Section 103-458; Res. 159-02; Authorizing the Sale of Sewerage System Revenue Refunding Bonds, Series 2002


Council Bill No.        R 159-02            

A RESOLUTION

authorizing the City of Columbia, Missouri to offer at competitive public sale its $7,955,000 principal amount of Sewerage System Revenue Refunding Bonds, Series 2002, 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.  The City of Columbia, Missouri (the "City"), shall offer at competitive public sale $7,955,000 principal amount of its Sewerage System Revenue Refunding Bonds, Series 2002 (the "Series 2002 Sewer Bonds").  Bids for the Series 2002 Sewer 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 a time and date established by the Finance Director, upon the terms and conditions set forth in the hereinafter referenced Notice of Sale.
 
    Section 2.  The Series 2002 Sewer 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 Series 2002 Sewer Bonds by the City Council.  The principal maturities of the Series 2002 Sewer 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 Series 2002 Sewer Bonds shall be payable as set forth in the Notice of Sale.
 
    Section 3.  The Finance Director and other officers and representatives of the City are hereby authorized, 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 Series 2002 Sewer Bonds substantially in the form attached hereto as Exhibit A, to use such Notice of Sale and Preliminary Official Statement in connection with the sale of the Series 2002 Sewer Bonds, and to take such other actions as may be necessary or expedient to carry out the public sale of the Series 2002 Sewer 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.  Notice of the sale is hereby authorized to be given by making available the Notice of Sale and Preliminary Official Statement by electronic distribution or by mailing them 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. 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 Series 2002 Sewer 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 Series 2002 Sewer 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 Series 2002 Sewer Bonds.
 
    Section 6. The City shall, and the officers, directors, agents and employees of the City are hereby authorized 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 19th day of August, 2002.