RESO 2002-30 - Series 1991 Revenue BondsRESOLUTION NO. 2002-30
RESOLUTION AUTHORIZING
DEFEASANCE AND REDEMPTION OF THE CITY'S OUTSTANDING WATERWORKS
AND SANITARY SEWER SYSTEM REVENUE BONDS, SERIES 1991
THE STATE OF TEXAS
COUNTY OF WALKER
CITY OF HUNTVILLE
WHEREAS, the City of Huntsville, Texas (the "City ") has duly issued and there is now
outstanding the following obligations:
City of Huntsville, Texas Waterworks and Sanitary Sewer System Revenue Bonds,
Series 1991 dated July 1, 1991 maturing July 1 of each of the years 2003 through 2005
currently outstanding in the aggregate principal amount of $910,000 (the "Series 1991
Revenue Bonds ");
WHEREAS, the City Council of the City deems it to be in the best interest of the City to use
lawfully available funds to defease onerous covenants related to the Series 1991 Revenue Bonds and
to redeem the July 1, 2004 and July 1, 2005 maturities of the Series 1991 Revenue Bonds in the
aggregate principal amount of $810,000 on the next available interest payment date of July 1, 2003.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF HUNTSVILLE, TEXAS:
Section 1. The City hereby authorizes the deposit of lawfully available funds sufficient to
defease t he S eries 1991 R evenue B onds p ursuant t o t he p rovisions of an e scrow agreement in
substantially the form attached hereto as Exhibit "A" with such changes as approved by the City
Manager and City Attorney. The City further calls for redemption the July 1, 2004 and July 1, 2005
maturities of the Series 1991 Revenue Bonds on July 1, 2003. Attached to this Resolution as Exhibit
"B" and made a part hereof for all purposes, is a substantially final copy of the notice of redemption.
Section 2. The City Manager is hereby authorized to transfer funds as necessary to fund
the escrow set forth in Exhibit "A ". The City Manager is further authorized to forward this
Resolution together with the Notice of Redemption to the Paying Agent for the Series 1991 Revenue
Bonds.
Section 3. The Mayor and the City Secretary are hereby authorized and directed to execute
the certificate to which this Resolution is attached on behalf of the City. The Mayor, City Manager
and City Secretary are further authorized to do any and all things proper and necessary to carry out the
intent of this Resolution.
HUNTSVII.EREDEMPTION2002: Resolution
RESOLVED this 29th day of October 2002.
THE CITY OF HUNTSVILLE, TEXAS
illiam B. Green, Mayor
(SEAL)
ATTEST:
Danna Welter, City Secretary
APPROVED AS TO FORM:
Paul C. Isham, City Attorney
HUNTSVILLEREDEMPTION2002: Resolution
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HUNTSVILLEREDEMPTION2002: Rcwluuon
EXHIBIT "A"
ESCROW AGREEMENT
ESCROW AGREEMENT
THIS ESCROW AGREEMENT, dated as of October 1, 2002 (herein, together with any
amendments or supplements hereto, called the "Agreement "), entered into by and between the City
of Huntsville, Texas (the "Issuer ") and , as escrow agent (together
with any successor in such capacity, the "Escrow Agent "),
WITNESSETH:
WHEREAS, the Issuer has heretofore issued and there presently remain outstanding a Series
of Obligations entitled City of Huntsville, Texas Waterworks and Sanitary Sewer System Revenue
Bonds, Series 1991 maturing July 1 in each of the years 2003 -2005 in the aggregate principal
amount of $910,000 (the "Defeased Obligations "), which are further described in the Verification
Report of (the "Report") attached hereto as Exhibit "B ";
and
WHEREAS, the July 1, 2004 and July 1, 2005 maturities (the "Redeemable Maturities ") of
the Defeased Obligations subject to optional redemption on July 1, 2003 (the "Redemption Date ");
and
WHEREAS, the City intends to use lawfully available funds to cash defease the Defeased
Obligations; and
WHEREAS, the City's cash deposit may be invested in Escrowed Securities as hereafter
defined; and
NOW THEREFORE, in consideration of the mutual undertakings, promises and agreements
herein contained, the sufficiency of which are hereby acknowledged, and in order to secure the full
and timely payment of principal of and the interest on the Defeased Obligations, the Issuer and the
Escrow Agent mutually undertake, promise, and agree for themselves and their respective
representatives and successors, as follows:
ARTICLE I
DEFINITIONS AND INTERPRETATIONS
Section 1.01. Definitions. Unless the context clearly indicates otherwise, the following
terms shall have the meanings assigned to them below when they are used in this Agreement:
"Escrow Fund" means the fund created by this Agreement to be administered by the Escrow
Agent pursuant to the provisions of this Agreement.
