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HomeMy Public PortalAbout2006_02_14_r021The Town of Leesburg, Virginia RESOLUTION NO. 2006-21. A RESOLUTION: PRESENTED: February 14, 2006 ADOPTED: February 14, 2006 AUTHORIZING THE DEFEASANCE AND REDEMPTION OF ALL OR A PORTION OF THE OUTSTANDING UTILITY SYSTEM REVENUE' REFUNDING BONDS, SERIES 1997, AND SETTING FORTH THE THE DETAILS THEREOF AND THE PROVISIONS THEREFOR WHEREAS, the Town Council of the Town of Leesburg, Virginia (the "Town) has determined that it is in the Town's best interests to defease and redeem all or a portion of the Town's outstanding Utility Revenue Refunding Bonds, Series 1997, which were issued pursuant to a Master Indenture of Trust dated as of July 1, 1992, as supplemented and amended (the "Master Indenture"), between the Town and SunTrust Bank, as successor trustee (the "Trustee"). THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows: SECTION I. Authorization of Defeasance and Redemption. The defeasance of all or a portion of the July 1, 2006, through July 1, 2012, inclusive, July 1, 2017, and July 1, 2022, maturities of the Town's outstanding Utility System Revenue Refunding Bonds, Series 1997 (the "Series 1997 Bonds"), is authorized and approved. The Series 1997 Bonds may be defeased all at one time or in portions from time to time. The Series 1997 Bonds shall be defeased to and are authorized to be called for redemption on any available call date in accordance with the terms of the Master Indenture. The Town Manager or Director of Finance is authorized to select the particular Series 1997 Bonds to be defeased and redeemed and the redemption dates for the selected Series 1997 Bonds as either of them may deem to be in the best interests of the Town. RESOLUTION: -2- AUTHORIZING THE DEFEASANCE AND REDEMPTION OF ALL OR A PORTION OF THE OUTSTANDING UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 1997, AND SETTING FORTH THE THE DETAILS THEREOF AND THE PROVISIONS THEREFOR SECTION II. Approval of Escrow Agreement. Each time the Town Manager or Director of Finance may deem it necessary or desirable to effect the defeasance and redemption of any selected Series 1997 Bonds, the Town Manager or Director of Finance is authorized to execute and deliver on behalf of the Town an Escrow Agreement (the "Escrow Agreement"), between the Town and such escrow agent to be selected by the Town Manager or Director of Finance, and such Escrow Agreement may be approved by the Town Manager or Director of Finance, whose approval will be evidenced conclusively by the execution and delivery of the document. The Town Manager and the Director of Finance or such officers and agents as either may designate, are authorized to execute and deliver on behalf of the Town such other instruments, documents or certificates, and to do and perform such other things and acts, as they deem necessary or appropriate to carry out the transactions authorized by this Resolution, and all of the foregoing, previously done or performed by any such officer of the Town are in all respects approved, ratified and confirmed. SECTION III. Further Actions. The Town Manager and the Director of Finance, or such officers and agents of the Town as either may designate, are authorized and directed to take such further action as they deem necessary regarding the defeasance of the Series 1997 Bonds and all actions taken by such officers and agents in connection with the defeasance of the Series 1997 Bonds are hereby ratified and confirmed. SECTION IV. Effective Date. This Resolution shall take effect immediately.