1998-11-09-Minutes - Laserfiche WebLink

Home Browse Search

416 Section 28. SALE OF BONDS. The Bonds are hereby sold and shall be delivered to SALOMON SMITH BARNEY for the par value thereof plus accrued interest thereon to date of delivery. It is further officially found, determined, and declared that the Bonds have been sold at public sale to the bidder offering the lowest interest cost, after receiving sealed bids pursuant to an Official Notice of Sale and Bidding Instructions and Official Statement dated October 30, 199g, prepared and distributed in connection with the sale of the Bonds. Said Official Notice of Sale and Bidding Instructions and Official Statement, and any addenda, supplement, or amendment thereto have been and are hereby approved by the governing body of the Issuer, and their use in the offer and sale of the Bonds is hereby approved. It is further officially found, determined, and declared that the statements and representations contained in said Official Notice of Sale and Bidding Instructions and Official Statement are mae and correct in all material respects, to the best knowledge and belief of the governing body of the Issuer. Section 29. USE OF BOND PROCEEDS. The proceeds from the sale of the Bonds, other than costs of issuance paid in accordance with an instruction letter of the Issuer, shall be deposited to the credit of the various Funds created by this Resolution as follows: (a) in the Debt Service Fund, the accrued interest from the sale of the Bonds; (b) in the Reserve Fund, $165,654.24. (c) the Development Fund, the balance of said proceeds except for the amount to be used for the retirement of the Note on the date of delivery of Bonds with the Notice of Prepayment authorized hereby as Exhibit B to be delivered to Liberty National Bank, Paris, Texas; as set forth in an instruction letter to be delivered to the Paying Agent/Registrar Depository Bank at closing. Section 30. EXECUTION OF DOCUMENTS. The President, Vice President, Secretary and Treasurer of the Board of the Issuer are hereby authorized to execute, deliver, attest and affix the seal of the Issuer to all documents and instruments necessary and appropriate in connection with the issuance, sale and delivery of the Bonds, including, without limitation, the Transfer Agreement and, the Paying Agent/Registrar Agreement in substantially the forms attached hereto and made a part hereof for all purposes as Exhibits C and D. Section 31. PREAMBLE. The findings and preambles set forth in this Resolution are hereby incorporated into this Resolution and made a part hereof for all purposes. 27