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HomeMy WebLinkAbout91-0924S 1COMMON COUNCIL CITY HALL, BUFFALO N.Y. SPECIAL SESSION SEPTEMBER 24, 1991 at: 1:50 P.M. Present- George K. Arthur, President of the Counciland Councilmembers:Amos, Bell, Collins, Fahey, Franczyk, LoTempio, Rutecki - 8 Absent- Councilmembers Bakos,Coppola, Higgins, Perla, Pitts--5 No. 1 FROM THE PRESIDENT OF THE COUNCIL CALL FOR SPECIAL MEETING Pursuant to Section 30 of the Charter of the City of Buffalo, upon the written request of five Council Members of the City of Buffalo, dated September 18, 1991, presented to you herewith, I hereby call a Special Meeting of the Common Council, to be held in the Council Chambers, City Hall, Buffalo, New York, on September 24, 1991 at 1:50 PM. for the following purpose: (l) To receive, consider and take appropriate action on refunding of various City bond sales. Hon. George K. Arthur Council President 1315 City Hall Buffalo, New York 14202 Dear Sir: WE, the undersigned, members of the Common Council, hereby request that you call a Special Meeting of the Common Council, pursuant to Section 30 of the Charter of the City of Buffalo, for the following purpose: (l) To receive, consider and take appropriate action on refunding of various City bond sales. WE request that this Special Meeting be held on September 24, 1991 at 1:50 PM. FROM THE OFFICE OF THE CITY CLERK 1308 CITY HALL BUFFALO, NEW YORK SEPTEMBER 18, 1991 TO EACH MEMBER OF THE COMMON COUNCIL: YOU ARE HEREBY NOTIFIED that, pursuant to Section 30 of the Charter of the City of Buffalo, upon the written request of five Council Members, dated September l8, 1991 the HON. GEORGE K. ARTHUR, President of the Council, has called a Special Meeting of the Common Council,to be held in the Council Chambers, City Hall, Buffalo, New York, on September 24, 1991 at 1:50 PM. for the following purpose: (1) To receive,considerandtakeAppropriate action on refunding of various City bond sales. CHARLES L. MICHAUX, III City Clerk Pursuant to Rule 2 of the Rules of Order of the Common Council of the City of Buffalo, each of the following named members of the Common Council, to wit: ARCHIE L. AMOS, JR. DAVID FRANCZYK NORMAN M. BAKOS CARL A. PERLA, JR. CLIFFORD BELL BRIAN HIGGINS DAVID A. COLLINS ROSEMARIE LoTEMPIO ALFRED T. COPPOLA JAMES W. PITTS EUGENE M. FAHEY DAVID P. RUTECKI hereby states that he received twenty-four (24) hours notice of the time and purpose of the Special Meeting of the Common Council duly called to be held on September 24, 1991 at 1:50 PM. STATE OF NEW YORK COUNTY OF ERIE CITY OF BUFFALO On this 23rd day of September, 1991, before me, the subscribers, personally appeared David Rutecki, David Franczyk, Rosemarie LoTempio, David Collins, Brian Higgins, Archie L. Amos, Jr., Carl A. PerIa, Jr., James Pitts, Alfred Coppola, Clifford Bell, Norman Bakos to me known to be the same persons described in and who executed the foregoing instrument, and they duly and severally acknowledged to me that they executed the same. Richard Okoniewski Commissioner of Deed's, in and for the City of Buffalo, N.Y. My commission expires 12/31/91 No. 2 BY: MR. COLLINS : REFUNDING BOND RESOLUTION $80,000,000 BONDS REFUNDING OF VARIOUS OUTSTANDING SERIAL BONDS REFUNDING BOND RESOLUTION OF THE CITY OF BUFFALO, NEW YORK, AUTHORIZING THE REFUNDING OF ALL OR A PORTION OF VARIOUS OUTSTANDING SERIAL BONDS OF SAID CITY, STATING THE PLAN OF REFUNDING, APPROPRIATING AN AMOUNT NOT TO EXCEED $80,000,000 THEREFOR, AUTHORIZING THE ISSUANCE OF $80,000,000 REFUNDING SERIAL BONDS-1991 OF SAID CITY, OR SO MUCH THEREOF AS MAY BE NECESSARY, TO FINANCE SAID