1992 Equalization (2)
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AGE N C Y RES O-L UTI 0 N 92-SWA-()()1
A resolution approving a management agreement between the City of Grand
Island, Nebraska, and the Grand Island Solid Waste Agency Relating to Disposal of Solid Waste
and Authorizing the execution of such Management Agreement by officers of the Agency.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, acting as the governing body of the Grand
Island Area Solid Waste Agency, as follows:
SECTION 1. The governing body hereby finds and determines that it is necessary
and advisable for the Agency to enter into a Management Agreement with the City of Grand
Island relating to the City's providing management services for solid waste disposal facilities as
owned or to be owned by said Agency; that a Management Agreement for such purpose has been
prepared and submitted for approval by the governing body and that it is necessary and advisable
that said agreement be approved and its execution authorized.
SECTION 2. The Chairman (Mayor) and the Secretary (City Clerk) are hereby
authorized to execute for and on behalf of the Agency the Management Agreement with the City
in substantially the form presented but with any such changes as such officers shall deem
appropriate for and on behalf of the Agency.
SECTION 3. This resolution shall be in force and take effect from and after its
passage and approval as provided by law.
Moved by Councilmember
SORENSEN
Seconded by Councilmember
FEASTER
Roll call vote: "Yes":
WIT, MURRAY, JOHNSON, NEAL, FEASTER, SEIFERT,
SORENSEN, SHAFER, AND KUZMA
"No":
NONE
Motion carried
SEPTEMBER 14, 1992
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SEP 11
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AGENCY RESOLUTION 92-SWA-002
A resolution approving a service agreement between the City of Grand Island,
Nebraska, and the Grand Island Area Solid Waste Agency, and a service agreement between the
County of Hall and said Agency, relating to disposal of solid waste and authorizing the execution
of such service agreements by officers of the Agency.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, acting as the governing body of the Grand
Island Area Solid Waste Agency, as follows:
SECTION 1. The governing body hereby finds and determines that it is necessary
and advisable for the Agency to enter into a Service Agreement with the City of Grand Island,
Nebraska, relating to solid waste disposal facilities; that a Service Agreement for such purpose
has been prepared and submitted for approval by the governing body, and that it is necessary
and advisable that said agreement be approved and its execution authorized.
SECTION 2. The governing body hereby finds and determines that it is necessary
and advisable for the Agency to enter into a Service Agreement with The County of Hall in the
State of Nebraska, relating to solid waste disposal facilities; that a Service Agreement for such
purpose has been prepared and submitted for approval by the governing body, and that it is
necessary and advisable that said agreement be approved and its execution authorized.
SECTION 3. The Chairman (Mayor) and the Secretary (City Clerk) are hereby
authorized to execute for and on behalf of the Agency said Service Agreements in substantially
the form presented but with any such changes as such officers shall deem appropriate for and
on behalf of the Agen~y.
SECTION 4. This resolution shall be in force and take effect from and after its
passage and approval as provided by law.
Moved by Council member
SORENSEN
Seconded by Council member
FEASTER
Roll call vote: "Ves":
WIT, MURRAY, JOHNSON, NEAL, FEASTER, SEIFERT,
SORENSEN, SHAFER, AND KUZMA
"No": .
NONE
Motion carried
SEPTEMBER 14 1992
SEP 11
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AGENCY RESOLUTION 92-SWA-003
A resolution authorizing the issuance of Solid Waste Disposal Facilities Revenue
Bonds, Series 1992, of the Grand Island Area Solid Waste Agency, in the principal amount of
Four Million Five Hundred Thousand Dollars ($4,500,000), for the purpose of paying the costs
of solid waste disposal facilities and system to be owned and operated by said Agency;
prescribing the form, terms, and details of said bonds; pledging and hypothecating the revenue
and earnings of the facilities and system of said Agency and rights under certain agreements for
the payment of said bonds and interest thereon, and providing for the collection, segregation,
and application of the revenue of said facilities and system; and entering into a contract on
behalf of the Agency with the holders of said bonds; and providing for publication of notice with
respect to this resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, ACTING AS THE GOVERNING BODY OF THE
GRAND ISLAND AREA SOLID WASTE AGENCY, as follows:
SECTION 1. The governing body hereby finds and determines as follows:
(a)
The Grand Island Area Solid Waste Agency (the "Agency") has been formed
pursuant to the Interlocal Cooperation Act (Sections 13-801 to 13-827 R.R.S.
Neb. 1943, as amended) (the "Cooperation Act") for the purpose of owning and
operating solid waste disposal facilities and system to provide the City of Grand
Island, Nebraska (the "City"), and The County of Hall, in the State of Nebraska
(the "County") with certain solid waste disposal services:
(b)
The Agency has acquired or is about to acquire from the City real estate pursuant
to Ordinance No. 7852 of the City (the "Site") which conveyance the Agency
hereby approves and accepts and proposes to construct and acquire facilities and
a system (the "Project") in connection with the Site for providing solid waste
disposal services for the benefit of the City and the County;
(c)
The County and the Agency have entered into or are about to enter into a service
agreement as authorized by Section 24 of the Integrated Solid Waste Management
Act (the LB 1257 as enacted by the Ninety-second Legislature, Second Session,
of the Nebraska Legislature) (the "Solid Waste Act"), said service agreement with
the County is herein referred to as the "County Service Agreement";
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(d) the City and the Agency have entered into or are about
to enter into a service agreement a5 authorized by Section 24 of the
Solid Waste Act (the "City Service Agreement") under which pursu-
ant to said Section 24 the City has agreed to make payments to the
Agency in an amount sufficient to cover costs of operating and
maintaining the Project, all payments required to be credited to the
Debt Service Fund for the bonds herein authori;r,ed (the "1992
Bonds") as established pursuant to Section 10 of this Resolution
together with certain other amounts as may be certified by this
Agency and has further agreed to cause to be levied and collected,
from time to time, a special tax to make up any deficiency in the
revenues from the Project to meet cots of operating and maintaining
the Project and all payments required to be credited to the Debt
Service Fund for the 1992 Bonds and as may be certified by the
Agency for required reserves;
(e) the Agency and the City have entered into or are about
to enter into a management agreement pursuant to the Cooperation
Act and the Solid Waste Act whereby the City will act as manager
and agent for the Agency in operating the Project (the "Management
Agreement") ;
(f) the City, acting on behalf of the Agency pursuant to the
Management Agreement, has had prepared plans and specifications
for the Project and is about to ent.er into certain contracts for the
construction and acquisition of the Project;
(g) the total estimated cost of the Project for which financing
is required, including all financing costs and cantin gencies, is
$4,500,000 and that it is necessary and advisable for the Agency to
issue its Solid Waste Disposal Facilities Revenue Bonds, Series 1992,
in the principal amount of $4,500,000 pursuant to the Interlocal Act
and particularly Sections 13-808 to 13-814, R. R. S. Neb. 1913, as
amended, thereof and further that all acts, condit ions and things
required to exist or to be done precedent to the issuance of the
1992 Bonds, as herein authori7,ed, do exist and have been done and
performed in regular and due time and form as required by law,
with said 1992 Bonds to be payable from the revenues of the Project
(including but not limited to amounts attributable to the County
Service Agreement) and from nmounts pnyable under Ow Cify
Service Agreement.
