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HomeMy WebLinkAbout1983-032ORDINANCE NO 83-� ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON WHEREAS, the bonds hereinafter authorized were lawfully and favorably voted at an election duly held in said City on DECEMBER 11, 1982, and WHEREAS, it is necessary and advisable to authorize, issue, and deliver said bonds, and WHEREAS, the bonds hereinafter authorized and designated were voted and are to be issued, sold, and delivered pursuant to Vernon's Ann Tex Civ St Articles 823 and 1175, and the City's Home Rule Charter. THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS Section 1 That the City's negotiable, serial, coupon bonds are hereby authorized to be issued, sold, and delivered in the aggregate principal amount of $4,742,000, for the purpose of the acquisition of property and making improvements for public purposes in said City, to -wit providing $3,282,000 FOR DRAINAGE IMPROVEMENTS, providing $900,000 FOR RIGHT OF WAY ACQUISITION AND RECONSTRUCTION OF UNIVERSITY DRIVE, providing $450,000 FOR THE CONSTRUCTION OF A NEW FIRE SUBSTATION, and providing $110,000 FOR ADDITIONAL TRAFFIC CONTROL SIGNALS Section 2 That said bonds shall be designated as the "CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1983" Section 3 That said bonds shall be dated MARCH 15, 1983, shall be in the denomination of $5,000 each, shall be numbered consecutively from one upward, and shall mature serially on the maturity date, in each of the years, and in the amounts, respectively, as set forth in the following schedule MATURITY DATE MARCH 15 YEARS AMOUNTS YEARS AMOUNTS 1984 $217,000 1994 $250,000 1985 225,000 1995 250,000 1986 225,000 1996 250,000 1987 225,000 1997 250,000 1988 225,000 1998 250,000 1989 225,000 1999 250,000 1990 225,000 2000 250,000 1991 225,000 2001 250,000 1992 225,000 2002 250,000 1993 225,000 2003 250,000 Section 4 That the bonds scheduled to mature during the years, respectively, set forth below shall bear interest at the following rates per annum maturities 1984, io 6o % maturities 1994, F&ob maturities 1985, oo$ maturities 1995, 7.a % maturities 1986, io oo % maturities 1996 god maturities 1987, to. oo$ maturities 1997, goo % maturities 1988, io ova maturities 1998, q io$ maturities 1989, r ym% maturities 1999, Jew % maturities 1990, 7c% maturities 2000, 9 do's maturities 1991, g00% maturities 2001, s du'% maturities 1992, pj�yB maturities 2002, �% maturities 1993, F qv% maturities 2003, q ,e% Said interest shall be evidenced by interest coupons which shall appertain to said bonds, and which shall be payable in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordinance Section 5 That said bonds and interest coupons shall be issued, shall be payable, may be redeemed prior to their scheduled maturities, shall have the characteristics, and shall be signed and executed (and said bonds shall be sealed), all as provided, and in the manner indicated, in the FORM OF BOND set forth in this Ordinance Section 6 That the form of said bonds, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each of said bonds, and the form of the aforesaid interest coupons which shall appertain and be attached initially to each of said bonds, shall be, respectively, substantially as fol- lows FORM OF BOND NO $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON GENERAL OBLIGATION BOND SERIES 1983 ON MARCH 15, , THE CITY OF DENTON, in Denton County, Texas, hereby proms es s to pay to bearer hereof the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from date hereof, at the rate of 9 per annum, evidenced by interest coupons payable MARCH 15,E 984, and semiannually thereafter while this bond is outstanding THE PRINCIPAL of this bond and the interest coupons appertaining hereto shall be payable to bearer, in lawful money of the United States of America, without exchange or collection changes to the bearer, upon presentation and surrender of this bond or proper interest coupon, at the following, which shall constitute and be defined as the "Paying Agent", for this Series of bonds TEXAS AMERICAN BANK FORT WORTH, N A , FORT WORTH TEXAS, OR, AT THE OPTION OF THE BEARER, AT FIRST STATE BANK OF DENTON, DENTON, TEXAS THIS BOND is one of a Series dated as of MARCH 15, 1983, autorized, issued, and delivered in the principal amount of $4,442,000 for the purpose of the acquisition of property and making improvements for public purposes in said City, to -wit providing $3,282,000 FOR DRAINAGE IMPROVEMENTS, providing $900,000 FOR RIGHT OF WAY ACQUISITION AND RECONSTRUCTION OF UNIVERSITY DRIVE, providing $450,000 FOR THE CONSTRUCTION OF A NEW FIRE SUBSTATION, and providing $110,000 FOR ADDITIONAL TRAFFIC CONTROL SIGNALS ON MARCH 15, 1993, or on any interest payment date thereafter, any outstanding bonds of this Series may be redeemed prior to their scheduled maturities, at the option of said City, in whole, or in part, for the principal amount thereof and accrued interest thereon to the date fixed for redemption At least thirty days prior 2 to the date fixed for any such redemption said City shall cause a written notice of such redemption to be published at least once in a financial publication published in the City of New York, New York By the date fixed for any such redemption due provision shall be made with the "Paying Agent" for the payment of the principal amount of the bonds which are to be so re- deemed and accrued interest thereon to the