HomeMy WebLinkAboutCOUNCIL MINUTES 1992-10-19 SPECIAL 27261
MINUTES OF THE TWO HUNDRED TWENTY-SIXTH SPECIAL MEETING
Iwo OF THE COUNCIL OF THE CITY OF LIVONIA
Pursuant to the provisions of Section 8, Chapter 14 of the City
Charter, the above meeting was held October 19, 1992 at the City Hall,
33000 Civic Center Drive, Livonia, Michigan, and was called to order by the
President of the Council at approximately 8:02 p m. Roll was called with
the following result: Present Dale A Jurcisin, Gerald Taylor, Ron
Ochala, Sean P. Kavanagh, and Laura M Toy. Absent: Fernon P. Feenstra
and Michael P. McGee.
Elected and appointed officials present: David N. Preston,
Finance Director; John Nagy, City Planner; Raul Galindo; City Engineer;
and Ann W. Tavolacci, Deputy City Clerk
No one spoke during the audience communication portion at the
beginning of the meeting.
On a motion by Ochala, seconded by Kavanagh, and unanimously
adopted, it was:
#784-92 WHEREAS, by resolution adopted on August 31, 1992 (the
"Bond Resolution") the City authorized not to exceed $1,000,000
1993 Michigan Transportation Fund Refunding Bonds (the "Bonds" )
for the purpose of refunding in 1993 the City' s 1984 Michigan
Transportation Fund Bonds dated February 1, 1984 maturing in the
years 1994 through 1998, inclusive (the "Prior Bonds"); and
WHEREAS, the Michigan Department of Treasury (the "Department")
approved issuance of the Bonds; and
WHEREAS, the City has received an offer to purchase the Bonds on
or after January 1, 1993 from Hutchinson, Shockey, Erley & Co.
(hereinafter the "Underwriter"), and has determined that it is in
the best interests of the City to accept the offer.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The offer of the Underwriter as set forth in the proposed
bond purchase agreement (the "Bond Purchase Agreement") presented
to this Council to purchase the Bonds in the principal amount and
at a purchase price as shown on Exhibit A attached hereto and
made part hereof plus accrued interest, if any, is hereby
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accepted and the Mayor and City Clerk are each authorized and
directed to execute and deliver the Bond Purchase Agreement on
behalf of the City The Bonds shall be sold and delivered to the
Underwriter on a date on or after January 1, 1993 to be agreed
upon by the City and Underwriter upon receipt of the purchase
price therefor on such date
2 The Bonds shall be dated as of January 1, 1993, shall be
designated 1993 Michigan Transportation Fund Refunding Bonds and
shall mature on July 1st of each year and bear interest as shown
on Exhibit A
The Bonds shall not be subject to redemption prior to
maturity.
3. First of America Bank - Southeast Michigan, N.A. , Bloomfield
Hills, Michigan is hereby approved as Transfer Agent for the
Bonds and is further approved as Trustee under the proposed
escrow agreement (the "Escrow Agreement") presented to this
Council.
4. The Escrow Agreement providing for payment and redemption of
the Prior Bonds is hereby approved. The Trustee is directed and
authorized to implement and discharge its responsibilities
thereunder. The Mayor and City Clerk shall execute and deliver
the Escrow Agreement substantially in the form presented to this
Council with such changes and completions as shall be necessary in
order to accomplish refunding the Prior Bonds in accordance with
law, the Bond Resolution and the order of the Department.
5. Upon delivery of the Bonds the accrued interest, if any,
shall be deposited in the Debt Retirement Fund for the Bonds and
the balance shall be used as follows A sum presently estimated
to be $20,905.88 shall be used to pay the costs of issuance of
the Bonds including fees and contingency, and any balance
remaining from that sum after paying the costs of issuance shall
be deposited in the Debt Retirement Fund for the Bonds. The sum
of $882,656.62 from the bond proceeds shall be paid to the
Trustee and invested by it as provided in the Escrow Agreement
for payment of principal, interest and redemption premium on the
Prior Bonds.
6. The Preliminary Official Statement relating to the Bonds
dated October 9, 1992, and its use by the Underwriter are hereby
authorized, approved and confirmed.
7. The Official Statement dated October 14, 1992, relating to
the Bonds, which Official Statement has been presented to and is
on file with this Council is hereby authorized and approved. The
Finance Director is authorized and directed to execute and
deliver the Official Statement on behalf of the City. The
Finance Director is further authorized to approve, execute and
deliver any amendments and supplements to the Official Statement
necessary to assure that the statements therein are, and as of
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the time the Bonds are delivered to the Underwriter will be true,
and that it does not contain any untrue statement of a material
fact and does not omit to state a material fact necessary in
order to make the statements, in light of the circumstances under
which they were made, not misleading.
8. The Officers, agents and employees of the City are
authorized to take all other actions necessary and convenient to
facilitate sale of the Bonds.
9. All resolutions and parts of resolutions insofar as they
conflict with the provisions of this resolution be and the same
hereby are rescinded.
EXHIBIT A
to
RESOLUTION AUTHORIZING
SALE OF CITY OF LIVONIA
1993 MICHIGAN TRANSPORTATION FUND
ihmo REFUNDING BONDS
Principal Amount: $915,000 00
Purchase Price: $903,562.50
Maturities and Interest Rates:
Year Principal Amount Interest Rate
1994 $230,000 3.30%
1995 250,000 3.70
1996 105,000 4.00
1997 105,000 4.30
1998 225,000 4.60
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No one from the audience wished to speak during the audience
1. communication portion at the end of the meeting
On a motion by Ochala, seconded by Jurcisin, and unanimously
adopted, this 226th Special Meeting of the Council of the City of Livonia
was duly adjourned at 8:05 p.m. , October 19, 1992.
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Joad McCotter, City Clerk
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