Council Bill No.          R 24-02          

authorizing the City of Columbia, Missouri to offer at competitive public sale its $16,490,000 principal amount of Water and Electric System Revenue Bonds, 2002 Series A of the City of Columbia, and to take certain other preliminary actions in connection therewith.

BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    SECTION 1.  That the City of Columbia, Missouri (the “City”), shall offer at competitive public sale $16,490,000 principal amount of its Water and Electric System Revenue Bonds, 2002 Series A (the “2002 Series A Bonds”) and bids for the 2002 Series A Bonds shall be received by the City, at the office of the Director of Finance, City of Columbia, Missouri, 701 East Broadway, Columbia, Missouri 65205, at such time and on a sale date established by such Finance Director, upon the terms and conditions set forth in the hereinafter referenced Notice of Sale.

    SECTION 2.  That the 2002 Series A Bonds shall be dated and shall be issued in denominations set forth in the Notice of Sale, and shall bear interest at a rate to be determined upon approval of the sale of the 2002 Series A Bonds by the City Council.  The principal maturities of the 2002 Series A Bonds shall be established by the Finance Director for inclusion in the Notice of Sale following consultation with A.G. Edwards & Sons, Inc., the financial advisor to the City (the “Financial Advisor”).  Principal and interest on the 2002 Series A Bonds shall be payable as set forth in the Notice of Sale.

    SECTION 3.  That the Finance Director and other officers and representatives of the City are hereby authorized and directed, in conjunction with the Financial Advisor to the City (collectively, the “Advisors”) to prepare a Notice of Sale and Preliminary Official Statement relating to the 2002 Series A Bonds, to use such Notice of Sale and Preliminary Official Statement in connection with the sale of the 2002 Series A Bonds, and to take such other actions as may be necessary or expedient to carry out the public sale of the 2002 Series A Bonds.  The Preliminary Official Statement is hereby “deemed final” by the City for the purpose of Rule 15c2-12(b)(1) of the Securities and Exchange Commission, except for the omission of the information permitted to be omitted under such rule.

    SECTION 4.  That notice of said sale is hereby authorized and directed to be given by making available such Notice of Sale and Preliminary Official Statement by electronic distribution or by mailing to investment banking firms and banks and other financial institutions located throughout the United States. Information regarding the competitive sale may also be made available through the competitive offerings calendar published prior to the date of sale in The Bond Buyer, a newspaper frequently subscribed to by banks and investment banking firms published in New York, New York, or in such other newspapers as the Advisors shall deem appropriate.  The Notice of Sale may also be made available through the Thompson Prospectus electronic bidding system.

    SECTION 5. That the Financial Advisor and Advisors to the City are hereby authorized to apply to one or more securities rating agencies for a rating relating to the 2002 Series A Bonds, to apply to a bond insurance company for the issuance of a municipal bond insurance policy guaranteeing the timely payment of the principal of and interest on the 2002 Series A Bonds and to enter into a commitment letter or other contract for such bond insurance if it would result in overall debt service savings on the 2002 Series A Bonds.

    SECTION 6. The City shall, and the officers, directors, agents and employees of the City are hereby authorized and directed to, take such further action, and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Resolution.

    ADOPTED this 22nd day of January, 2002.