Section 2. To pay cost s of the Projpct as provided in Sert ion 1
hereof, there shall be nnd there al'e hereby ordel'{'(l isslled negot inhle bonds
of the Grand Island Area Solid Waste Agency t.o be known ns Solid Wnste
Disposal Facilities Revenue Bonds, Series 1992" (the "1992 Bonds") in the
aggregate principal amount of Four Million Five Hundred Thollsnnd DoHnl's
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($4,500,000), with said Bonds bearing interest at the rates per annum and to
become due on October 15 of the year as indicated below;
Maturing on
October 15 of Year
Interest Rate
to Maturity or
E~X.U~l'__!ted_e.m.Q.HQ!!
Amount of
Pr..~.!}cipal M~l!!.:rjIJR
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
The 1992 Bonds shall be issued in fully regi~tered form in the denomination of
$5,000 or any integral multiple thereof. The dnte of originfll issue of the
1992 Bonds shall be Odober 15, 1992. Interest on the .1992 Bonds, at the
respective rate for each maturity, shall be payable OIl October .15, 1993, and
on April 15 and October 15 of each year thereafter (each an "Interest Pay-
ment Date"), and the 1992 Bonds shnl! beAr ~m('h intprpst from the dntp of
original issue or the most recent Intere~t Paympnt Dntp, whichpvPl' is lnlnI'.
Interest shall be computed on the bASis of R 3GO-day yenI' C'Ol\shding of 1wplv('
30-day months.
The interest due on elleh InterNd Pllyrm'llt Dat(\ shnll b('
payable to the registered owners of record as of the last bu~lness dny of the>
month immediately preceding the month In which the Interest Payment Dnfe>
occurs (the "Record Date"), subject to the provisions of Section 4 hel'pof.
The 1992 Bonds shall be numbered from 1 upwal'ds in the order of th('ir
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issuance. No 1992 Bond shall be issued originally or upon transfer or partial
redemption having more than one principal maturity. The initial bond num-
bering and principal amounts for each of the 1992 Bonds issued shall be as
directed by the initial purchasers thereof. Payments of interest due on the
1992 Bonds prior to maturity or earlier redemption shall be made by the
Paying Agent and Registrar as designated pur~mant to Section 3 hereof (t.he
"Paying Agent and Registrar"), by mailing a check or draft in the amount
due for such interest on each Interest Payment. Dnte to the registered owner
of each 1992 Bond, as of the Record Date for such Interest Payment Date, to
such owner's registered address as shown on the hooks of registration as
required to be maintained in Section 3 hereof, Payment.s of principal due at
maturity or at any date fixed for redemption prior to maturity together with
any unpaid interest accrued thereon shall be made by the Paying Agent and
Registrar to the registered owners upon presf'ntation and surl'ender of the
1992 Bonds to the Paying Agent and Regish'ar. The Agency and the Paying
Agent and Registrar may treat the registered owner of any 1992 Bond as the
absolute owner of such 1992 Bond for the pm'pose of making pnyments
thereon and for all other purposes and neither the Agency nor the Paying
Agent and Registrar shall be Affected by any notice or knowledge to the
contrary whether such 1992 Bond or any instal.1ment of interest due thereon
shall be overdue or not. All payments on account of intE'rest or principal
made to the registered owner of any 1992 Bond in flccordAlH'e with the tE'rms
of this Resolution shall be valid Ilnd effectunl nnd shnll be n dischnrgf' of the
Agency and the Paying Agent and Registrar, in respect of the liability upon
the 1992 Bonds or claims for interest to the extent of the sum or sums so
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paid.
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Section 3, Is hereby designated to
serve as Trustee, Paying Agent and Registrar (the "Paying Agent And
Registrar") for the 1992 Bonds, The Paying Agent and Registrar shall serve
in such capacities under the terms of an agreement entitled "Trustee, Paying
Agent and Registrar's Agreement" between the Agency and said Paying Agent
and Registrar, the form of which is hereby approved. The Mayor and City
Clerk are hereby authorized to execute said agreement in substantiaJJy the
form presented but with such changes as they deem appropriate or necessaJ'Y.
The Paying Agent and Registrar shall keep and maintain for the Agency
books for the registration and transfer of the 1992 Bonds at its principal
corporate trust office. The names and registered addresses of the registered
owner or owners of the 1992 Bonds shnJl at an times be recorded in such
books. Any 1992 Bond may be transferred pursunnt to its provisions at the
office of the Paying Agent and Registrar by surrender of such bond for
cancellation, accompanied by a written instrum(>nt of transfer, in form SAtiS-
factory to said Paying Agent and Registrar, duly executed by the registerN]
owner in person or by such owner's duly authori7.ed agent and thereupon the
Paying Agent and Registrar on behalf of the Agency will register such trans-
fer and will deliver at its office (or send by registered mail to the transferee
owner or owners thereof at such transferee owner's or owneJ's' risk And
expense), registered in the name of such transf{'rN' ownPl' or OWTH'rs, a n{'w
1992 Bond or 1992 Bonds of the smnp int(>rpst rate, nggrf'gnte pritH'ipnl
amount and maturity, To the extent of the dpnorninntlons Aufhori7,ecl for fhe
1992 Bonds by this Resolution, one 1992 Bond mAy be trAnsferred fOl' :::e\'e1'1\1
such 1992 Bonds of the same interest rate And mAturity and for A lik{' Aggre-
gate principal amount, and severn I such Hl92 Bonds mAY h(> 1rAn:::ferre>d fOl'
one or several s\,lch 1992 Bonds, respoctively, of 1he> SAmf' int(>rps1 rato and
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maturity and for a like aggregate principal amount. In every case of transfer
of a 1992 Bond, the surrendered 1992 Bond or 1992 Bonds shall be cancelled
and destroyed, All 1992 Bonds issued upon transfer of the 1992 Bonds so
surrendered shall be valid obligAtions of the Agency evidencing the SAme
obligations as the 1992 Bonds surrendered and shall be entitled to aU the
benefits and protection of this Resolution to the same extent as the 1992
Bonds upon transfer of which they were delivered, The Agency and said
Paying Agent and Registrar shall not be required to transfer any 1992 Bond
during any period from any Record Date until its immediately following Intet'-
est Payment Date or to transfer any 1992 Bond called for redemption for a
period of 30 days next preceding the date fixed for redemption.
Section 4. In the event that payments of interest due on the .1992
Bonds on an Interest Payment Date are not timely mnde, such interest shall
cease to be payable to the registered owners as of the Record Date for such
Interest Payment Date and shall be payable to the registered owners of the
1992 Bonds as of a special date of record for payment of such defflultpcl
interest as shall be designated by the Paying Agent and Registrnr whenever
monies for the purpose of paying such defaulted interest hecome available.
