The URL can be used to link to this page

Home My WebLink About11-25-2003-10.06 - Resolution - 11/25/2003RESOLUTION NO. 11 -25- 2003 -10.06 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, AUTHORIZING REDEMPTION OF CITY OF COLLEGE STATION, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1998; AND PROVIDING AN irJ JCTIVE DATE. WHEREAS, the City of College Station, Texas (the "City ") heretofore has issued its City of College Station, Texas Combination Tax and Revenue Certificates of Obligation, Series 1998, in the aggregate principal amount of $5,500,000 (the "Certificates of Obligation "); and WHEREAS, there currently remain outstanding Certificates of Obligation in the aggregate principal amount of $4,665,000; and WHEREAS, the City has on deposit unspent proceeds from the sale of the Certificates of Obligation that it has determined are no longer required for the purposes for which the Certificates of Obligation were initially issued; and WHEREAS, the Certificates of Obligation by their terms provide that the City may exercise the right to call outstanding Certificates of Obligation maturing on and after February 15, 2004, for redemption, in whole or in part, on February 15, 2003, or on any date thereafter, at a redemption price of par plus accrued interest on the principal amounts called for redemption to the date fixed for redemption; and WHEREAS, it is advisable for the City to effect the redemption of the Certificates of Obligation maturing on February 15 in each of the years 2005 through 2017, inclusive, outstanding in the aggregate principal amount of $4,430,000, on February 15, 2004, at a redemption price of par plus accrued interest to the date fixed for redemption. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: PART 1. That the City Council declares that the City shall use the remaining unspent proceeds from the sale of the Certificates of Obligation to effect the redemption of the Certificates of Obligation maturing on February 15 in each of the years 2005 through 2017, inclusive, in the aggregate principal amount of $4,430,000. PART 2. That the City hereby calls for redemption on February 15, 2004, and the City Manager shall be and is hereby authorized to effect the redemption of, all of the outstanding Certificates of Obligation maturing on February 15 in each of the years 2005 through 2017, inclusive, in accordance with the terms and conditions of the ordinance authorizing the issuance of the Certificates of Obligation, including, without limitation, taking appropriate measures to provide notice of redemption to the paying agent for the Certificates of Obligation and the holders of the Certificates of Obligation so called for redemption. AYES 7 NOES 0 CERI tr'ICATE FOR RESOLUTION THE STATE OF TEXAS • COUNTY OF BRAZOS CITY OF COLLEGE STATION • I, the undersigned City Secretary of said City, hereby certify as follows: 1. The City Council of said City convened in REGULAR MEETING ON 1 HE 25TH DAY OF NOVEMBER, 2003, at the designated meeting place, and the roll was called of the duly constituted officers and members of said City Council, to wit: Ron Silvia, Mayor Anne Hazen, Mayor Pro -Tem John Happ, Dennis Maloney, James Massey, Councilmembers, Scott Mears, Robert Wareing, Connie L. Hooks, City Secretary and all of said persons were present, except the following absentees: , thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION AUTHORIZING REDEMPTION OF (;11 OF COLLEGE STATION, TEXAS COMBINATION TAX AND REVENUE CER Y ii ICATES OF OBLIGATION, SERIES 1998 was duly introduced for the consideration of said City Council and read in full. It was then duly moved and seconded that said Resolution be passed; and, after due discussion, said motion prevailed and carried by the following vote: 2. That a true, full and correct copy of the aforesaid Resolution described in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has been duly recorded in said City Council's minutes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said City Council's minutes of said Meeting pertaining to the passage of said Resolution; that the persons named in the above and foregoing are the duly y chosen, qualified and acting officers and members of said City Council as indicated therein; that each of the officers and members of said City Council was duly and sufficiently notified officially and y y personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered at first reading at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose, and that said Meeting was open to the public and public notice of the time, place and p � u ose of said meeting was given, all as required by Chapter 551, Texas Government Code. SIGNED AND SEALED inE 25TH DAY OF NOVEMBER, 2003. /Lek City Secretary (SEAL) PART 4. This Resolution shall be effective immediately from and after its passage. ADOPTED and PASSED by affirmative vote this 25th day of November 2003. ATTEST: CONNIE HOOK , City Secretary APPROVED: urst orton .L.P., Bond Counsel APPROVED: C .12 ) 0.efLetit.t. RON SrL,V7A, Mayor PART 3. That the City Manager and the Director of Fiscal Services are hereby directed to transfer moneys to the paying agent for the Certificates of Obligation in a timely manner to effect the redemption of the Certificates of Obligation so called for redemption at the redemption price of par plus accrued interest on the principal amounts of the Certificates of Obligation so called for redemption to the date fixed for redemption. Notice is hereby given that the following obligations issued by the City of College Station, Texas (the "City ") are called for redemption prior to their scheduled maturities on the dates and at the redemption price of par plus accrued interest to the redemption date: CITY OF COLLEGE STATION, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1998, all obligations maturing on February 15 in each of the years 2005 through 2017, aggregating $4,430,000 in principal amount; REDEMPTION DATE: FEBRUARY 15, 2004. Maturity Date 02/15/2005 02/15/2006 02/15/2007 02/15/2008 02/15/2009 02/15/2010 02/15/2011 02/15/2012 02/15/2013 02/15/2014 02/15/2015 02/15/2016 02/15/2017 Due provision for the payment of the above - described obligations has been made with JPMORGAN CHASE BANK ( "Chase "), the paying agent for said obligations, and said obligations shall be presented for payment either in person or by mail, at the following address: First Class/ReListered/Certi fied Mail JP Morgan Chase Bank Institutional Trust Services P.O. Box 2320 Dallas, Texas 75221 -2320 NOTICE OF REDEMPTION CITY OF COLLEGE STATION, TEXAS Principal Amount Interest Rate CUSIP $250,000 4.550% 194468MV3 $260,000 4.600% 194468MW1 $275,000 4.700% 194468MX9 $290,000 4.800% 194468MY7 $300,000 4.900% 194468MZ4 $320,000 5.000% 194468NA8 $335,000 5.050% 194468NB6 $350,000 5.100% 194468NC4 $370,000 5.100% 194468ND2 $390,000 5.150% 194468NE0 $410,000 5.150% 194468NF7 $430,000 5.200% 194468NG5 $450,000 5.200% 194468NH3 By Overnight or Courier JPMorgan Chase Bank Institutional Trust Services 2001 Bryan Street, 9 Floor Dallas, Texas 75201 Interest on the redeemed obligations shall cease to accrue thereon after their redemption date. By Hand JPMorgan Chase Bank Institutional Trust Services Window New York Plaza, 1st Floor New York, NY 10004 -2413 CUSIP numbers have been assigned to this issue by the CUSIP Service Bureau and are included solely for the convenience of the bondholder. Neither the City nor Chase shall be responsible for the selection or correctness of the CUSIP numbers on the obligations or as indicated in this redemption notice. THIS NOTICE is given under authority of a resolution adopted by the City Council of the City on November 13, 2003.