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Resolution No. 04-087
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<br /> approved. The City Manager and the City Clerk (or their designated representative) (the
<br /> "Officers"), are hereby authorized and directed, for and on behalf of the City, to execute,
<br /> acknowledge and deliver the Lease Agreement, in substantially the form presented to this
<br /> meeting, with such changes therein as such Officer may require or approve, with the
<br /> advice and approval of the City Attorney and Nossaman, Guthner, Knox & Elliott, LLP,
<br /> Special Counsel, such approval to be conclusively evidenced by the execution and
<br /> delivery thereof.
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<br />Section 2:
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<br />Approval of Site Lease. The form of Site Lease, currently dated as of December 1, 2004
<br />(the "Site Lease"), by and between the City and the Authority, as presented at this
<br />meeting is hereby approved. The Officers are hereby authorized and directed, for and on
<br />behalf of the City, to execute, acknowledge and deliver the Site Lease, in substantially
<br />the form presented to this meeting, with such changes therein as such Officers may
<br />require or approve, with the advice and approval of the City Attorney and Special
<br />Counsel, such approval to be conclusively evidenced by the execution and delivery
<br />thereof.
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<br />Section 3:
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<br />Approval of Trust Agreement. The proposed form of the Trust Agreement, currently
<br />dated as of December 1, 2004 (the "Trust Agreement"), among the Authority, U.S. Bank
<br />National Association (the ''Trustee") and the City, as presented at this meeting is hereby
<br />approved. An Officer is hereby authorized and directed, for and on behalf of the City, to
<br />execute, acknowledge and deliver the Trust Agreement, in substantially the form
<br />presented to this meeting, with such changes therein as such Officers may require or
<br />approve, with the advice and approval of the City Attorney and Special Counsel, such
<br />approval to be conclusively evidenced by the execution and delivery thereof. In
<br />connection therewith, the City approves the execution and delivery of the Certificates in
<br />accordance with the terms and provisions of the Trust Agreement, provided, that the
<br />principal amount of the Certificates shall not exceed $4,500,000, and the sale of such
<br />Certificates by either competitive bid or, if timing of the sale of the Certificates does not
<br />allow for the competitive bid process, through a competitive negotiated sale, as
<br />determined by the City Manager and the Director of Finance to be in the best interests of
<br />the City. In the event the Certificates are to be sold through a competitive negotiated
<br />sale, the City Manager and Director of Finance, with the assistance of the City's
<br />Financial Advisor, shall select the underwriter.
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<br />Section 4:
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<br />Award of Sale of Certificates. In the event the Certificates are sold by competitive bid,
<br />an Officer is hereby authorized and directed to award the sale of the Certificates to the
<br />bidder with the lowest tree interest cost, provided, that the true interest cost to be
<br />represented by the Certificates shall not exceed four and one-half percent (4.50%) per
<br />annum, and the underwriter's discount, excluding original issue discount but including
<br />the cost of insurance, shall not exceed two percent (2.00%).
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<br />Section 5:
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<br />Publication of Notice. In the event the Certificates are to be sold by competitive bid, an
<br />Officer, in cooperation with Special Counsel and the City's Financial Advisor, is hereby
<br />authorized and directed to publish a Notice of Intention to Sell Securities in The Bond
<br />Buyer at least fifteen (15) days prior to the date bids are to be received. The Officers in
<br />cooperation with the Financial Advisor shall cause the Official Notice Inviting Bids to be
<br />circulated among prospective bidders.
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