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HomeMy WebLinkAboutRes 2022-07 Resolution Calling for the Defeansance and Redemption of Certain Outstanding BondsCERTIFICATE FOR RESOLUTION NO. 2022 THE STATE OF TEXAS § COUNTY OF HARRIS § CITY OF WEST UNIVERSITY PLACE, TEXAS § I, the undersigned officer of the City of West University Place, Texas (the "City"), hereby certify as follows: 1. The City Council (the "Governing Body") of the City convened on July 11, 2022 regular session in the regular meeting place of the Governing Body in the City (the "Meeting'), which Meeting was at all times open to the public, the duly constituted officers and members of the Governing Body being as follows: Susan Sample Mayor John Montgomery Mayor Pro Tem John P. Barnes Council Member Melanie Bell Council Member Shannon Carroll Council Member and all of such persons were present at the Meeting except /4 14 , thus constituting a quorum. Among other business considered at the Meeting, t e attached resolution (the "Resolution") entitled: RESOLUTION CALLING FOR THE DEFEASANCE AND REDEMPTION OF CERTAIN OUTSTANDING BONDS OF THE CITY OF WEST UNIVERSITY PLACE, TEXAS; DIRECTING THE REDEMPTION OF SUCH BONDS; AND CONTAINING OTHER MATTERS RELATED THERETO was introduced for the due consideration of the Governing Body. After presentation and discussion of the Resolution, a motion was made, duly seconded, and carried by the following vote: ' voted "For" v voted "Against" 0 "Abstained" all as shown in the official Minutes of the Governing Body for the Meeting. 2. The attached Resolution is a true and correct copy of the original on file in the official records of the Governing Body; the duly qualified and acting members of the Governing Body on the date of the Meeting are those persons shown above, and, according to the records of my office, each member of the Governing Body was given actual notice of the time, place, and purpose of the Meeting and had actual notice that the Resolution would be considered; and the Meeting and deliberation of the aforesaid public business, including the subject of the Resolution, was posted and given in advance thereof in compliance with the provisions of Chapter 551, as amended, Texas Government Code. 4166-1000-8378.1 N WITNESS WHEREOF, I have signed my name officially this 2022. n 4166-1000-8378.1 City Secretary City of West University Place, Texas Harris County, Texas City of West University Place RESOLUTION NO. 2022-07 A RESOLUTION CALLING FOR THE DEFEASANCE AND REDEMPTION OF CERTAIN OUTSTANDING BONDS OF THE CITY OF WEST UNIVERSITY PLACE. TEXAS; DIRECTING THE REDEMPTION OF SUCH BONDS: AND CONTAINING OTHER MATTERS RELATED THERETO THE STATE OF TEXAS § COUNTY OF HARRIS § CITY OF WEST UNIVERSITY PLACE, TEXAS WHEREAS, the City of West University Place. Texas (the "City"). acting through its City Council, has previously adopted an ordinance on July 10. 2017 (the "Bond Ordinance'') authorizing the issuance of general obligation refunding bonds designated as "City of West University Place. Texas General Obligation Refunding Bonds, Series 2017." dated September 7, 2017. in the original principal amount of $9.965,000 (the "Bonds"): and WHEREAS, the Bonds are currently outstanding in the principal amount of $6,605,000: and WHEREAS. the Bond Ordinance provides that the Bonds may be redeemed, at the option of the City, on any date, as a whole or in part, as selected and designated by the City. at a redemption price equal to the principal amount to be redeemed plus accrued interest to the date fixed for redemption; and WHEREAS, the Bond Ordinance further provides the notice and publication requirements to effectuate the redemption of the eligible outstanding Bonds; and WHEREAS, the City, in accordance with this Resolution, will deposit funds with the paying agent/registrar for the Bonds, First National Bank Texas, Killeen, Texas, an amount sufficient to pay principal and interest due on the Bonds having a stated maturity on February 1 in the years listed below, on March 1, 2023, in the principal amounts described below (collectively. the "Redeemed Bonds"): Maturity Principal Amount Amount Being Date 2/1 Outstanding M Redeemed M Interest Rate M 2024 175,000 150,000 2.01 2026 1,590,000 550,000 2.01 2027 1,630,000 950,000 2.01 2028 1,670,000 1,000,000 2.01 WHEREAS, it is in the best interest of the City and the residents of the City to redeem the Redeemed Bonds as herein provided in order to reduce the payment of interest thereon and to reduce the City's aggregate debt service requirements and legal debt outstanding; NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WEST UNIVERSITY PLACE, TEXAS THAT: 4153-5296-9273.2 SECTION 1: Redemption of Redeemed Bonds. The Redeemed Bonds are hereby called for redemption, and shall be redeemed, on , 202_. This redemption and the attached notices of redemption are irrevocable upon adoption of this resolution (the "Resolution") by the City. The form of the Notices of Redemption are