Subject: 19559/SuppRes-Sale of Bonds/Gen.Obligation Date: Fri, 31 Jul 1992 10:13:00 -0500 RESOLUTION NO. 19559 A SUPPLEMENTAL RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF SIXTY MILLION, FIVE THOUSAND AND NO/100 DOLLARS ($64,005,000.00) PRINCIPAL AMOUNT OF THE CITY OF CHATTANOOGA, GENERAL OBLIGATION REFUNDING BONDS, 1992 SERIES A. WHEREAS, pursuant to the provisions of Sections 9-21-101 et seq., of the Tennessee Code Annotated (the "Act"), the City Council of the City of Chattanooga, Tennessee (the "Council") duly adopted Resolution Nos. 19518 and 19537 on July 7, 1992 and July 28, 1992, respectively (the "Resolutions") authorizing the refunding of the City of Chattanooga, Tennessee General Obligation Refunding Bonds, 1986A maturing in the years 1997 to 2002 inclusive, City of Chattanooga, Tennessee General Obligation Refunding Bonds 1986 Series B, maturing in the years 1997 to 2010 inclusive, City of Chattanooga, Tennessee General Obligation Bonds, Municipal Public Improvement Bonds and Sewer and Sewage Facilities Bonds, 1988, maturing in the years 1999 to 2013, inclusive and the City of Chattanooga, General Obligation Bonds, Municipal Public Improvement Bonds and Sewer and Sewage Facilities Bonds, 1990 maturing in the years 2001 to 2015 inclusive (collectively, the "Refunded Bonds"). 0C WHEREAS, pursuant to the Act, the Council duly adopted Resolution No. 19538 on July 28, 1992 (the "Series A Resolution") authorizing the issuance and sale of an amount not to exceed $65,000,000 principal amount of General Obligation Refunding Bonds, 1992 Series A (the "Series A Bonds"), which Series A Resolution sets forth the terms and conditions of the Series A Bonds; WHEREAS, the provision of the Series A Resolution required the adoption of a supplemental resolution by the Council to set the maturity date and principal amount of the Series A Bonds; WHEREAS, the Council desires at this time to issue and sell $64,005,000.00 principal amount of Series A Bonds in order to refund the Refunded Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHATTANOOGA, TENNESSEE: SECTION 1. That the City hereby approves, ratifies and confirms the sale of $64,005,000.00 of Series A Bonds to Merrill, Lynch & Co. at an aggregate purchase price of $62,854,850.00 pursuant to the provisions of the Bond Purchase Agreement, dated July 30, 1992. The sale of the Series A Bonds shall be subject to the terms and provisions set forth in said Bond Purchase Agreement, and the Mayor and City Finance Officer are hereby authorized and directed on behalf of the City to carry out or cause to be carried out all the obligations of the City under said Bond Purchase Agreement, and to take all actions contemplated to be taken by the City pursuant to the terms of said Bond Purchase Agreement. SECTION 2. That there be issued and sold Series A Bonds in the amount of $64,005,000.00, which Series A Bonds shall be subject to all the terms and conditions set forth in the Series A Resolution. The Series A Bonds shall bear interest as set forth below, and shall mature on November 1 in the years and amounts as follows: Interest Interest Year Amount Rate Year Amount Rate 1996 $ 2,190,000 4.20% 2006 $ 3,865,000 5.60% 1997 2,745,000 4.40 2007 3,825,000 5 1998 3,660,000 4.60 2008 3,875,000 5.70 1999 3,500,000 4.80 2009 3,830,000 5.50 2000 4,845,000 5.00 2010 2,500,000 5.50 2001 4,795,000 5.10 2011 2,460,000 5.50 2002 4,715,000 5.20 2012 2,435,000 5.50 2003 4,265,000 5.30 2013 1,180,000 5.50 2004 4,225,000 5.40 2014 1,170,000 5.50 2005 3,925,000 5.50 SECTION 3. That the City hereby authorizes and empowers the Mayor and City Finance Officer to carry out or cause to be carried out all the obligations of the City under the Series A Resolution, and to take all action contemplated to be taken by the Series A Resolution. 0C SECTION 4. That this Resolution take effect from and after its passage, the public welfare requiring it. ADOPTED: August 4, 199209 RLN:cjc