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HomeMy WebLinkAbout2002-06 L, S ~00~_O~o RESOLUTION AUTHORIZING THE EXTENSION • OF THE MATURITY OF, AND AN ADJUSTMENT TO THE INTEREST RATE ON, A BOND ANTICIPATION NOTE OF THE TOWN OF PULASKI, VIRGINIA The Town of Pulaski, Virginia (the "Town"), has previously issued its $1,000,000 Bond Anticipation Note dated April 29, 1998, as amended (the "Note"), bearing interest at the rate of 4.2b% per annum and having a maturity of February 22, 2002. Pursuant to Section 15.2-2628 of the Public Finance Act of 1991 (Chapter 26, Title 15.2, Code of Virginia of 1950, as amended) (the "Act"), the Note may be extended or refinanced from time to time provided that no extension or refinancing matures later than five years from the date of the original issuance of the note. The Council of the Town (the "Council") has determined it advisable and expedient to extend the maturity of the Note and adjust the interest rate thereon, and SunTrust Bank, the registered holder of the Note is agreeable to such modifications. BE IT RESOLVED BY THE COUNCIL OF THE TOWN OF PULASKI, VIRGINIA: I. It is hereby determined to be advisable, necessary and expedient for the Town to extend the maturity of the Note from February 22, 2002, to Apri130, 2002 (the "New Maturity"). Effective February 22, 2002, the interest rate on the Note shall be 2.19% per annum. 2. The extension of the maturity of the Note and the change of the interest rate on the Note shall be evidenced by an amendment to the Note substantially in the form attached hereto as Exhibit A, which such appropriate variations, insertions and omissions as shall be consistent herewith (the "Amendment to Note"). The Amendment to Note shall be dated the date of its execution and delivery to the holder of the Note. The Amendment to Note shall bear the manual signature of the Mayor or Vice Mayor and shall bear a manually impressed or imprinted facsimile of the seal of the Town attested by the manual signature of the Town Clerk or Deputy Clerk. 3. This resolution supplements the resolution adopted April 14, 1998, by the Council authorizing the issuance of the Note, as supplemented by a resolution adopted February 6, 2001 (the "Note Resolution"). As supplemented hereby, the Note Resolution is ratified and confirmed and deemed to be in full force and effect. The terms and provisions of the Note Resolution shall apply in all respects to the Note as amended by the Amendment to Note. Y RESOLUTION AUTHORIZING THE EXTENSION • OF THE MATURITY OF, AND AN ADJUSTMENT TO THE INTEREST RATE ON, A BOND ANTICIPATION NOTE OF THE TOWN OF PULASKI, VIRGINIA The Town of Pulaski, Virginia (the "Town"), has previously issued its $1,000,000 Bond Anticipation Note dated April 29, 1998, as amended (the "Note"), bearing interest at the rate of 4.26% per annum and having a maturity of February 22, 2002. Pursuant to Section 15.2-2628 of the Public Finance Act of 1991 (Chapter 26, Title 15.2, Code of Virginia of 1950, as amended) (the "Act"), the Note may be extended or refinanced from time to time provided that no extension or refinancing matures later than five years from the date of the original issuance of the note. The Council of the Town (the "Council") has determined it advisable and expedient to extend the maturity of the Note and adjust the interest rate thereon, and SunTrust Bank, the registered holder of the Note is agreeable to such modifications. BE IT RESOLVED BY THE COUNCIL OF THE TOWN OF PULASKI, VIRGINIA: • 1. It is hereby determined to be advisable, necessary and expedient for the Town to extend the maturity of the Note from February 22, 2002, to Apri130, 2002 (the "New Maturity"). Effective February 22, 2002, the interest rate on the Note shall be 2.19% per annum. 2. The extension of the maturity of the Note and the change of the interest rate on the Note shall be evidenced by an amendment to the Note substantially in the form attached hereto as Exhibit A, which such appropriate variations, insertions and omissions as shall be consistent herewith (the "Amendment to Note"). The Amendment to Note shall be dated the date of its execution and delivery to the holder of the Note. The Amendment to Note shall bear the manual signature of the Mayor or Vice Mayor and shall bear a manually impressed or imprinted facsimile of the seal of the Town attested by the manua! signature of the Town Clerk or Deputy Clerk. 3. This resolution supplements the resolution adopted April 14, 1998, by the Council authorizing the issuance of the Note, as supplemented by a resolution adopted February 6, 2001 (the "Note Resolution"). As supplemented hereby, the Note Resolution is ratified and confirmed and deemed to be in full force and effect. The terms and provisions of the Note Resolution shall apply in all respects to the Note as amended by the Amendment to Note. • t ~5 . 4. The Mayor of the Town, the Town Manager and such other officers as may be requested are hereby authorized to sign appropriate certificates as may be required by bond counsel to the Town, in connection with the execution and delivery of the Amendment to Note. 5. This resolution shall take effect immediately upon its adoption. • .] 