2021-71 - R - Combination Tax and Revenue Certificates of Obligation Redemption Bonds - Series 2012 11.23.21TOWN OF PROSPER, TEXAS
A RESOLUTION DIRECTING THE
OUTSTANDING COMBINATION TAX
OBLIGATION, SERIES 2012; AND
RELATING TO THE SUBJECT.
RESOLUTION No. 2021-71
REDEMPTION OF THE TOWN'S
AND REVENUE CERTIFICATES OF
ENACTING OTHER PROVISIONS
WHEREAS, Town of Prosper (the "Town") has issued, and there are currently
outstanding, the Town's Combination Tax and Revenue Certificates of Obligation, Series 2012,
maturing serially on February 15 in each of the years 2023 through 2032, inclusive, in the
aggregate principal amount of $3,100,000 (the "2012 COs"); and
WHEREAS, in the ordinance that authorized the issuance of the Bonds (the "Bond
Ordinance"), the Town reserved the right to redeem the 2012 COs, 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 COs 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 COs with funds lawfully available
for such purpose, being all of the outstanding principal balance of the 2012 COs (collectively, the
"Redeemed COs"), which redemption shall occur on February 15, 2022; and
WHEREAS, the paying agent/registrar with respect to the 2012 COs 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 of the operative provisions
hereof. Capitalized terms not defined herein shall have the meanings ascribed such terms in the
Bond Ordinance.
SECTION 2. REDEMPTION OF REDEEMED COs.
The Redeemed COs, as more specifically described in Exhibit A hereto, in the aggregate
principal amount of $3,100,000, 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 $49,700.00. 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 COs is hereby directed to
provide the appropriate notice of redemption to the registered owners of the Redeemed COs as
specified by the Bond Ordinance, so that the Redeemed COs may be redeemed on the
Redemption Date. Provided funds for the payment thereof have been made available to the
Paying Agent/Registrar, the Redeemed COs 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 COs, and the payment of the
costs of the transaction, as necessary or appropriate to consummate the transactions authorized
by this resolution and to redeem the Redeemed COs in accordance with the provisions and
requirements of the Bond Ordinance.
(Execution Page Follows)
Resolution No. 2021-71, Page 2
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS 23RD DAY OF NOVEMBER 2021.
) /-- -A.
Ray Smi h, Mayor
ATTEST:
W. C tulu vw'Los'
1 o tklu-
Michelle Lewis Sirianni, Town Secretary
h�� OF P�O�Ai'fl
p
1914
�XAS
Resolution No. 2021-71, Page 3
EXHIBIT A
CONDITIONAL NOTICE OF REDEMPTION
TOWN OF PROSPER, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, 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 Bonds of the Town listed below:
Town of Prosper, Texas Combination Tax and Revenue Certificates of Obligation,
Series 2012, dated June 15, 2012, maturing on the dates and in the amounts shown below
(the "Redeemed COs"), to be redeemed in the aggregate amount of $3,100,000, on the
redemption date, at the redemption price of the principal amount called for redemption
plus accrued interest to the date of redemption, as follows:
MATURITY
DATES
February 15. 2023
February 15, 2024
February 15. 2025
February 15. 2026
February 15. 2027
February 15, 2028
February 15. 2029
February 15. 2030
February 15. 2031
February 15, 2032
PRINCIPAL PRINCIPAL
AMOUNT AMOUNT
OUTSTANDING REDEEMED
$265.000
$265.000
275,000
275,000
285,000
285,000
295.000
295,000
305,000
305.000
315.000
315.000
325,000
325,000
335.000
335,000
345,000
345.000
355.000
355,000
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
February 15, 2022
February 15, 2022
REDEMPTION
PRICE
100%
100
100
100
100
100
100
100
100
100
On February 15, 2022, interest on the Redeemed COs shall cease to accrue and be
payable.
THIS CONDITIONAL NOTICE OF REDEMPTION and the payment of the principal of and
interest on the Redeemed COs 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 COs
(the "Paying Agent"), in an amount sufficient to pay in full the redemption price for the Redeemed
COs 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 COs shall be null and void
and of no force and effect, and any Redeemed COs delivered for redemption shall be returned to
the respective owners thereof. In such case, said Redeemed COs shall remain outstanding as
though this Conditional Notice of Redemption had not been given.
THE REDEEMED COS shall be redeemed in whole at U.S. Bank National Association, as
the Paying Agent/Registrar for the Redeemed COs. Upon presentation of the Redeemed COs
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 of payment of the Redeemed COs called for redemption with funds sufficient
A-1
to pay the principal amount of the Redeemed COs and the interest thereon to the redemption
date. In the event the Redeemed COs are not presented for redemption by the respective date
fixed for their redemption, 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 COs and in accordance with the recitals
and provisions of each of the Redeemed COs, respectively.
TOWN OF PROSPER, TEXAS
A-2