HomeMy WebLinkAboutTC Res 1993-03-31 (6)
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RESOLUTION NO. 2912
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TIBURON
APPOINTING MANAGING UNDERWRITER
GILMARTIN DRIVE REFUNDING DISTRICT NO. 1993-1
The Town Council of the Town of Tiburon resolves:
This Council hereby appoints Mark Pressman Associates as
Managing Underwriter, to structure, coordinate, investigate and
prepare a bond statement, and to submit to this Council a proposal
to purchase all of the refunding bonds for Gilmartin Drive
Refunding District No. 1993-1. This Council makes this appointment
with the understanding that the Managing Underwriter must commit
considerable time and expense to prepare these bond issues for
public offering on a fully contingent basis and therefore, the
Managing Underwriter requires assurances that said time and expense
may be recovered in the process of underwriting the bond issues.
This Council recognizes, additionally, that the Managing
Underwriter accepts as a condition of award of sale of bonds (at
the appropriate time) full responsibility for due diligence
investigation and disclosure relative to these bond issues.
Should this Council be advised by staff and a majority of the
property owners within Gilmartin Drive Refunding District No. 1993-
1 that the Managing Underwriter is not satisfactorily fulfilling
the above-listed responsibilities, and/or that a satisfactory
purchase proposal cannot be developed, this Council may discontinue
the services of Mark Pressman Associates as Managing Underwriter.
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PASSED AND ADOPTED at an adjourned meeting of the Town
Council of the Town of Tiburon on March 31, 1993, by the following
vote:
AYES:
Councilmembers Friedman, Kuhn, Nygren & Thompson
NOES:
None
ABSENT:
councilmember
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ALVIN R. KUHN, MAYOR
Town of Tiburon
ATTEST:
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