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HomeMy WebLinkAboutR-1137-10-92RESOLUTION NO. 1137-10-92(R) A RESOLUTION providing for the redemption of certain outstanding obligations of the City; and resolving other matters incident and related to the redemption of such obligations. WHEREAS, pursuant to ordinances passed and adopted by the City Council of the City of Allen, Texas, the following described obligations were duly authorized to be issued and are currently outstanding, to wit: (1) City of Allen, Texas, General Obligation Bonds, Series 1979, dated August 1, 1979, aggregating in principal amount of $1,390,000, and scheduled to mature on August 1, 2000 through August 1, 2009; (2) City of Allen, Texas, General Obligation Bonds, Series 1985, dated September 1, 1985, aggregating in principal amount of $2,650,000, and scheduled to mature on September 1, 1996 through September 1, 2000; (3)* City of Allen, Texas, General Obligation Bonds, Series 1986, dated August 1, 1986, aggregating in principal amount of $4,650,000, and scheduled to mature on September 1, 1999 through September 1, 2006; and (4) City of Allen, Texas, General Obligation Bonds, Series 1988, dated April 1, 1988, aggregating in principal amount of $1,190,000, and scheduled to mature on September 1, 1999 through September 1, 2001; AND WHEREAS, the above identified obligations were authorized, issued, sold and delivered subject to the right and authority of the City to redeem the same prior to maturity, as provided in the respective authorizing ordinances and in said obligations; and WHEREAS, in connection with the advance refunding of the above described obligations, the Council hereby finds and determines that obligations of the respective series should be redeemed prior to their maturities on the dates and in the manner hereinafter provided and in accordance with the requirements prescribed therefor and notice of redemption of such obligations should be approved and authorized to be given at this time by the Council; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, TEXAS: 0042756 SECTION 1: The bonds of that series known as "City of Allen, Texas, General Obligation Bonds, Series 197911, dated August 1, 1979, being bonds numbered 123 through 400, each in the denomination of $5,000, and maturing in the years 2000 through 2009, and aggregating in principal amount $1,390,000, shall be redeemed and the same are hereby called for redemption on August 1, 1999, at the price of par and accrued interest to the date of redemption. The City Secretary is hereby authorized and directed to cause a notice of redemption to be filed with Ameritrust Texas National Association (successor paying agent to Mercantile National Bank at Dallas), the "paying agent", which notice of redemption shall be substantially in the form and content of Exhibit A attached hereto and incorporated herein by reference as a part of this resolution for all purposes. SECTION 2: The bonds of that series known as "City of Allen, Texas, General Obligation Bonds, Series 198511, dated September 1, 1985, maturing in the years 1996 through 2000, and aggregating in principal amount $2,650,000, shall be redeemed and the same are hereby called for redemption on September 1, 1995, at the price of par and accrued interest to the date of redemption. The City Secretary is hereby authorized and directed to file a copy of this resolution, together with a suggested form of notice of redemption to be filed with bondholders, with Ameritrust Texas National Association (successor paying agent/registrar to MBank Dallas, N.A.), in accordance with the redemption provisions applicable to such bonds; such suggested form of notice of redemption being attached hereto as Exhibit B and incorporated herein by reference as a part of this resolution for all purposes. SECTION 3: The bonds of that series known as "City of Allen, Texas, General Obligation Bonds, Series 198611, dated August 1, 1986, maturing in the years 1999 through 2006, and aggregating in principal amount $4,650,000, shall be redeemed and the same are hereby called for redemption on September 1, 1998, at the price of par and accrued interest to the date of redemption. The City Secretary is hereby authorized and directed to file a copy of this resolution, together with a suggested form of notice of redemption to be filed with bondholders, with Ameritrust Texas National Association (successor paying agent/registrar to MBank Dallas, N.A.), in accordance with the redemption provisions applicable to such bonds; such suggested form of notice of redemption being attached hereto as Exhibit C and incorporated