HomeMy WebLinkAboutRES 74 302I
RESOLUTION
EXERCISING OPTION TO PURCHASE
WHEREAS, the Sabine River Authority of Texas - City of
Beaumont, Waste Disposal Contract, dated as of August 13,
1971, was duly executed; and
WHEREAS, pursuant to said Contract the Sabine River Au-
thority of Texas duly issued, sold, and delivered its Sabine
River Authority of Texas - City of Beaumont, Waste Disposal
Contract Revenue Bonds, Series 1971, in the principal amount
of $150,000; and
WHEREAS, said bonds are subject to redemption prior to
maturity, at the option of the Authority, on any date, for the
price of par and accrued interest to date of redemption, provid-
ed written notice of such redemption is given to the Paying
Agent for said Bonds, and the redemption price is deposited
with said Paying Agent, prior to the date fixed for redemption;
and
WEHREAS, Section 18 of the aforesaid Contract reserved to
the City an option to purchase all of the Authority's right,
title, and interest in and to the Sewage Project designated
as WPC-TEX-698, which was the subject matter of said Contract;
and
WHEREAS, the Consulting Engineers under said Contract have
executed a Certificate to the effect that said Project has been
completed and placed in operation, and that all payments under
all construction and other contracts pertaining to the acquisi-
tion and construction of said Project have been paid.
IT IS THEREFORE RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BEAUMONT:
Section 1.
That the City hereby exercises its option
and right to purchase, in one installment, all of the Au-
thotity's right, title, and interest in and to said Project,
for a price equal to the total amount required to redeem, re-
tire, and cancel all of the aforesaid outstanding bonds issued
by the Authority, including the par or principal amount thereof,
the accrued interest to date of redemption, and the Paying
Agent's charges for redeeming said bonds, all in accordance
with the aforesaid Contract.
Section 2. That a certified copy of this Resolution shall
be duly delivered to the Authority, and it is hereby requested
that the Authority fix the date of redemption of the aforesaid
bonds to be as soon as practicable, and that the City be notified
of such date forthwith.
Section 3. That prior to said date fixed for redemption,
the City shall make the necessary redemption price available to
the Authority in current and immediately useable funds, in such
manner as will enable the Authority to use said funds for re-
deeming said bonds on said date.
Section 4. That the City requests, in accordance with the
aforesaid Contract, that immediately after said bonds have been
redeemed, the Authority shall duly execute a conveyance con-
veying all of its right, title, and interest in and to the
Project to the City.
PASSED BY THE CITY 'COUNCIL of the City of Beaumont this
the day of .. �{ ,
1974.
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