Section 5. The 1992 Bonds maturing on or after October 15, 1990,
shall be subject to redemption, in whole or in paT.t, prior to mnturity on
October 15, 1997, or at any tlmp therenffPT', at pflT' phIS f1ccruNl inter'est on
the principal amount redeemed to the date fixed for redempt iOll. The Agency
may select the 1992 Bonds to be l'Nlpempe! ill if s sole discretion hut HI!12
Bonds shall be redeemed only in amounts of $5,000 or integral mult iplps
thereof. Any 1992 Bond redeemed in part only ShAll be surrendered to snicl
Paying Agent and Registrar in exchange for fl n(>w 1992 Bond evidencing the
unredeemed principal thereof. Notice of redemption of any 1992 Bone! called
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for redemption shall be given at the direction of the Agency by said Paying
Agent and Registrar by mail not l~ss than 30 days prior to the date fh~ed for
redemption, first class, postage prepaid, sent to the registered owner of such
1992 Bond at said owner's registered address. Such notice shall designate
the 1992 Bond or 1992 Bonds to be redeemed by maturity or otherwise, the
date of original issue and the date fixed for redemption and shall state that
such 1992 Bond or 1992 Bonds are to be presented for prepayment at the
office of said Paying Agent and Registrar. In case of any 1992 Bond
partially redeemed, such notice shall specify the portion of the principal
amount of such 1992 Bond to be redeemed. No defect in the mailing of notice
for any 1992 Bond shall affect the sufficiency of the proceedings of the
Agency designating the 1992 Bonds called for redemption or the effectiveness
of such call for the 1992 Bonds for which notice by mail hM been properly
given and the Agency shall have the right t.o direct further notice of redemp-
tion for any such 1992 Bond for which defective notice has been given.
Section 6. If the date for payment of the pl'incipal of or interest
on the 1992 Bonds shall be a Sat urdAY I Sunday I legal holidAY ot' a dAY on
which the banking institutions in the CHy where the principAl corporate trust
office of the Paying Agent and Registrar is ]ocatf'(] are authori7,ed by law or
executive order to close, then the date for such payment shall be the next
succeeding day which is not a SaturdAY. Sunday. legal holiday or A day on
which such banking institutions arp authori7,(ld to close, and paympnt on surh
date shall have the same force and effect AS if marl(l on Ow nomina] daf(l of
payment,
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Section 7. The 1992 Bonds shaU be in substAntially the following
form:
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UNITED STATES OF AMERICA
STATE OF NEBRASKA
GRAND ISLAND AREA SOLID WASTE AGENCY
SOLID WASTE DISPOSAL FACILITIES REVENUE BONDS, SERIES 1992
No.
$
Interest Rate
Maturity_ Dat~
Date of
9riKi!1~LI~s!l~
~~~.IE___No '-
_%
October 15, 1992
October 15, _
Registered Owner:
Principal Amount:
KNOW ALL MEN BY THESE PRESENTS: That the Grand Island
Area Solid Waste Agency (the "Agency"), a separate public body corporate
and politic of the State of Nebraska, created by an agreement under Sec-
tions 13-801 to 13-827, R.R,S. Neb. 1943, as amcmded, by and between the
City of Grand Island, Nebraska, and The County of Hall, in the State of
Nebraska, hereby acknowledges itself to owe and for value received promises
to pay, but only from the special sources hereinafter descrJbed, to the regis-
tered owner specified above, or registered assigns, the principal amount
specified above in lawful money of the United States of America on the date of
maturity specified above with interest thereon to mahn'ity (or earlier redemp-
tion) from the date of original issue or most recent Interest Payment Date,
whichever is later, at the rat(> per annum specified above, payable
October 15, 1993, and semiannually thereafter on April 15 and October 15 of
each year (each, an "Interest Paympnt Date"), Such interest shall be com-
puted on the basis of a 360-day year consisting of twelve 30 day months.
The principal of this bond together with interest thereon unpaid and accrued
at maturity (or earlier redpmption) is payahle upon prespntation and !:;urrpn-
del' of this bond at the principal corporate trust office of
, as Trustee, Paying Agent and Registrar,in
, Nebraska (the "Paying Agent and Registrar"). Interest on
this bond will be paid on each Interest Paympnt Datp by a chpck OJ' draft
mailed by said Paying Agent and Registrar to 1Iw rpgistpr('d owner of this
bond, as shown on the books of rpcord maintnirwd by 1Iw Pnying Ag('nt nnd
Registrar, at the close of business on thp lnst businpss day of the month
immediately preceding the month in which thp Interpst Pnyment Dntp O('('\1l's,
to such owner's address as shown on sllch books nnd rpcords, Any intpI'pst
not so timely paid shall cease to be payable to the person pntitlpd thpl'pfo as
of the record date such interest was payablp, and shall be pnynbJp to thp
person who is the registered owner of this bond (or of one' or more predpcps-
SOl' bonds hereto) on such special record dat.p for paympnt. of sll('h dpfauHp<)
interest as shall be fixed by the Paying Agpnt and Registrar whenpvpr monips
for such purpose become available.
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This bond is one of an issue of fully registered bonds of the total
principal amount of Four Million Five Hundred Thousand Dollars ($4,500,000)
of even date and like tenor, except as of the date of maturity, rate of inter-
est and denomination, which were issued by the Agency for the purpose of
paying the costs of construing and acquiring solid waste disposal facilities
and system to serve the City of Grand Island, Nebraska, and The County of
Hall (the "Facilities") and has been duly authorized by resolution legally
adopted and by resolution duly adopted (the "Resolution") and by proceed-
ings duly had by the Agency's governing body, as provided by Chapter 13,
Article 8, Reissue Revised Statutes of Nebraska, 1913, as amended,
Any or all of the bonds of said issue maturing on or after
October 15, 1998, are subject to redemption at the option of the Agency, in
whole or in part, on October 15, 1997, or at any time thereafteJ', at par plus
accrued interest on the principal amount redeemed to the date fixed for
redemption. Notice of redemption shall be given by mail to the registered
owner of any bond called for redemption in the manner specified in the reso-
lution authorizing said issue of bonds. Individual bonds may be redeemed in
part but only in the amount of $5,000 or integral multiples thereof,
This bond is transferable by the registered owner or such owner's
attorney duly authorized in writing at the office of the Paying Agent and
Registrar upon surrender and cancellation of this bond, and thereupon a new
bond or bonds of the same aggregate principal amount, interest rate and
maturity will be issued to the transferee as provided in the Resolution,
subject to the limitations therein prescribed, The Agency, the Paying Agent
and Registrar and any other person may treat the person In whose name this
bond is registered as the absolute owner hereof for the purpo!";e of receiving
payment due hereunder and for all other purposes and shall not be affectpd
by any notice to the contrary, whether this bond be overdue or not.
If the day for payment of the principal of or intere!";t on thi!"; bond
shall be a Saturday, Sunday, legal holiday or a day on which banking insti-
tutions in the city where the principal corporate trust office of t.he Paying
Agent. and Registrar is located are authorized by law or executive order to
close, then the date for such payment shnll be the next succeeding day which
is not a Saturday, Sunday, legal holiday, or a day on which such banking
institutions are authorized to close, and payment on such dat.e shaH have the
same force and effect as if made on the nominal dat.e of payment..
