TR-2011-48 REFUNDING BONDS IF INTEREST RATES CHANGE V16M
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TR-2011-IV
A RESOLUTION FOR REFUNDING BONDS IN THE EVENT INTEREST RATES CHANGE TO A LEVEL THAT
WOULD REDUCE THE CITY'S INTEREST COST ON EXISTING DEBT
Sponsored by: Mayor Richard A. Cohen
WHEREAS, request is hereby made for a resolution for refunding bonds in the event interest rates
change to a level that would reduce the City's interest cost on existing debt; and
WHEREAS, it will be advantageous for the City to have authorization approved and enacted in the event
a refunding opportunity occurs; and Cl)
WHEREAS,the bonds will not be refunded unless it will result in a cost savings for the City; andt...)
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WHEREAS, it is in the best interest of the City of Agawam to vote to authorize the refundinaf b%--A
when deemed beneficial to the City by the Treasurer and the Mayor;
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NOW THEREFORE, The Agawam City Council hereby resolves to authorize the following: that in-6rder ton
reduce interest costs, the Treasurer with the approval of the Mayor is authorized to issue Fe
jundinp-
bonds pursuant to G.L. C44 s 21A or any other enabling legislation to refund all or a portion o the
remaining amounts of any of the Town's $6,240,000 Municipal Purpose Loan of 2001 Bonds dated
Decemberl, 2001; that the refunding bonds shall be issued in an amount not to exceed $3,600,000.00,
in order to pay the principal, redemption premium, if any, and interest of the bonds to be refunded, and
costs of issuance of the refunding bonds; and that the Treasurer is authorized to execute such
documents as may be necessary or desirable to carry out this transaction, including refunding trust or
escrow agreements with a bank or trust company.
DATED THIS_J�&AY OF 2011.
PER ORDER OF THE AGAWAM CITY COUNCIL
(DonM. Rh(aju t, President
ED AS T FCfRM AND LEGALITY
V.1 incent"O.�cia, City Solicitor Cc I h
Cc,U4 6
MAYORAL ACTION
Received this day of 2011 from Council Clerk.
Signed by Council President this ft"I day of&�kjn�O, 2011.
APPROVAL OF LEGISLATION
By the powers vested in me pursuant to Article 3, Section 3-6 of the Agawam Charter, as
amended I hereby approve the passage of the above legislation on this .0 <�O day of
2011.
Richard A. Cohen, Mayor
DISAPPROVAL OF LEGISLATION
By the powers vested in me pursuant to Article 3, Section 3-6 of the Agawam Charter, as
amended, I hereby veto the passage of the above legislation on this day of
2011 for the following reason(s):
Richard A. Cohen, Mayor
RETURN OF LEGISLATION TO COUNCIL CLERK
Returned to Council Clerk this . day o 2011.
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TR-2011- 0
A RESOLUTION FOR REFUNDING BONDS IN THE EVENT INTEREST RATES CHANGE TO A LEVEL THAT
WOULD REDUCE THE CiTY'S INTEREST COST ON EXISTING DEBT
Sponsored by: Mayor Richard A. Cohen
WHEREAS, request is hereby made for a resolution for refunding bonds in the event interest rates
change to a level that would reduce the City's interest cost on existing debt; and
WHEREAS, it will be advantageous for the City to have authorization approved and enacted in the event
a refunding opportunity occurs; and
WHEREAS,the bonds will not be refunded uriless it will result in a cost savings for the City; and
WHEREAS, it is in the best interest of the City of Agawam to vote to authorize the refunding of bonds
when deemed beneficial to the City by the Treasurer and the Mayor;
NOW THEREFORE,The Agawam City Council hereby resolves to authorize the following: that in order to
reduce interest costs, the Treasurer with the approval of the Mayor is authorized to issue refunding
bonds pursuant to G.L. C44 s 21A or any other enabling legislation to refund all or a portion o the
remaining amounts of any of the Town's $6,240,000 Municipal Purpose Loan of 2001 Bonds dated
Decemberi, 2001; that the refunding bonds shall be issued in an amount not to exceed $3,600,000.00,
in order to pay the principal, redemption premium, if any, and interest of the bonds to be refunded, and
costs of issuance of the refunding bonds; and that the Treasurer is authorized to execute such
documents as may be necessary or desirable to carry out this transaction, including refunding trust or
escrow agreements with a bank or trust company.
DATED THIS DAY OF 2011.
PER ORDER OF THE AGAWAM CITY COUNCIL
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Do rniM. Rh au t, President
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ED JAS F01RM AND LEGALITY c-,:,
Vincen�FZTda, City Solicitor