Series 103 2002 ORDINANCES/RESOLUTIONS
Section 103-083 Res. 34-02; Awarding the Bid for the Sale of $16,490,000 Water and Electric System Revenue Bonds, 2002 Series A to UBS Paine Webber Inc.
Council Bill No. R 34-02
awarding the bid for the sale of $16,490,000 principal amount of Water and Electric System
Revenue Bonds, 2002 Series A of the City of Columbia, Missouri.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS
SECTION 1. That the City of Columbia, Missouri (the City),
has offered at competitive
public sale $16,490,000 principal amount of its Water and Electric System Revenue Bonds, 2002
Series A (the Bonds), and sealed bids for the Bonds were received by the City, by 11:00
Central Time, on February 4, 2002, at the office of the Director of Finance of the City (the
Finance Director), 701 East Broadway, Columbia, Missouri 65205.
SECTION 2. That notice of said sale was given by mailing copies of
the Notice of Sale and
Preliminary Official Statement to investment banking firms and banks and other financial
institutions located throughout the United States. The Notice of Sale was also made available
through an electronic bidding system. Furthermore, information regarding the competitive sale
of the City was made available through the competitive offerings calendar published prior to the
date of sale in The Bond Buyer published in New York, New York.
SECTION 3. The Preliminary Official Statement dated January 23, 2002
and the Notice of
Sale dated January 22, 2002, attached hereto as Exhibit A, are hereby ratified, confirmed
adopted, and the Official Statement is hereby authorized and approved by supplementing,
amending and completing the Preliminary Official Statement, with such changes and additions
thereto as are necessary to conform to and describe the transaction. The City hereby deems the
information regarding the City contained in the Preliminary Official
Statement to be final as of its date, except for the omission of such information as is
by Rule 15c2-12(b)(1).
SECTION 4. That pursuant to said Notice of Sale the following Bids
were submitted to the
City for the purchase of the Bonds, copies of which are attached hereto as Exhibit B.
SECTION 5. That the Finance Director of the City has determined that
the bid submitted by
UBS Paine Webber Inc. was the best bid submitted for the Bonds, the best bid being determined
based on the lowest true interest cost to the City, and has recommended to the City Council the
acceptance of said bid.
SECTION 6. The bid of UBS Paine Webber Inc. is accepted as the best
bid submitted at
public sale on February 4, 2002 for the purchase of $16,490,000 Water and Electric System
Revenue Bonds, 2002 Series A of the City and the officers of the City and the Finance Director
are authorized to enter into a contract selling the Bonds to UBS Paine Webber Inc. on the basis
of said bid and the terms specified in the Notice of Sale.
SECTION 7. The principal of and interest on the Bonds shall be payable
in lawful money of
the United States of America at UMB Bank, N.A., Kansas City, Missouri, said bank being hereby
designated as the Citys paying agent for the payment of the principal of and interest on the
SECTION 8. The Mayor, the City Manager, the City Clerk and the Director
of Finance of the
City are hereby authorized to execute said Bonds and such other documents and take such other
actions as may be necessary to effectuate said borrowing on behalf of the City, including without
limitation complying with and carrying out all of the provisions of the Continuing Disclosure
Certificate dated as of the date of closing. The City acknowledges that the City is the only
obligated person with responsibility for continuing disclosure with respect to Rule 15c2-12
promulgated by the Securities and Exchange Commission.
SECTION 9. All actions taken by the staff, administration, and advisors
to the City pertaining
to the publication of the Notice of Sale and the sale of said Bonds are hereby ratified, confirmed,
ADOPTED this 4th day of February, 2002.