1987-139 - Laserfiche WebLink

Home Browse Search

employees and agents shall be protected in its or their action upon any paper or document reasonably believed by it or them to be genuine, and it or they may conclusively rely upon the advice or counsel as to matter of law and may (but need not) require further evidence of any fact or matter before taking any action. UNDERWRITING The Bonds of each Issue are being purchased by Alex. Brown S Sons Incorporated (the "Underwriter"). The Underwriter has agreed to purchase the Bonds of each Issue pursuant to separate purchase contracts. Each purchase contract provides that the Underwriter will receive a fee in connection with the purchase of the Bonds of each Issue of 1.25% of the initial aggregate principal amount of the Bonds of such Issue. The purchase contract applicable to each Issue provides that the Underwriter will purchase all the Bonds of such Issue if any are purchased, but the purchase of the Bonds'of any one Issue is not contingent upon and does not require the purchase of the Bonds of any other Issue. The Company and NHC have agreed to indemnify the Underwriter against certain losses, claims, damages and liabilities arising out of any incorrect statements or information, contained in this Official Statement. The Underwriter may offer to sell the Bonds to certain dealers (including the Underwriter and other dealers depositing such Bonds into investment trusts, certain of which may be sponsored or managed by the Underwriter) and others at prices lower than the public offering price stated on the cover page hereof. The public offering price of the Bonds of any Issue may be changed from time to time by the Underwriter. RATINGS Moody's Investors Service ("Moody's") has assigned ratings to the Bonds of each Issue which may be obtained from the Underwriter or Moody's. Any explanation of the significance of these ratings may be obtained only from Moody's. The Company furnished to Moody's certain material and information respecting the Bonds and the Bank furnished to Moody's certain material and information about the Bank. Generally, Moody's bases its ratings on such materials and information, and on investigations, studies and assumptions by Moody's. There is no assurance that such ratings will be maintained for any given period of time or that they will not be lowered or withdrawn entirely by Moody's if, in its judgment, circumstances so warrant. A downward change in or withdrawal of the ratings, or either of them, with respect to any Issue may have an adverse effect on the market price of the Bonds of such Issue. TAX EXEMPTIONS Piper b Marbury, Baltimore, Maryland, and Shutts & Bowen, Miami, Florida, Co -Bond Counsel, are of the opinion that, assuming compliance with -45-