Subject: 20654/Award/Bonds-Sewer/95 Date: Thu, 23 Feb 1995 10:10:36 -0500 RESOLUTION NO. 20654 A RESOLUTION AWARDING FIFTEEN MILLION, EIGHT HUNDRED AND NINETY-FIVE THOUSAND DOLLARS ($15,895,000) CITY OF CHATTANOOGA, TENNESSEE, GENERAL OBLIGATION SEWER AND SEWAGE FACILITIES BONDS, SERIES, 1995. _________________________ WHEREAS, pursuant to notice heretofore duly published in the BOND BUYER, a financial Journal published in the City of New York, State of New York, and in the CHATTANOOGA FREE PRESS and the CHATTANOOGA TIMES, newspapers of general circulation published in the City of Chattanooga, for the sale of $15,895,000 City of Chattanooga, Tennessee, General Obligation Sewer and Sewage Facilities Bonds, Series 1995, dated June 1, 1995 (the "Bonds"), the following proposals have been received: TRUE BIDDER INTEREST RATE First Tennessee Bank 5.517601 S.C. Bradford & Co. 5.573367 Merrill Lynch & Co. 5.5467 Dain Bosworth 5.5876 0C and WHEREAS, the proposal of FIRST TENNESSEE BANK (the "Purchaser"), offering to pay the principal sum of $15,748,766, plus premium in the amount of $ -0-, together with accrued interest, bearing a true interest rate of 5.517601% per annum, referred to above, is the highest and most advantageous bid for said Bonds as determined in the manner provided in said Notice of Sale, and in all other respects complies with said Notice of Sale form attached hereto as Exhibit A; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHATTANOOGA, TENNESSEE: SECTION 1. That the proposal of said Purchaser, referred to in the preamble hereof, is accepted, and said $15,895,000 City of Chattanooga, Tennessee, General Obligation Sewer and Sewage Facilities Bonds, Series 1995, dated June 1, 1995, bearing interest and maturing as described below, be, and the same hereby are awarded to said Purchaser in accordance with the terms of their proposal. Total Year of Principal Interest Maturity Amount Rate 1996 495,000 5.00 1997 515,000 5.00 1998 535,000 5.00 1999 560,000 5.00 2000 585,000 5.00 2001 610,000 5.00 2002 635,000 5.00 2003 665,000 5.00 2004 700,000 5.00 2005 735,000 5.10 2006 770,000 5.20 2007 810,000 5.25 2008 850,000 5.40 2009 895,000 5.50 2010 945,000 5.50 2011 995,000 5.50 2012 1,055,000 5.60 2013 1,115,000 5.60 2014 1,180,000 5.625 2015 1,245,000 5.625 SECTION 2. That the Mayor and City Finance Officer of the City of Chattanooga be and are hereby authorized and directed to execute said City of Chattanooga, Tennessee, General Obligation Sewer and Sewage Facilities Bonds, Series 1995, and to deliver said Bonds to the Purchaser and to receive payment therefor without further authority from this City Council. SECTION 3. That the City Finance Officer be and is hereby authorized and directed to return forthwith the good faith checks of all unsuccessful bidders. SECTION 4. That the Official Statement dated June 22, 1995, and the information contained therein to be used in connection with the offering and sale of said Bonds is hereby approved and further, that the City hereby ratifies, confirms and approves the use of the Preliminary Official Statement of the City, dated June 14, 1995 and Notice of Sale of the City, dated June 14, 1995, in connection with the offering and sale of said Bonds. The Official Statement may be modified in a manner not inconsistent with the substance thereof as shall be deemed advisable by the City or Financial Advisor to the City and by bond counsel to the City. The Mayor or any proper officer of the City is hereby authorized and directed to sign the Official Statement and any amendment or supplement thereto, in the name of and on behalf of the City and deliver the same and any such amendment or supplement. SECTION 5. That First Tennessee Bank N.A. is hereby appointed registrar and paying agent for said Bonds. SECTION 6. That this Resolution shall take effect from and after its adoption, the public welfare requiring it. ADOPTED: June 22, 1995 RLN:cjc