Resolution 1981-18 - Laserfiche WebLink

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I HEREAS, the Department of the TreasLiry, pUTsuant t Department Ci rcular, Public Debt Series No. 372, Revis d, da tedNovernbe r 21, 1972, further amending Department of the Tteasury Circular, Public Debt Series No. 372, ated May 22, 1972, as amended ( 31 CFR Part 344) , prov ded for the issuance of certain United States Treasury C rtificates of Indebtedness--State and Local Government Series and United States Treasury Bonds--Sta e and Local Government Series to provide states, mu icipalities and other government bodies with investment tailored to their needs under Section 103(a) (1) of the Internal Revenue Code of 1954, as amended (the "Code") and the regulations thereunder, such inves ments being offered by the S€!cretary of the Treasury u der the authority of the Second Liberty Bond Act, as am nded; and the afor€!mentioned Circular, at Section 34 . 4 (b) , provides tha t a s ta te , municipality or other overnment body may redeem the Treasury Obligation prio r to maturity by notice given by the official a thorized to redeem them; and HERBAS, a pri 0 r redemption of all or a portion of the United States Treasury Notes and Bonds--St te and Local Government Series and, i f necessary or desirable, sale of other obligations contained in the escrow fund created by the Escrow Agreement (the "Escrow Ac co un t " ) and the substitution therefor of certain direct obligations of, or obligation the principal and interest of which is fuLLy guaranteed by, the United StateS of Am e r i c a with an aggregate ield to maturity greater than the yield on the United States Treasury Notes and Bonds--State and Local Gove nment Se ri es and other obligations contained in the fun , will effect a substantial financial savings to the Cit which will inure to the benefit of the City .' and its re idents; and \ HEREAS, the immediate necessity to effectuate the transactions contemplated herein due to rapidly changing conditions in the market for United States treasury o ligations and the possibility of a change in federal re ulations which could limit the City's ability to consumm te the proposed transactions requires the i mmed ia t e uthorization of the City Officials to proceed .wi.th the t ansactions contemplated hereby; and r