lease revenue refunding bonds - City of Norwalk

More documents

Recommendations

Info

e approved by an Authorized Officer, such approval to be conclusively evidenced by the execution and delivery thereof, and the City Clerk is hereby authorized to attest to such execution. Section 5. Approval of the First Amendment to Lease Agreement. The First Amendment to Lease Agreement, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any Authorized Officer is hereby authorized to execute the First Amendment to Lease Agreement in substantially the form on file, with such revisions, amendments and completions as shall be approved by an Authorized Officer, such approval to be conclusively evidenced by the execution and delivery thereof, and the City Clerk is hereby authorized to attest to such execution. Section 6. Approval of the form of Escrow Agreement. The form of Escrow Agreement, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any Authorized Officer is hereby authorized to execute the one or more Escrow Agreements in connection with the refunding and defeasance of the 1999 Bonds and/or the 2001 Bonds in substantially the form on file, with such revisions, amendments and completions as shall be approved by an Authorized Officer, such approval to be conclusively evidenced by the execution and delivery thereof, and the City Clerk is hereby authorized to attest to such execution. Section 7. Approval of the Preliminary Official Statements and the Official Statements. The Preliminary Official Statements, in substantially the forms on file with the City Clerk of the City and presented to the City Council at this meeting, are hereby approved with such revisions, amendments and completions as shall be approved by an Authorized Officer, in order to make the Preliminary Official Statement final as of its date, except for the omission of certain information, as permitted by Section 240.15c2- 12(b)(1) of Title 17 of the Code of Federal Regulations (“Rule 15c2-12”). Any of the Authorized Officers is authorized to execute a certificate relating to the finality of the Preliminary Official Statements under Rule 15c2-12. An Authorized Officer is authorized and directed to execute and deliver the final Official Statements in substantially the forms hereby approved, with such additions and changes as may be approved by the Authorized Officer executing the same, such approval to be conclusively evidenced by the execution and delivery thereof. Section 8. Approval of the Continuing Disclosure Agreements. The Continuing Disclosure Agreements, in substantially the forms on file with the City Clerk of the City and presented to the City Council at this meeting, are hereby approved. Any Authorized Officer is hereby authorized to execute the Continuing Disclosure Agreements in substantially the forms on file, with such revisions, amendments and completions as shall be approved by an Authorized Officer, such approval to be conclusively evidenced by the execution and delivery thereof. Section 9. Approval of Bond Purchase Agreements. The City hereby authorizes and directs that the Bonds be sold on a negotiated basis. Any Authorized Officer is hereby authorized to undertake all appropriate steps to implement the sale of the Resolution No. 13-13 Page 4 of 6
Bonds. The total principal amount of 2013A Bonds shall not exceed $10,000,000 and the Underwriter’s discount or fee (excluding any original issue discount) shall not exceed 1.60% of the original principal amount of the 2013A Bonds. The total principal amount of 2013B Bonds shall not exceed $10,000,000 and the Underwriter’s discount or fee (excluding any original issue discount) shall not exceed 1.60% of the original principal amount of the 2013B Bonds. The net present value savings for a refunding accomplished with a portion of the proceeds of the 2013A Bonds or the 2013B Bonds shall be no less than 3.00%. The Bond Purchase Agreements, in substantially the forms on file with the City Clerk of the City and presented to the City Council at this meeting, are hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver each Bond Purchase Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 10. Official Actions. The Authorized Officers, the City Clerk and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all other actions, including the publication of any notices necessary or desirable in connection with the sale of the Bonds, procurement of municipal bond insurance, and execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, deem necessary or advisable to consummate the lawful issuance and sale of the Bonds and the consummation of the transactions as described herein. Section 11. Ratification. All actions heretofore taken by any Responsible Officer or any officer, employee or agent of the City with respect to the issuance, delivery and sale of the Bonds or in connection with or related to any of the agreements referred to herein, are hereby approved, confirmed and ratified. Section 12. Effective Date. This Resolution shall become effective immediately upon adoption. Section 13. Certification. The City Clerk shall certify to the adoption of this Resolution, and thenceforth and thereafter the same shall be in full force and effect. Notwithstanding the foregoing, such certification and any of the other duties and responsibilities assigned to the City Clerk pursuant to this Resolution may be performed by a Deputy City Clerk with the same force and effect as if performed by the City Clerk hereunder. Resolution No. 13-13 Page 5 of 6
Page 1 and 2: CITY COUNCIL AGENDA REPORT TO: FROM
Page 3 and 4: City Council February 19, 2013 Reso
Page 5 and 6: City Council February 19, 2013 Reso
Page 7 and 8: RESOLUTION NO. 13-13 A RESOLUTION O
Page 9: WHEREAS, there have been presented

lease revenue refunding bonds - City of Norwalk

Create successful ePaper yourself

Delete template?

Save as template?