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HomeMy WebLinkAboutRes 1995-6310-12-1995 3:38PM FROM JOHN G.GLIEGE.ESQ.520 204.1087 P.2 RESOLUTION NO.IT SS"^g j TOWN OF FOUNTAIN HILLS,ARTZONA A RESOLUTION RELATING TO THE ISSUANCE OF ONE OR MORE SERIES OF GENERAL OBLIGATION REFUNDING BONOS OF THE TOWN OF FOUNTAIN HILLS AUTHORIZING THE EXECUTION AND DELIVERY OF APPROPRIATE AGREEMENTS IN CONNECTION THEREWITH,INCLUDINGBUTNOTLIMITEDTO CERTAIN AGREEMENTS WITH PROFESSIONALS PROVIDING SERVICES IN CONNECTION WITH THE ISSUANCE OFTHE REFUNDING BONDS; AUTHORIZING ALL NECESSARY OR DESIRABLE ACTIONS IN CONNECTION WITH THE ISSUANCE OFTHE REFUNDING BONDS; AND DECLARING AN EMERGENCY. WHEREAS,the Town of Fountain Hills,Arizona (the "Town"), presentlyhasoutstandingcertain gp.nftr.il obligationbondsoftheTownand WHEREAS,itisconsidered advantageous for the Townto refund some of said bondsatorpriortothe maturity thereof throughtheissuanceof general obligation refunding bonds of the Town (Lhc "Bonds):and WHEREAS,therewillbepreparedaformofoneormore preliminary officialstatementstobedistributedby Peacock.His lop,Staley & Given,Inc.,and its associates (collectively the "Underwriters"),in connection with the marketing of the Bonds,(the "Preliminary Official. Statements");and WHEREAS,inordertofacilitate the proposedissuance and saleof the Bonds,it is necessaryandin the bestinlores Is oftheTown(i)to approve the preparation and distribution ofoneormore Preliminary Official. Statements,(ii)toauthorizecertainofficialsoftheTownortheir designees to negotiate withthe underwriters the terms and provision of the Bonds,which termsandprovisions will heapprovedby (.lie Townpriortothe issuance oftheBonds,(iii)to authorize certain officials oftheTownor theirdesigneestoarrangefortheredemptionofcertainbondstobe refunded,(iv)toauthorizecertain official oftheTownortheir designeestonegotiatewithpersonsfortheprovisionofbondcounsel services,the printing ofthe Preliminary OfficialStatements and,with such 10-12-1995 3:39PM FROM JOHN G.GLIEGE.ESQ.520 204 1087 P.3 necessary changes,the Official Statements,the verification ofthe sufficiency ofany escrow funded with the proceeds ofthe Bonds,the provision of certain accountants'services and llio services of a depository trustee,ifrequired,and(v)toauthorizecertain officials oftheTownor their designees totakesuchother actions,sign such documents andhold suchhearingsas are.necessaryto facilitate andcompletethe sale ofthe Bonds; NOW _TIlF.REFORP.,BeitResolvedbytho Mayor *wl Council oftho Town of Fountain Hills,Arizona as follows: Section 1.Thatthe Mayor and Council,hereby approve the preparation anddistributionofoneormore Preliminary OfficialStatements in connection with the marketing of the Bonds,in such form as may be necessary to reflect tho actual terms and provisions of the Hoods being sold asmaybe approved bytheTown Manager,or tho.Town Attorney,orthe designee of either of them. Section 2.That th©Mayor find Oounci 1 ho.rehy authorize theTown Manager,or the Town Attorney,or the designee of either of them,to negotiate With the Underwriters on the terms mu\provisions of the Bonds, Which Bonds may be sold and issued inoneormore series and which terms and provisions willbeapprovedbythe Mayor and Council priortothe issuance of the Bonds. Section 3.Thatthe Mayor and Council hereby authorize theTown Manager,or the Town Attorney,or (i)l.o ni'f.oi.t'ii.n.with n printing company the terms and provisions for the printing of th~Preliminary Official Statements endthe Official Statements,(ii)Io nngnt »r»tc withThe haw Office ofJohn G.Glioge the terms and provisions for providing bond counsel services in connection withthe Bonds,(iii)to negotiate withan accountant fortheprovisionofcertain accounting services relatingtothe \s^y c 10-12-1995 3:39PM FROM JOHN G.GLIEGE.ESQ.520 204 1087 P.A issuanceofthe Bonds,(iv)tonegotiatewithGrantThorntonorsuch other firmof certified public accountants deemed qualified bythe Town Managerorhis designee,fortheprovisionofescrow verification services in connection withthe issuance ofthe Bonds»ami (v)to negotiate witha bankor trust company deemed qualified by the.Town Mannger orhis designee, fortheprovisionoftheservicesofadepository trustee,inconnectionwith theissuanceoftheBonds.Upon finalising the negot Int.ions foreachofthe contracts referenced inthis Section 3,theTownManager,ortheTown Attorney,orthedesigneeofeitherof them,mayexecuteeachofsuch contracts on behalf of the Town. Section 4.ThattheMayorand Council herebyauthorizetheTown Manager,ortheTownAttorney,orthedesigneeofeitherofthem,totake suchother actions,includingbutnotlimitedto all actionsrequiredin order to redeem certain of the bonds to be refunded in advance of their maturity date,tosignsuchdocumentsandto hold such hearings,including butnotlimitedtoanyhearing required pursuain.toSection 147(f)ofthe Internal Revenue Codeof1986,as nra nece.s.'jary 1.0 complete thesaleofthe Bonds,which sale will beapproved hy the Mayor and Com":11 priortothe issuance of the Bonds. Section 5.Thatallresolutionsorpartsof resolutions in conflict herewith beandthesamearehereby repealed. Section 6.ThattheMayorand ConneiI shall,priorto the issuance,sale and delivery oftheBonds,approve e/ich issuance.,saleand delivery by Resolution adoptedbytheMayorand Council of Lhe Town. Section 7.Thatthe .immediate,operation oftheprovisionsof thisresolutionis necessary forthe preservation ofthepublic peace, health andsafety,an emergency is hereby declared toexist,andthis resolution shn))bo infullforceandeffectfromandafteritspassageby 10-12-1995 3:40PM FROM JOHN G.GLIEGE.ESQ.520 204 1087 theMayorandCounciloftheTownand is herebyexemptedfromthereferendum provisions ofthe Constitution and haws ofthe State of Arizona. PASSEDandadoptedbytheMayorand Council of the Town of Fountain Hillsthis19thdayofOctober,19v.r>. Attest: Town Clerk Approvedasto form: Town Attorney Reviewed by: Town Manager FIKST.RES/FOUNTAIN Ayes Nays NotVoting Absent TOWN OF FOUNTAIN 11 IMS,ARIZONA Mayo r P.5