APPROPRIATION, AND MAKING CERTAIN DETERMINATIONS ALL RELATIVE THERETO. Recitals WHEREAS, the City of Buffalo, New York (herein called "City), has heretofore issued: on April 12, 1984 its $10,355,000 General Improvement Serial Bonds- 1984-A and $3,750,000 General Improvement Water Supply Serial Bonds-1984-C (herein called the "1984 Bonds"), now outstanding in the aggregate principal amount of $5,660,000; on January 30, 1985 its $10,025,000 General Improvement Serial Bonds-1985-A and $1,820,000 General Improvement Water Supply Serial Bonds-1985-C (herein called the "1985 Bonds"), now outstanding in the aggregate principal amount of $6,415,000; on June 11, 1986 its $11,310,000 General Improvement Serial Bonds-1986-A and $2,885,000 General Improvement Water Supply Serial Bonds-1986-C (herein called the "June 1986 Bonds"), now outstanding in the aggregate principal amount of $9,570,000; on August 27, 1986 its $40,864,000 General Improvement Serial Bonds-1986-D and $2,390,000 General Improvement Water Supply Serial Bonds-1986-F (herein called the "August 1986 General Improvement Bonds"), now outstanding in the aggregate principal amount of $35,085,000, and its $12,350,000 School Serial Bonds-1986-E (herein called ), now outstanding in the principal amount of $10,210,000; such bonds the "August 1986 School Bonds" bearing interest at the rates and on the dates, and being subject to prior redemption as set forth in each such respective bond; and WHEREAS, Section 90.10 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law"), permits the City to refund all or a portion of the outstanding unredeemed maturities of such bonds by the issuance of new bonds, the issuance of which will result in present value debt service savings for the City; NOW THEREFORE THE COMMON COUNCIL OF THE CITY OF BUFFALO, IN THE COUNTY OF ERIE, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of all the members of said Common Council) AS FOLLOWS: Section 1. In this resolution, the following definitions apply, unless a different meaning clearly appears from the context: a. "Bond To Be Refunded" or "Bonds To Be Refunded" means all or a portion of the outstanding $5,660,000 1984 Bonds, $6,415,000 1985 Bonds, $9,570,000 June 1986 Bonds, $35,085,000 August 1986 General Improvement Bonds, and $10,210,000 August 1986 School Bonds, of the City of Buffalo, New York. b. "Escrow Contract" means the contract to be entered into by and between the City and the Escrow Holder pursuant to Section 10 hereof. c. "Escrow Holder" means the bank or trust company designated as such pursuant to Section 10 hereof. d. "Present Value Savings" means the dollar savings which result from the issuance of the Refunding Bonds computed by discounting the principal and interest payments on both the Refunding Bonds and the Bonds To Be Refunded from the respective maturities thereof to the date of issue of the Refunding Bonds at a rate equal to the effective interest cost of the Refunding Bonds. The effective interest cost of the Refunding Bonds shall be that rate which is arrived at by doubling the semi-annual interest rate (compounded semi-annually), necessary to discount the debt service payments on the Refunding Bonds from the maturity dates thereof to the date of issue of the Refunding Bonds and to the bona fide initial public offering price including estimated accrued interest, or, if there is no public offering, to the price bid including estimated accrued interest. e. "Redemption Date" means, as applicable: April 1, 1994 for the 1984 Bonds, June 1, 1995 for the 1985 Bonds, June 1, 1996 for the 1986 Bonds, and February 1, 1995 for the August 1986 