HomeMy WebLinkAbout85-612 11-05-1985RESOLUTION 85-612
A RESOLUTION providing for the redemption of certain
outstanding bonds of the City; and resolving
other matters incident and related to the
redemption of such bonds.
WHEREAS, pursuant to an ordinance passed and adopted by
the City Council of the City of Euless, Texas on April 24,
1984, the following described bonds were duly authorized to be
issued and are currently outstanding, to wit:
"City of Euless, Texas, General Obligation Bonds,
Series 1984 ", dated May 1, 1984, aggregating in
principal amount $2,500,000, and scheduled to
mature on May 1 in each of the years 1986 through
2004;
AND WHEREAS, the above identified bonds 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 ordinance authorizing the issuance of said bonds and in
said bonds; and
WHEREAS, in connection with the advance refunding of the
above described bonds, the City Council hereby finds and
determines that bonds of said 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 bonds 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
EULESS, TEXAS:
SECTION 1: That the bonds of that series known as "City
of Euless, Texas, General Obligation Bonds, Series 1984"
maturing in the years 1997 through 2004 and aggregating in
principal amount $1,675,000, shall be redeemed on May 1, 1996,
at the price of par, together with accrued interest to the date
of redemption. The Director of Finance of the City is hereby
authorized and directed to cause this resolution to be filed
with Texas American Bank /Fort Worth, N.A., Fort Worth, Texas,
the "paying agent" and make irrevocable arrangements for a
notice of redemption to be sent by United States Mail, first
class, postage prepaid, at least 30 days prior to the
redemption date to each registered owner of the bonds to be
redeemed appearing on the registration books for said bonds;
such notice of redemption to read substantially as Exhibit A
attached hereto and incorporated herein by reference as a part
of this resolution for all purposes.
SECTION 2: That redemption of the bonds 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 bonds on
the redemption dates designated therefor and in the manner
provided shall be irrevocable; and the Director of Finance of
the City is hereby authorized and directed to make all
arrangements necessary to notify the holders of such bonds of
the City's decision to redeem such obligations on the date and
in the manner herein provided and in accordance with the
ordinances authorizing the issuance of the bonds.
PASSED AND ADOPTED, this November 5, 1985.
ATTEST:
City S ` etary
(City Seal)
CITY OF EULESS, TEXAS
-4,
Mayor
•
EXHIBIT A
NOTICE OF REDEMPTION
CITY OF EULESS, TEXAS,
GENERAL OBLIGATION BONDS, SERIES 1984
NOTICE IS HEREBY GIVEN that the bonds maturing on May 1,
1997 through May 1, 2004 and aggregating in principal amount
$1,675,000 have been called for redemption on May 1, 1996 at
the price of par and accrued interest to the date of redemption
thereof.
THE ABOVE DESCRIBED BONDS of said series shall become
due and payable on May 1, 1996 and interest thereon shall cease
to accrue from and after said redemption date and payment of
the redemption price of said bonds shall be made at the
principal office of Texas American Bank /Fort Worth, N.A., Fort
Worth, Texas, upon presentation and surrender thereof to said
paying agent bank.
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 Euless, Texas, on November 5, 1985.
WITNESS MY OFFICIAL SIGNATURE, this the 5th day of
November, 1985.
Director of Finance
That the resolution of the City Council of the City of
Euless, Texas calling the above described bonds for redemption
has been filed with Texas American Bank /Fort Worth, N.A., Fort
Worth, Texas, and irrevocable arrangements have been made for
the above notice of redemption to be sent at least 30 days
prior to May 1, 1996 by United States Mail, first class,
postage prepaid to the registered owners of the bonds to be
redeemed appearing on the registration books at the time of the
mailing of said notice.
FILED, this
(Bank Seal)
TEXAS AMERICAN BANK /FORT WORTH, N.A.
Fort Worth, Texas
By:
Title: