ORDER NO. 31831 RESOLUTION TO REDEEM LAKE INGRAM ESTATES ROAD DISTRICT TAX ROAD BONDS, SERIES 2001 Came to be heard this the 21st day of September, 2010, with a motion made by Commissioner Oehler, seconded by Commissioner Baldwin, the Court unanimously approved by a vote of 4 -0 -0 to: Adopt a Resolution authorizing the redemption of certain outstanding Lake Ingram Estates Road District unlimited Tax Road Bonds, Series 2001. COMMISSIONERS' COURT AGENDA REQUEST PLEASE FURNISH ONE ORIGINAL AND ONE (1) COPY OF THIS REQUEST AND DOCUMENTS TO BE REVIEWED BY THE COURT MADE BY: Judge Tinley OFFICE: County Judge MEETING DATE: September 21, 2010 TIME PREFERRED: SUBJECT: Consider, discuss and take appropriate action to adopt a Resolution authorizing the redemption of certain outstanding Lake Ingram Estates Road District unlimited Tax Road Bonds, Series 2001. EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) NAME OF PERSON ADDRESSING THE COURT: Judge Tinley ESTIMATED LENGTH OF PRESENTATION: IF PERSONNEL MATTER - NAME OF EMPLOYEE: Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5, Chapter 551 and 552, Government Code, is as follows: Meeting scheduled for Mondays: 5:00 PM previous Tuesday THIS REQUEST RECEIVED BY: THIS RQUEST RECEIVED ON: All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will be appreciated and contribute towards your request being addressed at the earliest opportunity. See Agenda Request Rules Adopted by Commissioners' Court. Make sure any and all back up material is attached to this form. Page 1 of 2 Jody Grinstead From: Traylor, Robert D [Robert.D.Traylor @rbccm.com] Sent: Friday, September 17, 2010 4:12 PM To: jgrinstead @co.kerr.tx.us Subject: FW: Lake Ingram Estates Road District Attachments: Reso Redeeming 2001 Lake Ingram Bonds- 9- 21- 10.pdf R. Dustin Traylor Vice President RBC Capital Markets 153 'i'reeline Park, Suite 100 San Antonio, Texas 78209 (210) 805 -1117 (210) 805 -1119 - fax robert.d.traylor@rbccm.com From: Toni Spurgeon [mailto:tspurgeon ©mphlegal.com] Sent: September 17, 2010 2:05 PM To: 'Jeannie Hargis' Cc: Traylor, Robert D; Henderson, Robert Subject: Lake Ingram Estates Road District Jeannie: Dusty called asking for agenda language for the Commissioners Court to consider a resolution next Tuesday to authorize the redemption of certain Lake Ingram Estates Road District Unlimited Tax Road Bonds, Series 2001. With that background in mind, attached is a file containing the initial draft of the Resolution for the Court to consider. Certain details will need to be completed on Monday when Dusty is able to provide information as to which maturities will be redeemed, but this should serve as something that can be sent to the Commissioners. For purposes of the Court's agenda, please use the following language: RESOLUTION AUTHORIZING THE REDEMPTION OF CERTAIN OUTSTANDING LAKE INGRAM ESTATES ROAD DISTRICT UNLIMITED TAX ROAD BONDS, SERIES 2001 Please don't hesitate to call if you have any questions. Cordially yours, Thomas K. Spurgeon McCall, Parkhurst & Horton L.L.P. 700 N. St. Mary's, Suite 1525 09/17/2010 Page 2 of 2 San Antonio, Texas 78205 Telephone: 210-225-2800 Telecopy: 210- 225 -2984 E -mail: tspurgeon @mphlegal.com Disclosure Under IRS Circular 230: McCall Parkhurst & Horton LLP informs you that any tax advice contained in this communication, including any attachments, was not intended or written to be used, and cannot be used, for the purpose of avoiding federal tax related penalties or promoting, marketing or recommending to another party any transaction or matter addressed herein. CONFIDENTIALITY NOTICE This e -mail message from McCall Parkhurst & Horton LLP is intended only for the individual or entity to which it is addressed. This e -mail may contain information that is privileged, confidential and exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. 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IRS CIRCULAR 230 NOTICE: TO COMPLY WITH U.S. TREASURY REGULATIONS, WE ADVISE YOU THAT ANY U.S. FEDERAL TAX ADVICE INCLUDED IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, TO AVOID ANY U.S. FEDERAL TAX PENALTIES OR TO PROMOTE, MARKET, OR RECOMMEND TO ANOTHER PARTY ANY TRANSACTION OR MATTER. 