General Improvement Bonds and the August 1986 School Bonds, respectively. f. "Refunding Bond" or "Refunding Bonds" means a portion or all of the $80,000,000 Refunding Serial Bonds- 1991 of the City of Buffalo, authorized pursuant to Section 2 hereof. g. "Refunding Bond Amount Limitation" means an amount of Refunding Bonds which does not exceed the principal amount of Bonds To Be Refunded plus the aggregate amount of unmatured interest payable on such Bonds To Be Refunded to and including the applicable Redemption Date, plus redemption premiums payable on such Bonds To Be Refunded as of such applicable Redemption Date, as hereinabove referred to in the Recitals hereof, plus costs and expenses incidental to the issuance of the Refunding Bonds including the development of the refunding financial plan, and of executing and performing the terms and conditions of the Escrow Contract and all fees and charges of the Escrow Holder as referred to in Section 10 hereof. Section 2. The Common Council of the City (herein called "Common Council"), hereby authorizes the refunding of the $66,940,000 Bonds To Be Refunded of the City, more particularly described and referred to in the Recitals hereof, and appropriates an amount not to exceed $80,000,000 therefor to accomplish such refunding. The plan of financing said appropriation includes the issuance of not to exceed $80,000,000 Refunding Bonds and the levy and collection of a tax upon all the taxable real property within the City to pay the principal of and interest on said Refunding Bonds as the same shall become due and payable. Bonds of the City in the maximum principal amount of $80,000,000 and designated "REFUNDING SERIAL BONDS-1991", are hereby authorized to be issued pursuant to the provisions of the Law. The proposed financial plan for the refunding in the form attached hereto as Exhibit A (the "refunding financial plan") prepared for the City by First Albany Corporation and hereby accepted and approved, includes the deposit of all the proceeds of said Refunding Bonds with an Escrow Holder pursuant to an Escrow Contract as authorized in Section 10 hereof, the payment of all costs incurred by the City in connection with said refunding from such proceeds, and the investment of a portion of such proceeds by the Escrow Holder in certain obligations, the principal of and interest, together with the balance of such proceeds to be held uninvested, shall be sufficient to pay (1) the principal of and interest on the Bonds To Be Refunded becoming due and payable on and prior to each applicable Redemption Date and (2) the principal of and premium on the Bonds To Be Refunded to be called for redemption prior to maturity on each applicable Redemption Date. Section 3. The $66,940,000 Bonds To Be Refunded referred to in Section 1 hereof are the aggregate unmatured outstanding balances of nine issues of bonds, each originally issued pursuant to various bond resolutions of the City, adopted on their respective dates authorizing various capital improvements for the City. In accordance with the refunding financial plan, the Refunding Bonds authorized in the aggregate principal amount not to exceed $80,000,000 have been allocated to the component issues of the Bonds To Be Refunded, and shall mature in amounts and at dates to be determined. The Comptroller, the chief fiscal officer of the City, is hereby authorized to approve all details of the refunding financial plan not contained herein. Section 4. The issuance of the Refunding Bonds will not exceed the Refunding Bond Amount Limitation. The maximum period of probable usefulness ("PPU") of each issue comprising the Bonds to be Refunded, commencing at the date of issuance of the first bond anticipation notes issued in anticipation of the sale of said bonds, is set forth in the table below: ISSUE ACCOUNT PROJ. MAXIMUM LIFE 1984-A 200-101-023 PURCHASE OF FIREFIGHTING VEHICLES 10 1984-A 200-401-071 RECONSTRUCT SIDEWALKS 10 1984-A 200-402-058 ALTER.