HUNTSVILLE/2002: DepositEscrowAgrmnt
"Escrowed Securities" means the direct noncallable, not prepayable United States Treasury
Obligations and obligations the due and timely payment of which is unconditionally guaranteed by
the United States of America or cash held in the Escrow Fund.
"Deposit Amount" means $ , the cash deposit of the City which together
with investment earnings will equal the amount necessary to defease the Defeased Obligations and
redeem the Redeemable Maturities on the Redemption Date.
Section 1.02. Other Definitions. The terms "Agreement," "Issuer," "Escrow Agent,"
"Defeased Obligations," "Redemption Date" and "Redeemable Maturities," "Report," when they are
used in this Agreement, shall have the meanings assigned to them in the preamble to this Agreement.
Section 1.03. Interpretations. The titles and headings of the articles and sections of this
Agreement have been inserted for convenience and reference only and are not to be considered a part
hereof and shall not in any way modify or restrict the terms hereof. This Agreement and all of the
terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein
and to achieve the intended purpose of providing for the cash defeasance of the Defeased Obligations
in accordance with applicable law.
ARTICLE II
DEPOSIT OF FUNDS
Section 2.01. Deposits in the Escrow Fund. The Issuer shall deposit, or cause to be
deposited, with the Escrow Agent, for deposit in the Escrow Fund, the Deposit Amount, and the
Escrow Agent shall, upon the receipt thereof, acknowledge such receipt to the Issuer in writing.
Section 2.02. Investments. The funds on deposit in the Escrow Fund may be invested in
Escrowed Securities, which become due at such time and in such amount in order to pay the interest
as it accrues on the Defeased Obligations and becomes payable and principal on the Defeased
Obligations on their maturity date or date of redemption. Such investment shall be made at the
written direction of the Issuer.
ARTICLE III
CREATION AND OPERATION OF ESCROW FUND
Section 3.01. Escrow Fund. The Escrow Agent has created on its books a special trust
fund and irrevocable escrow to be known as the City of Huntsville, Texas Waterworks and Sanitary
Sewer System Revenue Bonds, Series 1991 Escrow Fund (the "Escrow Fund "). The Escrow Agent
hereby agrees that upon receipt thereof it will deposit to the credit of the Escrow Fund the moneys
described in Section 2.01 hereof. Such deposit, all proceeds therefrom, and all cash balances from
time to time on deposit therein (a) shall be the property of the Escrow Fund, (b) shall be applied only
HUNTSVILLE/2002: Depo itEscrowAgmmt
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in strict conformity with the terms and conditions of this Agreement, and (c) are hereby irrevocably
pledged to the payment of the principal of and interest on the Defeased Obligations, which payment
shall be made by timely transfers of such amounts at such times as are provided for in Section 3.02
hereof. When the final transfers have been made for the payment of the Defeased Obligations, any
balance then remaining in the Escrow Fund shall be transferred to the Issuer, and the Escrow Agent
shall thereupon be discharged from any further duties hereunder.
