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HomeMy WebLinkAbout08534RESOLUTION NO. 8534 A RESOLUTION CONCERNING THE PROPOSED CITY OF PUEBLO, COLORADO, GENERAL OBLIGATION REFUNDING BONDS, SERIES 1998; AUTHORIZING THE PUBLIC SALE OF SUCH BONDS; AND PRESCRIBING CERTAIN DETAILS CONCERNING SUCH PUBLIC SALE. WHEREAS, the City Council (the "City Council ") of the City of Pueblo, Colorado (the "City ") has determined, and hereby determines, that it is in the best interests of the health, safety and welfare of the people of the City that the City's General Obligation Refunding Bonds, Series 1998 (the "Bonds ") be sold and issued for the purpose of refunding the City's outstanding General Obligation Refunding Bonds, Series 1987A and paying the cost of issuing the Bonds; and WHEREAS, the City Council has determined that the Bonds are to be sold based upon competitive bids to be received and publicly opened by the City upon due notice. BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO: Section 1. The Finance Director (the "Finance Director ") is hereby authorized and directed to cause to be published in The Bond Buyer prior to the date of opening bids, a notice of bond sale in substantially the following form: [Form of Notice of Bond Sale for Publication] NOTICE OF BOND SALE $7,100,000 City of Pueblo, Colorado General Obligation Refunding Bonds Series 1998 PUBLIC NOTICE IS HEREBY GIVEN that the City Council (the "City Council ") of the City of Pueblo, Colorado (the "City ") will on Tuesday, October 13, 1998 at the hour of 10:00 a.m., Pueblo time, at the Offices of the City in Pueblo, Colorado, receive and publicly open sealed bids for the purchase of the "City of Pueblo, Colorado, General Obligation Refunding Bonds, Series 1998" (the "Bonds ") in the aggregate principal amount of $7,100,000. This publication is a condensation of the City's Official Notice of Bond Sale (the "Official Notice "), authorized by the City Council on September 28, 1998, and the information contained herein is subject in all respects to the Official Notice. The Official Notice, the Preliminary Official Statement dated October 1, 1998 relating to the Bonds (the "Preliminary Official Statement "), the official bid form, and other information concerning the City and the Bonds may be obtained from Mr. Bill Martin, Finance Director, One City Hall Place, P.O. Box 1427, Pueblo, Colorado 81002 (telephone 719 -584 -0845, fax 719 -584- 0844), or from the City's financial consultant, James Capital Advisors Inc., 8101 E. Belleview Avenue, Suite 02- 13445.02 A60 -502, Denver, Colorado 80237 (telephone 303 - 699 -4464, fax 303 -699- 4888). Reference is made to the Preliminary Official Statement for information as to the authorization and purpose of the Bonds; bond insurance relating to the Bonds; security for the Bonds; the City's rights to issue additional obligations; the book -entry system, transfer, exchange and place of payment of the Bonds; and other information relating to the Bonds and the City. The Bonds will be dated October 15, 1998 and will be issued as fully registered bonds, in denominations of $5,000 and integral multiples thereof, by means of a book entry system with no physical distribution of bond certificates to the public. Interest on the Bonds will be payable on May 1 and November 1 of each year, commencing on May 1, 1999. The Bonds will mature on May 1 and November 1 in the years and in the amounts of principal as designated below: Maturity Date Principal Amount May 1, 1999 $ 360,000 November 1, 1999 390,000 May 1, 2000 395,000 November 1, 2000 405,000 May 1, 2001 410,000 November 1, 2001 420,000 May 1, 2002 430,000 November 1, 2002 440,000 May 1, 2003 445,000 November 1, 2003 455,000 May 1, 2004 465,000 November 1, 2004 475,000 May 1, 2005 485,000 November 1, 2005 495,000 May 1, 2006 510,000 November 1, 2006 520,000 The Bonds are not subject to redemption prior to their stated maturities. Any bidder is required to submit an unconditional bid specifying the lowest rate or rates of interest and the price at which the bidder will purchase all of the Bonds. It is not permissible to bid a discount (both original issue discount and underwriting discount) the aggregate amount of which exceeds one percent 1% of the par amount of the Bonds. A premium may be bid. Reference is made to the Official Notice for information as to limitations on the interest rates that may be bid on the Bonds. Each proposal must be submitted on the official bid form prepared by the City and must be enclosed in a sealed envelope marked on the outside "Proposal for City of Pueblo, Colorado, General Obligation Refunding Bonds, Series 1998" and addressed to Mr. Bill Martin, Finance Director, City of Pueblo, Colorado, One City Hall Place, P.O. Box 1427, Pueblo, Colorado 81002. Each bid shall be accompanied by a good faith deposit in the amount of $150,000 in the form of a certified or cashier's check, or a financial surety bond (subject to certain conditions as provided in the Official Notice). The good faith deposit of the