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