Section 3.02. Payment of Principal and Interest. The Escrow Agent is hereby irrevocably
instructed to transfer from the cash balances from time to time on deposit in the Escrow Fund, the
amounts required to pay the principal of the Defeased Obligations at their respective maturity dates
and interest thereon to such maturity dates in the amounts and at the times shown in the Report.
Section 3.03. Sufficiency of Escrow Fund. The Issuer represents that the successive
receipts of the principal of and interest on the Escrowed Securities will assure that the cash balance
on deposit from time to time in the Escrow Fund will be at all times sufficient to provide moneys
for transfer to the Paying Agent at the times and in the amounts required to pay the interest on the
Defeased Obligations as such interest comes due and the principal of the Defeased Obligations as
the Defeased Obligations mature, all as more fully set forth in the Report. If, for any reason, at any
time, the cash balances on deposit or scheduled to be on deposit in the Escrow Fund shall be insuffi-
cient to transfer the amounts required by each place of payment (paying agent) for the Defeased
Obligations to make the payments set forth in Section 3.02 hereof, the Issuer shall timely deposit in
the Escrow Fund, from any funds that are lawfully available therefor, additional funds in the amounts
required to make such payments. Notice of any such insufficiency shall be given as promptly as
practicable as hereinafter provided, but the Escrow Agent shall not in any manner be responsible for
any insufficiency of funds in the Escrow Fund or the Issuer's failure to make additional deposits
thereto.
Section 3.04. Trust Fund. The Escrow Agent shall hold at all times the Escrow Fund, the
Escrowed Securities and all other assets of the Escrow Fund, wholly segregated from all other funds
and securities on deposit with the Escrow Agent; it shall never allow the Escrowed Securities or any
other assets of the Escrow Fund to be commingled with any other funds or securities of the Escrow
Agent; and it shall hold and dispose of the assets of the Escrow Fund only as set forth herein. The
Escrowed Securities and other assets of the Escrow Fund shall always be maintained by the Escrow
Agent as trust funds for the benefit of the owners of the Defeased Obligations; and a special account
thereof shall at all times be maintained on the books of the Escrow Agent. The owners of the
Refunded Obligations shall be entitled to the same preferred claim and first lien upon the Escrowed
Securities, the proceeds thereof, and all other assets of the Escrow Fund to which they are entitled
as owners of the Defeased Obligations. The amounts received by the Escrow Agent under this
Agreement shall not be considered as a banking deposit by the Issuer, and the Escrow Agent shall
have no right to title with respect thereto except as a constructive trustee and Escrow Agent under
the terms of this Agreement. The amounts received by the Escrow Agent under this Agreement shall
not be subject to warrants, drafts or checks drawn by the Issuer or, except to the extent expressly
herein provided, by the Paying Agent.
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Section 3.05. Security for Cash Balances. Cash balances from time to time on deposit in
the Escrow Fund shall, to the extent not insured by the Federal Deposit Insurance Corporation or its
successor, be continuously collateralized by a pledge of direct obligations of, or obligations
unconditionally guaranteed by, the United States of America, having a market value at least equal
to such cash balances.
ARTICLE IV
RECORDS AND REPORTS
Section 4.01. Records. The Escrow Agent will keep books of record and account in which
complete and correct entries shall be made of all transactions relating to the receipts, disbursements,
allocations and application of the money and Escrowed Securities deposited to the Escrow Fund and
all proceeds thereof, and such books shall be available for inspection at reasonable hours and under
reasonable conditions by the Issuer and the owners of the Defeased Obligations.
Section 4.02. Reports. While this Agreement remains in effect, the Escrow Agent annually
shall prepare and send to the Issuer a written report summarizing all transactions relating to the
Escrow Fund during the preceding year, including, without limitation, credits to the Escrow Fund
as a result of interest payments on or maturities of the Escrowed Securities and transfers from the
Escrow Fund for payments on the Defeased Obligations or otherwise, together with a detailed
statement of all Escrowed Securities and the cash balance on deposit in the Escrow Fund as -of the
end of such period.