winning 02- 13445.02 2 bidder will be applied (without any interest accruing to the winning bidder) to the purchase price of the Bonds. In the event the winning bidder fails to honor its accepted bid, its good faith deposit and any interest accrued thereon will be retained by the City. The City Council reserves the right (a) to reject any and all bids for the Bonds, (b) to reoffer the Bonds for sale as provided by law, and (c) to waive any irregularity or informality in any bid. The successful bidder or bidders will be required to make payment of the balance due for the Bonds (a) at a bank or trust company in Denver, Colorado, or (b) at the successful bidder's request and expense, at some other bank or trust company in the United States of America, as requested. The Bonds will be delivered at the office of The Depository Trust Company in New York, New York, on confirmation by the City of receipt of the balance of the purchase price. The validity and enforceability of the Bonds will be approved by Kutak Rock, Denver, Colorado, whose opinion, together with a transcript of legal proceedings, will be furnished to the purchaser without charge. BY ORDER OF THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO, dated this September 28, 1998. President of the City Council [End of Form of Notice of Bond Sale for Publication] Section 2. The official notice of bond sale shall be in substantially the following form: [Form of Official Notice of Bond Sale] OFFICIAL NOTICE OF BOND SALE $7,100,000 City of Pueblo, Colorado General Obligation Refunding Bonds Series 1998 PUBLIC NOTICE IS HEREBY GIVEN that the City Council (the "City Council ") of the City of Pueblo, Colorado (the "City ") will on Tuesday, October 13, 1998 at the hour of 10:00 a.m., Pueblo time, at the offices of the City at One City Hall Place, P.O. Box 1427, Pueblo, Colorado 81002, receive and publicly open sealed bids for the purchase of the Bonds more particularly described below. Issue. The Bonds to be sold are the "City of Pueblo, Colorado, General Obligation Refunding Bonds, Series 1998" (the "Bonds ") in the aggregate principal amount of $7,100,000. The Bonds will be dated October 15, 1998 and will be issued as fully registered bonds, in 02- 13445.02 3 denominations of $5,000 and integral multiples thereof, by means of a bo6k entry system with no physical distribution of bond certificates to the public. Information Available From Preliminary Official Statement. Reference is made to the Preliminary Official Statement dated October 1, 1998 (the "Preliminary Official Statement ") for information as to the authorization and purpose of the Bonds; security for the Bonds; the City's rights to issue additional obligations; the book -entry system, transfer, exchange and place of payment of the Bonds; and other information relating to the Bonds and the City. Bond Insurance. A municipal bond insurance policy issued by Financial Security Assurance Inc. will insure payment of the principal of and interest on all of the Bonds when due, as described in the Preliminary Official Statement under "SECURITY FOR THE BONDS — Bond Insurance." The premium for such bond insurance will be paid by the City. Maturities. The Bonds will mature on May 1 and November 1 in the years and in the amounts of principal as designated below: Maturity Date Principal Amount May 1, 1999 $ 360,000 November 1, 1999 390,000 May 1, 2000 395,000 November 1, 2000 405,000 May 1, 2001 410,000 November 1, 2001 420,000 May 1, 2002 430,000 November 1, 2002 440,000 May 1, 2003 445,000 November 1, 2003 455,000 May 1, 2004 465,000 November 1, 2004 475,000 May 1, 2005 485,000 November 1, 2005 495,000 May 1, 2006 510,000 November 1, 2006 520,000 Prior Redemption. The Bonds are not subject to redemption prior to their stated maturities. Interest Rates and Limitations. Interest shall be payable on May 1 and November 1 of each year, commencing on May 1, 1999, and will be computed on the basis of a 360 -day year of twelve 30 -day months. There is no limit on the number of rates specified, except that one interest rate only shall be specified for the Bonds of any maturity. Supplemental interest coupons will not be permitted. The rate must be stated in a multiple of 1 /8th or 1 /20th of 1% per annum. A zero rate of interest may not be named. The maximum differential between the lowest 02- 13445.02 4 and the highest interest rates stated in the bid may not exceed two percent (2 %) per annum. The interest rate specified for any maturity of Bonds may not be lower than that specified for Bonds of any earlier maturity (i.e., only repeating or ascending rates may be bid for the Bonds). Limitations on Discount and Premium. It is permissible to bid (a) a premium above the par amount of the Bonds or (b) a discount, but any discount bid may not exceed one percent (1 %) of the par amount of the Bonds. Such discount may include both an underwriting discount and original issue discount but the aggregate of such discounts shall not exceed the limitation, described above. Each bid shall specify