Under the Resolution, the Agency has pledg(\d and grnnted a
security interest in all revenues of t.he Projpct. (Including any ndditlon!"; or'
improvements theret.o) for the payment of the 1992 Bond!"; and any additionnl
bonds of equal lien to the 1992 Bonds i!";sued A!"; permitted by t.he term!"; of the
Resolution ("Additional Bonds"), In addition t.he Agm1CY IHl!,,; pledged,
assigned and grant.ed a security interest in all of it.s right!"; under t.hat Ser-
vice Agreement by and between the Agency and t.he City of Grand Island,
Nebraska, dated . , 1992, pursuant to which thp City of Grand
Island has agreed to make payments pqual to all costs required for operating
and maintaining the Project and all payments required by 1h(\ AgPllCY to be
credited to the Debt Service Fund created by the Resolution for the payment
of principal and interest on the 1992 Bonds, provided that the City ghall
recpive credit against such required payments for all revpnues received by
the Agency with respect to the Project. In ndcHtlon, In the City Serv'lce
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Agreement, the City has agreed to cause to be levied and collected a special
tax upon all the taxable property in the Cit.y to make up any deficiency in
the revenues of the Project to meet the payments agreed to by the City. The
Agency has also pledged and granted a security interest in all of its rights
under that Service Agreement, by and between the Agency and The County
of Hall, dated , 1992, but such Service Agreement does not
provide for payments in any set amount by the County or for any special tax
to be levied by the County. The 1992 Bonds are limited obligations of the
Agency payable from the revenues of the Project and from payments required
to be made by the City under the City Service Agreement. The 1992 Bonds
shall not be a debt of any political subdivision of the State of Nebraska and
neither the State of Nebraska nor any political subdivision shall be liable
thereon.
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The Resolution sets forth the covenants and obligations of the
Agency with respect to the Project and the application of the revenues to be
derived therefrom, which revenues are by the terms of said ordinance to be
deposited into the "Solid Waste Disposal Facilities Fund" and d.isbursed to pay
costs of operation and maintenance, to make payments of principal and inter-
est on the 1992 Bonds and make other payments as specified in the Resolu-
tion. The Resolution also designates the terms and conditions on which
Additional Bonds may be issued in the future. The Agency also reserves the
right to issue bonds junior in lien to the Agency, the principal and interest
of which are payable from monies in the "Surplu!'l Fund" of the Solid Wa!'lte
Disposal Facilities Fund as de!'lcribed in !'laid Resolution. The Resolution also
designates the terms and condition!'l upon which this bond shAll cease to be
entitled to any lien, benefit or security under the Resolution and all cove-
nants, agreements and obligations of the Agency under such Resolution may
be discharged and satisfied at or prior to the maturity or redemption of this
bond if monies or certain specified securities shall have been deposited with
the Paying Agent and Registrar.
IT IS HEREBY CERTIFIED AND WARRANTED thl'lt all conditions,
acts and things required by law to exist or to be done precedent to and in
the issuance of this bond did exist, did happen And were done and performed
in regular and due form and time as provided by law.
This bond shall not be valid and binding on the Agency until
authenticated by the Paying Agent and Registrar.
IN WITNESS WHEREOF, the Mayor and COline'll of the> City of Grand
Island, Nebraska, as Uw governing hody of Ulf' Agency, havp cause>d this
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bond to be executed on behalf of the Agency with the facsimIle signatures of
the Chairman and the Secretary of the Agency.
ATTEST:
(facsimile siJ;(natur~___
Secretary
GRAND ISLAND AREA SOLID WASTE
AGENCY
l(!lcs!mile slRl!.atl!reJ_____
Chairman
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds authori7,ed by Resolution adopted by
the governing body of the Grand Island Area Solid Waste Agency, as
described in said bond.
Trustee, Paying Agent and RE'gist.rar
Authorized Signat.ure
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(FORM OF ASSIGNMENT)
assigns,
bond
For value received
and transfers unto
and hereby
of registration in
Registrar with full
irrevocably constitutes
, Attorney, to transfer the
the office of the within men tioned
power of substitution in the premises.
Date:
hereby sells,
the within
and appoint.s
same on the books
Paying Agent and
Registered Owner
Signature Guaranteed
By
Authorized Officer
Note: The signature(s) on this assignment MUST CORRESPOND
with the name(s) as written on the face of the within bond in every particu-
lar, without alteration, enlargement or any change whatsoever, and must be
guaranteed by a commercial bank or a trust compnny or by 11 firm hAVing
membership on the New York, Midwest or other stock exchange.
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Section 8. Each of the 1992 Bonds shall be executed on behalf of
the Agency with the manual or facsjmih~ signaturps of thp Chairman (Mayor)
and Secretary (City Clerk) of the Agency. The 1992 Bonds shall be issued
initially as "book-entry only" bonds under the services of The Depository
Trust Company (the "Depository"), with one typewritten bond per maturity
being issued to the Depository.
In such connection said officers of the
Agency are authorized to executed and deliver a Letter of Representations
(the "Letter of Representations") in the form required by the Depository, for
and on behalf of the Agency, which shall thereafter govern matters with
respect to registration, transfer, payment and redemption of the 1992 Bonds.
In the event of issuance of the 1992 Bonds as "book-entry-only" bonds, the
following provisions shall apply:
(a) The Agency and the Paying Agent and Registrar shall
have no responsibility or obligation to any broker-clealer, bank or
other financial institution for which the Depository holds 1992 Bonds
as securities depository (each, a "Bond Participant") or to any
person who Is an actual purchaser of a 1992 Bond from a Bond
Participant while the 1992 Bonds are in book-entry form (each, a
"Beneficial Owner") with respect to the following:
(]) the accuracy of the recOJ'ds of the Depository,
any nominees of the Depository or Any Bond PArticipAnt
with respect to any ownership interest in the 1992 Bonds,
(Ii) the delivery to any Bond PArticipAnt, any
Beneficial Owner or any other per:=;on, other than the
Depository, of any notice with respect to the 1992 Bonds,
including any notice of rf'demptlon, or
(ili) the payment to Any Bond Part icipllnt, Ilny
Beneficial Owner or any other person, other th:m the
Depository, of any amount with rf\spect to the 1!l!l2
Bonds. The Paying ^gent and Registrar ShAll milk!'
payments with respect to the 1992 Bonds only to or upon
the order of the Depository or its nominee, and fill slIch
payments shall be valid and effecUvf\ fully to satisfy Rnd
discharge the obligations with respect to such 1992 Bonds
to the extent of the sum or sums so paid. No pf\r!'wn
other than the Depository shAll rec!'ivf\ An Ruth!'nt icatNl
Bond.
