Minutes 05/12/1998 - Laserfiche WebLink

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TUESDAY, MAY 12, 1998 WHEREAS, the Virginia Public School Authority (the "Authority") pursuant to a resolution duly adopted on June 26, 1991, as amended, restated and supplemented (the "1991 Resolution") issued bonds (''1991 Resolution Bonds") for the purpose of purchasing general obligation school bonds of certain cities and counties within the Commonwealth of Virginia; and WHEREAS, the Authority has issued under the 1991 Resolution a certain series of 1991 Resolution Bonds designated as "Virginia Public School Authority School Financing Bonds ( 1991 Resolution) Series 1991 A (the "Series 1991 A Bonds"); and WHEREAS, the Authority used a portion of the proceeds of the Series 1991 A Bonds to purchase certain duly authorized and issued general obligation school bonds of the City of Martinsville, Virginia, designated City of Martinsville School Bonds, Series of 1991 A C'Loeal School Bonds"); and WHEREAS, the Authority refunded its Series 1991 A Bonds (the 'Refunded Bonds") from a portion of the proceeds of its Virginia Public School Authority School Financing and Refunding Bonds ( 1997 Resolution) Series 1997-1 (the 'Refunding Bonds") issued pursuant to a Resolution duly adopted by the Authority on October 23, 1997 (the "1997 Resolution"); and WHEREAS, the Authority in refunding the Refunded Bonds has pledged the Local School Bonds for the benefit of the holders of bonds issued under its 1997 Resolution; and WHEREAS, the Authority is required to assist the underwriters (the "Underwriters") of the Refunding Bonds with their duty to comply with Securities and Exchange Commission Rule 15c2-12 (the 'Rule"); and WHEREAS, the Authority has requested the City of Martinsville to execute a Continuing Disclosure Agreement in order for the Authority to assist the Underwriters in complying with the Rule; and WltFIIF~AS, the City Council of the City of Martinsville, Virginia, considers it to be advisable for the City to fulfill the request of the Authority to execute a Continuing DiscloSure Agreement; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITf OF MARTINSVILLE, VIRIGN]A, in regular session assembled May 12, 1998, that: Continuing Disclosure Agreement The City' Manager and such officer or officers as he may designate are hereby authorized to enter into a Continuing Disclosure Agreement in the form attached as Appendix A hereto, containing such covenants as may be necessary in order for compliance with the provisions of the Rule. Further Actions The members of the City Council and all officers, employees and agents of the City are hereby authorized to take such action as they or any one of them may consider necessary to desirable in connection with the execution and delivery of the Continuing Disclosure Agreement and any such action previously taken is hereby ratified and confirmed. 3. Effective. Date This Resolution shall take effect immediately.