City, and
all interest and income from U.S. Government Obligations in the hands of such bank or trust company in
excess of the amount required to pay principal of and interest on the Series 2010 Bonds for which such
monies or U.S. Government Obligations were deposited shall be paid over to the City as and when
collected.
Section 17. In accordance with the requirements of Rule 15c2 -12 (as now existing or as
subsequently amended, the "Rule ") promulgated by the Securities and Exchange Commission, the City
hereby agrees that it will provide the following continuing disclosure information:
(a) to the Municipal Securities Rulemaking Board (the "MSRB ") and to the Underwriter, the City
shall provide information generally consistent with the information set forth in the Management's
Discussion and Analysis contained in its audited financial statements, and its audited fmancial statements;
such information is expected to be available not later than seven months after the end of each fiscal year
for the City. Governmental and business -type activities in the government -wide financial statements and
the proprietary and fiduciary fund fmancial statements are to be presented on the accrual basis of
accounting and the governmental funds financial statements are presented on the modified accrual basis
of accounting in conformity with generally accepted accounting principles, subject to the City's discretion
to change accounting methods as and to the extent that it deems appropriate from time to time.
(b) in a timely manner to the MSRB, notice of the occurrence of any of the following events with
respect to the Series 2010 Bonds, if in the judgment of the City, such event is material:
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(1) principal and interest payment delinquencies,
(2) non - payment related defaults,
(3) unscheduled draws on debt service reserves reflecting financial difficulties (there
are no debt service reserves established for the Series 2010 Bonds under the
terms of the Ordinance),
(4) unscheduled draws on credit enhancements reflecting financial difficulties
(there is no credit enhancement on the Series 2010 Bonds),
(5)
substitution of credit or liquidity providers, or their failure to perform (not
applicable to the Series 2010 Bonds),
(6) adverse tax opinions or events affecting the tax- exempt status of the Series
2010 Bonds,
(7) modifications to rights of the holders of the Series 2010 Bonds,
(8) bond calls,
(9) defeasances,
(10) release, substitution, or sale of property securing repayment of the Series 2010
Bonds, and
(11) rating changes (the Series 2010 Bonds are not rated and no rating for the Series
2010 Bonds is expected to be requested).
The City has not undertaken to provide notice of the occurrence of any other material event,
except the events listed above.
(c) in a timely manner to the MSRB (as and to the extent required by the rule) notice of any failure on
the part of the City to provide required annual financial information not later than seven months after the
end of each fiscal year.
The City hereby agrees that all information required to be filed with the MSRB under the terms of its
continuing disclosure undertaking shall be provided for filing in such format and accompanied by such
identifying information as shall be prescribed by the MSRB. The City reserves the right to modify from
time to time the specific types of information provided or the format of the presentation of such
information, to the extent necessary or appropriate in the judgment of the City, consistent with the Rule.
The City hereby agrees that such covenants are for the benefit of the registered owners of the Series 2010
Bonds (including Beneficial Owners) and that such covenants may be enforced by any registered owner
or Beneficial Owner, provided that any such right to enforcement shall be limited to specific enforcement
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of such undertaking and any failure shall not constitute an event of default under this Ordinance. The
continuing disclosure obligations of the City under this Ordinance, as described above, shall cease when
none of the Series 2010 Bonds remain outstanding.
Section 18. The Preliminary Official Statement for the Series 2010 Bonds is hereby approved
and the Mayor and City Clerk are hereby authorized to approve on behalf of the City a final Official
Statement with any changes deemed appropriate by them.
Section 19. This Ordinance is hereby determined to be a measure necessary to carry out the
City's contractual obligations on warrants issued to pay costs of the improvements described in this
Ordinance and this Ordinance shall be in force and take effect from and after its passage and publication
in pamphlet form as provided by law.
ATTEST:
(SEAL)
PASSED AND APPROVED this 13th day of April, 2010.
13 day of April, 2010.
eo„.(2..„
BRENDA R. WHEELER, CITY CLERK
STATE OF NEBRASKA )
):ss:
WASHINGTON COUNTY )
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CITY OF BLAIR, NEBRASKA
. REALPH, MAYOR \
BRENDA R. WHEELER, hereby certifies that she is the duly appointed, qualified and acting
City Clerk of the City of Blair, Nebraska, and that the above and foregoing Ordinance was
passed and approved at a regular meeting of the Mayor and City Council of said City held on the
BRENDA R. WHEELER, CITY CLERK