1997-002 SPDC ResolutionSPDC RESOLUTION 97-02
A
RESOLUTION providing for the redemption of certain
outstanding bonds of the Corporation; and resolving
other matters incident and related to the
redemption of such bonds.
WHEREAS, pursuant to resolutions passed and adopted by the
Board of Directors of the Southlake Parks Development Corporation,
the following described bonds were duly authorized to be issued
and are currently outstanding, to wit:
(1) Southlake Parks Development Corporation
Sales Tax Revenue Bonds, Series 1994, dated May 1,
1994, maturing on August 15 in each of the years
2005 through 2014, and aggregating in principal
amount $1,860,000; and
(2) Southlake Parks Development Corporation
Sales Tax Subordinate Lien Revenue Bonds, Series
1994, dated November 15, 1994, maturing on August
15 in each of the years 1997 through 2015, and
aggregating in principal amount $1,000,000;
AND WHEREAS, the above identified bonds were authorized,
issued, sold and delivered subject to the right and authority of
the Corporation to redeem the same prior to maturity, as provided
in the respective authorizing resolutions and in said bonds; and
WHEREAS, in connection with the refunding of the above
described bonds, the Board of Directors hereby finds and
determines that bonds of the respective series should be redeemed
prior to their maturities on the dates and in the manner
hereinafter provided and in accordance with the requirements
prescribed therefor and notice of redemption of such bonds should
be approved and authorized to be given at this time by the Board;
now, therefore,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SOUTHLAKE
PARKS DEVELOPMENT CORPORATION:
SECTION 1: The bonds of that series known as "Southlake
Parks Development Corporation Sales Tax Revenue Bonds, Series
1994", dated May 1, 1994, maturing in the years 2005 through 2014,
and aggregating in principal amount $1,860,000, shall be redeemed
and the same are hereby called for redemption on August 15, 2004,
at the price of par and accrued interest to the date of
redemption. The Secretary of the Board of Directors is hereby
authorized and directed to file a copy of this resolution,
together with a suggested form of notice of redemption to be sent
to bondholders, with Texas Commerce Bank, National Association,
Dallas, Texas, in accordance with the redemption provisions
applicable to such bonds; such suggested form of notice of
redemption being attached hereto as Exhibit A and incorporated
herein by reference as a part of this resolution for all purposes.
SECTION 2: The bonds of that series known as "Southlake
Parks Development Corporation Sales Tax Subordinate Lien Revenue
Bonds, Series 1994", dated November 15, 1994, maturing in the
years 1997 through 2015, and aggregating in principal amount
$1,000,000, shall be redeemed and the same are hereby called for
redemption on , 1997 at the price of par and accrued
interest to the date of redemption. The Secretary of the Board of
Directors is hereby authorized and directed to file a copy of this
resolution, together with a suggested form of notice of redemption
to be sent to bondholders, with Texas Commerce Bank, National
Association, Dallas, Texas, in accordance with the redemption
provisions applicable to such bonds; such suggested form of notice
of redemption being attached hereto as Exhibit B and incorporated
herein by reference as a part of this resolution for all purposes.
SECTION 3: The redemption of the bonds described above
being associated with the refunding of such bonds, the approval,
authorization and arrangements herein given and provided for the
redemption of such obligations on the redemption dates designated
therefor and in the manner provided shall be irrevocable upon the
issuance and delivery of the "Southlake Parks Development
Corporation Refunding and Improvement Sales Tax Revenue Bonds,
Series 1997", dated February 15, 1997; and the Secretary of the
Board of Directors is hereby authorized and directed to make all
arrangements necessary to notify the holders of such bonds of the
Corporation's decision to redeem such bonds on the dates and in
the manner herein provided and in accordance with the resolutions
authorizing the issuance of the obligations.
PASSED AND ADOPTED, this February 18, 1997.
ATTEST:
Secretary,
Directors
SOUTHL~K~ P/ /co~S DEVRATio~ELOPMENT
President, BQ~d of Directors
(Corporation Seal)
EXHIBIT A
NOTICE OF REDEMPTION
SOUTHLAKE PARKS DEVELOPMENT CORPORATION
SALES TAX REVENUE BONDS
SERIES 1994
DATED MAY 1, 1994
NOTICE IS HEREBY GIVEN that all bonds of the above series
maturing on and after August 15, 2005 and aggregating in principal
amount $1,860,000 have been called for redemption on August 15,
2004 at the redemption price of par and accrued interest to the
date of redemption, such bonds being identified as follows:
Year of
Maturity
Principal Amount
Outstandinq
2OO5 $145
2006 150
2007 160
2008 170
2009 175
2010 190
2011 200
2012 210
2013 225
2014 235
000
000
000
000
000
000
000
000
000
000
ALL SUCH BONDS shall become due and payable on August 15,
2004, and interest thereon shall cease to accrue from and after
said redemption date and payment of the redemption price of said
bonds shall be paid to the registered owners of the bonds only
upon presentation and surrender of such bonds to Texas Commerce
Bank National Association, Dallas, Texas.
THIS NOTICE is issued and given pursuant to the terms and
conditions prescribed for the redemption of said bonds and
pursuant to a resolution by the Board of Directors of the
Southlake Parks Development Corporation.
TEXAS COMMERCE BANK NATIONAL
ASSOCIATION, Dallas, Texas
Address: P. O. Box 660197
Dallas, Texas 75266-0197
EXHIBIT B
NOTICE OF REDEMPTION
SOUTHLAKE PARKS DEVELOPMENT CORPORATION
SALES TAX SUBORDINATE LIEN REVENUE BONDS
SERIES 1994
DATED NOVEMBER 15, 1994
NOTICE IS HEREBY GIVEN that all bonds of the above series
and aggregating in principal amount $1,000,000 have been called
for redemption on , 1997 at the redemption price of
par and accrued interest to the date of redemption, such bonds
being identified as follows:
Year of
Maturity
Principal Amount
Outstandinq
1997 $ 10,000
1998 15,000
1999 15,000
2000 20,000
2001 20,000
2002 25,000
2003 25,000
2004 30,000
2005 35,000
2006 40,000
2007 45,000
2008 55,000
2009 60,000
2010 70,000
2011 80,000
2012 90,000
2013 105,000
2014 120,000
2015 145,000
ALL SUCH BONDS shall become due and payable on August 15,
2004, and interest thereon shall cease to accrue from and after
said redemption date and payment of the redemption price of said
bonds shall be paid to the registered owners of the bonds only
upon presentation and surrender of such bonds to Texas Commerce
Bank National Association, Dallas, Texas.
THIS NOTICE is issued and given pursuant to the terms and
conditions prescribed for the redemption of said bonds and
pursuant to a resolution by the Board of Directors of the
$0uthlake Parks Development Corporation.
TEXAS COMMERCE BANK NATIONAL
ASSOCIATION, Dallas, Texas
Address: P. O. Box 660197
Dallas, Texas 75266-0197