Minutes 08/12/2003 - Laserfiche WebLink

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Au,qust 12, 2003 New Bonds delivered upon any transfer or exchange shall be valid obligations of the City, evidencing the same debt as the Bonds surrendered, shall be secured by this Resolution and entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. ]0. Charges for Exchanqe or Transfer. No charge shall be made for any exchange or transfer of Bonds, but the City may require payment by the registered owner of any Bond of a sum sufficient to cover any tax or other governmental charge which may be imposed with respect to the transfer or exchange of such Bond. ] ]. Refundin.q of Prior Bonds. If it is determined by the City Manager and the Chief Financial Officer, or either of them, to be in the best interest of the City, the City Manager and the Chief Financial Officer, or either of them, is authorized to (a) approve the issuance of the Bonds and the aggregate principal amount of such Bonds (not to exceed the maximum amount set forth in paragraph 1) sufficient to provide for the redemption or payment at maturity of such maturities of the Prior Bonds as such officer or officers may determine and to provide for the redemption of such portion of the Prior Bonds and (b) enter into an Escrow Agreement with an escrow agent to be selected by the Chief Financial Officer providing for the deposit and investment of such portion of the proceeds of the Bonds to be applied to the payment of the Prior Bonds to be redeemed on the earliest redemption date or at maturity, as appropriate. ]2. Non-Arbitraqe Certificate and Tax Covenants. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to execute a Non- Arbitrage Certificate and Tax Covenants setting forth the expected use and investment of the proceeds of the Bonds and containing such covenants as may be necessary in order to comply with the provisions of the Code, including the provisions of Section 148 of the Code and applicable regulations relating to "arbitrage bonds." The City Council covenants on behalf of the City that all of such proceeds will be invested and expended as set forth in the City's Non-Arbitrage Certificate and Tax Covenants and that the City will comply with the other covenants and representations contained therein. ]3. Disclosure Documents. The Chief Financial Officer and the City Manager, or either of them, and such officers and agents of the City as either of them may designate are hereby authorized and directed to prepare, execute, if required, and deliver an appropriate notice of sale, preliminary official statement, official statement or such other offering or disclosure documents as may be necessary to expedite the sale of the Bonds. The notice of sale, preliminary official statement, official statement or other documents shall be published in such publications and distributed in such manner, including electronically, and at such times as the Chief Financial Officer shall determine. The Chief Financial Officer is authorized and directed to deem the preliminary official statement with respect to the Bonds "final" for purposes of Securities and Exchange Commission Rule 15c2-12. ]4. Continuinq Disclosure. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to enter into a Continuing Disclosure Agreement for the benefit of the owners of the Bonds to assist the Underwriter for the Bonds in complying with the provisions of Section (b)(5) of Securities and Exchange Commission Rule 15c2-12. ]5. Further Actions. The City Manager and the Chief Financial Officer and such officers and agents of the City as either of them may designate are authorized and directed to take such further action and to execute and deliver such additional agreements, documents and certificates as they deem necessary regarding the Bonds and all actions taken by such officers and agents in connection with the Bonds are ratified and confirmed. ]6. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the Public Finance Act of 1991, Chapter 26, Title 15.2, 1950 Code of Virginia, as amended, (the "Act"), the City Council elects to issue the Bonds pursuant to the provisions of the Act. This Resolution shall take effect immediately." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None