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HomeMy WebLinkAboutR-2012-02 proceedings to authorize bondsRESOLUTION 2012- L)0 -- RESOLUTION APPROVING PROCEEDINGS TO AUTHORIZE BONDS, INCLUDING THE ENGAGEMENT OF PROFESSIONALS IN CONNECTION WITH THE ISSUANCE AND SALE OF SUCH BONDS AND PREPARATION OF FINANCING DOCUMENTS AND A PRELIMINARY OFFICIAL STATEMENT; AND MAKING OTHER PROVISIONS REGARDING SUCH BONDS AND MATTERS INCIDENT 1 _ 1A WHEREAS, the City Council of the City wishes to direct appropriate City officials, RBC Capital Markets, as the City's financial advisor, Andrews Kurth LLP, as the City's Bond Counsel, and Coastal Securities and First Southwest Company, as underwriters (collectively, the "Financing Team"), to participate in the preparation of financing documents and the preparation and distribution of a Preliminary Official Statement to be used in the public offering of the City's General Obligation Refunding Bonds, Series 2012 (the "Bonds"), in an aggregate principal amount of approximately $9,230,000, for the purpose of achieving debt service savings. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: ARTICLE I AUTHORIZING PREPARATION OF FINANCING DOCUMENTS, PRELIMINARY OFFICIAL STATEMENT AND ENGAGEMENT OF CERTAIN PROFESSIONALS The City Council hereby approves (1) the preparation of all financing documents necessary or convenient for the issuance and sale of the Bonds, and (2) the preparation of a Preliminary Official Statement for the offering of the Bonds. The prior engagement of RBC Capital Markets, as Financial Advisor to the City, and Andrews Kurth LLP, as Bond Counsel to the City, in connection with the Bonds is hereby recognized and confirmed. The City Council hereby approves Coastal Securities and First Southwest Company as underwriters in connection with the Bonds. Furthermore, the City Council hereby authorizes the City Manager, Assistant City Manager and Finance Director to deem the Preliminary Official Statement "final" for purposes of Rule 15c2-12 of the Securities Exchange Commission at such time as such document omits no more than the information permitted by Subsection (b)(1) of Rule 15c2-12. Upon such action, the Preliminary Official Statement may be distributed and used in connection with the offering and sale of the Bonds. ARTICLE II MISCELLANEOUS Section 2.1: Authorization of Other Matters Relating Thereto. The Mayor, the City Manager, the Assistant City Manager, the Finance Director, the City Secretary or any one or more of such officials (the "Officials") are hereby authorized and directed by the City Council to do and perform all acts and things and to execute, acknowledge and deliver in the name, under the seal and on behalf of the City all certificates, financing statements, instruments and other documents, whether or not herein mentioned, as are necessary or desirable to carry out the terms and provisions of this Resolution. The Officials and such other officials and employees of the City as may be designated by the Officials are authorized to incur reasonable and necessary expenses in connection with the sale and delivery of the Bonds and for presentations to rating agencies and prospective purchasers thereof. Section 2.2: Severability. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. Section 2.3: Open Meeting. It is hereby found, determined and declared that a sufficient written notice of the date, hour, place and subject of the meeting of the City Council at which this Resolution was adopted was posted at a place convenient and readily accessible at all times to the general public at the location and for the time required by law preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas Government Code and that this meeting has been open to the public as required by law at all times during which this Resolution and the subject matter thereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. Section 2.4: Repealer. All orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency. Section 2.5: Effective Date. This Resolution shall be in force and effect from and after its passage on the date shown below. [SIGNATURE PAGE FOLLOWS] PASSED AND APPROVED this February 13, 2012. ATTEST: Patrice Fogarty City Secretary S-1 HOU:3188674.1