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(b) Upon receipt by the Paying Agent and Registrar of
written notice from the Depository to the effect that the Depository
is unablA to unwilling to discharge its responsibilities, the Paying
Agent and Registrar shaH issue, transfer and exchange 1992 Bonds
requested by the Depository in appropriate amounts. Whenever the
Depository requests the Paying Agent and Registrar to do so, the
Paying Agent and Registrar will cooperate with the Depository in
taking appropriate action after reasonable notice (i) to arrange,
with the prior written consent of the Agency, for a substitute
depository willing and able upon reasonable and customary terms to
maintain custody of the 1992 Bonds or (ii) to make available 1992
Bonds registered in whatever name or names the Beneficial Owners
transferring or exchanging such 1992 Bonds shall designAte.
(c) If the Agency determines that it is desirable that certifi-
cates representing the 1992 Bonds be delivered to the ultimate
beneficial owners of the 1992 Bonds and so notifies the Paying
Agent and Registrar in writing, the Paying Agent And Registrar
shall so notify the Depository, whereupon the Depository will notify
the Bond Participants of the availability through the Depository of
bond certificates representing the 1992 Bonds. In sueh event, the
Paying Agent and Registrar shalJ issue, transfer and exehange
bond certificates representing the HW2 Bonds as requested by the
Depository in appropriate amounts and in authori7.ed denominat ions.
(d) Notwithstanding any other provision of this Resollltion to
the contrary, so long as any 1992 Bond is registered in the name of
the Depository or any nominee thereof, all payments with respect to
such 1992 Bond and all notices with respp.ct to such 1992 Bond shall
be made and given, respectively, to the Depository as pl'ovided in
the Letter of Representations.
(e) Registered ownership of thp. 1992 Donds may bp. trans-
ferred on the books of registration maintained by the Paying Agmlt
and Registrar, and the 1992 Bonds may be delivered in physical
form to the foHowin g:
(i) any successor secm'ities depository or its
nominee;
(ii) any person,
Depository from its
(B) termination of the
this Section and the
Registrar's Agreement.
upon (A) the resignation of Uw
funeUons AS dppository or
use of the Dppositm'y pursuant to
terms of the Paying Agent ;llld
If for any reason the Depository resigns and is not J'epla{'ed, the AgpJl('Y
shall lmmediately provide a supply of bond certificAtes forissllRlH'p upon
subsequent transfers or in the eV(>Jlt of partiAl rN!emption. Tn thp pvellt that
such supply of certificates shall be insuffici<mt to m{\pt 11)(' rf'f!uh'(lm('nt s of
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the Paying Agent and Registrar for issuance of replncement bond certificAtes
upon transfar or partial r~d~mption, the Agency agrees to order printed an
additional supply of bond cartificates and to direct their execution by manual
or facsimile signature of its then duly qualified and acting officers. In case
any officer whose signature or facsimile thereof shall appear on any Hl92
Bond shall cease to be such officer before the delivery of such 1992 Bond
(including any bonds delivered to the Paying Agent and Registrar for issu-
ance upon transfer or partial redemption) such signature or such facsimile
signature shall nevertheless be valid and sufficient for all purposes the same
as if such officer or officers had remained in office until the delivery of such
1992 Bond. The 1992 Bonds ShAH not be VAlid and binding on the Agency
until authenticated by the Paying Agent And Rp.gistrAl'. The 1992 Bonds shall
be delivered to the Paying Agent and Regist.rar for registrAtion And Authenti-
cation. Upon execution, registration and AuthenticAtion of t.he _1992 Bonds,
they shall be delivered to the City's Treasul'm', acting on behalf of t.he
Agency, who is authorized to deliver them to ShN\rson Lehman Brothel'S I
Inc., Chiles Heider Division, as initinl purchasers theJ'eof, upon receipt of
_% of the principal amount of the 1992 Bonds plus accrued int.erest
thereon to date of payment for the U192 Bonds. Said initinl purchasers !':hAll
have the right to direct the registration of the 1992 Bonds And the denominA-
tions thereof within each maturity, subject. to the rest l'icUons of t.hi!': Resolu-
tion. The City Clerk, acting on behalf of tJH' Agency 1 shall makp And cprtify
a transcript of the proceedings of the governing hody with rf\spect to the
1992 Bonds which shall be delivered lo said pm'chnspr.
Section 9. All accrued interest received from thp sail" of the W!12
Bonds shall be applied to pay interest. falling due on October lS, 199~, nnd
shall be credited to the Debt Service Fund As d(l!H~J'ihr>d in S(>cUon 11 hereof.
t1)
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The balance of the proceeds of the 1992 Bonds shnJI be deposited into a
special fund of the Agency, held by the Trustee, which is hArAby ordArAd
established to be known as the "Grand Island Area Solid Waste Agency Project
Construction Fund" (the "Construction Fund"), Monies in the Construction
Fund shall be disbursed upon requisitions signed by the City's Director of
Public Works or for claims approved by the
Mayor and Council of the City to pay costs of the Project. Pending npplica-
tion, monies in the Construction Fund may be invested In any Investmpnt~
permitted by law for funds of a city of the first class, mAturing or redeem-
able at such times as will provide sufficient funds to PRY the costs of the
Project, Any earnings on said investments may be applied to pay further
costs of the Project or, upon written direction from tho City's Director of
Public Works, may be transferred to the Debt Service Fund created In Sec-
tion below to be credited against amounts required to be deposited therein
for payments of principal and interest on the 1992 Bonds as the same fall
due,
Section 10, The Agency hereby pledgp~ and gr'nnts a spcurit.y
interest to the Trustee for the benefit of the registered owners of the 1992
Bonds in any and aU revenues of any sort (including hut not limited to all
charges for the disposal of saHel waste imposed upon licen~ed hauler!';) from
the Project and in all rights of tIw City in And undpr the City Service Agrep-
ment and the County Service Agreement in order to !,;P(,lIl'P flS the sAmp fnll
due the payments of principal Rnd intel'p!';t on thf' Hl!12 nonds. The AgPllry
hereby covenants and Agrpes that all rpv(>nues of the Pr'o.ipC't, including flny
payments made under the City Service Agrpf'ment or the County Sprv!cp
Agreement shall be credited to a sopRl'a1.C'! sppcinl fund 1.0 b(> hC'!ld by thp
City's Treasurer, apart from aU other funds of tho City Iwd AS funds h('Jd by
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the City as agent and manager for the Agency, which is hereby ordered
established and to be designated as the "Solid Waste Disposal Facilities Fund."
