Resolution 2014-34 - Laserfiche WebLink

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(b) The Parties agree that Butler Snow L.L.P. (Dee Wisor) shall act as bond counsel for the Bonds, George K. Baum (Alan Matlosz) shall act as either financial advisor or underwriter for the Bonds, and First Southwest Company (Jim Manire) will review the Bonds for the City. (c) Simultaneous with or following issuance of the Bonds, in accordance with the Bond Documents ( "Bond Documents "), LRC shall pay bond counsel, First Southwest Company, underwriting and other issuance costs, fund any required reserves, capitalized interest, escrow costs, and any other appropriate costs and, unless otherwise agreed by the Property Owner and LRC, place no less than 93.75% of the proceeds of the Bonds ( "Bonds Proceeds ") into the Construction Fund, which shall be used for eligible Project Costs as defined in Section 5(a) hereof. (d) Except for customary escrow costs and the like, if any, the Construction Fund shall only be used for the eligible Project Costs. (e) Property Owner shall deposit funds ( "Owner's Funds ") into the Construction Fund as defined in Section 5(a) in the amount of the total estimated cost of the URA Public Improvements based on the engineer's estimate plus a contingency in the amount of 15% of the engineer's estimate, less the amount of the Bond Proceeds deposited into the Construction Fund. Upon such deposit of amounts required by subsections (e) and, if applicable (f) of this Section, and subject to Property Owner's compliance with its obligations herein, such deposit by Property Owner shall be deemed to have satisfied any Property Owner's obligation under the City's subdivision regulations for posting a financial guarantee to assure completion of the URA Public Improvements. However, such deposit shall not serve as a financial guarantee or security for completion of other public improvements apart from the URA Public Improvements that are required under the subdivision agreement for the development of the DELO PUD ( "Subdivision Agreement "). The deposit and use of the Bond Proceeds in the Construction Fund shall be accounted for separately from the deposit and use of the Owner's Funds in a manner that will allow identification of the specific costs paid from each such two sources. (f) Property Owner shall use commercially reasonable efforts to provide one or more investors for all or part of the Bonds within one (1) year after the date of adoption by the City Council of the resolution approving the first phase of the DELO PUD. Should Property Owner not provide investors for all of the Bonds within such 1 -year period, then the LRC may in its discretion determine not to issue, to delay issuance of, or to limit the amount of the Bonds issued to the amount willing to be purchased by the investors found by the Property Owner. The closing conditions set forth in Exhibit C shall be satisfied prior to closing on the issuance of the Bonds. The URA Public Improvements shall not be bid if the Bonds are not issued or the Owner's Funds are not deposited, as applicable, in an amount sufficient to pay for the URA Public Improvements. Further, if the bid costs of the URA Public Improvements exceed the engineer's estimates, contracts for completion of the URA Public Improvements shall not be executed or let until the Property Owner deposits into the Construction Fund 2