attached as Exhibit A hereto and incorporated by reference for all purposes. SECTION 2: Deposit with Applicable Paying Agent/Registrar. The discharge and defeasance of the Redeemed Bonds shall be effectuated pursuant to a deposit by the City from its debt service fund and from other lawfully available funds of the City, on or before , 202_, with First National Bank Texas, Killeen, Texas, the paying agent/registrar for the Redeemed Bonds. Such deposit will comply with all applicable laws and regulations relating to the redemption of the Redeemed Bonds in order to carry out the intent and purpose of this Resolution and the Bond Ordinance. The Mayor and City Secretary of the City, or the designees thereof, are hereby authorized to take such actions as are necessary to effectuate the deposit with the applicable paying agent/registrar for the Redeemed Bonds and the redemption of the of the Redeemed Bonds. SECTION 3: Notices of Redemption. The Mayor and City Secretary of the City, or the designees thereof, are authorized and instructed to provide the notices of redemption described herein to the applicable paying agent/registrar for each series of the Redeemed Bonds called for redemption in the manner provided in the Bond Ordinance. SECTION 4: Further Actions Authorized. The Mayor and City Secretary of the City, or the designees thereof, are authorized to evidence adoption of this Resolution and to do any and all things necessary or convenient to effect the redemption of the Redeemed Bonds described herein and otherwise give effect to the intent hereof. SECTION 5: Recitals Inco orp rated. The recitals contained in the preamble hereof are hereby found to be true, and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a part of the judgment and findings of the City. SECTION 6: Repealer. All orders and resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Resolution are hereby repealed to the extent of such conflict, and the provisions of this Resolution shall be and remain controlling as to the matters resolved herein. SECTION 7: Choice of Law. This Resolution shall be construed and enforced in accordance with the laws of the State of Texas and the United States of America. SECTION 8: Severability. If any provision of this Resolution or the application thereof to any person or circumstance shall be held to be invalid, the remainder of this Resolution and the application of such provision to other persons and circumstances shall nevertheless be valid, and City Council hereby declares that this Resolution would have been enacted without such invalid provision. SECTION 9: Open Meeting. 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, -2- 4153-5296-9273.1 place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by Chapter 551, as amended, Texas Government Code. SECTION 10: Headings. The titles and headings of the sections are for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms and provisions hereof. SECTION 11: Effective Date. This Resolution shall be in force and effect from and after its final passage, and it is so resolved. [The remainder of this page intentionally left blank.] -3- 4153-5296-9273.1 PASSED AND APPROVED, this the 1 /'- day of , 2022. CITY OF WEST UNIVERSITY PLACE, TEXAS S-1 UAFJ a ea s Mayor P ° City Secretary -4- 4153-5296-9273.1 NOTICE OF REDEMPTION Notice is hereby given that the City of West University Place, Texas (the "City"), acting through its City Council, has called for redemption the following outstanding obligations: "City of West University Place, Texas General Obligation Refunding Bonds, Series 2017," dated September 7, 2017 (the "Bonds"), bearing interest, and stated to mature on February 1 in the years listed below year as follows: Maturity Principal Amount Amount Being Date 2i1 Outstanding ( ) Redeemed i$1 Interest Rate ( 2024 175,000 150,000 2.01 2026 1,590,000 550,000 2.01 2027 1,630,000 950,000 2.01 2028 1,670,000 1,000,000 2.01 The date fixed for redemption of the Bonds is , 202_ (the "Redemption Date"), as authorized by the ordinance authorizing the issuance of the Bonds and as directed by the City pursuant to a resolution adopted on July _IL, 2022. You are hereby notified that the Bonds should be presented for redemption on or before the Redemption Date and that interest shall cease to accrue from and after that date, and that on such date there shall become due and payable on each of the Bonds the redemption price equal to the principal amount thereof, without premium, plus unpaid accrued interest to the Redemption Date. Notice is further given that the Bonds will be payable at and should be submitted by certified or registered mail to First National Bank Texas, at the following address: FIRST NATIONAL BANK TEXAS P.O. Box 909 Killeen, Texas 76540 This notice is issued and given pursuant to the option of redemption reserved to the City in the ordinance authorizing the issuance of the Bonds. 4153-5296-9273.1 SIGNATURE t s )y , 2022. ty Secretary T UNIVERSYTY PLACE, TEXAS kco �