1998 RES R-102-98 - Laserfiche WebLink

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$2,800,000 are hereby authorized to be issued. The Bonds shall be dated and executed in the forms, be in the denominations, mature, be payable at the place and in the priorities and bear interest at the rates as set forth in and otherwise as provided in the Fiscal Agent Agreement (defined below). The Council hereby finds that the Bonds constitute "refunding bonds" within the meaning of the Act because the proceeds thereof will be used to refund the 1990 Bonds. For the purposes of these proceedings for the issuance of the Bonds, the Council hereby determines that the total net interest cost to maturity on the Bonds is less than the total net interest cost to maturity of the 1990 Bonds. Section 3. Authorities Granted. The City Manager, the City Treasurer, the Assistant Finance Director and the City Clerk or such other official of the City as may be designated by the Council (each an "Authorized Officer") are hereby separately authorized and directed to execute and deliver the documents and instruments herein specified in substantially the forms on file with the City Clerk, with such additions thereto or changes therein as are approved by the Authorized Officer upon consultation with City's bond counsel, including such additions or changes as are necessary or advisable to permit the timely issuance, sale and delivery of the Bonds, provided, however, that no additions or changes shall: (a) authorize an aggregate principal amount of Bonds in excess of $2,800,000; (b) result in an average interest rate on the Bonds in excess of 7.25% per annum or such greater amount permitted by applicable law at the time of the sale of the Bonds; (c) or result in an underwriter's discount in excess of 2.5% of the aggregate principal amount of the Bonds; (d) or a maturity of the Bonds in excess of the remaining term of the 1990 Bonds. The approval of such additions or changes shall be conclusively evidenced by the execution and delivery of the documents and instruments herein specified by the Authorized Officer. Section 4. Fiscal Agent Agreement. The proposed form of the Fiscal Agent Agreement between the City and U.S. Bank Trust National Association, as fiscal agent, (the "Agreement") with respect to the Bonds, in the form on file with the City Clerk is hereby approved. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Agreement as finally executed. The terms and provisions of the Agreement, as finally executed, are incorporated herein by this reference as if fully set forth herein. The Authorized Officer is hereby authorized and directed to execute the Agreement on behalf of the City, subject to the terms of Section 3 hereof. For the purposes hereof, the "Redemption Fund" and the "Costs of Issuance Fund" established under the Agreement shall together constitute the "refunding fund" under the Act. Section 5. 1990 Bond Purchase Agreement. The form of 1990 Bond Purchase Agreement by and between the City and the owners of the 1990 Bonds, in substantially the form on file with the City (the "1990 Bond Purchase Agreement'), is hereby approved. The Authorized Officer is hereby directed to execute the same for the City. Section 6. Negotiated Sale of Bonds. The form of agreement for the purchase of the Bonds (the "Bond Purchase Agreement') between the City and Piper Jaffray, Inc. (the "Underwriter'") substantially in the form currently on file with the City is hereby approved. The Authorized Officer is hereby authorized and directed to execute the Bond Purchase Agreement for the City, subject to the provisions of Section 3 hereof. The Council hereby finds and determines that the sale of the Bonds at negotiated sale as contemplated by the Bond -2-