ARTICLE V
CONCERNING THE PAYING AGENTS AND ESCROW AGENT
Section 5.01. Representations. The Escrow Agent hereby represents that it has all
necessary power and authority to enter into this Agreement and undertake the obligations and
responsibilities imposed upon it herein, and that it will carry out all of its obligations hereunder.
Section 5.02. Limitation on Liability. The liability of the Escrow Agent to transfer funds
for the payment of the Defeased Obligations shall be limited to the proceeds of the Escrowed
Securities and the cash balances from time to time on deposit in the Escrow Fund. Notwithstanding
any provision contained herein to the contrary, neither the Escrow Agent shall not have any liability
whatsoever for the insufficiency of funds from time to time in the,Escrow Fund or any failure of the
Escrowed Securities to make timely payment thereon, except for the obligation to notify the Issuer
promptly of any such occurrence.
The recitals herein shall be taken as the statements of the Issuer and shall not be considered
as made by, or imposing any obligation or liability upon, the Escrow Agent. The Escrow Agent is
HUNTSVILLFJ2002: DepositEscrowAgrmnt
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not responsible for nor bound by any of the provisions thereof [except as a place of payment and
paying agent and/or a Paying Agent/Registrar therefor]. In its capacity as Escrow Agent, it is agreed
that the Escrow Agent need look only to the terms and provisions of this Agreement.
The Escrow Agent makes no representations as to the value, conditions or sufficiency of the
Escrow Fund, or any part thereof, or as to the title of the Issuer thereto, or as to the security afforded
thereby or hereby, and the Escrow Agent shall not incur any liability or responsibility in respect to
any of such matters.
It is the intention of the parties hereto that the Escrow Agent shall never be required to use
or advance its own funds or otherwise incur personal financial liability in the performance of any of
its duties or the exercise of any of its rights and powers hereunder.
The Escrow Agent shall not be liable for any action taken or neglected to be taken by it in
good faith in any exercise of reasonable care and believed by it to be within the discretion or power
conferred upon it by this Agreement, nor shall the Escrow Agent be responsible for the consequences
of any error of judgment; and the Escrow Agent shall not be answerable except for its own negligent
action, neglect or default, nor for any loss unless the same shall have been through its negligence or
want of good faith.
The Escrow Agent has no duty to determine or inquire into the happening or occurrence of
any event or contingency or the performance or failure of performance of the Issuer with respect to
arrangements or contracts with others, with -the Escrow Agent's sole duty hereunder being to
safeguard the Escrow Fund, to dispose of and deliver the same in accordance with this Agreement.
If, however, the Escrow Agent is called upon by the terms of this Agreement to determine the
occurrence of any event or contingency, the Escrow Agent shall be obligated, in making such
determination, only to exercise reasonable care and diligence, and in event of error in making such
determination the Escrow Agent shall be liable only for its own misconduct or its negligence. In
determining the occurrence of any such event or contingency the Escrow Agent may request from
the Issuer or any other person such reasonable additional evidence as the Escrow Agent in its
discretion may deem necessary to determine any fact relating to the occurrence of such event or
contingency, and in this connection may make inquiries of, and consult with, among others, the
Issuer at any time.
Section 5.03. Compensation. Concurrently with the deposit made by the City hereunder,
there has been paid to the Escrow Agent, as a fee for performing the services hereunder and for all
expenses incurred or to be incurred by the Escrow Agent in the administration of this Agreement,
the amount of $ , the sufficiency of which is hereby acknowledged by the Escrow Agent. In
the event that the Escrow Agent is requested to perform any extraordinary services hereunder, the
Issuer hereby agrees to pay reasonable fees to the Escrow Agent for such extraordinary services and
to reimburse the Escrow Agent for all expenses incurred by the Escrow Agent in performing such
extraordinary services. The Escrow Agent hereby agrees that in no event shall it ever assert any
HUNTSVILLE/2002: DepositEscrowAgrmnt
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claim or lien against the Escrow Fund for any fees for its services, whether regular or extraordinary,
as Escrow Agent, or in any other capacity, or for reimbursement for any of its expenses.
