Agenda 05/12/2009 - Laserfiche WebLink

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April 14, 2009 (iv) if a Bond is deemed paid under the provisions of Section 9, except that such Bond shall be considered Outstanding until the maturity or redemptim date thereof only for the purposes of actually being paid. "Paying Agent" shall mean the City Treasurer acting as Paying Agent for 1I1e Bonds hereunder or the successors or assigns serving as such hereunder. "Principal Account" shall mean the Principal Account in the Bond Fund established by Section 6. "Registrar" shall mean the Paying Agent, or the successors or assigns serving as such hereunder. Section 2 Findings and Determinations (a) The Council hereby finds and determines that (i) the City is in need of funds to be used for the purpose of refunding the outstanding balance ofthe City's $2,529,764 General Obligation Refunding Bond, Series 2005 (the "2005 Refunding Bond") issued for the purpose of refinancing school and redevelopment projects in the City (the "School and Redevelopment Project") and the outstanding balance of the City's not to exceed $2,500,000 General Obligation Bond (Landfill Project), Series 2005 (the "2005 Landfill Bond" and, together with the 2005 Refunding Bond, the "Bonds to be Refunded"), issued to finance City landfill improvements (the "Landfill Project") including payment of costs of issuance of the Refunding Bonds (as defined below); (ii) the obtaining of such funds will be for municipal purposes of the City, for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds for and otherwise support the activities of the City and the City's municipal purposes; (iii) the most effective, efficient and expedient manner in which to provide such funds to the City is through the issuance of general obligation refunding Bonds, Series 2009 A and Series 2009B, in an aggregate original principal amount not to exceed $4,335,000 to be issued by the City as further described herein (the "Refunding Bonds") to be sold to the Bank, which has offered to purchase the same on certain ternls and conditions pursuant to the Bank's proposal and a Financing Agreement between the City and the Bank dated as of May I, 2009 (the "Financing Agreement"). the form of which has been presented to the City Council; (iv) the issuance of the Refunding Bonds is within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness; and, (v) the issuance of the Refunding Bonds is in the best interests ofthe City and its citizens. The Council hereby finds and deternlines that the probable useful life of the School and Redevelopment Project and the Landfill Project, and any and all portions of the School and Redevelopment Project and the Landfill Project, exceed fifteen and one-half years from the date of adoption of this Ordinance and that the Refunding Bonds are payable and shall mature within the probable useful life of the School and Redevelopment Project and the Landfill Project and the probable useful life of any and all portions of the School and Redevelopment Project and the Landtill Project (whether consi:lered alone or as III average useful life ofsuehportions). (b) The Council hereby tinds and determines that (i) the City is in need of funds to be used for the purposes of financing the acquisition, construction and equipping of municipal building improvements, IlIldtill improvements lIld acquisition of a truck for municipal purposes (together, the "Project") including payment of costs of issuance of the Project Bonds and interest on the Project Bonds; (ii) the obtaining of such funds will be for municipal purposes ofthe City, for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide fll1ds for and otherwise support the activities of the City and the City's municipal purposes; (iii) the most effective, efficient and expedient manner in which to provide such funds to the City is through the issuance of general obligation Project Bonds, Series 2009A and Series 2009B, in an aggregate original prncipal amount not to exceed $1,200,000 to be issued by the City as further described herein (the "Project Bonds") to be sold to the Bank, which ha~ offered to purcha~e the same on certain terms and conditions pursuant to the Bank's proposal and the Financing Agreement; (iv) the issuance of the Project Bonds is within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness; and, (v) the issumlce of the Project Bonds is in the best interests of the City mId its citizens. The maximum length of time that the Series A Project Bond will be outstalding is ten and one-half years hom the date of issuance of the Series A Project Bond The Council further hereby finds and determines that the probable uscfullife of dIe portion of the Project financed by the Series A Project Bond, which is a truck for municipal purposes, exceeds ten and