the amount of the premium or the discount, if any. Bid Proposal. Any bidder is required to submit an unconditional bid specifying the lowest rate or rates of interest and as appropriate, the discount or premium, at which the bidder will purchase all of the Bonds. It is also requested for informational purposes only, but is not required, that each bid disclose the True Interest Cost (i.e., actuarial yield) on the Bonds expressed as a nominal annual percentage rate. See "Basis of Award," below. Each proposal must be submitted on the official bid form prepared by the City and must be enclosed in a sealed envelope marked on the Outside "Proposal for City of Pueblo, Colorado, General Obligation Refunding Bonds, Series 1998" and addressed to Mr. Bill Martin, Finance Director, City of Pueblo, Colorado, One City Hall Place, P.O. Box 1427, Pueblo, Colorado 81002. Successful Bidder's Reoffering Yields. At or before noon, Pueblo time, on October 13, 1998, the successful bidder (or manager of the purchasing account) for the Bonds must provide to the Finance Director of the City and to the City's financial consultant, by facsimile transmission (see "Information" below), the initial offering price and yield to the public (excluding bond houses, brokers, or similar persons acting in the capacity of underwriters or wholesalers) at which prices a substantial amount of each maturity of the Bonds was sold, in an aggregate dollar amount, including accrued interest. The information as to initial offering prices shall be based on the successful bidder's expectations as of October 13, 1998 and not on actual facts after October 13, 1998. Such facsimile notification must be confirmed by written certificate in form and substance satisfactory to the City's Bond Counsel on the date of delivery of and payment for the Bonds. The successful bidder must also certify to the City in writing prior to delivery of the Bonds that the Bonds were sold as fixed interest rate Bonds as described in the Preliminary Official Statement. Good Faith Deposit. Each bid shall be accompanied by a good faith deposit in the amount of $150,000 in the form of a certified or cashier's check, or a financial surety bond issued by an insurance company licensed to issue such surety bond in the State of Colorado, made payable to the order of the City of Pueblo, Colorado. If a check is used, it must accompany each bid. If a financial surety bond is used, it must be submitted to the City or its financial consultant prior to the opening of the bids, and must identify each bidder whose good faith deposit is guaranteed by such financial surety bond. If the winning bidder is a bidder utilizing a financial surety bond, then that bidder is required to submit its good faith deposit to the City in the form of a cashier's check (or wire transfer such amount as instructed by the City or its financial consultant) not later than 10:00 a.m. (Pueblo time) on the next business day following the award. If such good faith deposit is not received by that time, the financial surety bond may be drawn by 02- 13445.02 5 the City to satisfy the good faith deposit requirement. The City will deposit for collection the good faith deposit of the winning bidder. No interest on any good faith deposit will accrue to the purchaser or any other bidder. The good faith deposit of the winning bidder will be applied to the purchase price of the Bonds. In the event the winning bidder fails to honor its accepted bid, its good faith deposit and any interest accrued thereon will be retained by the City. Good faith deposit checks accompanying bids other than the bid which is accepted will be returned promptly upon the determination of the winning bid. Sale Reservations. The City Council reserves the right (a) to reject any and all bids for the Bonds, (b) to reoffer the Bonds for sale as provided by law, and (c) to waive any irregularity or informality in any bid. In addition, the City reserves the privilege of changing the date and/or time of sale of the Bonds. Any change in the date and/or time of sale of the Bonds will be communicated via Munifacts. If the City Council changes the sale date and/or time, this Official Notice of Bond Sale shall remain effective, except as amended by such Munifacts communication or other amendment communicated to potential bidders. If bids are not taken on October 13, 1998 or if all bids are rejected on October 13, 1998, the City may reoffer the Bonds for sale at any time thereafter. The time and date of any subsequent Bond sale will be announced via Munifacts wire service before the time of the sale. Basis of Award. The Bonds, subject to the reservations and limitations set forth herein, will be sold to the responsible bidder making the best bid therefor. The best bid will be determined by computing the True Interest Cost on the Bonds (i.e., using an actuarial or TIC method) for each bid received and an. award will be made (if any is made) to the responsible bidder submitting the bid which results in the lowest true interest cost for the