Section 5.04. Successor Escrow Agents. If at any time the Escrow Agent or its legal
successor or successors should become unable, through operation or law or otherwise, to act as
escrow agent hereunder, or if its property and affairs shall be taken under the control of any state or
federal court or administrative body because of insolvency or bankruptcy or for any other reason, a
vacancy shall forthwith exist in the office of Escrow Agent hereunder. In such event the Issuer, by
appropriate action, promptly shall appoint an Escrow Agent to fill such vacancy. If no successor
Escrow Agent shall have been appointed by the Issuer within 60 calendar days, a successor may be
appointed by the owners of a majority in principal amount of the Defeased Obligations then
outstanding by an instrument or instruments in writing filed with the Issuer, signed by such owners
or by their duly authorized attorneys -in -fact. If, in a proper case, no appointment of a successor
Escrow Agent shall be made pursuant to the foregoing provisions of this section within three months
after a vacancy shall have occurred, the owner of any Defeased Obligation may apply to any court
of competent jurisdiction to appoint a successor Escrow Agent. Such court may thereupon, after
such notice, if any, as it may deem proper, prescribe and appoint a successor Escrow Agent.
Any successor Escrow Agent shall be a corporation organized and doing business under the
laws of the United States or the State of Texas or the State of New York, authorized under such laws
to exercise corporate trust powers, having its principal office and place of business in the State of
Texas or the State of New York, having a combined capital and surplus of at least $25,000,000 and
subject to the supervision or examination by Federal or State authority..
Any successor Escrow Agent shall execute, acknowledge and deliver to the Issuer and the
Escrow Agent an instrument accepting such appointment hereunder, and the Escrow Agent shall
execute and deliver an instrument transferring to such successor Escrow Agent, subject to the terms
of this Agreement, all the rights, powers and trusts of the Escrow Agent hereunder. Upon the request
of any such successor Escrow Agent, the Issuer shall execute any and all instruments in writing for
more fully and certainly vesting in and confirming to such successor Escrow Agent all such rights,
powers and duties.
ARTICLE VI
MISCELLANEOUS
Section 6.01. Notice. Any notice, authorization, request, or demand required or permitted
to be given hereunder shall be in writing and shall be deemed to have been duly given when mailed
by registered or certified mail, postage prepaid addressed to the Issuer or the Escrow Agent at the
address shown on Exhibit "A" attached hereto. The United States Post Office registered or certified
mail receipt showing delivery of the aforesaid shall be conclusive evidence of the date and fact of
delivery. Any party hereto may change the address to which notices are to be delivered by giving
to the other parties not less than ten (10) calendar days prior notice thereof.
HUNTSVILLE/2002: DepositEscrowAgrmnt
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Section 6.02. Termination of Responsibilities. Upon the taking of all the actions as
described herein by the Escrow Agent, the Escrow Agent shall have no further obligations or
responsibilities hereunder to the Issuer, the owners of the Defeased Obligations or to any other
person or persons in connection with this Agreement.
Section 6.03. Binding Agreement. This Agreement shall be binding upon the Issuer and
the Escrow Agent and their respective successors and legal representatives, and shall inure solely to
the benefit of the owners of the Defeased Obligations, the Issuer, the Escrow Agent and their respec-
tive successors and legal representatives.
Section 6.04. Severability. In case any one or more of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but
this Agreement shall be construed as if such invalid or illegal or unenforceable provision had never
been contained herein.
Section 6.05. Texas Law Governs. This Agreement shall be governed exclusively by the
provisions hereof and by the applicable laws of the State of Texas.
Section 6.06. Time of the Essence. Time shall be of the essence in the performance of
obligations from time to time imposed upon the Escrow Agent by this Agreement.
