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HomeMy WebLinkAbout1992-042-03/03/1992-BOND PURCHASE AGREEMENT GENERAL OBLIGATION WATER BONDS WATER REFUNDING BONDS RESOLUTION 92-42 AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT RELATING TO THE CITY OF FORT COLLINS, COLORADO, GENERAL OBLIGATION WATER BONDS, SERIES 1992A, AND GENERAL OBLIGATION WATER REFUNDING BONDS, SERIES 1992B, DATED MARCH 1 , 1992, IN THE COMBINED AGGREGATE PRINCIPAL AMOUNT OF APPROXIMATELY $30,260,000 WHEREAS, on February 18, 1992, the Council (the "Council ") of the City of Fort Collins, Colorado (the "City") , approved on first reading ordinances authorizing the issuance of its General Obligation Water Bonds, Series 1992A, dated March 1 , 1992, in the aggregate principal amount of $4,565,000 and its General Obligation Water Refunding Bonds, Series 1992B, dated March 1, 1992, in the aggregate principal amount of $25,695,000 (collectively, the "Bonds") ; and WHEREAS, the Financial Officer of the City thereupon authorized and directed Piper, Jaffray & Hopwood, Incorporated and other participating underwriters (collectively, the "Purchaser") to market the Bonds at such time as may appear to the Purchaser to be most favorable to the City; and WHEREAS, as of the date hereof the Bonds have not yet been marketed; and WHEREAS, the Purchaser anticipates that the Bonds may be marketed at a time substantially in advance of the next regular meeting of the Council ; and WHEREAS, investment banking customs and practices require that the Purchaser enter into a bond purchase agreement reasonably soon after the marketing of the Bonds; and WHEREAS, there has been filed with the City Clerk the form of a Bond Purchase Agreement (the "Bond Purchase Agreement") between the City and the Purchaser. NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that: 1 . The City Manager is hereby authorized to execute the Bond Purchase Agreement on behalf of the City in substantially the form heretofore filed with the City Clerk with such changes thereto as may be necessary to accomplish the purposes thereof as approved by the Financial Officer of the City, the City Attorney and the City's bond counsel . 2. All action not inconsistent with the provisions of this Resolution heretofore taken by the City or its officers directed toward the authorization and execution of the Bond Purchase Agreement is hereby ratified, approved and confirmed. 3. All resolutions, bylaws, orders and other instruments, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any resolution, bylaw, order or other instrument, or part thereof, heretofore repealed. 4. If any section, subsection, paragraph, clause or other provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability thereof shall not affect any of the remaining sections, subsections, paragraphs, clauses or provisions of this Resolution. 5. This Resolution shall take effect immediately upon its adoption. Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this 3rd day of March, A.D. 1992. Mayor ATTEST: City Clerk