City of New Haven - File #: LM-2022-0543

• File #: LM-2022-0543
• Version: 1
• Type: Order
• Status: Passed
• File created: 11/22/2022
• In control: City Clerk
• Title: ORDER OF THE BOARD OF ALDERS OF THE CITY OF NEW HAVEN, CONNECTICUT AUTHORIZING THE PREPAYMENT OF THE OUTSTANDING CITY OF NEW HAVEN, CONNECTICUT PARKING SYSTEM REVENUE BONDS, SERIES 2014, AND THE EXECUTION AND DELIVERY OF OTHER INSTRUMENTS, AGREEMENTS, DOCUMENTS AND CERTIFICATES IN CONNECTION THEREWITH

Date	Ver.	Action By	Action	Result
12/19/2022	1	Board of Alders	Passed	Pass
12/5/2022	1	Board of Alders	Noted
11/29/2022	1	Finance Committee	Favorable Report
11/21/2022	1	Board of Alders	Referred

Title

ORDER OF THE BOARD OF ALDERS OF THE CITY OF NEW HAVEN, CONNECTICUT AUTHORIZING THE PREPAYMENT OF THE OUTSTANDING CITY OF NEW HAVEN, CONNECTICUT PARKING SYSTEM REVENUE BONDS, SERIES 2014, AND THE EXECUTION AND DELIVERY OF OTHER INSTRUMENTS, AGREEMENTS, DOCUMENTS AND CERTIFICATES IN CONNECTION THEREWITH

Body

WHEREAS, pursuant to Special Act 51-473, as amended (the “Act”), the New Haven Parking Authority (the “Authority”) has been established in the City of New Haven, Connecticut (the “City”);

WHEREAS, the City, under and pursuant to the provisions of the Act, various resolutions duly adopted by the Board of Alders and the Bond Sale Committee, and a Trust Resolution, dated as of August 1, 2014 (the “Trust Resolution”), by and among the City, the Authority and U.S. Bank Trust Company, National Association (successor to U.S. Bank National Association), as trustee (the “Trustee”), has issued its $9,900,000 City of New Haven, Connecticut Parking System Revenue Bonds, Series 2014 (the “Series 2014 Bonds”);

WHEREAS, the City and the Authority wish to prepay the $1,716,000 outstanding principal amount of the Series 2014 Bonds maturing on August 1, 2024 at the redemption price of 101%, plus accrued interest to the redemption date, in order to defease the Trust Resolution and eliminate the tax restrictions imposed by the Series 2014 Bonds on the Temple Street Garage and Temple-Medical Garage facilities; and

WHEREAS, the Authority has sufficient cash on hand to prepay the Series 2014 Bonds;

NOW, THEREFORE, BE IT ORDERED BY THE BOARD OF ALDERS OF THE CITY OF NEW HAVEN:

Section 1.                     The Authority shall prepay the outstanding principal amount of the Series 2014 Bonds by instructing the Trustee to send notice of optional redemption to the Bondholder and transferring sufficient cash to the Trustee to prepay the Series 2014 Bonds, in accordance with the terms of the Trust Resolution.

Section 2.                     The Mayor and the Controller are authorized to execute and deliver any and all instruments, agreements, documents, directions and certificates and take such further actions in connection with the prepayment of the Series 2014 Bonds as shall be necessary or appropriate to consummate the transactions contemplated by this Resolution and the foregoing documents.

Section 3.                     This Resolution shall take effect immediately upon its adoption by the Board of Alders.