HomeMy WebLinkAboutRES 010924-5.G - Utility Revenue BondsRESOLUTION NO. 0-2 1?) ZH' S - CI
RESOLUTION AUTHORIZING REDEMPTION OF
CERTAIN OF THE CITY'S OUTSTANDING UTILITY SYSTEM REVENUE BONDS
AND OTHER RELATED MATTERS
WHEREAS, the City of Georgetown, Texas (the "City") has duly issued and there is now
outstanding the following obligations that are currently subject to redemption at the option of the
City:
City of Georgetown, Texas Utility System Revenue Bonds, Series 2014, dated
April 15, 2014, in the aggregate principal amount of $8,595,000 maturing on
August 15 in the years 2024 through 2030, inclusive, and 2032 and 2034 (the
Series 2014 Bonds"); and
WHEREAS, the City Council (the "City Council") of the City deems it to be in the best
interest of the City to use lawfully available funds to call for redemption certain of the Series 2014
after the giving of notice and compliance with the provisions of the ordinance authorizing the
issuance of such obligations (collectively, the "Redeemed Bonds") as further set forth in this
Resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GEORGETOWN, TEXAS THAT:
Section 1. The City hereby calls for redemption the Redeemed Bonds. Attached to
this Resolution as Exhibit "A" and made a part hereof for all purposes, is a copy of the notice of
redemption for the Redeemed Bonds in substantially final form with such changes approved by
the Chief Financial Officer or the Treasurer (each an "Authorized Official"). Bond Counsel and
the paying agent for the Redeemed Bonds are hereby authorized to take all actions necessary to
effectuate the redemption of such obligations, including sending all notices of such redemption
required by the ordinance authorizing the Redeemed Bonds. Each Authorized Official is further
authorized to revise the timing of the redemption of the Redeemed Bonds and the delivery of any
notice as needed to efficiently effectuate such redemption.
Section 2. Each Authorized Official is hereby authorized to transfer lawfully available
funds as necessary to redeem the Redeemed Bonds.
Section 3. The Mayor of the City Council, each Authorized Official and all other
officers, employees and agents of the City, and each of them, shall be and they are hereby expressly
authorized, empowered and directed from time to time and at any time to do and perform all such
acts and things, including obtaining additional CUSIP numbers, giving any notices as may be
required by the City's continuing disclosure obligations, if any, with respect to the Redeemed
Bonds and executing all other instruments or agreements, including an escrow agreement, if
GEORGETOWN I Redemption 20241 Resolution
required, whether or not herein mentioned, as may be necessary or desirable in order to carry out
the terms and provisions of this Resolution or the ordinance authorizing the Redeemed Bonds.
Section 4. If any provision of this Resolution or the application thereof to any
circumstance shall be held to be invalid, the remainder of this Resolution and the application
thereof to other circumstances shall nevertheless be valid, and this governing body hereby declares
that this Resolution would have been enacted without such invalid provision.
Section 5. This Resolution shall be in full force and effect immediately upon its
passage and approval.
The Remainder of This Page is Intentionally Left Blank]
GEORGETOWN I Redemption 20241 Resolution
PASSED AND APPROVED on this the 13th day of February, 2024.
ATTEST: CITY OF G"RGL+"TOWN, TEXAS
Robyn Den ore, City Secretary
APPROVED AS TO FORM:
4 -
Skyc6h4assjn, City Attorney
GEORGETOWN I Redemption 20241 Resolution
A-1
GEORGETOWN | Redemption 2024 | Resolution
EXHIBIT "A"
NOTICE OF PARTIAL REDEMPTION
NOTICE IS HEREBY GIVEN that the City of Georgetown, Texas (the "City") has called
for redemption on March 19, 2024 (the "Redemption Date") the outstanding obligations of the City
described below at a price of par plus accrued interest to such date of redemption, to-wit:
Utility System Revenue Bonds, Series 2014, dated April 15, 2014, in the aggregate
principal amount of $3,810,000 maturing on August 15 in the years 2024 through
2030, inclusive, and in the years 2032 and 2034 as set forth below (collectively, the
"Redeemed Bonds")
Original
CUSIP
Number*
Maturity
Date
(August 15)
Principal
Amount
Outstanding
Principal
Amount Being
Redeemed
Principal
Amount
Outstanding
After
Redemption
Interest
Rate
New
CUSIP*
Redeemed
Portion
New CUSIP*
Non-
Redeemed
Portion
373064VS0 2024 $ 625,000 $ 275,000 $ 350,000 2.50% 373064T46 373064U51
373064VT8 2025 650,000 285,000 365,000 2.75 373064T53 373064U69
373064VU5 2026 680,000 300,000 380,000 3.00 373064T61 373064U77
373064VV3 2027 710,000 315,000 395,000 3.00 373064T79 373064U85
373064VW1 2028 740,000 330,000 410,000 3.00 373064T87 373064U93
373064VX9 2029 775,000 345,000 430,000 3.25 373064T95 373064V27
373064VY7 2030 810,000 360,000 450,000 3.25 373064U28 373064V35
*** *** *** *** *** *** *** ***
373064WA8 2032 1,725,000 765,000 960,000 3.50 373064U36 373064V43
*** *** *** *** *** *** *** ***
373064WC4 2034 1,880,000 835,000 1,045,000 4.00 373064U44 373064V50
______
* The CUSIP Numbers are provided for the convenience of the holders of the Redeemed Bonds. The City and the
paying agent do not warrant the accuracy of the CUSIP Numbers, and neither shall be responsible for any error of any
nature relating to CUSIP Numbers.
Additionally, the City has determined that the mandatory sinking fund installments related
to the bonds maturing in the year 2032 and 2034 which remain outstanding will be as follows:
Term Bond Maturing in 2032
Remaining Principal Amount
Mandatory Redemption Date Subject to Mandatory Redemption
August 15, 2031 $470,000
August 15, 2032 490,000
A-2
GEORGETOWN | Redemption 2024 | Resolution
Term Bond Maturing in 2034
Remaining Principal Amount
Mandatory Redemption Date Subject to Mandatory Redemption
August 15, 2033 $510,000
August 15, 2034 535,000
The Redeemed Bonds shall be redeemed upon presentation at a principal corporate offices
of The Bank of New York Mellon Trust Company, N.A., as paying agent/registrar for the
Redeemed Bonds, at the addresses set forth below. Interest on the Redeemed Bonds shall cease to
accrue from and after the Redemption Date.
First Class/Registered/Certified Mail By Overnight or Courier By Hand
The Bank of New York Mellon
Global Corporate Trust
P.O. Box 396
East Syracuse, New York 13057
The Bank of New York Mellon
Global Corporate Trust
111 Sanders Creek Parkway
East Syracuse, New York 13057
The Bank of New York Mellon
Global Corporate Trust
Corporate Trust Window
101 Barclay Street 1st Floor East
New York, New York 10286
In compliance with section 3406 of the Internal Revenue Code of 1986, as amended, payors
making certain payments due on debt securities may be obligated to deduct and withhold a portion
of such payment from the remittance to any payee who has failed to provide such payor with a
valid taxpayer identification number. To avoid the imposition of this withholding tax, such payees
should submit a certified taxpayer identification number when surrendering obligations for
redemption.
CITY OF GEORGETOWN, TEXAS