1995-05-01-R - Laserfiche WebLink

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RESOLUTION NO. CIS- 5-- RESOLUTION --RESOLUTION AUTHORIZING THE SALE OF BONDS TO REFUND THE CITY'S OUTSTANDING WATER REVENUE BONDS, SERIES 1991 A; AND PRESCRIBING OTHER MATTER RELATING THERETO. WHEREAS, current bond market conditions make it possible to achieve significant saving by refunding the outstanding City of Batesville, Arkansas Water Revenue Bonds, Series 1991 A (the "Prior Bonds"); and WHEREAS, it is appropriate that the City proceed with the offering and sale of its Water Refunding Revenue Bonds, Series 1995 (the "Bonds") for the purpose of refunding the 1991 A Bonds; and WHEREAS, T.J. Raney & Sons,the underwriter for the Prior Bonds and Friday, Eldredge & Clark, the bond counsel for the Prior Bonds, are familiar with the terms and other relevant matters related to the Prior Bonds and T.J. Raney& Sons has presented information to the City about the opportunity to refund the Prior Bonds and such firms should, therefore, be authorized to serve as the ( underwriter and bond counsel for the refunding. �r NOW THEREFORE, BE IT RESOLVED by the Batesville City Council: Section 1. That the offering of the bonds is hereby authorized if the present value savings to the City as a result of the refunding of the Prior Bonds is at least$180,000. The Bonds may be offered in a total principal amount not to exceed the amount required, with other available funds, to accomplish the refunding. Section 2. The Mayor, The Batesville Water Commission and other City officials are authorized to cooperate with T.J. Raney & Sons in the preparation of a preliminary official statement and in executing such writings and taking such actions as may be appropriate to the offering of the Bonds or any portion thereof. As issuance of the Bonds is, under Arkansas law, subject to approval of the City Council, by ordinance, any sale of the Bonds will be subject to approval of the City Council. Section 3. That the Council hereby engages T.J. Raney & Sons to act as managing underwriter and Friday, Eldredge & Clark as bond counsel for the proposed issue. Section 4. That the authority given herein shall expire in 180 days. Section 5. All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflicts.