HomeMy WebLinkAboutRes 1991-24RESOLUTION NO. 1991 - 24
RESOLUTION AWARDING CONTRACT FOR THE PURCHASE
OF $1,200,000 PRINCIPAL AMOUNT OF TOWN OF
FOUNTAIN HILLS, ARIZONA STREET AND HIGHWAY USER
REVENUE BONDS, SERIES 1991, AND DECLARING AN
EMERGENCY
WHEREAS, sealed proposals have been received pursuant to
a Notice Inviting Proposals For Purchase Of Bonds (the "Notice ")
duly published as provided by law, for the sale of $1,200,000 of
Town of Fountain Hills, Arizona Street and Highway User Revenue
Bonds, Series 1991 (the "Bonds "); and
WHEREAS, the proposal of Dean Witter Reynolds, Inc. has
been determined to result in the lowest net interest rate to the
Town of Fountain Hills, Arizona (the "Town ") and, in all respects,
complies with the terms of said Notice;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE TOWN OF FOUNTAIN HILLS, ARIZONA, THAT:
Section 1. The proposal of Dean Witter Reynolds, Inc.
for the purchase of the Bonds be and hereby is accepted; and the
Bonds be and hereby are awarded to Dean Witter Reynolds, Inc. (the
"Purchaser ").
Section
2. In accordance with
the terms of the proposal
submitted by the
Purchaser, the Bonds of the various maturities
shall bear interest from May 1, 1991, at
the following rates:
Maturity Date
Principal
Interest Rate
(July 1)
Amount
Per Annum
1992
$25,000.00
9.700%
1993
25,000.00
9.700
1994
25,000.00
9.700
1995
25,000.00
9.700
1996
50,000.00
9.700
1997
50,000.00
9.700
1998
50,000.00
7.875
1999
50,000.00
6.800
2000
50,000.00
6.900
2001
50,000.00
7.000
2002
75,000.00
7.100
2003
75,000.00
7.200
2004
75,000.00
7.250
2005
75,000.00
7.300
2006
75,000.00
7.400
2007
100,000.00
7.400
2008
100,000.00
7.500
2009
100,000.00
7.500
2010
125,000.00
7.500
17
Section 3. All actions heretofore taken relating to the
authorization, issuance and sale of the Bonds are hereby ratified
and affirmed.
Section 4. The Mayor, the Clerk or the Town Manager of
the Town, or any of them, are hereby authorized and directed to
deliver the Bonds to the Purchaser upon receipt of payment
therefor.
Section 5. The Clerk or the Town Manager of the Town be
and hereby is authorized and directed to return forthwith the good
faith checks of all unsuccessful bidders.
Section 6. The immediate operation of this Resolution
is necessary for the preservation of the public health and welfare;
an emergency is hereby declared to exist; and this Resolution shall
be in full force and effect from and after its passage and approval
by the Mayor and Common Council of the Town as required by law.
This Resolution is hereby exempt from the referendum provisions of
the Constitution and laws of the State of Arizona.
PASSED, ADOPTED AND APPROVED by the Mayor and Common
Council of the Town of Fountain Hills, Arizona, on May 2, 1991.
ATTEST:
Clerk, Town of Fountain Hills,
Arizona
APPROVED AS TO FORM:
.............................
O'Connor, Cavanagh, Anderson,
Westover, Killingsworth &
Beshears, P.A., Bond Counsel
�. .. /"1
.......
May r, Town of Fountain Hills,
Ari a
W