Board of Directors Regular Meeting Agenda


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Meeting Date: 01/22/2014  

SUBJECT MATTER:
Receive, consider and act upon approval of Redemption Agreement with the Bank of New York Mellon Trust Company, N.A. relative to The Woodlands Township Sales Tax and Hotel Occupancy Tax Bonds, Series 2009;
FISCAL IMPACT:
Not applicable
BACKGROUND:
The Woodlands Township Sales Tax and Hotel Occupancy Tax Bonds, Series 2009 were issued to finance initial payments due to the City of Houston and the City of Conroe as required by the Regional Participation Agreements. The bonds become eligible for full redemption on March 3, 2014. The Board of Directors authorized the redemption of these bonds in conjunction with the adoption of the Township’s 2014 Budget.

In connection with the redemption of the Series 2009 bonds, the Township’s legal counsel has prepared a Defeasance Agreement with the Bank of New York Mellon Trust Company, N.A. The agreement designates the Bank as the paying agent for the refunded bonds. The agreement is attached for the Board’s review.
RECOMMENDATION:
Approve Defeasance Agreement with the Bank of New York Mellon Trust Company, N.A. in connection with the redemption of The Woodlands Township Sales Tax and Hotel Occupancy Tax Bonds, Series 2009.
Attachments
Defeasance Agreement


    

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