herein by reference as a part of this resolution for all purposes. SECTION 4: The bonds of that series known as "City of Allen, Texas, General Obligation Bonds, Series 198811, dated April 1, 1988, maturing in the years 1999 through 2001, and aggregating in principal amount $1,190,000, shall be redeemed and the same are hereby called for redemption on September 1, 1998, at 0042756 -2- the price of par and accrued interest to the date of redemption. The City Secretary is hereby authorized and directed to file a copy of this resolution, together with a suggested form of notice of redemption to be filed with bondholders, with Ameritrust Texas National Association (successor paying agent/registrar to MTrust Corp, National Association), in accordance with the redemption provisions applicable to such bonds; such suggested form of notice of redemption being attached hereto as Exhibit D and incorporated herein by reference as a part of this resolution for all purposes. SECTION 5: The redemption of the obligations described above being associated with the advance refunding of such obligations, the approval, authorization and arrangements herein given and provided for the redemption of such obligations on the redemption dates designated therefor and in the manner provided shall be irrevocable upon the issuance and delivery of the "City of Allen, Texas, General Obligation Refunding and Improvement Bonds, Series 1992111 dated October 1, 1992; and the City Secretary is hereby authorized and directed to make all arrangements necessary to notify the holders of such obligations of the City's decision to redeem such obligations on the dates and in the manner herein provided and in accordance with the ordinances authorizing the issuance of the obligations. PASSED AND ADOPTED, this October 1, 1992. CITY OF ALLEN, TEXAS I ATTEST: C' y S- etary T'r (City Seal) 0042756 -3- IL EXHIBIT A NOTICE OF REDEMPTION CITY OF ALLEN, TEXAS, GENERAL OBLIGATION BONDS SERIES 1979 DATED AUGUST 1, 1979 NOTICE IS HEREBY GIVEN that the City of Allen, Texas has called for redemption on August 1, 1999, the bonds of the series described above and further identified as follows: Bonds numbered 123 through 400, each in the denomination of $5,000, aggregating in principal amount $1,390,000, and scheduled to mature on August 1 in each of the years 2000 through 2009. NOTICE IS FURTHER GIVEN that due and proper arrangements have been made for providing Ameritrust Texas National Association (successor paying agent to Mercantile National Bank at Dallas), the paying agent for such bonds, with sufficient funds to pay the redemption price of such bonds. Such bonds shall cease to bear interest from and after such redemption date. THIS NOTICE is issued and given pursuant to the terms and conditions prescribed for the redemption of said bonds and pursuant to a resolution passed by the City Council of the City of Allen, Texas. 1992. WITNESS MY OFFICIAL SIGNATURE, this the 1st day of October, r C y Se6retary City of Allen, Texas The above and foregoing Notice of Redemption was duly received and filed with Ameritrust Texas National Association, this (Bank Seal) 0042774 AMERITRUST TEXAS NATIONAL ASSOCIATION By: Title: EXHIBIT B NOTICE OF REDEMPTION CITY OF ALLEN, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1985 DATED SEPTEMBER 1, 1985 NOTICE IS HEREBY GIVEN that all bonds of the above series maturing on and after September 1, 1996 and aggregating in principal amount $2,650,000 have been called for redemption on September 1, 1995 at the redemption price of par and accrued interest to the date of redemption, such bonds being identified as follows: Year of Principal Amount Maturity Outstanding 1996 $330,000 1997 380,000 1998 440,000 1999 480,000 2000 1,020,000 ALL SUCH BONDS shall become due and payable on September 1, 1995, and interest thereon shall cease to accrue from and after said redemption date and payment of the redemption price of said bonds shall be paid to the registered owners of the bonds only upon presentation and surrender of such bonds to the principal office of Ameritrust Texas National Association (successor paying agent/registrar to MBank Dallas, N.A.). THIS NOTICE is issued and given pursuant to the terms and conditions prescribed for the redemption of said bonds and pursuant to a resolution by the City Council of the City of Allen, Texas. 