For purposes of allocating the monies in the Solid Waste Disposal Facilities
Fund there are hereby ordered established the following funds within the
Solid Waste Disposal Facilities Fund:
(a) Operation and Maintenance Fund:
(b) Debt Service Fund; (c) Retained Revenues Fund. SAid funds within the
Solid Waste Disposal Facilities Fund shall receive credit.s from revenues of the
Project and be subject to expenditure and withdrawal in accordAnce with the
following:
(a) Operation and Maintenange Fund: Out of the Solid Waste
Disposal Facilities Fund there shall be monthly deposited into the
Operation and Maintenance Fund such amounts as the City, as
manager for the Agency acting through authori7.ed City personnel,
shall determine to be necessary to pay all reasonable and necessary
costs of operating the Project (including but not limited to
expenses, salaries, wages, supplies, equipment rentals, insurnnce,
accounting, bookkeeping, utilities, fees And charges due t.he State
of Nebraska, taxes, repairs, site monitoring nnd mAintenance) and
such funds so credited shaU be disbursed by the City Treasurer to
pay such expenses on behalf of the Agency in accordance with
standard City procedures for payment of expenses as in effect from
time to time;
(b) J2~!?.-L Service. F\!!ld: Out of the Solid WAste Di!:;poMI
Facilities Fund there shall be deposited into the Debt Service Fund
the following amounts at the following times:
1) On or before October 1, 1993, there shall be depos-
ited an amount equal to theinteresi due on the 1992
Bonds on October 15, 1993;
2) On the first day of each month during the ppriod
commencing November 1, 1993, and continuing lInlil
the 1992 Bonds have beerl pAid in fult An amount
equal to 1/6th of the inteT-pst. pnympnt npxi fnlling
due on t.he 1992 Bonds and an Amount equnl to
1/12th of the principnJ pnympnt. npxi falling dup on
the 1992 Bonds.
The City Treasurer (acting for the City RS managpr of the Agpncy)
is hereby authorized and direeted, without fUT-ther authoT-!7.ation, fo
withdraw monies credited to t.he Debt Service Fund, or if tlH'
monies in such fund are insuffichmt, then from the Retained Rpve-
nues Fund (to the extent not othel'wl~e re~prved), an amount suffi-
cient to pay, when due, the principal of And intprpst on t.hE' 1992
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Bonds or any Additional Bonds and to transfer such amount to the
Paying Agent and Registrar (or other paying agent for Additional
Bonds) on or before each principal and interest payment date.
Upon the issuance of any Additional Bonds pursuant to this Resolu-
tion appropriate additional credits to the Debt Service Fund shall be
provided for sufficient to pay principal and interest on said
Additional Bonds.
(c) Retained Revenues Fund: All monies remaining in the
Solid Waste Disposal Facilities Fund after the deposits required by
the foregoing subsections (a) and (b) shall be credited to the
Retaining Revenues Fund. Monies in the Retained Revenues Fund
may be applied to make up any deficiencies in the preceding
described funds, to provide for any reserve determines appropriate
by the City, as manager for the Agency, or to provide for any
transfer to the City for payments of its compensation as manager
under the terms of the Management Agreement between the Agency
and the City.
The provisions of this Section shall require the Agency and the City as
manager for the Agency to maintain a set of books and records in accordance
with such accounting methods and procedures RS Al'e generally applicable to
municipal utility enterprises, which books and records shall show credi1 s to
and expenditures from the several funds required by this Section. Separate
bank and investment accounts shall be maintained for all funds of the Agpncy
but monies in any of the ahove funds may be commingled so long as books
and records are kept showing the amounts of any sllch commingled account
belonging to each separate fund of the Agency.
Section 11. So long as any of the 1992 Bonds and any Additional
Bonds issued pursuant to this Resolution shnll rpmnin outstanding and
unpaid, the Agency covenant sand Ilgreps to N:;!Ablish, rpvis{', from t imp to
time as necessary, and collect (or cause to bp pstnhlislwc!, rpvispc! and col-
lected) such charges for solid wnste dispOSAl services ftn'nlshpc! by the
Project adequate to produce revenues and enrnlngs sufficient at All timp.s:
(a) to provide funds to pay, whp.n due, the principal of and
interest on the 1992 Bonds and any AdditionAl Bonds issup.d pursu-
ant to this Resolution;
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(b) to pay all necessary and reasonable costs of operation
and mainft:mancQ of thQ ProjQct and to pay for the necessary and
reasonable repairs, replacement.s, enlargements, extensions and
improvements to the Project;
(c) to provide funds sufficient to mAke the deposits into the
funds and at the times required by Section 10 of this Resolution.
Section 12. To provide for funds for Any purpose related to the
Project, including payment of costs of repairs, additions, improvements And
enlargements to the Project and the acquisition of any and all additional
equipment deemed necessary for the Project or to provide for the refunding
of the 1992 Bonds or any Additional Bonds then outstanding, the Agency may
issue Additional Bonds having a status and lien equal to the status and lien.
provided for in this Resolution for the 1992 Bonds without limitation so long
as the Agency and the City in connection with the issuance of such Additional
Bonds shall enter into an amendment to the City Service Agreement providing
for the City to agree to payments to be made uncier the City S(\rvice Agr(\(\-
I ment suWelent to meet, in additlonol to oll olher payments then required
under the City Service A greemen 1., all payrm'l1 t s r(\()u irmJ by the A gen cy to
be credited to the Debt Serv.ice Fund for' paymont of all principal and intm'pst
as the same fall due on any 1992 Boncis OJ' Additional Bonds which are to
remain outstanding and on the Additional Bonds to be issued and the tm'rn of
the City Service Agreement shAll be extmHJ('d. if necessary, to a time not
earlier then the final maturity of thos(' 1992 Bonds and Additional Bonds
which are to be outstanding After theissllancp of such Additional Bonds.
Except for such Additional Bonds, the AgPJ1CY agre('s that it will not inc\l1'
any indebtedness payable from the revenues of the PJ'ojf'ct on any basis
superior to or equal to the pledge and lien provided for the 1992 Bonds
under this Resolution. The Agency reSf'rves tl)(' right 10 iSSlle bonds. notp
I or other indebtedness junior in lien 0"'\ pledRc 10 Ihc i992 llonds 0",1 ony
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Ad~itional Bonds and the principal and interest upon such junior lien indebt-
edness may be paid from any funds not otherwise reserved in the Retained
Earnings Fund. The Agency covenants and agrees that it wIll not mortgage,
pledge or grant security interest in the Project or any property of the
Agency constituting a part thereof so long as the 1992 Bonds or any Addi-
tional Bonds remain outstanding, subject to the rights of the Agency to
pledge revenues as provided for in this Section.
Section 13. So long as any of the 1992 Bonds or Additional Bonds
are outstanding, the Agency hereby covenants and agrees as follows:
(a) The Agency will maintain the Project in good condition
and will continuously operate the same in a reasonable and efficient
manner, and the Agency will punctuaUy perform all the duties with
reference to said Project required by the Constitution and statutes
of the State of Nebraska, but thi!'! covenant shall not prevent the
Agency from discontinuing the use and operat ion of any portion of
the Project so long as the Revenues derived from the Agency's
ownership and operation of the remaining properties constituting the
Project shall be s\ifficient to fulfill the Agen<,y's ohligations under
this Resolution and particularly Sections 10 and1l of this
Resolution.
(b) The Agency will not grant any franchise ot' right to any
person, firm or corporation to own or operRte a !=:olid waste disposal
facility in competition with the Project.