one-half years and that the Series A Project Bond is payable and shall mature within the average probable useful life of tha portion of the Project. The maximum length oftime that the Series B Project Bond will be outstanding is twenty and one- half years from the dae of issuance of the Series B Project Bond. The Cowlcil further hereby finds and determines that the average prob<ble useful life of the portim of the Project fmanced by the Series B Project Bond exceeds twenty and one-half years and that the Series B Project Bond is payable and shall mature within the average probable useful life of that portion of the Project. Section 3 Authorization. Form and Details of the Bonds (a) There is hereby authorized to be issued general obligation bonds of the City in the aggregate principal amount of up to $4,335,000 for municipal purposes as described in Section 2(a) above. The RefUluing Bonds authorized herein shall be designated "General Obligation Refunding Bond, Series 2009A" (the "Series A Refunding Bond") and "General Obligation Refunding Bond, Series 2009B" (the "Series B Refunding Bond"). The Series A Refunding Bond shall be issuable in the principal anlOunt of$2,523,900 as a fully registered Bond, without coupons, shall be dated the Closing Date, shall be numbered R-I, shall bear interest payable on the applicable Bond Payment Date at a rate of3.25% per annum. The Series B ReflDlding Bond shall be issuable in the principal amount of $1. 782, 700 a~ a fully registered Bond, without coupons, shall be dated the Closing Date, shall be numbered R-l, shall bear interest payable on1l1e applicable Bond Payment Date at a rate of2.50% per annum. The Refunding Bonds shall mature on their respective Bond Maturity Date. Commencing on July 15,2009, and continuing on each January 15 and July 15 thereafter, interest on the outstanding principal anlOunts of the Refunding Bonds shall be due and payable as set forth above, and commencing on July 15,2009, and continuing on each July 15 dlereafter, principal amowlts ofthc Refunding Bonds shall be due in accordance with the Bank's written proposal to purcha~e the Refunding Bonds until the applicable Bond Maturity Date. The Refunding Bonds are subject to redemption prior to maturity at the option of the Council at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the Refunding Bonds to be redeemed, plus interest accrued to the redcmption date. The Refunding Bonds are hereby audlOrized to be issued under the City Charter and the Act. The Refunding Bonds shall bear interest from the date on which they arc authenticated. Interest on the Bonds shall be computed on the basis of 30-day months mId a 360-day year. Principal of, ,md interest on, the RefLmding Bonds shall be payable in lawful money of the United States of America. Principal of and interest on the Ref wIding Bonds shall be payable by chelk or draft mailed to the registered owner thereof at its address. The Refunding Bonds shall be printed, lithographed or typewritten <l1d shall be substmltially in dIe form herein below set forth, with such appropriate variations, omissions and insertions as are permitted or required by this Ordinance, including such variations, insertions and omissions as shall be necessary to issue the Refunding Bonds under a system of book-entry for recording the ownership m1d transfer of ownership of rights to receive payments of principal of and interest on the Refunding Bonds, mId may have endorsed 1I1ereon such legends or text as may be necessary or appropriate to conform to any applicable rules mId regulations of any governmental authority or any usage or requirement of law with respectthereto. If any principal of, or interest on, the Refunding Bonds is not paid whcn duc (whether at maturity, by acceleration or call for redemption, or otherwise), then, to the extent permitted by law, the overdue nstallments of principal shall bear interest lmtil paid at the same rate or rates as set forth in the Refunding Bonds The Refunding Bonds shall be signed by the facsimile or manual signature of the Mayor. The facsimile of the City's seal shall be printed thereon or mmlUally impressed dlereon mId attested by dIe facsimile or manual signature of the Clerk. In case lilY officer whose signature or facsimile of whose signature shall appear on a Refunding Bond shall cease to be such ottieer before delivery of a Refunding Bond, such signature or facsimile shall nevertheless be valid aid sufficient for all purposes, the smile as ifhe remained in ottice until such delivery. The Refunding Bonds may bear the facsimile signature of or may be signed by such persons as at the actual time of the execution thereof shall be nle proper officers to sign the Refunding Bonds although on the date of delivery of the Refunding Bonds such persons may not have been such officers.