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M M <br />right at U-ieir sole discretion to underwrite the financings <br />contemplated by this Agreement. Fcr each financing the Underwriters <br />shall present a negotiated purchase proposal to the Issuer providing <br />for the purchase of not less than all the Bonds/Notes to be issued. <br />In the event mutually agreeable terms and conditions cannot be <br />negotiated for the purchase and sale of the Bonds/Notes the Issuer <br />shall be free to pursue other means of marketing the Bonds/Notes. <br />4. In carrying out the studies, investigations, marketing efforts and <br />other activities enumerated in this Agreement, the Underwriters <br />shall be acting on their (x -7n behalf as principals, and not as agent <br />or fiduciary of or to the Issuer. <br />5. This Agreement shall remain in force and effect, unless cancelled by <br />either party upon thirty (30) days written notice given to the other <br />party, until the financings contemplated herein have been <br />successfully completed. <br />6. This Agreement shall constitute a contract between the Issuer and <br />the Underwriters upon its approval and execution by the Issuer. <br />Attest <br />Clerk of the Circum Court <br />and Ex Officio Clerk <br />to the Board <br />Appravas to �and ectn -ds <br />�' Coun P_ttorney <br />V <br />ARCH W. PMERTS & CO. <br />THE L Y <br />B -- <br />Attest :— <br />BOOK 4 7 PAGE ",2 <br />OCT 211981 13 <br />