09/17/2010 DRAFT DATE: SEPTEMBER (7, 2010 RESOLUTION AUTHORIZING THE REDEMPTION OF CERTAIN OUTSTANDING LAKE INGRAM ESTATES ROAD DISTRICT UNLIMITED TAX ROAD BONDS, SERIES 2001 THE STATE OF TEXAS § COUNTY OF KERR § LAKE INGRAM ESTATES ROAD DISTRICT § WHEREAS, pursuant to the provisions of Subchapter B of Chapter 257, Texas Transportation Code, the Commissioners Court (the "Commissioners Court ") of KERR COUNTY, TEXAS (the "County") duly created a road district located wholly within the County known as the LAKE INGRAM ESTATES ROAD DISTRICT (the "District "); and WHEREAS, on August 12, 2000, a bond election was held in the District during which more than two- thirds of the qualified voters of the District voting at such election favorably approved the issuance of up to ,5225,000 in principal amount of bonds for the purpose described in Section 1 of this Resolution, which amount at such time was less than one - fourth of the assessed value of real property within the District as recorded by the Kerr County Appraisal District; and WHEREAS, pursuant to such voted authorization, the District issued $225,000 in principal amount of is Lake Ingram Estates Road District Unlimited Tax Road Bond, Series 2001, dated March 1, 2001 (the "Series 2001 Bonds "), which are currently outstanding in the aggregate principal amount of $205,000; and WHEREAS, the Resolution which authorized the issuance of the Series 2001 Bonds provides that on February 15. 2005, or on any date thereafter, the Series 2001 Bonds maturing on and after February 15, 2006 may be redeemed prior to their scheduled maturities, at the option of the District, with funds derived from any available and lawful source; and WHEREAS, the District now desires to redeem on [February 15, 2011] a portion of the outstanding Series 2001 Bonds, which are more specifically described as maturing in the years and in the respective principal amounts and bearing interest as shown in the following table: STATED MATURITY PRINCIPAL AMOUNT PRINCIPAL AMOUNT INTEREST (FEB 15) MATURING IN YEAR ($) BEING REFUNDED ($) RATE ( %) Totals * ** WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was passed was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS COURT OF KERR COUNTY TEXAS THAT: SECTION 1. REDEMPTION OF CERTAIN SERIES 2001 BONDS. The Series 2001 Bonds maturing on February 15 in the years (the "Refunded Bonds ") are hereby call for redemption on [February 15, 2011] at the redemption price of par plus unpaid accrued interest. Attached to this Resolution as Exhibit A and made a part hereof for all purposes is a NOTICE OF REDEMPTION with respect to the Refunded Bonds. As soon as practicable after the adoption of this Resolution, a copy of such NOTICE shall be (i) published one time in the TEXAS BOND REPORTER or such other financial newspaper or journal of general circulation among securities dealers published in the State of Texas, and (ii) sent to all registered owners of the Refunded Bonds by first class mail postage prepaid, addressed to such registered owners at their respective addresses shown on the registration books of the paying agent /registrar for the Refunded Bonds. SECTION 2. INCORPORATION OF RECITALS. The District hereby finds that the statements set forth in the recitals of this Resolution are true and correct, and the District hereby incorporates such recitals as a part of this Resolution. SECTION 3. SEVERABILITY. The provisions of this Resolution are severable and if any provision or the applicability thereof to any person or circumstance is ever held by a court of competent jurisdiction to be invalid or unconstitutional for any reason, the remainder of this Resolution and the application of such provisions to other persons or circumstances shall not be affected thereby. SECTION 4. EFFECTIVE DATE. This Resolution shall become effective immediately after its adoption. (The remainder of this page intentionally left blank.) ADOPTED BY THE COMMISSIONERS COURT OF KERR COUNTY, TEXAS AT A REGULAR MEETING HELD ON THE 21' DAY OF SEPTEMBER, 2010. County Clerk County Judge Kerr County, Texas Kerr County, Texas (SEAL) [SIGNATURE PAGE TO RESOLUTION AUTHORIZING REDEMPTION OF CERTAIN LAKE INGRAM ESTATES ROAD DISTRICT BONDS] EXHIBIT A NOTICE OF REDEMPTION To the I folders of the LAKE INGRAM ESTATES ROAD DISTRICT UNLIMITED TAX REFUNDING ROAD BONDS, SERIES 2001 (Maturing on February 15 in the years 20 through 20_) NOTICE 1S HEREBY GIVEN that the LAKE INGRAM ESTATES ROAD DISTRICT (the "District "), in Kerr County, Texas, has called for redemption at par on _ , 2011 (the "Redemption Date ") all the District's outstanding UNLIMITED TAX REFUNDING ROAD BONDS, 2001, dated March I. 2001, maturing in the years (the "Refunded Bonds "), at the Redemption Price equal to 100% of par plus accrued interest to the Redemption Date, which are further described as follows: MATURITY PRINCIPAL INTEREST MATURITY PRINCIPAL INTEREST (FEBRUARY 15) AMOUNT ($) RATE ( %) (FEBRUARY 15) AMOUNT ($) RATE ( %) The Refunded Bonds shall be redeemed and shall become due and payable on the Redemption Date, and the interest thereon shall cease to accrue from and after the Redemption Date. NOTICE IS FURTHER GIVEN THAT the Refunded Bonds will be payable at and should be submitted either in person or by certified mail to the following address: First Class /Registered /Certified Mail; By Overnivht or Courier: By Hand: Bank of New York Mellon Trust Company, N.A. Bank of New York Mellon Trust Company, N A. Bank of New York MellonTrust Company, N.. A. Institutional I rust Services Institutional Trust Services 015 Unit Trust Window P.O. Box 2320 2001 Bryan Street, 9 Floor 4 New York Plaza i" Floor Dallas. Texas 75221 -2320 Dallas. Texas 75201 New York, New Vork 10004 To avoid a backup withholding tax required by Section 3406 of the Internal Revenue Code of 1986, holders must submit a properly completed IRS Form W -9. * THE ABOVE REFERENCED CIJSIP NUMBERS ARE PROVIDED FOR THE CONVENIENCE OF THE HOLDERS. NEITHER THE PAYING AGENT NOR THE DISTRICT ARE RESPONSIBLE FOR ANY ERROR OF ANY NATURE RELATING '10 THE CUSIP NUMBERS. #31831 DRAFT DATE: SEPTEMBER 17,2010 RESOLUTION AUTHORIZING THE REDEMPTION OF CERTAIN OUTSTANDING LAKE INGRAM ESTATES ROAD DISTRICT UNLIMITED TAX ROAD BONDS, SERIES 2001 THE STATE OF TEXAS § COUNTY OF KERR § LAKE INGRAM ESTATES ROAD DISTRICT § WHEREAS, pursuant to the provisions of Subchapter B of Chapter 257, Texas Transportation Code, the Commissioners Court (the "Commissioners Court ") of KERR COUNTY, TEXAS (the "County ") duly created a road district located wholly within the County known as the LAKE INGRAM ESTATES ROAD DISTRICT (the 'District'); and WHEREAS, on August 12, 2000, a bond election was held in the District during which more than two- thirds of the qualified voters of the District voting at such election favorably approved the issuance of up to $225, 000 in principal amount of bonds for the purpose described in Section 1 of this Resolution, which amount at such time was less than one -fourth of the assessed value of real property within the District as recorded by the Kerr County Appraisal District; and WHEREAS, pursuant to such voted authorization, the District issued $225,000 in principal amount of is Lake Ingrain Estates Road District Unlimited Tax Road Bond, Series 2001, dated March 1, 2001 (the "Series 2001 Bonds "), which are currently outstanding in the aggregate principal amount of $205,000; and WHEREAS, the Resolution which authorized the issuance of the Series 2001 Bonds provides that on February 15, 2005, or on any date thereafter, the Series 2001 Bonds maturing on and after February 15, 2006 may be redeemed prior to their scheduled maturities, at the option of the District, with funds derived from any available and lawful source; and WHEREAS, the District now desires to redeem on [February 15, 2011] a portion of the outstanding Series 2001 Bonds, which are more specifically described as maturing in the years and in the respective principal amounts and bearing interest as shown in the following table: STATED MATURITY PRINCIPAL AMOUNT PRINCIPAL AMOUNT INTEREST (FEB 15 ) MATURING IN YEAR (5) BEING REFUNDED ($) RATE (%) Totals * * * % ki WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was passed was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS COURT OF KERR COUNTY TEXAS THAT: SECTION 1. REDEMPTION OF CERTAIN SERIES 2001 BONDS. The Series 2001 Bonds maturing on February 15 in the years (the "Refunded Bonds ") are hereby call for redemption on [February 15, 201 1] at the redemption price of par plus unpaid accrued interest. Attached to this Resolution as Exhibit A and made a part hereof for all purposes is a NOTICE OF REDEMPTION with respect to the Refunded Bonds. As soon as practicable after the adoption of this Resolution, a copy of such NOTICE shall be (i) published one time in the TEXAS BOND REPORTER or such other financial newspaper or journal of general circulation among securities dealers published in the State of Texas, and (ii) sent to all registered owners of the Refunded Bonds by first class mail postage prepaid, addressed to such registered owners at their respective addresses shown on the registration books of the paying agent/registrar for the Refunded Bonds. SECTION 2. INCORPORATION OF RECITALS. The District hereby finds that the statements set forth in the recitals of this Resolution are true and correct, and the District hereby incorporates such recitals as a part of this Resolution. * SECTION3. SEVERABILITY. The provisions of this Resolution are severable and if any !, provision or the applicability thereof to any person or circumstance is ever held by a court of competent jurisdiction to be invalid or unconstitutional for any reason, the remainder of this Resolution and the application of such provisions to other persons or circumstances shall not be affected thereby. SECTION 4. EFFECTIVE DATE. This Resolution shall become effective immediately after its adoption. [The remainder of this page intentionally left blank.] ktaso ADOPTED BY THE COMMISSIONERS COURT OF KERR COUNTY, TEXAS AT A REGULAR MEETING HELD ON THE 21 DAY OF SEPTEMBER, 2010. Count C trk wr ounty age Kerr County, Texas ^7 S " "a Kerr County, Texas • "9 (SEAL) ; 1 1 � t� * I\ n o ,; [SIGNATURE PAGE TO RESOLUTION AUTHORIZING REDEMPTION OF CERTAIN LAKE INGRAM ESTATES ROAD DISTRICT BONDS] NSF EXHIBIT A NOTICE OF REDEMPTION To the Holders of the LAKE INGRAM ESTATES ROAD DISTRICT UNLIMITED TAX REFUNDING ROAD BONDS, SERIES 2001 (Maturing on February 15 in the years 20_ through 20 ) NOTICE IS HEREBY GIVEN that the LAKE INGRAM ESTATES ROAD DISTRICT (the "District "), in Kerr County, Texas, has called for redemption at par on _ , 2011 (the "Redemption Date ") all the District's outstanding UNLIMITED TAX REFUNDING ROAD BONDS, 2001, dated March I, 2001, maturing in the years (the "Refunded Bonds "), at the Redemption Price equal to 100% of par plus accrued interest to the Redemption Date, which are further described as follows: MATURITY PRINCIPAL INTEREST MATURITY PRINCIPAL INTEREST (FEBRUARY 15) AMOUNT ($) RATE ( %) (FEBRUARY 15) AMOUNT ($) RATE ( %) The Refunded Bonds shall be redeemed and shall become due and payable on the Redemption Date, and the interest thereon shall cease to accrue from and after the Redemption Date.I, *tie NOTICE IS FURTHER GIVEN THAT the Refunded Bonds will be payable at and should be submitted either in person or by certified mail to the following address: • First Class/Registered /Certified Mail: By Overni,Lt or Courier: By Hand: Bank of New York Mellon Trust Company, N.A. Bank of New York Mellon Trust Company, N.A. Bank of New York MellonTrust Company, NA. Institutional Trust Services Institutional Trost Services GIS Unit Trust Window P.O. Box 2320 2001 Bryan Street, 9 Floor 4 New York Plaza, 1" Floor Dallas, Texas 75221 -2320 Dallas, Texas 75201 New York, New York 10004 To avoid a backup withholding tax required by Section 3406 of the Internal Revenue Code of 1986, holders must submit a properly completed IRS Form W -9. * THE ABOVE REFERENCED CUSIP NUMBERS ARE PROVIDED FOR THE CONVENIENCE OF THE HOLDERS. NEITHER 'THE PAYING AGENT NOR THE DISTRICT ARE RESPONSIBLE FOR ANY ERROR OF ANY NATURE RELATING TO THE CUSIP NUMBERS. See