-SCIENCE MUSEUM 10 1984-A 200-402-060 RECONSTR.COMM HOUSE 10 1984-A 200-401-066 RECONSTR. VAR.STREETS 15 198A-A 200-402-050 RECONSTR. MEM. AUD. 15 1984-A 200-402-052 RECONSTR. CITY COURT 15 1984-A 200-402-053 RECONSTR.ART GALLERY 15 1984-A 200-402-055 RECONSTR.FIRE DEP.BLDGS 15 1984-A 200-402-057 RECONSTR.VAR LIBRARY 15 1984-A 200-402-059 RECONSTR.POLICE HDQTRS. 15 1984-A 200- 402-061 RECONSTR.VAR.COMM.CTRS15 1984-A 200-601-027 IMPROVE DELAWARE PK. 15 1984-A 200-602-030 IMPROVE.MASTEN PARK 15 1984-A 200-602-031 IMPROVE SHOSHONE PARK 15 1984-A 200-714-074 RECONSTR.BROADWAY MKT 20 1984-A 200-401-067 RECONSTRUCT WASHINGTON ST. VIADUCTS 20 1984-A 200-401-069 TONAWANDA & SENECA ST. TRAFFIC SIGNALS 20 1984.A -200-402-041 RECONSTR. CITY BLDGS 20 1984-C 403-980-038 RECONSTR. WATER MAINS 40 1984-C 405-900-0l9 IMPROVE. WATER SYSTEM 40 1985-A 200-101 -026 PURCHASE FIREFIGHTING VEHICLES & APPARATUS 10 19 85-A 200-71 4-087 RESURFACE PARKING LOTS 10 1985-A 200-401-066 RECONSTR.VAR. STREETS 15 1985-A 200-402-067 RECONST. JFK COMM.CTR. 15 1985-A 200-402-075 CONSTRUCT.POLICE DEPT. BLDGS.- 15 1985-A 200-402-076 CONSTRUCT POLICE\FIRE DEPT. BLDGS. 15 1985- A 200-402-077 RECONSTRUCT FIRE DEPT. BLDGS. 15 1985-A 200-402-078 RECONSTRUCT VARIOUS LIBRARY BLDGS. 15 1985 A 200- 714 -083. IMPROVE KINGSLEY PLYGRD 15 1985- A 200-714--084 IMPROVE TO HILLARY PARK 15 1985-A 200 -714-085 LAFAYETTE PARK ICE RINK 15 1985-A 200-714--090 RECONSTRUCT DELAWARE PARK CASINO 15 1985 A 200 402 -069 CONSTRUCT MASTEN SHELTER HOUSE 20 1985-A 200-402-071 CONSTRUCT HOUGHTON PARK SWIMMING POOL 20 1985-A -200 402 072 IMPROVE LOVEJOY NATATORIUM 20 1953 A 200-402-079 CONSTRUCT JEFFERSON/ FIRE RILEY FIRE STATION 20 1985 A 200-714 -088 RECONSTRUCT BROADWAY MARKET BUILDING 20 1985-A 200-402-090 ACQUISITION & CONSTRUCTION RIVERSIDE LIBRARY 30 1985C 403 900 040 RECONSTRUCT WATER MAINS 40 1985-C 405-960-041 IMPROVEMENTS TO WATER FACILITIES 40 1986-A 200-101-027 PURCHASE OF FIREFIGHTING VEHICLES 10 1986-A 200-401-072 RECONSTRUCTION SOUTH PARK AVENUE 15 1986 A 200-401-073 RECONSTRUCTION JEFFERSON AVENUE 15 1986-A 200-401-074 RECONSTRUCTION OF WILLIAM STREET 15 1986-A 200-401-075 RECONSTRUCTION VARIOUS BRIDGES 20 1986-A 200-402-007 CONSTRUCTION DELVING\ BAILEY COMMUNITY CTR. 20 1986- A 200-402-015 FRONT PARK ICE RINK ENCLOSURE 15 1986 A 200 402- 017 ACQUISITION OF BLDG. FOR UNlVER. HEIGHTS CTR .20 1986 A 200 402 083 RECONSTRUCTION OF POL HEADQUARTERS 20 1986-A 200-402-087 RECONSTRUCTION KLEINHAN MUSIC HALL 20 1986-A 200-402-088 RECONSTRUCTION FIRE DEPT BLDGS. 15 1986-A 200-402-090 RECONSTRUCT ION OF N.WEST BFLO.COMMUNITY CTR 15 1986-A 200-402-091 RECONSTRUCTION OF GAO HEADQUARTERS 15 1986-A 200-402-093 ALTERATIONS TO HISTORICAL SOCIETY 10 1986-A 200-402-096 RECONSTRUCTION ROOSEVELT PARK SHELTER 15 1986-A 200-402-097 RECONSTRUCTION OF SCHILLER PARK POOL 15 1986-A 200-602 -030 IMPROVEMENTS TO MASTEN PARK 15 1986-A 203-714-085 CONSTRUCTION LAFAYETTE ICE RINK -30 1986-A 200-714-093 ACQUISITION/ CONSTRUCTION POLISH COM. CTR. 15 1986-C 405-980--042 RECONSTRUCTION OF WATER FILTRATION PLANT 40 1986-C 405-980-043 RECONSTRUCT ION COL WARD PUMPING STATION 40 1986-C 405-980-044 WATER MAIN REPLACEMENT PROGRAM 40 1986-C 405-980-045 RECONSTRUCTION OF WATER MAINS 40 1986-C 405-900-046 REPLACEMENT OF FIRE HYDRANTS 40 1986- D 