HomeMy WebLinkAboutR-2098-10-02RESOLUTION NO. 2098-10-02
A RESOLUTION relating to the refinancing of City of Allen, Texas, General
Obligation Refunding and Improvement Bonds, Series 1992 and resolving
other matters incident and related thereto.
WHEREAS, the City Council of the City of Allen, Texas, has been presented with
information demonstrating that in today's market the refinancing of certain outstanding "City of
Allen, Texas, General Obligation Refunding and Improvement Bonds, Series 1992" will result in
interest costs savings to the City of approximately $132,250 to $145,000; and
WHEREAS, the City Council hereby finds and determines such refinancing should be
undertaken and, the staff of the City, SWS Securities and Fulbright & Jaworski, L.L.P., the City's
bond counsel, should be authorized and directed to proceed with the preparation of an official
statement and other documents for the offering and sale of refunding bonds to enable the City
to realize the savings in substantially the amounts demonstrated; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, TEXAS:
SECTION 1: SWS Securities and Fulbright & Jaworski L.L.P. are hereby authorized
and directed to proceed on behalf of the City of Allen, Texas with the preparation of the
documents and making the appropriate arrangements for the offering and sale of general
obligation refunding bonds in the approximate amount of $2,715,000, and the Director of
Finance and other appropriate officials of the City are hereby authorized and directed to assist
and furnish said consultants with information and data needed for the preparation of an official
' statement and other documents for the sale of such bonds with the intent and purpose of
reducing the interest costs of such indebtedness by approximately $132,250 to $145,000.
SECTION 2: It is officially found, determined and declared that the meeting at which
this Resolution is adopted was open to the public and public notice of the time, place, and
subject matter of the public business considered at said meeting, including this Resolution, was
given, all as required by V.T.C.A., Government Code, Chapter 551, as amended.
SECTION 3: This Resolution shall be in force and effect from and after its passage on
the date shown below.
PASSED AND ADOPTED, this 8TH day of October, 2002.
CITY OF ALLEN, TEXAS
Stephen Mayo
ATTEST:
Judy Motyrison, CMC/MMCA, City Secretary
(City Seal)
45229816.1