Series 105 2004 ORDINANCES/RESOLUTIONS
Section 105-118; Res. 44-04; Authorizing the City of Columbia, Missouri, to take certain preliminary actions in connection with the issuance and sale of approximately $17,500,000 principal amount of Water and Electric System Improvement Revenue Bond
Council Bill No. R 44-04
authorizing the City of Columbia, Missouri, to take certain preliminary actions in
connection with the issuance and sale of approximately $17,500,000 principal amount
of Water and Electric System Improvement Revenue Bonds, 2004 Series A, of the
City of Columbia, Missouri.
WHEREAS, the City of Columbia, Missouri (the City), is a municipal
political subdivision duly organized and existing under the Constitution and the laws of the State
of Missouri and its home rule charter; and
WHEREAS, the City Council of the City has heretofore determined and does now find and
determine that it is necessary and desirable and in the best interest of the City to issue its Water
and Electric System Improvement Revenue Bonds, 2004 Series A, in the aggregate principal
amount of approximately $17,500,000 (the Bonds) for the purpose of providing funds for
extending, expanding, improving, repairing, replacing and equipping the City-owned water works
and electric systems and refunding certain outstanding bonds of the City as herein described; and
WHEREAS, the City Council of the City further finds and determines that it is
desirable in connection with the issuance of the Bonds that the City take certain actions and
approve the execution of certain documents as herein provided.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
COLUMBIA, MISSOURI, AS FOLLOWS:
SECTION 1. Financial Advisor and Bond Counsel. The City Manager is authorized to retain
the services of A.G. Edwards & Sons, Inc., St. Louis, Missouri, as the Financial Advisor to the
City (the Financial Advisor) and Sonnenschein Nath & Rosenthal LLP, as Bond Counsel
the City (Bond Counsel).
SECTION 2. Competitive Public Sale. The
Director of Finance and other officers and
representatives of the City, in conjunction with the Financial Advisor and Bond Counsel, are
hereby authorized to conduct a competitive public sale of the Bonds and in connection therewith
to solicit bids for the purchase of the Bonds from investment banking firms and other financial
institutions (the Underwriters) located throughout the United States.
SECTION 3. Selection of Underwriters. The
Director of Finance and other officers and
representatives of the City are hereby authorized to take such further action to proceed with such
financing including working with the Underwriters submitting the best bid as a result of the
competitive public sale of the Bonds and to enter into a contract for the sale of the Bonds with
such Underwriters, subject to approval of Bond Counsel and the City Counselor, and based upon
recommendation of the Citys Financial Advisor.
SECTION 4. Ratings. The officers of the
City are hereby authorized to apply to rating
agencies, including Standard & Poors Rating Services and Moodys Investors Service,
rating relating to the Bonds.
SECTION 5. Bond Insurance. The officers
of the City are hereby authorized to make
application to a bond insurance company for the issuance of a bond insurance policy
guaranteeing the timely payment of the principal of and interest on the Bonds and to enter into a
commitment letter for such bond insurance if it would result in overall debt service savings on
SECTION 6. Official Statement. The officers
of the City are hereby authorized, in
conjunction with the Financial Advisor and Bond Counsel, to prepare an Official Statement
relating to the Bonds and to use such Official Statement in connection with the sale of the Bonds.
SECTION 7. Issuance of the Bonds. The terms
of the proposed financing and the Bonds
shall be authorized by Ordinance of the City Council prior to the issuance and delivery of the
SECTION 8. Further Authorization. The Director
of Finance and other officers and
representatives of the City are hereby authorized and empowered to do all such acts and things
and to execute, acknowledge and deliver all such documents as may in her or their discretion be
deemed necessary or desirable in order to carry out or comply with the terms and provisions of
this Resolution in connection with the structure and sale of the Bonds. All of the acts and
undertakings of such officers which are in conformity with the intent and purposes of this
Resolution, whether heretofore or hereafter taken or done shall be and the same are hereby in all
respects, ratified, confirmed and approved.
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ADOPTED this 1st day of March, 2004.