R-2012-02 proceedings to authorize bonds

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RESOLUTION 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.