Section 6.07. Amendments. This Agreement shall not be amended except to cure any
ambiguity or formal defect or omission in this Agreement. No amendment shall be effective unless
the same shall be in writing and signed by the parties hereto. No such amendment shall adversely
affect the rights of the holders of the Defeased Obligations.
HUNTSVILLE/2002: DepositEscrowAgrnmt
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F
EXECUTED as of the date first written above.
CITY OF HUNTSVILLE, TEXAS
By
HUNTSVILLE/2002: DepositEscrowAgrourt
8
Mayor
/
HUNTSVILLE/2002: DepositEscrowAgrmnt
By
Authorized Signatory
9
, as Escrow Agent
EXHIBIT "A"
ADDRESSES OF THE ISSUER AND THE ESCROW AGENT
Issuer
City of Huntsville, Texas
1212 Avenue M
Huntsville, Texas 77340-4608
Attention: City Manager
Escrow Agent
HUNTSVILLE/2002: DepositEscrowAgmint
EXHIBIT "B"
NOTICE OF DEFEASANCE AND REDEMPTION
CITY OF HUNTSVILLE, TEXAS
WATERWORKS AND SANITARY SEWER SYSTEM REVENUE BONDS
SERIES 1991
NOTICE IS HEREBY GIVEN that the City of Huntsville, Texas ("City") has deposited cash
and escrowed securities to defease the following bonds (the "Bonds"):
City of Huntsville, Texas Waterworks and Sanitary Sewer System Revenue Bonds,
Series 1991, maturing on July 1 in the years 2003 and 2005 in the aggregate principal
amount of $910,000.
The City has further called for redemption the following maturities of the Bonds:
Principal Interest Redemption CUSIP Redemption
Maturity Amount Rate Date No. Price
July 1, 2004 $380,000 6.70% July 1, 2003 447294FW4 Par plus accrued interest to
redemption date
July 1, 2005 $430,000 6.70% July 1, 2003 447294FX2
The above-described maturities of the Bonds shall be redeemable at par plus accrued interest at the
designated office for payment of the Paying Agent, at the addresses set forth below, only upon
presentation and surrender thereof. The above-described maturities of the Bonds shall become due
and payable on the redemption date specified, and the interest thereon shall cease to accrue from and
after the redemption date of July 1, 2003.
BY MAIL: HAND DELIVERY:
First National Bank
1300 11' Street
Huntsville, Texas 77340
ATTENTION: Bond Redemption
First National Bank
1300 11 th Street
Huntsville, Texas 77340
ATTENTION: Bond Redemption
Withholding of 30% of gross redemption proceeds of any payment made within the United
States may be required by the Interest and Dividend Tax Compliance Act of 1983 unless the Paying
Agent has the correct taxpayer identification number (social security or employer identification
number) or exemption certificate of the payee. Please furnish a properly completed Form W-9 or
exemption certificate or equivalent when presenting your securities.
CITY OF HUNTSVILLE, TEXAS
HUNTSVILIMREDEIMMON2an:Resolutim
OCT:24.2002 7:10PM FIRST SOUTHWEST CO
NO.811 P.3
Preliminary
ESCROW
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Cost of Investments Purchased with Sand Proceeds
Total Cost of Investments
DeliveryDate ttttttttttttttttttt ttttttttttttttttt .................... 4•1■ ..... 411,•••■■•,•■•■••e.t.f.•""“.
