HomeMy WebLinkAbout91-767 10-08-1991RESOLUTION NO. 91 -767
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, the following
described obligations were duly authorized to be issued and are
currently outstanding, to wit:
City of Euless, Texas, Waterworks and Sewer System
Revenue Bonds, Series 1983 ", dated May 15, 1983,
aggregating in principal amount $2,075,000, and
scheduled to mature on July 15, 1994 through
July 15, 2002;
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 authorizing ordinance and in said obligations; and
WHEREAS, in connection with the advance refunding of the
above described bonds, the Council hereby finds and determines
that bonds of such series should be redeemed prior to their
maturities on the date 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: The bonds of that series known as "City of
Euless, Texas, Waterworks and Sewer System Revenue Bonds,
Series 1983 ", dated May 15, 1983, being bonds numbered 186
through 600, each in the denomination of $5,000, maturing in
the years 1994 through 2002, and aggregating in principal
amount $2,075,000, shall be redeemed and the same are hereby
called for redemption on July 15, 1993, 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 /registrar to the Mercantile
National Bank at Dallas) and Bankers Trust Company, New York,
New York, the "paying agents ", 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.
r
SECTION 2: The redemption of the bonds described above
being associated with the advance refunding of such bonds, the
approval, authorization and arrangements herein given and
provided for the redemption of such obligations on the
redemption date designated therefor and in the manner provided
shall be irrevocable; and the City Secretary 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 ordinance authorizing the
issuance of the bonds.
PASSED AND ADOPTED, this October 8, 1991.
'ATTEST:
CITY OF EULESS, TEXAS
Mayor
:City Secretary
(City Seal)
S 9 0 6 s
EXHIBIT A
NOTICE OF REDEMPTION
CITY OF EULESS, TEXAS,
WATERWORKS AND SEWER SYSTEM REVENUE BONDS
SERIES 1983
DATED MAY 15, 1983
NOTICE IS HEREBY GIVEN that the City of Euless, Texas has
called for redemption on July 15, 1993, the bonds of the series
described above and further identified as follows:
Bonds numbered 186 through 600, each in the denomination
of $5,000, aggregating in principal amount $2,075,000,
and scheduled to mature on July 15 in each of the years
1994 through 2002.
NOTICE IS FURTHER GIVEN that due and proper arrangements have
been made for providing Bankers Trust Company, New York, New York, a
paying agent for such bonds, with sufficient funds to pay the
principal amount of such bonds and the accrued interest thereon to
the above designated redemption date. 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_Euless,
Texas.
WITNESS MY OFFICIAL SIGNATURE, this October 8, 1991.
City Secretary
City of Euless, Texas
The above and foregoing Notice of Redemption was duly
received and filed with
, this
(Bank Seal)
5 9 0 7 s
By:
Title: