80A - JOINT - RESO - BONDS AND LEASE AGMT

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WHEREAS, the payment of debt service on the 1998 Certificates is derived from lease payments made by the City to the Authority under a lease agreement payable from the City's General Fund (the 1998 Lease Agreement "); WHEREAS, the 1998 Certificates are currently outstanding in the principal amount of $8,015,000; WHEREAS, the City has determined at this time, due to prevailing interest rates in the municipal bond market and for other reasons, to refinance its obligations under the 1994 Lease Agreement and with respect to the 1994 Bonds and to refinance its obligations under the 1998 Lease Agreement and with respect to the 1998 Certificates; WHEREAS, the City proposes to provide for the legal defeasance to maturity of $33,550,000 (50 %) of the 1994 Bonds (the "Defeased 1994 Bonds ") and to provide for the legal defeasance and redemption of the 1998 Certificates, and; WHEREAS, it is in the public interest and for the public benefit that the Council authorize and direct execution of certain financing documents in connection therewith; and NOW, THEREFORE, it is hereby DECLARED and ORDERED, as follows: Section 1. The Council hereby approves the refinancing of the 1998 Lease Agreement and the refunding of the 1998 Bonds. Section 2. The below- enumerated documents be and are hereby approved, and the Mayor, the City Manager, the Executive Director of Finance, or any designee thereof, is hereby authorized and directed to execute said documents, with such changes, insertions and omissions as may be approved by such official, the execution thereof to be conclusive evidence of such approval, and the City Clerk is hereby authorized and directed to attest to such official's signature [A detailed list of documents to be executed is attached hereto as Exhibit A]. (a) a letter agreement for purchase among Western Alliance Public Finance, Compass Bank, an Alabama banking corporation, Capital One Public Funding, LLC and one or more additional investors to be selected (collectively, the "Purchasers "), the City and the Authority, whereby the Purchaser agrees to acquire certain rights of the Authority, including but limited to the lease payments to be made by the City under the Lease Agreement (hereinafter defined) and the rights of the Authority under the Site and Facility Lease (hereinafter defined); Resolution No. 2014 -XXX Page 2 of 4 .O X•.