HomeMy WebLinkAboutRES 2013-041RESOLUTION NO. 2013 -41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, CALLING CERTAIN OUTSTANDING
BONDS FOR REDEMPTION AND RESOLVING OTHER
MATTERS RELATED THERETO AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City of Grapevine, Texas (the "City ") has previously issued its
Waterworks and Sewer System Revenue Refunding Bonds, Series 2002 (the "Bonds ");
and
WHEREAS, the Bonds are presently outstanding in the aggregate principal
amount of $790,000.00; and
WHEREAS, the Bonds are subject to optional redemption on any date after
September 1, 2012, as set forth in the ordinance authorizing the issuance of the bonds
(the "Ordinance "); and
WHEREAS, the City Council of the City of Grapevine, Texas (the "City Council ")
has found and determined that it is in the best interests of the City to call all outstanding
Bonds for redemption on June 4, 2013 and to redeem such Bonds from lawfully
available funds of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That the findings and determinations set forth in the preambles
hereto are hereby incorporated by reference for all purposes.
Section 2. That all outstanding maturities of the Bonds in the aggregate
principal amount of $790,000.00 are hereby called for redemption on June 4, 2013, at a
redemption price equal to the principal amount thereof plus interest accrued thereon
and unpaid, and shall be redeemed from lawfully available funds of the City on such
date.
Section 3. That on or before June 4, 2013, the City shall deposit with the
Paying Agent /Registrar for the Bonds the approximate sum of $798,150.74, which sum
is sufficient to redeem all of the outstanding Bonds on such date. The final amount of
the funds to be applied to the redemption of the Bonds may be adjusted and shall be
determined jointly by the City's Director of Administrative Services and the City's
Financial Advisor.
Section 4. That the City Secretary is hereby authorized and directed to cause
notice of redemption to be given to the Paying Agent/Registrar for the Bonds (the
"Paying Agent "), at the time and in the manner required by the Ordinance. The Paying
Agent is hereby authorized and directed to give notice of deposit and redemption with
respect to the Bonds, as required under the Ordinance.
Section 5. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 16th day of April, 2013.
ATTEST:
John F. Boyle, Jr.
City Attorney
RES. NO. 2013-41
K
William D. Tate
Mayor
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