(c) The Agency will maintain (or cause to be maintAined)
insurance on the property constituting the Project (other than such
portions of the Project as are not normally insured Against loss by
casualty) in the amounts and against the rh:;ks cm:;tomar.ily carried
by similar enterprises, but including fire And extended coverage
insurance, in an amount which would enahlf' thp AgmH'y to rf'pair,
restore or replace the property damagf'd to Uw extf'llt npcpssnry to
make the Project operablp in an pfficipllt And p"Opf'l' m1\l11lflr to
carry out the Agency's oblignt ions undpl' this Rpsolllt ion. TIll'
proceeds of any such in~:;urance receivNJ hy the Agflncy shnll h(\
used to repair, replnce or restm'e thp propprty dmnngpd oJ'
destroyed to the extfmt necess:tJ'y to mnk(' the PJ'o.i('(~t op('rnhl(' in
an efficient. and proper mnnner.
(d) The Agency will keep proper books, rpcOJ'cls and aCe'onnts
separat.e from all other records And account s In whic'h complptp And
correct entries will be mAde> of all ft'ansncUons relAting to thp
Project.
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(e) The Agency shall cause each person handling any of the
monies in the funds described in Sections 10 above to be bonded by
an insurance company licensed to do business in Nebraska in an
amount or amounts sufficient to cover the monies belonging to the
Project in the possession or control of any such person. The
amount of such bond or bonds shall be fixed by the Board of
Directors"
Section 14" The Agency's obligAtions under thi!'; Resolution And the
liens, pledges ,covenAnts and agreements of the Agency herein made or
provided for, shall be fully discharged and SAtisfied as to t.he 1992 Bonds or
any Additional Bonds issued pursuant to this Resolution and any such bonds
shall no longer be deemed outstAnding hel'eunder if such bonds shall have
been purchased and cancelled by the Agency, or when payment of the princi-
pal of and interest thereon to the respective date of maturity or redemption
(a) shall have been made or caused to be made in accOl'dAnce with the terms
thereof, or (b) shall have been provided for by depositing with the PAying
Agent and Registrar or a national or state bank having trust. powers or trust
company, in trust solely for such payment, 0) sufficient money to make such
payment or (ii) Deposit Securities in such Amount and bN\ringinterest pay-
able and maturing or redeemable flJ. stated fixed pJ'ices nt the option of the
holder as to principal, at such time or times, AS will ensure the availability of
sufficient money to mAke such pAympnt; provided, howeVl''!r, that, with
respect to any bond to be paid pJ'iOl' to mat urHy, the AgelH'y shAll hAVP duly
given notice of redemption of suchhond ns p,"ovidpd hy Inw or rnndp in"evorn-
ble provisions for t.he giving of such notice" Any !':UC'll mOTley !':o depo!':ited
with t.he Paying Agent and Registrnr or with a hnn k 0'" trust compnny mAy he
invested and reinvested in Deposit Securit ie!': nnd All intere!':t nTHI Incomp from
such Deposit Securitie!'; in the hands of such Pnylng Agent And Registrrn' or
bank or trust company, in excess of the nmount required to pny principnl of
and interest on the bonds for which such monies weJ'e deposited, shnll he
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paid over to the Agency as and when collected. The term "Deposit Securi-
ties" as used in this Section shall mean direct obligation of or obligaHon the
principal and interest which are unconditionally guaranteed by the United
States of America, including obligations issued in book-entry form.
Section 15. The terms and provisions of this Resolution do and
shall constitute a contract between the Agency and the holder or holders of
the 1992 Bonds and any Additional Bonds and no changes, variations or
alterations of any kind, except for changes necessary to cure any ambiguity,
formal defect or omission, shall be made to this Rpsolution without the written
consent of the holders of two-thirds (2/3rds) in principal amount of t.he ]992
Bonds and any Additional Bonds then out.standing, provided, however, that
neither the principal and interest to be paid upon any bond or the mat.urity
date of any bond shall be changed without the written consent of t.he holders
of all such bonds then outstanding. The Trustpe or Rny rpgistered owner of
a 1992 Bond may be mandamus or othpr appropriate action or proceedings At
law or in equity in any court of competent jm'isdiction pnforce And compel
performance of this Resolution and pvpry py'ovision and covenant. thereof,
including without. limiting the generAlity of the foregoing, the enforcement of
the performance of all duties requh'ed by the Agency by this Resolution anel
the applicable laws of the State of Npbraska, including in such such duties
the making and collecting of sufficipnt ratps, rnntal!':, f('('!': OJ' chArgf'S foy' Uw
use and service provided by the Project, the !':E'gregation of 11w Rpvenup!': of
the Project and the application they'eof to the rpspedivp fund!': for the' 1 flfl2
Bonds and AdditionAl Bonds refeY'r'ed to and dPSCy'lb('d in Section 10 of this
Resolution.
The Agency further agrees that in Uw event of default in the>
payment of interest on or principal of the 1992 Bonds or any Additional
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Bonds, the Trustee or the registered owner or regist.ered owners of any Hl92
Bond or 1992 Bonds shall be entitled, 8S 8 matter of right, upon application
to a court of competent jurisdiction, to have a receiver appointed for the
Project and the revenues thereof, which receive}' shall have such powers as
are prescribed by law or decree of court.
Section 16. is appointed as
Trustee under the terms of this Resolution. Such Trust(le shall signify its
acceptance of the duties and obligations opposed upon it by this Resolution
by executing and delivering to the Agency a written nCC(lptallce of the provi-
sions of this Resolution. The Trustee mny be removed for CAuse at tho
request of and upon affirmative vote of the registered ownprs of more than
50% of the principal amount of the 1992 Bonds and any Additional Bonds then
outstanding. In the event of the removnl, rflsignation, disability or refusal
to act of the Trustee It successor may be appointed by thfl registered owners
of more than 50% in principal amount of the 1992 Bonds amI Additional Bonds
then outstanding, excluding nny bonds held by or for tJw Account of the
Agency or the City, and such successor shnn hAve All of the powers nnd
obligations of the Trustee under this Resolution t.heretofore vested in its
predecessor provided, however, that, unless a successor Trust.ee shaH have
been appointed by the registered owners of Ule 1992 Bonds and Additionnl
Bonds as aforesaid, the Agency, by a duly AdoptNI l'C'solut ion shAn forthwith
appoint a Trustee to fill such VAcancy \111t i1 a su ('('(>s sO}' Tr'usff'P shan hp
appointed by the registered ownel'S of bonds as authori7,f'd by this Sf-cfioll.
