2021-70 - R - General Obligation - Series 2012 Redemption Bonds 11.23.21TOWN OF PROSPER, TEXAS
RESOLUTION No. 2021-70
A RESOLUTION DIRECTING THE REDEMPTION OF THE TOWN'S
OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2012; AND
ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT.
WHEREAS, Town of Prosper (the "Town") has issued, and there are currently outstanding,
the Town's General Obligation Bonds, Series 2012, maturing serially on February 15 in each of the
years 2023, 2025 and 2027 through 2032, inclusive, in the aggregate principal amount of
$2,390,000 (the "2012 Bonds"); and
WHEREAS, in the ordinance that authorized the issuance of the Bonds (the "Bond
Ordinance"), the Town reserved the right to redeem the 2012 Bonds, in whole or in part, on February
15, 2022, or on any date thereafter at a price equal to the principal amount of the 2012 Bonds
so called for redemption plus accrued interest to the redemption date; and
WHEREAS, this Town Council hereby finds and determines that it is necessary and in the
best interests of the Town to redeem all of the outstanding 2012 Bonds with funds lawfully available
for such purpose, being all of the outstanding principal balance of the 2012 Bonds (collectively, the
"Redeemed Bonds"), which redemption shall occur on February 15, 2022; and
WHEREAS, the paying agent/registrarwith respect to the 2012 Bonds is U.S. Bank National
Association (in such capacity, the "Paying Agent/Registrar"); 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 Tex. Gov't Code Ann. Ch. 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 ofthe operative provisions
hereof. Capitalized terms not defined herein shall have the meanings ascribed such terms in the
Bond Ordinance.
SECTION 2. REDEMPTION OF REDEEMED BONDS
The Redeemed Bonds, as more specifically described in Exhibit A hereto, in the aggregate
principal amount of $2,390,000, are hereby called for redemption on February 15, 2022 (the
"Redemption Date"), at a redemption price equal to the principal amount thereof plus accrued
interest to the Redemption Date in the amount of $38,581.25. Such principal amount and accrued
interest is hereby directed to be irrevocably deposited with the Paying Agent/Registrar on or before
the Redemption Date in cash. Lawfully available funds of the Town are hereby authorized and
appropriated in the amounts necessary for such purpose.
SECTION 3. AUTHORIZATION OF ACTIONS
(a) The Town Manager, the Director of Finance or other authorized officer of the Town is
hereby authorized and directed to issue or cause to be issued the Notice of Redemption in the form
set forth in Exhibit A attached hereto to the Paying Agent/Registrar.
(b) In addition, the Paying Agent/Registrar for the Redeemed Bonds is hereby directed to
provide the appropriate notice of redemption to the registered owners of the Redeemed Bonds
as specified by the Bond Ordinance, so that the Redeemed Bonds may be redeemed on the
Redemption Date. Provided funds for the payment thereof have been made available to the
Paying Agent/Registrar, the Redeemed Bonds shall not bear interest after the Redemption Date.
(c) The officers and employees of the Town are hereby authorized and directed to take such
actions and to execute and deliver such documents, orders and receipts, including without limitation
notifying the Municipal Securities Rulemaking Board's Electronic Municipal Market Access service
with respect to the redemption of the Redeemed Bonds, and the payment of the costs of the transaction,
as necessary or appropriate to consummatethe transactions authorized by this resolution and to
redeem the Redeemed Bonds in accordance withthe provisions and requirements of the Bond
Ordinance.
(Execution Page Follows)
Resolution No. 2021-70, Page 2
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS 23RD DAY OF NOVEMBER 2021.
ATTEST:
4
Ray S ith, Mayor
Michelle Lewis Sirianni, Town Secretary
Resolution No. 2021-70, Page 3
EXHIBIT A
CONDITIONAL NOTICE OF REDEMPTION
TOWN OF PROSPER, TEXAS
GENERAL OBLIGATION BONDS, SERIES 2012
NOTICE IS HEREBY GIVEN that the Town of Prosper, Texas (the "Town"), in Collin and
Denton Counties, Texas, has called for redemption on the date and at the redemption price
specified, a portion of the outstanding Bondsof the Town listed below:
Town of Prosper, Texas General Obligation Bonds, Series 2012, dated June 15, 2012,
maturing on the datesand in the amounts shown below (the "Redeemed Bonds"), to be
redeemed in the aggregate amount of $2,390,000, on the redemption date, at the
redemption price of the principal amount called for redemption plusaccrued interest to the
date of redemption, as follows:
MATURITY
DATES
February 15, 2023
February l 5, 2025
February 15, 2027
February 15, 2028
February 15, 2029
February 15, 2030
February 15, 2031
February 15, 2032
PRINCIPAL
AMOUNT
OUTSTANDING
$205,000
43 5,0 00
46 0,0 00
240,000
25 0,0 00
260,000
265,000
275,000
PRINCIPAL
AMOUNT
REDEEMED
$2 05, 000
4 35, 000
4 60, 000
2 40, 000
2 50, 000
2 60, 000
2 65, 000
2 75, 000
REDEMPTION
DATE
February 15, 2022
February 15, 2022
February 15, 2022
February 15, 2022
February 15, 2022
February 15, 2022
February 15, 2022
February 15, 2022
REDEMPTION
P RIC E
100%
100
100
100
100
100
100
100
On February 15, 2022, interest on the Redeemed Bonds shall cease to accrue and be
payable.
THIS CONDITIONAL NOTICE OF REDEMPTION and the payment of the principal of and
interest on theRedeemed Bonds on the Redemption Date are subject to the deposit of funds by
the Town with U.S. Bank National Association, as paying agent/registrar for the Redeemed Bonds
(the "Paying Agent"), in an amount sufficient to pay infull the redemption price for the Redeemed
Bonds on or before the Redemption Date. Such deposit of funds with the Paying Agent is
scheduled to occur on the Redemption Date. In the event such deposit is not made on or before
the Redemption Date, the conditional redemption of the Redeemed Bonds shall be null and void
and of no force and effect, and any Redeemed Bonds delivered for redemption shall be returned to
the respective owners thereof. In such case, said Redeemed Bonds shall remain outstanding as
though this Conditional Notice of Redemption had not been given.
THE REDEEMED BONDS shall be redeemed in whole at U.S. Bank National Association,
as the Paying Agent/Registrar for the Redeemed Bonds. Upon presentation of the Redeemed Bonds
at the Paying Agent/Registrar on the aforementioned 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 ofpayment 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 presentedfor redemption by the respective date
fixed for their redemption, they shall not thereafter bear interest.
Resolution No. 2021-70, Page 4
THIS NOTICE is issued and given pursuant to the redemption provisions in the
proceedings authorizing theissuance of the Redeemed Bonds and in accordance with the recitals
and provisions of each of the Redeemed Bonds, respectively.
TOWN OF PROSPER,
TEXAS
A-1
Resolution No. 2021-70, Page 5