Bonds. "True Interest Cost" on the Bonds as used herein means that yield which if used to compute the present worth as of the date of the Bonds of all payments of principal and interest to be made on the Bonds from their date to their respective maturity dates using the interest rates specified in the bid and the principal amounts maturing as shown in the Maturity Schedule stated herein, produces an amount equal to the principal amount of the Bonds less any discount bid or plus an. y premium bid. No adjustment shall be made in such calculation for accrued interest on the Bonds from their date to the date of delivery thereof. Such calculation shall be based on a 360 -day year and a semiannual compounding interval. If there are two or more equal bids for the Bonds and such equal bids are the best bids received, the City will determine which bid will be accepted, if any. Time of Award. Bids will be opened at the time hereinabove specified. The City Council expects to take action by motion, awarding the Bonds or rejecting all bids, at a regular meeting of the City Council commencing at 7:30 p.m. on Tuesday, October 13, 1998, and upon determining the best bid. _ In any event the City Council will take action by motion, awarding the Bonds or rejecting all bids, not later than 36 hours after the expiration of the time herein specified for opening bids. Manner and Time of Delivery. The good faith deposit of the winning bidder will be credited to the purchaser at the time of delivery of the Bonds (without accruing interest). If the 02- 13445.02 6 successful bidder for the Bonds fails or neglects to complete the purchase' of the Bonds when the Bonds are made ready and are tendered for delivery, the amount of this good faith deposit will be forfeited (as liquidated damages for noncompliance with the bid) to the City, except as hereinafter provided. In that event the City Council may reoffer the Bonds for sale as provided by law. The purchaser will not be required to accept delivery of any of the Bonds if they are not tendered for delivery within 60 days from the date herein stated for opening bids, and if the Bonds are not so tendered within said period of time, the good faith deposit will be returned to the purchaser upon its request (without accruing interest). The City contemplates, however, effecting delivery of the Bonds to the purchaser on or about October 29, 1998. Payment at and Place of Delivery. The successful bidder or bidders will be required to make payment of the balance due for the Bonds (a) at a bank or trust company in Denver, Colorado, or (b) at the successful bidder's request and expense, at some other bank or trust company in the United States of America, as requested. Payment of the balance of the purchase price due at delivery must be made in Federal Reserve Funds or other funds acceptable to the City for immediate and unconditional credit to the City. The Bonds will be delivered at the office of The Depository Trust Company in New York, New York, on confirmation by the City of receipt of the balance of the purchase price. CUSIP Numbers. CUSIP numbers will be ordered by the financial consultant and paid for by the City as a cost of issuance. CUSIP numbers will be printed on the Bonds. If a wrong number is imprinted on any Bond or if a number is not printed thereon, any such error or omission will not constitute cause for the successful bidder to refuse delivery of any Bond. Official Statement. The City has prepared the Preliminary Official Statement, which is deemed by the City to be final as of its date for purposes of allowing bidders to comply with Rule 15c2- 12(b)(1) of the Securities and Exchange Commission (the "Rule "), except for the omission of certain information as permitted by the Rule. The Preliminary Official Statement is subject to revision, amendment and completion in a Final Official Statement, as defined below. Copies of the Preliminary Official Statement and other information concerning the City and the Bonds may be obtained prior to the sale from the sources listed under "Information" below. The City will, as soon as practicable after the award of the Bonds to the winning bidder, update the information contained in the Preliminary Official Statement to the date of the award, and such updated Preliminary Official Statement will constitute the "Final Official Statement" relating to the Bonds. The City authorizes the winning bidder to distribute the Final Official Statement in connection with the offering of the Bonds. The City will provide to the winning bidder an amount not to exceed 200 copies of the Final Official Statement on or before the seventh business day following the date of the award to the winning bidder. The winning bidder may obtain additional copies of the Final Official Statement at its expense. The Final Official Statements will be delivered to the winning bidder at the offices of the financial consultant at the address listed below. If the winning bidder fails to pick up the Final Official Statements at the offices of the financial