Any successor Trustee appointed by f.he Agpncy shnll immNlifltf'Iy and without
further act be superseded by Any Tr\lst~f' nppointed by t.hf' l'C'gi::::ff'rpd OWl1f'l'S
of the 1992 Bonds And AdditionAl Bonds. ThC' dllfif's find re~ponsibi1ifie~ of
I the Trustee shall be governed by tbe ferm' or fhl, Re,olullon and tho
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Trustee, Paying Agent and Registrar's Agreement.. To the Trustee for the
benefit of the registered owners of the 1992 Bonds and any Additional Bonds,
there is by the terms of this Resolution pledged and a security interest
granted in all rights of the Agency under the City Service Agreement and the
County Service Agreement and such Trustee shall have the right, upon any
default in payment of principal or interest on the 1992 Bonds or any Adcli-
tional Bonds, to enforce for the benefit of the registered owners of the 1992
Bonds and any Additional Bonds, all rights of the Agency against the City or
County under the terms of said City Servke Agreement and County Service
Agreement. None of the provisions contalned in this Resolution shall requil'e
the Trustee to spend or risk its own funds or otherwise incur individUAl
financial responsibility in the performance of any duties or in the exercise of
any of its rights or powers ,if there arp rensonablp. grounds for believing
that repayment thereof is not reasonably assured to it under the terms of this
Resolut.ion. Before taking any action pursuant t.o the terms of this Rm:;olu-
tion, the Trust.ee shall have the right to request and receive indpmnificAf ion
as to fees and expenses to be incury'ed from the regist{,T'Nl owners of Hw
1992 Bonds and any Additional Bonds. The J'ight of the Trust.pe to enforce
the t.erms of this Resolution, including the pledgp and s(>{'Ourify intprest
provided for hprein shall not prC'clm)p thp right of any of the registp)'ed
owners of the 1992 Bonds or Addlt ionnl Bonds from ('nfOl'cin~ :my nTHI nll
rights provided for undey' this Resolution, in('l1Jdin~ thp ri~hts or sllch y'pgis-
tered owners as third pArty b{'neficltH'ips of fh(" Clt y SpJ'vi('p ^~rp(>mpnt or'
t.he County Service Agreement. Any and all acf ions houghf by any registC'rpd
owner of the 1992 Bonds or any Additional Bonds OJ' hy t.he Trllstep shall hp
maintained for the equal and rat.able benefit of nil rpgisfPT'NI owners of the
1992 Bonds and Additionn] Bonds outsfanding And no y'egi!:::fe)'ed owners of any
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of the 1992 Bonds or Additional Bonds shall have any right in any manner
whatsoever by any action or proceedings to affect, disturb or prejudice the
pledge and and security interest created by this Resolution.
Section 17, The Chairman and Secretary and Treasurer of the
Agency are hereby authorized to do all thing!'; and execute all documents as
may by them be deemed necessary and proper to complete the issuance and
sale of the 1992 Bonds contemplated by this Resolution,
Section 18. If any section, paragraph, clause or provision of this
Resolution shall be held invalid, the invalidity of such spctlon, paragraph,
clause or provision shall not affect any of the other provisions of this
Resolution.
Section 19. The Agency hereby covenants and agrees that It will
make no use of the proceeds of the 1992 nonds which would cause the 1992
Bonds to be arbitrage bonds within thf! mf!anlng of Sections 103(h) (2) and 148
of the Internal Revenue Code of 1986, as am(\nded (the "Code") and further
covenants to comply with said Sections 103(b) (2) and14R and all applir!able
regulations thereunder throughout t.1w term of saidis!,;\J(', including if appli-
cable keeping of appropriate rer!ords and payments of flny J'ebates due the
United States. The Agency hereby covenants to take all action necessary to
preserve the tax-exempt status of theinter(\st on the Hl92 Bonds f01' federal
income tAX purposes under the> Codp with respect. to taxpayers gem'rally.
The Agency hereby designates t]w1992 Bonds as its "qllalifiN] tax-exempt
obligations" under Section 2G5(b)(3)(J3)(i)(I1T) of the Code and hprpby ('ove-
nants and warrants that it does' not exppct. tois!'lUP tAx-exempt obligations in
calendar 1992 in an amount exceeding $10,000,000.
Section 20. This resolution shall be In full fOl'ce and effed ff'om
and after its adoption as provldN] by lnw.
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Moved by Councilmember
Seconded by Council member
Roll call vote: "Yes":
"No":
Motion carried
SORENSEN
FEASTER
WIT, MURRAY, JOHNSON, NEAL, FEASTER, SHAFER,
SEIFERT, SORENSEN, AND KUZMA
NONE
SEPTEMBER 14, 1992
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AGENCY RESOLUTION 92-SWA-004
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, acting as the governing body of the Grand
Island Area Solid Waste Agency that rates, rules, and regulations in the form presented to the
governing body be and they are hereby adopted.
Moved by Council member
Seconded by Council member
Roll call vote: "Yes" :
SORENSEN
FEASTER
WIT, MURRAY, JOHNSON, NEAL, FEASTER, SEIFERT,
"No":
SORENSEN. SHAFER, AND KUZMA
NONE
Motion carried
SEPTEMBER 14, 1992
SEP 11
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AGE N C Y RES 0 L UTI 0 N 92-SW A-005
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, acting as the governing body of the Grand
Island Area Solid Waste Agency, that the award of contract for construction of solid waste
disposal facilities to Gilbert Central Corporation of Omaha in the amount of $2,975,659.00 as
proposed to be made by the City, acting as manager for the Agency, be and it is hereby
approved, subject to the making of such award by the Mayor and Council of the City of Grand
Island.
Moved by Councilmember
Seconded by Council member
Roll call vote: "Yes":
SORENSEN
FEASTER
WIT, MURRAY, JOHNSON, NEAL, FEASTER, SEIFERT.
SORENSEN, SHAFER. AND KUZMA
NONE
SEPTEMBER 14, 1992
"No":
Motion carried
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AGE N C Y RES 0 L UTI 0 N 92-SW A-006
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, acting as the governing body of the Grand
Island Area Solid Waste Agency, that the Agency budget in the form presented be and it is
hereby adopted and approved.
Moved by Councilmember
SORENSEN
Seconded by Councilmember
FEASTER
Roll call vote: "Yes":
WIT, MURRAY, JOHNSON, NEAL, FEASTER, SEIFERT,
SORENSEN. SHAFER. AND KUZMA
"No":
NONE
Motion carried
SEPTEMBER 14, 1992
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RES 0 L UTI 0 N 92-SW A-007
WHEREAS, the Grand Island Area Solid Waste Agency is a joint entity created
by and between the City of Grand Island and Hall County; and
WHEREAS, the Grand Island Area Solid Waste Agency desires to acquire a
certain 15 acre tract of land which encompasses the existing three-acre Transfer Station site, now
owned by the State Board of Educational Lands and Funds for the collection and processing of
yard waste; and
WHEREAS, the Grand Island Area Solid Waste Agency is authorized by Neb.
Rev. Stat. ~ 72-215 and ~ 72-219 (Reissue 1990) to condemn the interest of the State as trustee
of the public schools and is entitled to a condemnation hearing to appraise the fair and
reasonable value of the desired tract of land;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, that the Chairman of the Grand Island
Area Solid Waste Agency be and hereby is authorized to sign the Application for a hearing date
for the Board of Appraisers for Educational Lands and Funds to appraise and assess the interest
of the State in the property sought by the Agency, and to make an award as provided by law.
Moved by Council member
NEAL
Seconded by Councilmember
DIETRICH
Roll call vote: "Yes":
DIETRICH, WIT, MURRAY, NEAL. FEASTER. SEIFERT.
SORENSEN, AND KUZMA.
"No":
JOHNSON AND SHAFER ABSENT.
Motion carried
OCTOBER 5, 1992
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