200-101-020 PURCHASE OF FIREFIGHTING VEHICLES 10 1986-D 200-401-076 RECONSTRUCTION OF VARIOUS STREETS 15 1986-D 200-401-077 RECONSTRUCTION OF GENESEE STREET 15 1986-D 200-401-079 RECONSTRUCTION OF FERRY ST.LIFT BRIDGE 20 1986-D 200-401-080 RECONSTRUCTION OF ERIE BASIN MARINA 15 1986-D 200-401-081 RECONSTRUCTION OF ONTARIO BOAT LAUNCH 15 1986-D 200-402-021 RECONSTRUCTION OF POLICE HEADQUARTERS 20 1986-D 200-402-025 RECONSTRUCTION DELAWARE PARK LABOR CENTER 15 1986-D 200-402-026 RECONSTRUCTION OF SHEA'S BUFFALO THEATRE 20 1986-D 200-402- 028 RECONSTRUCTION KLEINHANS MUSIC HALL 20 1986-D 200-402-031 RECONSTRUCTION OF MEMORIAL AUDITORIUM 20 1986-D 200-402-033 RECONSTRUCTION OF VARIOUS COMMUNITY CENTERS 15 1986-D 200-402-038 RECONSTRUCT PROSPECT PARK SHELTER HOUSE 15 1986-D 200-402-049 RECONSTRUCTION CAZENOVIA PARK BUILDINGS 15 1986-D 200-402-064 RECONSTRUCT HISTORICAL SOCIETY BUILDING 15 1986-D 200-402-082 RECONSTRUCTION OF VARIOUS PARKING RAMPS 20 1986-D 200-717-006 RECONSTRUCTION OF MARTIN LUTHER KING POOL 15 1986 D 200 717 007 RECONSTRUCT MUNGOVAN PLAYGROUND 15 1986-D 200-717-008 IMPROVEMENTS TO SATTLERS SITE 15 1958-D 200-717-009 IMPROVEMENTS AT LASALLE STATION SITE 30 1986-D 200-717-011 CONSTRUCTION OF POLONIA PLAYGROUND 15 1986 D 200 717 013 CONSTRUCTION OF PEARL NIAGARA PARKING RAMP 30 1986 D 200 717 014 CONSTRUCTION OF MAIN/SWAN PARKING RAMP 30 1986-D 200-717 085 CONSTRUCTION OF LAFAYETTE PARK ICE RINK 30 1986-D 200-717-095 RECONSTRUCTION OF SCHOOL NO. 62 20 1986 D 200 717 096 IMPROVEMENTS AT HEWITT ROBINS SITE 30 1986-D 200-717-099 RECONSTRUCTION ROOSEVELT PARK 15 1986 D 200 717 510 IMPROVEMENTS TO DELAWARE PARK 15 1986-D 200 717 091 ACQUISITION & CONSTRUCTION OF OUTDOOR STADIUM 15 1986-E 200-970-054 RECONSTRUCTION OF VARIOUS SCHOOL BLDGS. 15 1986-E 200-970-050 CONSTRUCTION OF SCHOOL BLDG. # 59 30 1986 E 200-970-050 CONSTRUCTION OF SCHOOL BLDG #59 30 1986-F 405-980-047 RECONSTRUCTION OF COL WARD PUMPING STATION 40 1986- F 405-980-048 RECONSTRUCTION OF WATER FILTRATION PLANT 40 1986-F 405-980-049 REPLACEMENT OF WATER- MAINS 40 1986- F 405-980-050 RECONSTRUCTION OF WATERMAINS 40 Section 5. The aggregate amount of estimated Present Value Savings as set forth in the proposed refunding financial plan attached hereto as Exhibit A, computed in accordance with subdivision two of paragraph b of Section 90.10 of the Law, is $1,940,257. Section 6. (a) Said $80,000,000 Refunding Bonds shall be sold at private sale, and the Comptroller, the chief fiscal officer of the City, is hereby authorized to execute a purchase contract on behalf of the City for the sale of said Refunding Bonds, provided that the terms and conditions of such sale shall be approved by the State Comptroller, and further providing that prior to the issuance of the Refunding Bonds the Comptroller shall have filed with the Common Council a certificate approved by the State Comptroller setting forth the Present Value Savings to the City resulting from the issuance of the Refunding Bonds; (b) in connection with such sale, the City hereby authorizes the preparation of an Official Statement and approves its use in connection with such sale, and, further, consents to the distribution of a Preliminary Official Statement prior to the date said Official Statement is executed and available for distribution; (c) the Comptroller is hereby further authorized and directed to take any and all actions necessary to accomplish said refunding, and to execute any contracts and agreements for the purchase of and payment for services rendered or to be rendered the City in connection with said refunding including the preparation of the refunding