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HomeMy WebLinkAbout1998-024OFJ5INANCENO 98--QeJW AN ORDINANCE DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF DENTON UTILITY SYSTEM REVENUE BONDS, AND DIRECTING THE ISSUANCE AND PUBLICATION OF NOTICE OF SALE OF SAID BONDS AND PROVIDING FOR AN EFFECTIVE DATE THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON WHEREAS, the City Council of the City of Denton, Texas, deems it necessary and advisable that the bonds hereinafter described be authorized, issued, sold, and delivered THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS Section I That the City Secretary is directed to cause the following notice to be published in the "Denton Record-Chromcle", which is a newspaper published in, and having general circulation in, the City of Denton, on the same day of each of two consecutive weeks, with the date of the first publication to be on or before March 6, 1998, being at least fifteen (15 days) prior to the date upon which the City Council intends to pass the Ordinance described in the following notice "NOTICE OF INTENTION TO ISSUE CITY OF DENTON UTILITY SYSTEM REVENUE BONDS, SERIES 1998A Notice is hereby given, in accordance with law, that the City Council of the City of Denton, Texas, intends to pass, at a Regular Meeting to be held commencing at 11 00 a in , on March 24, 1998, at the Municipal Building (City Hall), an Ordinance authorizing the issuance, sale, and delivery of an issue of bonds, to be evidenced initially by a single fully registered bond payable in installments, but convertible into definitive bonds in multiples of $5,000, to be designated as "City of Denton Utility System Revenue Bonds, Series 1998A", in the maximum principal amount of $7,175,000, to be secured by and payable from a first hen on and pledge of the "Pledged Revenues", which "Pledged Revenues" mclude initially the "Net Revenues" of the "System", with said "System" initially consisting of the City's entire existing combined waterworks, samtary sewer, and electric light and power system, allas will be defined and provided in the aforesaid Ordinance Said bonds will bear interest from their ldate at maximum rates not to exceed fifteen percentum per annum, will be scheduled to mature serially in installments within a maximum of not to exceed thirty years from their date, and will be subject to redemption prior to maturity, and will have such other and further characteristics, as will be provided in the aforesaid Ordinance Said bonds will be authorized, issued, sold and delivered pursuant to Articles IIIlb, 1112, 1113, and 1114, Vernon's Annotated Texas Civil Statutes, and other applicable laws, for the purpose of obtaining money for improvements and extensions of the aforesaid "System" CITY OF DENTON, TEXAS" By Jennifer K Walters City Secretary Section II That the City Secretary is directed to issue a Notice of Sale of Bonds in substantially the following form OFFICIAL NOTICE OF SALE CITY OF DENTON, TEXAS $7,175,000 UTILITY SYSTEM REVENUE BONDS, SERIES 1998A The City Council of the City of Denton, Denton County, Texas, will receive sealed bids at the Municipal Building (City Hall), 215 E McKinney Street, in the City of Denton until 1100 a m , C D T , March 24, 1998 for the purchase of $7,175,000 Utilily System Revenue Bonds, Series 1998A, to be dated April 1, 1998, and to mature serially on December 1 of each year 1998 through 2017 Sealed bids, plainly marked "Bid for Bonds", should be addressed to "Honorable Mayor and City Council, City of Denton, Texas", and must be submitted on the "Official Bid Form" to be made available by the City Council prior the date of sale All sealed bids will be publicly opened and tabulated before the Council Copies of the "Official Statement", "Notice of Sale", and "Official Bid Form" are being prepared and will be mailed to prospective bidders on or about March 10, 1998, and will be furnished to any prospective bidder upon request, by First Southwest Company, 500 First City Center, 1700 Pacific Avenue, Dallas, Texas 75201, Financial Advisors to the City The City reserves the right to reject any and all bids and to waive any and all irregularities By order of the City Council of the City of Denton, Texas JENNIFER K. WALTERS City Secretary City of Denton, Texas Section III That said Notice shall be published once in The Bond Buyer, New York, New York, which is a national publication regularly and primarily carrying financial news and municipal bond sale notices, and said Notice also shall be published once in the "Denton Record-Chromcle", which has been designated as the official newspaper of the City of Denton Said publications shall be made at least thirty days prior to the day set for receiving bids Section IV That this Ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the 3rd day of February, 1998 Cyr=W-ImU—n rani ATTEST *Jfer alters, City Secretary APPROVED AS TO LEGAL FORM Herbert L Prouty, City Attomey a CERTIFICATE FOR AN ORDINANCE DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF DENTON UTILITY SYSTEM REVENUE BONDS, AND DIRECTING THE ISSUANCE AND PUBLICATION OF NOTICE OF SALE OF SAID BONDS, AND PROVIDING FOR AN EFFECTIVE DATE THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON We, the undersigned officers of said City, hereby certify as follows 1 The City Council of said City convened in REGULAR MEETING ON THE 3RD DAY OF FEBRUARY, 1998, at the Municipal Building (City Hall), and the roll was called of the duly constituted officers and members of said City Council, to -wit Jennifer K Walters, Jack Miller, Mayor City Secretary Sandy Knstoferson Eujme Brock, Mayor Pro Tem Rom Beasley Mike Cochran Neil Durrance Carl G Young, Sr and all of said persons were present, except the following absentees thus constituting a quorum Whereupon, among other business, the following was transacted at said Meeting a written AN ORDINANCE DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF DENTON UTILITY SYSTEM REVENUE BONDS, AND DIRECTING THE ISSUANCE AND PUBLICATION OF NOTICE OF SALE OF SAID BONDS, AND PROVIDING FOR AN EFFECTIVE DATE was duly introduced for the consideration of said City Council and duly read It was then duly moved and seconded that said Ordinance be passed, and, after due discussion, said motion, carrying with it the passage of said Ordinance, prevailed and carried by the following vote AYES NOES O ABSENTIONS (:) 2 That a true, full, and correct copy of the aforesaid Ordinance passed at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate, that said Ordinance has been duly recorded in said City Council's minutes of said Meeting, that the above and foregoing paragraph is a true, full, and correct excerpt from said City Council's minutes of said Meeting pertaining to the passage of said Ordinance, that the persons named in the above and fore- going paragraph are the duly chosen, qualified, and acting officers and members of said City Council as indicated therein, and that each of the officers and members of said City Council was duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the aforesaid Meeting, and that said Ordinance would be introduced and considered for passage at said Meeting, and that said Meeting 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 Governmental Code 3 That the Mayor of said City has approved, and hereby approves, the aforesaid Ordinance, that the Mayor and the City Secretary of said City have duly signed said Ordinance, and that the Mayor and the City Secretary of said City hereby declare that their sigmng of this Certificate shall constitute the signing of the attached and following copy of said Ordinance for all purposes SIGNED AND SEALED as of the 3rd day of Feb rua , 1998 ity Secretary Mayor (SEAL) We, the undersigned, being respectively the City Attorney and the Bond Attorneys of the City of Denton, Texas, hereby certify that we prepared and approved as to legality the attached and following Ordinance prior to its passage as aforesaid City At omey !/At-� (�,&� � l L Bond Attorneys