2 • 4. The Mayor of the Town, the Town Manager and such other officers as may be requested are hereby authorized to sign appropriate certificates as may be required by bond counsel to the Town, in connection with the execution and delivery of the Amendment to Note. 5. This resolution shall take effect immediately upon its adoption. • • 2 • EXHIBIT A Amendment to Note n LJ • This Amendment to Note is made by and between the TOWN OF PULASKI, VIRGINIA (the "Town") and SUNTRUST BANK, formerly Crestar Bank (the "Bank"), and provides as follows: The Bank is the registered owner of the Town's $1,000,000 Bond Anticipation Note dated April 29, 1998, as amended (the "Note"), bearing interest at the rate of 4.26% per annum and having a stated maturity date of February 22, 2002. The Town and the Bank desire to extend the maturity date of the Note and adjust the interest rate on the Note, as provided in this amendment. NOW, THEREFORE, in consideration of the mutual benefits to be derived hereunder and other good and valuable consideration, the receipt of which is hereby acknowledge, the Town and the Bank agree as follows: 1. The Maturity Date of the Note is hereby extended to April 30, 2002. 2. Effective on and after February 22, 2002, the Interest Rate on the Note shall be 2.19% per annum. 3. This Amendment amends and is a part of the Note. As amended hereby, the Note is deemed to be in full force and effect. IN WITNESS WHEREOF, the Council of the Town of Pulaski has caused this Amendment to be executed in the name of the Town and to bear the manual signature of its Mayor, its seal to be imprinted or impressed hereon and attested by the manual signature of the Town Clerk, and this Amendment to be dated as of February ~, 2002. SEAL Attest:. , Town Clerk Town of Pulaski, Virginia Mayor Town of Pulaski, Virginia -. ,~ This Amendment to Note is made by and between the TOWN OF PULASKI, VIRGINIA (the "Town") and SUNTRUST BANK, formerly Crestar Bank (the "Bank"), and provides as follows: Amendment to Note • • The Bank is the registered owner of the Town's $1,000,000 Bond Anticipation Note dated April 29, 1998, as amended (the "Note"), bearing interest at the rate of 4.26% per annum and having a stated maturity date of February 22, 2002. The Town and the Bank desire to extend the maturity date of the Note and adjust the interest rate on the Note, as provided in this amendment. NOW, THEREFORE, in consideration of the mutual benefits to be derived hereunder and other good and valuable consideration, the receipt of which is hereby acknowledge, the Town and the Bank agree as follows: EXHIBIT A i . The Maturity Date of the Note is hereby extended to Apri130, 2002. 2. Effective on and after February 22, 2002, the Interest Rate on the Note shall be 2.19% per annum. 3. This Amendment amends and is a part of the Note. As amended hereby, the Note is deemed to be in full force and effect. IN WITNESS WHEREOF, the Council of the Town of Pulaski has caused this Amendment to be executed in the name of the Town and to bear the manual signature of its Mayor, its seal to be imprinted or impressed hereon and attested by the manual signature of the Town Clerk, and this Amendment to be dated as of February ~, 2002. SEAL Attest ~., Town Clerk Town of Pulaski, Virginia t/~~'~:Y.4.1~ .i Mayor Town of Pulaski, Virginia ************************************** • The undersigned Clerk of the Council of the Town of Pulaski, Virginia, hereby certifies that the foregoing constitutes a true, complete and correct copy of a resolution adopted by the Council of the Town of Pulaski, at a meeting held on February 5, 2002. I hereby further certify that such meeting was a regular meeting, duly called and held, and that during the consideration of the foregoing resolution, a quorum was present. I hereby further certify that the minutes of such meeting reflect the members of Council as absent or present and how each member of Council voted with respect to the adoption of the foregoing resolution, as follows: Member • Charles W. Stewart, Jr., Mayor Bettye H. Steger Jeffrey S. Worrell Pauline G. Mitchell Daniel Talbert, Jr. E. G. Black, Jr. James M. Neblett, Jr. Kenneth M. Fleenor Lane R. Penn Absent or Present Vote Present N/A Present Ave ~n t -A.~a Present Ave r~ went Aye Present Ave ~rPGF±nt .Ay_q. Present Aye WITNESS my hand and the seal of the Town of Pulaski, Virginia, this ~1~` day of February, 2002. (SEAL) .. ~ Clerk, Town of Pulaski, Virginia • G;~WPIDAY~012008AuthorizingResolution.doc/snc r: ************************************** The undersigned Clerk of the Council of the Town of Pulaski, Virginia, hereby certifies that the foregoing constitutes a true, complete and correct copy of a resolution adopted by the Council of the Town of Pulaski, at a meeting held on February 5, 2002. I hereby further certify that such meeting was a regular meeting, duly called and held, and that during the consideration of the foregoing resolution, a quorum was present. I hereby further certify that the minutes of such meeting reflect the members of Council as absent or present and how each member of Council voted with respect to the adoption of the foregoing resolution, as follows: Member • Charles W. Stewart, Jr., Mayor Bettye H. Steger Jeffrey S. Worrell Pauline G. Mitchell Daniel Talbert, Jr. E. G. Black, Jr. James M. Neblett, Jr. Kenneth M. Fleenor Lane R. Penn Absent or Present Vote Present N/A Present Ave Pr[~cant ~,~ Present Ave Present Aye Present Aye P c n t ...A_y~. Present Aye WITNESS my hand and the seal of the Town of Pulaski, Virginia, this i~1 ~` day of February, 2002. / [~.:L(.f t G~ \ /L' ;,.rise-~ Clerk, Town of Pulaski, Virginia (SEAL) • G:\WP\DAY\012008AuthorizingResolution.dodsnc