financial plan referred to in Section 2. Section 7. Each of the Refunding Bonds authorized by this resolution shall contain the recital of validity prescribed by Section 52.00 of the Law and said Refunding Bonds shall be general obligations of the City payable as to both principal and interest by a general tax upon all the taxable real property within the City without limitation as to rate or amount. The faith and credit of the City are hereby irrevocably pledged to the punctual payment of the principal of and interest on said Refunding Bonds and provision shall be made annually in the budget of the City for (a) the amortization and redemption of the Refunding Bonds to mature in such year and (b) the payment of interest to be due and payable in such year. Section 8. Subject to the provisions of this resolution and of the Law, and pursuant to the provisions of Sections 50.00 and 90.10 of the Law, the powers and duties of the Common Council relative to prescribing the terms, form and contents and as to the sale and issuance of the Refunding Bonds, and to executing any arbitrage certification relative thereto, as well as to executing the Escrow Contract described in Section 10 and the Official Statement referred to in Section 6, are hereby delegated to the Comptroller, the chief fiscal officer of the City. Section 9. The validity of the Refunding Bonds authorized by this resolution may be contested only if: (a) such obligations are authorized for an object or purpose for which the City is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution, are not substantially complied with, and an action, suit or proceeding contesting such validity, is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 10. Prior to the issuance of the Refunding Bonds, the City shall contract with Manufacturers and Traders Trust Company, Buffalo, New York, a bank or trust company located and authorized to do business in this state, for the purpose of having such bank or trust company act as the Escrow Holder of the proceeds, inclusive of any premium from the sale of the Refunding Bonds, together with all income derived from the investment of such proceeds. The Escrow Contract shall contain such terms and conditions as shall be necessary in order to accomplish the refunding financial plan, including provisions for the Escrow Holder without further authorization or direction from the City, except as otherwise provided therein, (a) to make all required payments of principal, interest and redemption premiums to the appropriate paying agent with respect to the Bonds To Be Refunded, (b) to pay costs and expenses incidental to the issuance of the Refunding Bonds, including the development of the refunding financial plan, and of executing and performing the terms and conditions of the Escrow Contract and all of its fees and charges as the Escrow Holder, (c) at the appropriate time or times to cause to be given on behalf of the City the notices of redemption authorized to be given pursuant to Section 13 hereof, and (d) to invest the moneys held by it consistent with the provisions of the refunding financial plan. The Escrow Contract shall be irrevocable and shall constitute a covenant with the holders of the Refunding Bonds. Section 11. The proceeds, inclusive of any premium, from the sale of the Refunding Bonds, immediately upon receipt, shall be placed in escrow by the City with the Escrow Holder in accordance with the Escrow Contract. All moneys held by the Escrow Holder shall be invested only in direct obligations of the United States of America or in obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which