004277, AMERITRUST TEXAS NATIONAL ASSOCIATION as Paying Agent/Registrar Address: P. O. Box 2320 Dallas, Texas 75221-2320 EXHIBIT C NOTICE OF REDEMPTION CITY OF ALLEN, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1986 DATED AUGUST 1, 1986 NOTICE IS HEREBY GIVEN that all bonds of the above series maturing on and after September 1, 1999 and aggregating in principal amount $4,650,000 have been called for redemption on September 1, 1998 at the redemption price of par and accrued interest to the date of redemption, such bonds being identified as follows: Year of Principal Amount Maturity Outstanding 1999 $350,000 2000 400,000 2001 520,000 2002 565,000 2003 615,000 2004 675,000 2005 730,000 2006 795,000 ALL SUCH BONDS shall become due and payable on September 1, 1998, and interest thereon shall cease to accrue from and after said redemption date and payment of the redemption price of said bonds shall be paid to the registered owners of the bonds only upon presentation and surrender of such bonds to the principal office of Ameritrust Texas National Association (successor paying agent/registrar to MBank Dallas, N.A.). THIS NOTICE is issued and given pursuant to the terms and conditions prescribed for the redemption of said bonds and pursuant to a resolution by the City Council of the City of Allen, Texas. 0042774 AMERITRUST TEXAS NATIONAL ASSOCIATION as Paying Agent/Registrar Address: P. O. Box 2320 Dallas, Texas 75221-2320 EXHIBIT D NOTICE OF REDEMPTION CITY OF ALLEN, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1988 DATED APRIL 1, 1988 NOTICE IS HEREBY GIVEN that all bonds of the above series maturing on and after September 1, 1999 and aggregating in principal amount $1,190,000 have been called for redemption on September 1, 1998 at the redemption price of par and accrued interest to the date of redemption, such bonds being identified as follows: Year of Principal Amount Maturity Outstanding 1999 $190,000 2000 260,000 2001 740,000 ALL SUCH BONDS shall become due and payable on September 1, 1998, and interest thereon shall cease to accrue from and after said redemption date and payment of the redemption price of said bonds shall be paid to the registered owners of the bonds only upon presentation and surrender of such bonds to the principal office of Ameritrust Texas National Association (successor paying agent/registrar to MTrust Corp National Association). THIS NOTICE is issued and given pursuant to the terms and conditions prescribed for the redemption of said bonds and pursuant to a resolution by the City Council of the City of Allen, Texas. 0042774 AMERITRUST TEXAS NATIONAL ASSOCIATION as Paying Agent/Registrar Address: P. O. Box 2320 Dallas, Texas 75221-2320 1 CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS § COUNTY OF COLLIN § CITY OF ALLEN I, the undersigned, City Secretary of the City of Allen, Texas, DO HEREBY CERTIFY as follows: 1. That on the 1st day of October, 1992, a regular meeting of the City Council of the City of Allen, Texas was held at a meeting place within the City; the duly constituted members of the Council being as follows: JOE FARMER MAYOR KEVIN LILLY ) MAYOR PRO TEM MICKEY CHRISTAKOS ) DAVID BISHOP ) MIKE NICHOLS ) COUNCILMEMBERS STEVE TERRELL ) SHARON HAMNER ) and all of said persons were present at said meeting, except the following: . Among other business considered at said meeting, the attached resolution entitled: "A RESOLUTION providing for the redemption of certain outstanding obligations of the City; and resolving other matters incident and related to the redemption of such obligations." was introduced and submitted to the Council for passage and adoption. After presentation and due consideration of the resolution and, upon a motion made by Mike Nichols and seconded by Mickey Christakos , the resolution was duly passed and adopted by the Council to be effective immediately by the following vote: 7 voted "For" 0 voted "Against" 0 abstained all as shown in the official Minutes of the Council for the meeting held on the aforesaid date. 2. That the attached resolution is a true and correct copy of the original on file in the official records of the City; the duly qualified and acting members of the City Council of said City on the date of the aforesaid meeting are those persons shown above and, according to the records of my office, advance notice of the time, place and purpose of the meeting was given to each member of 0043626 1 the Council; and that said meeting, and the deliberation of the aforesaid public business, was open to the public and written notice of said meeting, including the subject of the above entitled resolution, was posted and given in advance thereof in compliance with the provisions of Article 6252-17, Section 3A, V.A.T.C.S. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 1st day of October, 1992. (City Seal) 0043626 -2- F C' y Setas tary, City of A len,