2025-52 R - Calling the Remaining Portion of General Obligation Refunding and Improvement Bonds, Series 2014TOWN OF PROSPER, TEXAS
RESOLUTION NO. 2025-52
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, CALLING THE REMAINING PORTION OF THE TOWN OF PROSPER,
TEXAS, GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS,
SERIES 2014 FOR REDEMPTION PRIOR TO MATURITY; ENACTING OTHER
PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the Town of Prosper, Texas (the "Town") previously issued its General
Obligation Refunding and Improvement Bonds, Series 2014 (the "Bonds"); and
WHEREAS, in the ordinance that authorized the issuance of the Bonds (the "Bond
Ordinance"), the Town reserved the option to redeem Bonds maturing on August 15, 2034, in
whole or in part, at a price equal to the principal amount of the Bonds so called for redemption
plus accrued interest to the redemption date, beginning on August 15, 2024, or on any date
thereafter; and
WHEREAS, the Town Council of the Town finds and determines that it is necessary and
in the best interests of the Town to redeem the outstanding Bonds described below with funds
available for such purpose in accordance with the terms hereof; and
WHEREAS, it is officially found, determined and declared that the meeting at which this
Resolution has been adopted was open to the public and public notice of the date, hour, place
and subject of said meeting, including this Resolution, was given, all as required by the applicable
provisions of Texas Government Code, Chapter 551.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
Section 1. Findings. The declarations, determinations and findings declared, made
and found in the preamble to this Resolution are hereby adopted, restated and made a part of the
operative provisions hereof.
Section 2. Redemption of Bonds. The Bonds listed in Exhibit A hereto (the
"Redeemed Bonds") are hereby called for redemption on November 20, 2025 (the "Redemption
Date"). The Redeemed Bonds shall be paid on the Redemption Date and interest on the
Redeemed Bonds shall cease to accrue or accrete, as applicable, on the Redemption Date.
Section 3. Authorization of Actions. (a) The Mayor, the Mayor Pro Tem, the Deputy
Town Manager and the Finance Director of the Town (each an "Authorized Officer") are each
hereby authorized and directed to deliver to U.S. Bank Trust Company, National Association,
Dallas, Texas, the Paying Agent/Registrar for the Bonds ("U.S. Bank"), a notice of redemption
with respect to the Redeemed Bonds in substantially the form attached hereto as Exhibit A, and
to direct U.S. Bank to send notice of redemption of the Redeemed Bonds to the bondholders in
accordance with the Bond Ordinance.
(b) The Redeemed Bonds shall be presented for redemption at the Paying Agent/Registrar
therefor, and shall not bear interest after the Redemption Date.
(c) On or before the Redemption Date, the Town shall deposit with the Paying
Agent/Registrar for the Bonds funds in an amount sufficient to provide for the redemption of the
Redeemed Bonds on the Redemption Date. Lawfully available funds of the Town are hereby
authorized and appropriated in the amounts necessary for such purpose.
(d) The Authorized Officers are hereby authorized and directed to take such actions and
to execute and deliver such documents, orders and receipts, including without limitation material
events notices with respect to the Redeemed Bonds, as necessary or appropriate to consummate
the transactions authorized by this Resolution and to redeem the Redeemed Bonds in accordance
with the provisions and requirements of the Bond Ordinance.
Section 4. Effective Date. This Resolution shall be effective from and after its passage
by the Town council.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS 14th DAY OF OCTOBER 2025.
ATTEST:
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
Terrence S. Welch, Town Attorney
^ %3--�
David F. Bristol, Mayor
Resolution 2025-52, Page 2
Exhibit A
NOTICE OF REDEMPTION
TOWN OF PROSPER, TEXAS,
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2014
NOTICE IS HEREBY GIVEN that the Town of Prosper, Texas (the "Town") has called for
redemption the outstanding Bonds ("Redeemed Bonds") of the Town described as follows:
TOWN OF PROSPER, TEXAS, GENERAL OBLIGATION REFUNDING AND IMPROVEMENT
BONDS, SERIES 2014, maturing on August 15 in the year shown below. Such Redeemed Bonds
have been called for redemption on November 20, 2025 (the "Redemption Date") at a redemption
price equal to the principal amount thereof plus accrued interest to the Redemption Date (the
"Redemption Price"):
Principal
Principal
Amount
Principal
Maturity Amount
Being
Amount
Date Outstanding
Redeemed
Remainin
2034 $550,000
$550,000
$0
CUSIP No.
743596KP2
THE REDEEMED BONDS have been called for redemption in accordance with the terms of the
ordinance authorizing their issuance, and such Redeemed Bonds shall be redeemed at U.S. Bank
Trust Company, National Association, the Paying Agent/Registrar for the Redeemed Bonds.
UPON PRESENTATION of the Redeemed Bonds at the Paying Agent/Registrar on the
Redemption Date, the holder thereof shall be entitled to receive the Redemption Price equal to
par and accrued interest to the Redemption Date.
NOTICE IS FURTHER GIVEN that due and proper arrangements have been made for providing
the place of payment of the Redeemed Bonds called for redemption with funds sufficient to pay
the principal amount of the Redeemed Bonds and the interest thereon to the Redemption Date.
In the event the Redeemed Bonds are not presented for redemption by the Redemption Date,
they shall not thereafter bear interest.
THIS NOTICE is issued and given pursuant to the redemption provisions in the proceedings
authorizing the issuance of the Redeemed Bonds and in accordance with the recitals and
provisions of each of the Redeemed Bonds, respectively.
TOWN OF PROSPER, TEXAS