obligations shall mature or be subject to redemption at the option of the holder thereof not later than the respective dates when such moneys will be required to make payments in accordance with the refunding financial plan. Any such moneys remaining in the custody of the Escrow Holder after the full execution of the Escrow Contract shall be returned to the City and shall be applied by the City only to the payment of the principal of or interest on the Refunding Bonds then outstanding. Section 12. That portion of such proceeds from the sale of the Refunding Bonds, together with interest earned thereon, which shall be required for the payment of the principal of and interest on the Bonds To Be Refunded, including any redemption premiums, in accordance with the refunding financial plan, shall be irrevocably committed and pledged to such purpose and the holders of the Bonds To Be Refunded shall have a lien upon such moneys and the investments thereof held by the Escrow Holder. The pledge and lien provided for herein shall become valid and binding upon the issuance of the Refunding Bonds and the moneys and investments held by the Escrow Holder shall immediately be subject thereto without any further act. Such pledge and lien shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the City irrespective of whether such parties have notice thereof. Neither this resolution, the Escrow Contract, nor any other instrument relating to such pledge and lien, need be filed or recorded. Section 13. In accordance with the provisions of Section 53.00 and of paragraph h of Section 90.10 of the Law, the Common Council hereby elects to call in and redeem all the Bonds To Be Refunded which are subject to prior redemption according to their terms on each applicable Redemption Date. The sum to be paid therefor on each applicable Redemption Date shall be the par value thereof, the accrued interest to each applicable Redemption Date and the redemption premiums. The Escrow Holder is hereby authorized and directed to cause notices of such calls for redemption to be given in the name of the City, by publishing the notices of call for redemption at least three times in a financial newspaper published and circulated in the City of New York and in the official newspaper or newspapers of the City, or, if there be no official newspaper, then in any newspaper having general circulation therein, the first publication to be at least thirty and not more than sixty days prior to each applicable Redemption Date, or, in the case of the registered bonds, by mailing such notice to the registered holder at least thirty and not more than sixty days prior to such applicable Redemption Date. Upon the issuance of the Refunding Bonds, the election to call in and redeem the Bonds To Be Refunded subject to prior redemption and the direction to the Escrow Holder to cause notices thereof to be given as provided in this Section shall become irrevocable and the provisions of this Section shall constitute a covenant with the holders, from time to time, of the Refunding Bonds, provided that this Section may be amended from time to time as may be necessary to comply with the publication requirements of paragraph a of Section 53.00 of the Law, as the same may be amended from time to time. Section 14. This resolution shall take effect immediately subject to approval by the Mayor in accordance with Section 38 of the Charter of the City of Buffalo. INTRODUCED-SEP 24 1991 LAID ON THE TABLE EXHIBIT A PROPOSED REFUNDING FINANCIAL PLAN No. 3 Adjournment At 2:05 P.M. Mr.Fahey moved to adjourn. Seconded by Mr.Bell Charles L. Michaux III City Clerk