Minutes 06/08/2004 - Laserfiche WebLink

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June 8, 2004 2. Pled.qe of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Note as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, premium, if any, and interest on the Note as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Details and Sale of Note. The Note shall be issued 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 Note shall be issued in fully registered form, in one or more series, shall be dated the date of issuance and delivery (or such other date as the Chief Financial Officer of the City and the City Manager, or either of them, may approve) and shall be in the form of a single note in the denomination equal to its principal amount or the principal amount of each series or, if approved by the Chief Financial Officer of the City and the City Manager, or either of them, in one or more series in minimum denominations of $100,000. The Note shall be issued to such purchaser or purchasers, upon such other terms as may be approved by the Chief Financial Officer of the City and the City Manager, or either of them, including, but not limited to, the aggregate principal amount of the Note, the prepayment provisions, the sale price and interest rate on the Note, provided that the final principal payment on the Note shall be not more than approximately 25 years from its date, the principal amount shall not exceed $2,530,000 and the interest cost of the Note shall not exceed 6%. 4. Form of Note. The Note shall be in substantially the form attached to this Resolution as Exhibit A, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution. There may be endorsed on the Note 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. 5. Appointment of Note Reqistrar and Paying Agent. The Chief Financial Officer of the City is appointed as Note Registrar and Paying Agent for the Note. The City Manager may appoint a subsequent registrar and/or one or more paying agents for the Note by giving written notice to the owner of the Note specifying the name and location of the principal office of any such registrar or paying agent. 6. Execution of Note; Financing Documents. The City Manager, the Chief Financial Officer and the Clerk of the City Council are authorized and directed to execute an appropriate Note or Notes and to affix the seal of the City thereto and to deliver the Note or Notes to the purchaser or purchasers thereof upon payment of the purchase price. The manner of execution and affixation of the seal may be by facsimile, provided, however, that if the signatures of the City Manager and the Clerk are both by facsimile, the Note shall not be valid until signed at the foot thereof by the manual signature of the Note Registrar. The City Manager, the Chief Financial Officer of the City and the Clerk of the City Council are authorized to execute and deliver such other financing documents as may be necessary to provide for the issuance and sale of the Note, including making application for municipal note insurance and entering into such agreements as may be necessary in connection with such insurance, if deemed advisable by the City Manager and the Chief Financial Officer of the City. 7. Registration, Transfer and Exchange. Upon surrender for transfer or exchange of any Note at the principal office of the Note Registrar, the City shall execute and deliver and the Note Registrar shall authenticate in the name of the transferee or transferees a new Note or Notes of any authorized denomination in an aggregate principal amount equal to the Note surrendered and of the same form and maturity and bearing interest at the same rate as the Note surrendered, subject in each case to such reasonable regulations as the City and the Note Registrar may prescribe. Any Note presented for transfer or exchange shall be accompanied by a written instrument or instruments of transfer or authorization for exchange, in form and substance reasonably satisfactory to the City and the Note Registrar, duly executed by the registered owner or by his or her duly authorized attorney-in-fact or legal representative. No Note may be registered to bearer.