Req.#8632
SUBSTITUTE
RESOLUTION NO. 35205
WHEREAS the City Council by Ordinance No. 26824, passed on
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June 26, 2001 (the "Bond Ordinance"), authorized the issuance and sale of
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4 limited tax general obligation refunding bonds of the City in the aggregate
5 principal amount of not to exceed $18,000,000 (the "Bonds") for the purpose of
6 refunding certain outstanding limited tax general obligation bonds of the City,
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and
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WHEREAS the Bond Ordinance authorized the City's Director of
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10 Finance, in consultation with the City's financial advisor, to determine a plan of
I I refunding and to negotiate the sale of the Bonds to accomplish such plan of
1 2 refunding, all subject to approval by resolution of the City Council, and
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WHEREAS, pursuant to the Bond Ordinance, a preliminary official
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statement has been prepared for the sale of the Bonds, and
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1 6 WHEREAS the Director of Finance has negotiated the sale of the Bonds
1 7 to Bank of America Securities LLC (the "Underwriter") on the terms and
18 conditions set forth in the Bond Ordinance, this resolution and a purchase
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contract, a copy of which is attached as Exhibit A hereto (the "Purchase
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21 Contract"), and
22 WHEREAS, in accordance with the Bond Ordinance, the Council wishes
23 to authorize and approve issuance of the Bonds and the final plan of refunding,
24 as set forth herein;
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