Resolution 2011 - 16
City Council Resolutions
Resolution 2011 - 16
12/19/2011 9:03:01 AM
12/19/2011 9:02:59 AM
RESOLUTIONS - DESCRIPTION
WM Financial Strategies as financial advisor and Gilmore & Bell, P.C. as special tax counsel
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RESOLUTION 2011- 16 <br /> RESOLUTION ENGAGING THE SERVICES OF WM <br /> FINANCIAL STRATEGIES, AS FINANCIAL ADVISOR, <br /> AND GILMORE & BELL, P.C., AS SPECIAL TAX <br /> COUNSEL, IN CONNECTION WITH THE ISSUANCE OF <br /> REFUNDING CERTIFICATES OF PARTICIPATION BY <br /> THE CITY <br /> WHEREAS,the City of University City, Missouri (the "City") has heretofore issued $6,345,000 <br /> original principal amount of Certificates of Participation (City of University City, Missouri, Lessee) <br /> Series 2003 and $6,245,000 original principal amount of Certificates of Participation (City of University <br /> City, Missouri, Lessee) Series 2004 (collectively, the "Prior Certificates") for the purpose of financing <br /> various capital projects for the City, and the City desires to refund the Prior Certificates with the proceeds <br /> of Refunding Certificates of Participation(the"Refunding Certificates"); and <br /> WHEREAS, the City desires to retain the services of WM Financial Strategies (the "Financial <br /> Advisor")to advise and assist the City in structuring the Refunding Certificates, to solicit underwriters or <br /> other purchasers for the Refunding Certificates, and to prepare the Preliminary and Final Official <br /> Statements for the Refunding Certificates; and <br /> WHEREAS,the City desires to engage Gilmore &Bell, P.C., as Special Tax Counsel,to proceed <br /> with the preparation of all legal proceedings and documents necessary for the issuance, sale and delivery <br /> of the Refunding Certificates. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> UNIVERSITY CITY,MISSOURI,AS FOLLOWS: <br /> Section 1. The City Council hereby declares its intention to adopt a subsequent ordinance <br /> authorizing the issuance of the Refunding Certificates, provided that the net present value saving <br /> generated from such refunding shall not be less than 2.25%,which equates to approximately $318,000. <br /> Section 2. The City hereby engages WM Financial Strategies as financial advisor for the <br /> Refunding Certificates in accordance with the terms of the Financial Advisory Agreement attached hereto <br /> as Exhibit A, which Agreement the Mayor or City Manager is authorized to sign on behalf of the City. <br /> The Financial Advisor is hereby authorized to prepare and distribute a Preliminary Official Statement and <br /> to solicit proposals from underwriters or other purchasers of the Refunding Certificates. <br /> Section 3. The City hereby appoints the law firm of Gilmore & Bell, P.C. to serve as the City's <br /> Special Tax Counsel with respect to the issuance of the Refunding Certificates in accordance with the <br /> terms of the Proposal for Special Tax Counsel Services attached hereto as Exhibit B, which Proposal the <br /> Mayor or City Manager is authorized to sign on behalf of the City. Gilmore & Bell, P.C. is hereby <br /> authorized and directed to proceed with the preparation of all legal proceedings and documents necessary <br /> for the issuance, sale and delivery of the Refunding Certificates. <br /> Section 4. This Resolution shall be in full force and effect from and after its passage by the City <br /> Council. <br /> I <br />
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