HomeMy WebLinkAbout2003-07-08 - Bond IssueRESOLUTION
A RESOLUTION APPROVING THE PRELIMINARY TRANSACTION
STRUCTURE IN CONNECTION WITH A CITY BOND ISSUANCE IN THE
PRINCIPAL AMOUNT OF APPROXIMATELY $16 MILLION TO PROVIDE
FUNDS FOR THE LEVEE PROJECT AND AUTHORIZING THE
NEGOTIATION OF TERMS AND DOCUMENTS AND ACTIONS RELATED
THERETO, ALL SUBJECT TO FINAL APPROVAL OF THE BOARD.
WHEREAS, the cost of the Levee Project, as estimated by the Corps, is approximately
$80,000,000; and
WHEREAS, the local share of this cost is approximately $36 million; and
WHEREAS, there exists a current funding need of approximately $16 million for the Levee
Project; and
WHEREAS, the City intends to issue bonds to fund such need (the "Bonds"); and
WHEREAS, the City desires to consider the preliminary structure for the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Aldermen of the City of Riverside,
Missouri as follows:
Section 1. The following preliminary structure is approved:
Issuer City of Riverside, Missouri
Size of Issue A roximatel $16 million
Type of Bond Flexible Interest Pa ment Tax Exem t Securities with a fixed interest rate
Closing Date Anticipated to be August 10, 2003; but in no event later than August 20, 2003
Underwriter Fahnestock & Co.
Bond Counsel Armstrong Teasdale
Terms To Be Determined
Section 2. Fahnestock & Co. is authorized to assist the City by taking such actions as aze
necessary or desirable to move the preliminary structure for the. Bonds forward to a final recommendation
on the terms of the Bonds, including interest rates, maturities, security, redemption and other terms and
the Mayor and Armstrong Teasdale are authorized to work with Fahnestock regarding the negotiation of
the final terms of the Bonds and documents relating to the Bonds provided that such terms and documents
shall be presented to the Board for final approval.
Section 3. This Resolution shall be in full force and effect from and after its passage and approval.
ADOPTED this 8th day of July 2003.
Betty Burch
MAYOR
ATTEST
Louise Rusick
CITY CLERK