consultant, the Final Official Statements will be forwarded to the winning 02- 13445.02 7 Vii' I 1 I! II AID h I1' i�� bidder by mail or another delivery service mutually agreed to between. fhe winning bidder and the financial consultant. For a period beginning on the date of the Final Official Statement and ending 25 days following the date the winning bidder shall no longer hold for sale any of the Bonds, if any event concerning the affairs, properties or financial condition of the City shall occur as a result of which it is necessary to supplement the Final Official Statement in order to make the statements therein, in light of the circumstances existing at such time, not misleading, the City shall, at the request of the winning bidder, notify the winning bidder of any such event of which the Finance Director has actual knowledge and shall cooperate fully in preparation and furnishing of any supplement to the Final Official Statement necessary, in the reasonable opinion of the City and the winning bidder, so that the statements therein as so supplemented will not be misleading in the light of the circumstances existing at such time. Secondary Market Disclosure Undertaking. Pursuant to Securities and Exchange Commission Rule 15c2 -12, the City will undertake to provide certain ongoing disclosure, including certain annual operating data and financial information, audited financial statements and the occurrence of certain material events. A form of the undertaking is set forth in the Preliminary Official Statement. Transcript and Legal Opinion. The validity and enforceability of the Bonds will be approved by Kutak Rock, Denver, Colorado, as Bond Counsel. The purchaser will receive a transcript of legal proceedings, which will include, among other documents: (a) a certificate executed by officials of the City, including the City Attorney, stating that there is no litigation pending affecting the validity of the Bonds as of the date of their delivery; (b) a certificate executed by the Finance Director or other authorized official of the City stating that, to the best of his knowledge, the Final Official Statement as of its date did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements made in the Final Official Statement, in the light of the circumstances under which they were made, not misleading, and that, to the best of his knowledge, since the date of the Final Official Statement no event has occurred which would cause the Final Official Statement as of the date of the delivery of the Bonds to contain any untrue statement of a material fact or to omit to state any material fact necessary to make the statements made in the Final Official Statement, in the light of the circumstances under which they were made, not misleading (provided that, if between the date of the public sale of the Bonds and the date of delivery of the Bonds, any event should occur or be discovered which would cause the Final Official Statement to contain an untrue statement of a material fact or to omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the City shall notify the purchaser thereof, and if in the opinion of the City or the purchaser such event requires the preparation and publication of a supplement or amendment to the Final Official Statement, the City, at its sole expense, will supplement 02- 13445.02 8 or amend the Final Official Statement in a form and in a manner approved by the purchaser and by Kutak Rock, Denver, Colorado, as Bond Counsel to the City); (c) a letter from Kutak Rock, addressed to the purchaser of the Bonds, to the effect that the firm has not independently verified the information contained in the Final Official Statement, but that during the course of the participation by the firm in the preparation of the Final Official Statement no information came to the attention of the firm to lead it to believe that the Final Official Statement (except the financial statements and other statistical and financial data contained in the Final Official Statement, and except information relating to the Bond Insurer and The Depository Trust Company contained in the Final Official Statement, as to which such firm will make no statement) as of its date either contained an untrue statement of any material fact or omitted to state a material fact necessary to make the statements made, in the light of the circumstances under which they were made, not misleading; and (d) the opinion of Kutak Rock as to the validity, enforceability and tax - exempt status of interest on the Bonds. Information. This Official Notice of Sale (a condensation of which has been ordered published), the Preliminary Official Statement, the official bid form and other information concerning the City and the Bonds may be obtained from Mr. Bill Martin, Finance Director, One City Hall Place, P.O. Box 1427, Pueblo, Colorado 81002 (telephone 719 -584 -0845, fax 719 -584- 0844), or from the City's financial consultant, James Capital Advisors Inc., 8101 E. Belleview Avenue, Suite A60 -502, Denver, Colorado 80237 (telephone 303 - 699 -4464, fax 303 - 699 - 4888). BY ORDER OF THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO, dated this September 28, 1998. /s/ President of the City. Council [End of Form of Notice of Bond Sale] Section 3. The City Council hereby directs the Finance Director to cause to be prepared and distributed a Preliminary Official Statement of the City (the "Preliminary Official Statement ") relating to the issuance and sale of the Bonds. The Finance Director is hereby authorized to act on behalf of the City to deem the Preliminary Official Statement a "final official statement" for purposes of Rule 15c2 -12 of the Securities and Exchange Commission. Section 4. The Finance Director and other appropriate officers and agents of the City are hereby authorized to give such other notice of the sale of the Bonds, if any, as they deem appropriate, including, but not limited to, publication of the notice authorized by Section 1 hereof or an excerpt thereof in any financial newspapers or periodicals and the distribution among investment bankers and others of the Official Notice of Sale authorized by Section 2 hereof and the Preliminary Official Statement. 02- 13445.02 9 Section 5. Bids for the Bonds shall be opened at the time, place 'And manner provided in the Official Notice of Bond Sale. The official bid form shall be in substantially the following form (subject to such modifications as may be approved by the Finance Director): [Official Bid Form] OFFICIAL BID FORM Mr. Bill Martin, Finance Director City of Pueblo, Colorado One City Hall Place P.O. Box 1427 Pueblo, Colorado 81002 For $7,100,000 General Obligation Refunding Bonds, Series 1998 (the "Bonds ") of the City of Pueblo, Colorado, dated October 15, 1998, to mature and bear interest as follows: Maturity Date May 1, 1999 November 1, 1999 May 1, 2000 November 1, 2000 May 1, 2001 November 1, 2001 May 1, 2002 November 1, 2002 May 1, 2003 November 1, 2003 May 1, 2004 November 1, 2004 May 1, 2005 November 1, 2005 May 1, 2006 November 1, 2006 $ 360,000 390,000 395,000 405,000 410,000 420,000 430,000 440,000 445,000 455,000 465,000 475,000 485,000 495,000 510,000 520,000 we will pay $ ( which amount is not less than 99.0% of the principal of the Bonds) plus accrued interest from the date of the Bonds to delivery. The true interest cost, as computed in acordance with the Notice of Sale, is not less than _ %. The bonds are to be delivered to us on or about October 29, 1998. Prior to our accepting delivery of the bonds, you agree to furnish a transcript of legal proceedings requisite to their issuance and delivery in form satisfactory to Kutak Rock, Denver, Colorado, whose approving legal opinion shall be delivered to us concurrently with the delivery of the bonds. The fees of the approving attorneys will be paid by the City of Pueblo, Colorado. Principal Amount Interest Rate 02- 13445.02 10 Delivered herewith is a cashier's or certified check or financial silrety bond issued`by an insurance company licensed in Colorado, in the amount of $150,000, made payable to the City of Pueblo, Colorado, as evidence of our good faith in complying with the terms and conditions of this proposal, which is to apply (without accruing interest) as part payment for the Bonds when delivered or to be forfeited as fully liquidated damages should we fail or refuse to accept and make payment for the Bonds. If made by check, said deposit is to be returned to us (without accruing interest) if this proposal is not accepted; said deposit is also to be returned (without accruing interest) if the above attorneys should decline to approve the legality of the issue. This offer is subject in all respects to the Official Notice of Bond Sale. Number of final Official Statements Respectfully submitted, By Name Title Telephone Fax ACCEPTED for and on behalf of the City of Pueblo, Colorado pursuant to authorization by its governing body and receipt of the above - mentioned check or bond acknowledged on this 13th day of October, 1998. Finance Director [End of Official Bid Form] Section 6. The officers and agents of the City are hereby authorized and directed to take all action necessary or appropriate to effectuate the provisions of this resolution, including, but not limited to, the preparation and distribution of the Preliminary Official Statement and the publication and distribution of notice relating to the public sale of the Bonds. Section 7. All resolutions, motions, orders, bylaws, rules or regulations, or parts thereof, in conflict with this resolution are hereby repealed only to the extent of such inconsistency. Section 8. If any section, paragraph, clause or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining parts or provisions of this resolution. 02- 13445.02 11 Section 9. This resolution shall take effect immediately upon its introduction and passage. INTRODUCED September 28, 1998. APPROVED President o the Council ATTEST: ., - , - ":�� � ', , �,, - . City Clerk APPROVED AS TO FORM: zi r City Attorney By Al Gurgle Councilperson 02- 13445.02 12