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Please also note that the HRA has chosen to negotiate this bond issue with local <br />underwriters rather than competitively bidding the sale of the bond issue. The <br />advantages to negotiating a bond issue, as presented by the underwriters, is that <br />the sale date is more flexible and that pre-sale of the bonds will result in a lower <br />interest rate to the County. As independent financial advisors, we will compare <br />the proposed interest rates and fees and compare them to local and national sales <br />of similar issuers at similar times. <br /> <br />New regulations of the Securities and Exchange Commission on the continuing <br />disclosure of municipal securities apply to long-term securities with an aggregate <br />principal amount of $1,000,000 or more. <br /> <br />Because the aggregate amount of this issue is over $1,000,000, and the HRA has <br />more than $ I 0,000,000 in total municipal obligations outstanding, you will be <br />obligated to comply with Full Continuing Disclosure requirements as required by <br />paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange <br />Commission under the Securities Exchange Act of 1934. You will be required to <br />provide certain financial information and operating data relating to the HRA <br />annually and to provide notices of the occurrence of certain material events as <br />listed below. The specific nature of the Undertaking, as well as the information <br />to be contained in the notices of material events will be set forth in a continuing <br />disclosure document that you will enter into at the time of closing for this issue. <br /> <br />You are responsible for reporting any of the material events listed below and in <br />the Undertaking. <br /> <br /> o <br /> <br />8. <br />9. <br />10. <br /> <br />11. <br /> <br />Principal and interest payment delinquencies; <br />Non-payment related defaults; <br />Unscheduled draws on debt service reserves reflecting financial <br />difficulties; <br />Unscheduled draws on credit enhancements reflecting financial <br />difficulties; <br />Substitution of credit of liquidity providers, or their failure to <br />perform; <br />Adverse tax opinions or events affecting the tax-exempt status of <br />the securities; <br />Modification to rights of holders of the Securities; <br />Securities calls; <br />Defeasances; <br />Release, substitution or sale of property securing repayment of <br />the Securities; <br />Rating changes; <br /> <br />Page 6 <br /> <br /> <br />