Minutes 05/22/2001 - Laserfiche WebLink

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May 22, 2001 Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms established pursuant to this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. The Bonds shall be issued in fully registered form, shall be dated such date as the Chief Financial Officer may approve, shall be in denominations of $5,000 and integral multiples thereof and shall be numbered from R-1 upwards consecutively. The Bonds shall be issued in one or more series in such aggregate principal amount, and may be combined with other authorized general obligation bonds of the City, and shall mature on such dates and in such amounts as the Chief Financial Officer may approve, provided that the aggregate principal amount of the Bonds shall not exceed the amount set forth in paragraph 1 and the final maturity of the Bonds shall not be later than December 1, 2027. The City Manager and the Chief Financial Officer, or either of them, is authorized and directed to execute and deliver one or more Bond Purchase Agreements providing for the sale of the Bonds to Morgan Stanley & Co., Incorporated, as Senior Managing Underwriter (the "Underwriter") upon such terms as such officer deems most advantageous. The Bonds shall bear interest, payable semi-annually, at such rate or rates and shall be sold to the Underwriter at such price or prices as may be set forth in the Bond Purchase Agreement(s) approved by such officer or officers; provided that the true interest cost of the Bonds shall not exceed 7.5% per annum and the purchase price shall be not less than 97% of the par amount of the Bonds, not taking into account any original issue discount or any bond insurance premium. The City Manager and the Chief Financial Officer, or either of them, is authorized and directed to approve such optional or mandatory redemption provisions for the Bonds as such officer or officers may determine to be in the best interest of the City. Form of Bonds. The Bonds shall be in substantially the forms attached to this Resolution as Exhibits A and B, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution. There may be endorsed on the Bonds such legend or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. Book-Entry-Only Form. The Bonds shall be issued in book-entry-only form. The Bonds shall be issued in fully-registered form and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC") as registered owner of the Bonds, and immobilized in the custody of DTC. One fully- registered Bond in typewritten or printed form for the principal amount of each maturity of the Bonds shall be registered to Cede & Co. Beneficial owners of the Bonds shall not receive physical delivery of the Bonds. Principal, premium, if any, and interest payments on the Bonds shall be made to DTC or its nominee as registered owner of the Bonds on the applicable payment date. Transfer of ownership interest in the Bonds shall be made by DTC and its participants (the "Participants"), acting as nominees of the beneficial owners of the Bonds in accordance with rules specified by DTC and its Participants. The City shall notify DTC of any notice required to be given pursuant to this Resolution or the Bonds not less than fifteen (15) calendar days prior to the date upon which such notice is required to be given. The City shall also comply with the agreements set forth in the City's Letter of Representations to DTC. Replacement Bonds (the "Replacement Bonds") shall be issued directly to beneficial owners of the Bonds rather than to DTC or its nominee but only in the event that: (i) Bonds; or DTC determines not to continue to act as securities depository for the (ii) The City has determined not to continue to use DTC as the securities depository for the Bonds; or (iii) The City has determined not to continue the book-entry system of transfer.