Common use of Public Offering by the Underwriter Clause in Contracts

Public Offering by the Underwriter. It shall be a condition to the Issuer’s and the Underwriter’s respective obligations to sell and deliver, and to purchase, accept delivery of and pay for the Bonds that the entire principal amount of the Bonds shall be issued, sold and delivered by the Issuer and purchased, accepted and paid for by the Underwriter at the Closing. It is understood that the Underwriter proposes to offer the Bonds for sale to the public (which may include selected dealers and special purchasers) at prices or yields as set forth in Exhibit A hereto and on the inside cover page of the Official Statement. The Underwriter agrees to make a bona fide public offering of all of the Bonds initially at the public offering prices (or yields) set forth on Exhibit A attached hereto and incorporated herein by reference. Concessions from the public offering price may be allowed to selected dealers and special purchasers. 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 other than the par value thereof. The net premium on the sale of the Bonds to the public, if any, shall accrue to the benefit of the Underwriter, provided, however, that the total amount of compensation paid to the Underwriter (including such premium) together with other costs of issuance paid from proceeds of the Bonds (or other tax-exempt obligations) shall not exceed two percent (2%) of the proceeds of such Bonds. It is understood by the Issuer that the Bonds have been sold by the Underwriter on a “best efforts” basis and that the Underwriter has no obligation to take any of the Bonds into its own account. In this regard, however, the Underwriter hereby represents to the Issuer that, as of the date of this Purchase Contract, the Underwriter has received orders for the purchase of all of the Bonds by third parties and accordingly, the Underwriter does not anticipate any need for any of the Bonds to be taken into its own account in order to consummate the sale contemplated under this Purchase Contract (including, without limitation, Section 1 of this Purchase Contract) by the Issuer of all of the Bonds.

Public Offering by the Underwriter. It shall be a condition to the Issuer’s and the Underwriter’s respective obligations to sell and deliver, and to purchase, accept delivery of and pay for the Series A/B Bonds that the entire principal amount of the Series A/B Bonds shall be issued, sold and delivered by the Issuer and purchased, accepted and paid for by the Underwriter at the Closing. It is understood that the Underwriter proposes to offer the Series A/B Bonds for sale to the public (which may include selected dealers and special purchasers) at prices or yields as set forth in Exhibit A hereto and on the inside cover page of the Official Statement. The Underwriter agrees to make a bona fide public offering of all of the Series A/B Bonds initially at the public offering prices (or yields) set forth on Exhibit A attached hereto and incorporated herein by reference. Concessions from the public offering price may be allowed to selected dealers and special purchasers. 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 Series A/B Bonds may be offered to the public at prices other than the par value thereof. The net premium on the sale of the Series A/B Bonds to the public, if any, shall accrue to the benefit of the Underwriter, provided, however, that the total amount of compensation paid to the Underwriter (including such premium) together with other costs of issuance paid from proceeds of the Series A Bonds (or other tax-exempt obligations) shall not exceed two percent (2%) of the proceeds of such the Series A/B Bonds. It is understood by the Issuer that the Series A/B Bonds have been sold by the Underwriter on a “best efforts” basis and that the Underwriter has no obligation to take any of the Series A/B Bonds into its own account. In this regard, however, the Underwriter hereby represents to the Issuer that, as of the date of this Purchase Contract, the Underwriter has received orders for the purchase of all of the Series A/B Bonds by third parties and accordingly, the Underwriter does not anticipate any need for any of the Series A/B Bonds to be taken into its own account in order to consummate the sale contemplated under this Purchase Contract (including, without limitation, Section 1 of this Purchase Contract) by the Issuer of all of the Series A/B Bonds.