HomeMy WebLinkAbout1996-067ORDINANCE NO 96-c(.P-7
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 -Chronicle", which is a newspaper published in, and having general circulation
u-4 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 April 22, 1996, 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 1996A
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 7 00 p in , on May 7, 1996,
at the Mumcipal 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 1996A", in the maximum principal amount of $2,750,000, to be
secured by and payable from a first lien on and pledge of the "Pledged Revenues", which "Pledged
Revenues" include initially the "Net Revenues" of the "System", with said "System" initially consisting
of the City's entire existing combined waterworks, sanitary sewer, and electric light and power
system, all as will be defined and provided in the aforesaid Ordinance Said bonds will bear interest
from their date 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 1111b, 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"
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
$2,750,000
UTILITY SYSTEM REVENUE BONDS,
SERIES 1996A
The City Council of the City of Denton, Denton County, Texas, will receive sealed bids at the
Municipal Budding (City Hall), 215 E McKinney Street, in the City of Denton until
7 00 p m, C D T, Tuesday, May 7, 1996
for the purchase of
$ 750 000 Utility System Revenue Bonds Series 1996A to be dated May 1, 1996, and to mature
serially December 1 each year 1997 through 2016
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 April 23, 1996, and will be furnished to any
prospective bidder upon request, by First Southwest Company, 500 First City Center, 1700 Pac1fic
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, winch 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 19th day of March, 1996
ATTEST
Jennifer Walters, City Secretary
By saw
APPROVED AS TO LEGAL FORM
Herbert L Prouty, City Attorney
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