0.76 6S4-12-43
961,096.00
$961,096.76 k
11/15/2002
First Southwest Company
Public Finance
File = BUDGET FISCAL, 03. SF-Stand alone Ref- SINGLE PURPOSE
10/24/2002 6:43 PM
7
expeti,sc.s,
City of Huntsville, Texas
CASH DEFEASANCE
Watetworks and Sewer System Revenue Bonds, Series 1991
ESCROW SUMMARY COST
Maturity
Type Coupon Yield Price Par Amount Principal Cost +Accrued Interest
= Total Cost
ESCROW
1/01/2003
SLGS-CI 1,840% 1,640% 100-.000000 30,371 30,371.00 -
30,371.00
7/01/2003
SLGS-CI 1.670% 1.870% 100-.000000 990,725 930,725 00 -
930,725.00
Sub-Total 961,096 961,096.00
961,096,00
Total 961,098 961,096.00
961,099.00
ESCROW
CashDeposit tttttttttttttttttttt "Ipi, ttttt ttttt trit•••••••■••••• ttttt
Cost of Investments Purchased with Sand Proceeds
Total Cost of Investments
DeliveryDate ttttttttttttttttttt ttttttttttttttttt .................... 4•1■ ..... 411,•••■■•,•■•■••e.t.f.•""“.
0.76 6S4-12-43
961,096.00
$961,096.76 k
11/15/2002
First Southwest Company
Public Finance
File = BUDGET FISCAL, 03. SF-Stand alone Ref- SINGLE PURPOSE
10/24/2002 6:43 PM
7
expeti,sc.s,
CERTIFICATE FOR RESOLUTION NO. 2002-30
THE STATE OF TEXAS
COUNTY OF WALKER
CITY OF HUNTSVILLE
We, the undersigned officers and members of the City of Huntsville, Texas (the "City "),
hereby certify as follows:
1. The City Council of the City convened in a CALLED MEETING ON THE 29TH
DAY OF OCTOBER 2002, at the City Council Chambers, Huntsville City Hall (the "Meeting "), and
the roll was called of the duly constituted officers and members of the City, to -wit:
William B. Green - Mayor
Vance Howard - Mayor Pro -Tem, Position 3 at Large
Mark E. Erb - Ward 1
John Escobedo - Ward 2
Gary Crawford - Ward 3
Ralph A. Davis - Ward 4
Steed Smith - Position 1 at Large
Judy Kayse - Position 2 at Large
Jack Choate - Position 4 at Large
Danna Welter - City Secretary
and all of the persons were present, thus constituting a quorum. Whereupon, among other business,
the following was transacted at the Meeting: a written
RESOLUTION AUTHORIZING
DEFEASANCE AND REDEMPTION OF CERTAIN BONDS
was duly introduced for the consideration of the City Council. It was then duly moved and seconded
that the Resolution be passed; and, after due discussion, said motion carrying with it the passage of
the Resolution, prevailed and carried by the following vote:
AYES: 9
NOES: 0
HUNTSVILLE/REDEMPTION2002: ResCert
2. A true, full and correct copy of the Resolution passed at the Meeting described in the
above and foregoing paragraph is attached to and follows this Certificate; that the Resolution has
been duly recorded in the City Council's minutes of the Meeting; that the above and foregoing
paragraph is a true, full and correct excerpt from the City Council's minutes of the Meeting
pertaining to the passage of the Resolution; that the persons named in the above and foregoing
paragraph are the duly chosen, qualified and acting officers and members of the City Council as
indicated therein; that each of the officers and members of the City Council was duly and sufficiently
notified officially and personally, in advance, of the time, place and purpose of the Meeting, and that
the Resolution would be introduced and considered for passage at the Meeting, and each of the
officers and members consented, in advance, to the holding of the Meeting for such purpose, and that
the Meeting was open to the public and public notice of the time, place and purpose of the meeting
was given, all as required by Chapter 551, Government Code, as amended.
3. The Mayor of the City has approved and hereby approves the Resolution; that the
Mayor and the City Secretary of the City have duly signed the Resolution; and that the Mayor and the
City Secretary of the City hereby declare that their signing of this Certificate shall constitute the
signing of the attached and following copy of the Resolution for all purposes.
SIGNED AND SEALED the 29th day of October 2002.
64/4
Danna Welter, City Secretary William B. Green, Mayor
HUNTSVILLE/REDEMPTION2002: ResCert