R-2271-3-04RESOLUTION NO. 2271-3-04(R)
A RESOLUTION approving a date for the sale of revenue bonds; authorizing
appropriate personnel and consultants to proceed with arrangements and the
preparation of documents for the issuance and sale of such bonds and resolving
other matters incident and related thereto.
WHEREAS, based on capital improvement projects currently planned and authorized to be
undertaken, staff of the City has requested approval and authorization to proceed with the issuance
and sale of revenue bonds to finance the costs thereof on or about May 11, 2004; and
WHEREAS, in addition to the revenue bonds to finance capital improvement projects, the
City Council has been presented with information demonstrating that in today's market the
refunding of certain outstanding revenue bonds of the City will result in interest costs savings of
approximately 3% or more; and
WHEREAS, the City Council hereby finds and determines such approval and authorization
to proceed with the sale of such revenue bonds to finance capital improvements and to refinance
certain outstanding bonds of the City should be given; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, TEXAS:
SECTION 1: The Director of Finance for the City, together with the City's financial advisor,
Southwest Securities and bond counsel, Fulbright and Jaworski LLP, are hereby authorized and
directed to proceed on behalf of the City with the preparation of the documents and make the
' appropriate arrangements for the offering and sale of revenue refunding and improvement bonds in
the approximate amount of $7,165,000; and the Director of Finance and other appropriate officials
of the City are hereby authorized and directed to furnish said consultants with information and data,
including the amount of bonds ultimately to be offered for sale, necessary for the preparation of an
official statement and other documents for a negotiated sale of such bonds to occur and be
approved by the City Council at a meeting to be held on or about May 11, 2004.
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 March 23, 2004.
APPROVED:
Stephen Thrrell, Mayor
ATTEST:
✓/
'Shelley B. Ge e, TRMC, QJty Secretary