date fixed for redemption If such written notice of redemption is published and if due provision for such payment is made, all as provided above, the bonds which are to be so redeemed thereby automati- cally shall be redeemed prior to their scheduled maturities, and they shall not bear interest after the date fixed for redemption, and they shall not be regarded as being outstanding except for the right of the bearer to receive the redemption price from the "Paying Agent" out of the funds provided for such payment IT IS HEREBY certified, recited, and covenanted that this bond has been duly and validly voted, authorized, issued, and deliveredy that all acts, conditions, and things required or proper to be performed, exist, and be done precedent to or in the voting, authorization, issuance, and delivery of this bond have been performed, existed, and been done in accordance with law, that this bond is a general obligation of said City, issued on the full faith and credit thereof, and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this bond, as such interest comes due and such principal matures, have been levied and ordered to be levied against all taxable property in said City, and have been pledged irrevocably for such payment, within the limit prescribed by law IN WITNESS WHEREOF, this bond and the interest coupons appertaining hereto have been signed with the facsimile signa- ture of the Mayor of said City and countersigned with the facsimile signature of the City Secretary of said City, and the official seal of said City has been duly impressed, or placed in facsimile, on this bond xxxxxxxx xxxxxxxx City Secretary, City of Denton Mayor, City of Denton FORM OF REGISTRATION CERTIFICATE COMPTROLLER' REGISTRATION CERTIFICATE REGISTER NO I hereby certify that this bond has been examined, certi- fied as to validity, and approved by the Attorney General of the State of Texas, and that this bond has been registered by the Comptroller of Public Accounts of the State of Texas NO Witness my signature and seal this xxxxxxxx Comptroller of Public Accounts of the State of Texas FORM OF INTEREST COUPON ON 15, THE CITY OF DENTON, in Denton County, Texas, promises to pay to bearer the amount shown on this interest coupon, in lawful money of the United States of America, without exchange or collection charges to the bearer, unless due provision has been made for the redemption prior to scheduled maturity of the bond to which this interest coupon appertains, upon presenta- tion and surrender of this interest coupon, at TEXAS AMERICAN BANK FORT WORTH, N A , FORT WORTH, TEXAS, OR, AT THE OPTION OF THE BEARER, AT FIRST STATE BANK OF DENTON, DENTON, TEXAS, said, amount being interest coming due that day on the bond, bearing the number hereinafter designated, of that issue of CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1983, DATED MARCH 15, 1983 Bond No. xxxxxxxx xxxxxxxx Cl-ty Secretary Mayor Section 7. That a special "Interest and Sinking Fund" is hereby created solely for the benefit of said bonds, and said Interest and Sinking Fund shall be established and maintained by said City at an official depository bank of said City Said Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of said City, and shall be used only for paying the interest on and principal of said bonds All ad valorem taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund During each year while any of said bonds or interest coupons appertaining thereto are out- standing and unpaid, the governing body of said City shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of such bonds as such principal matures (but never less than 28 of the original principal amount of said bonds as a sinking fund each year), and said tax shall be based on the latest approved tax rolls of said City, with full allowance being made for tax delinquencies and the cost of tax collec- tion Said rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable proper- ty in said City for each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid; and said tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Sinking Fund Said ad valorem taxes sufficient to provide for the payment of the interest on and principal of said bonds, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit pre- scribed by law Section S. That the Mayor of said City is hereby author- ized to have control of said bonds and all necessary records and proceedings pertaining to said bonds pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas Upon registration of said bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate printed and endorsed on each of said bonds, and the seal of said Comptroller shall be impressed, or placed in facsimile, on each of said bonds Section 9 That the City covenants to and with the purchasers of the bonds that it will make no use of the proceeds of the bonds at any time throughout the term of this issue of bonds which, if such use had been reasonably expected on the date of delivery of the bonds to and payment for the bonds by the purchasers, would have caused the bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds The City further covenants that the proceeds of the bonds will not 4 otherwise be used directly or indirectly so as to cause all or any part of the bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c), or any regulations or rulings pertaining thereto Section 10 That it is hereby officially found and determined that a case of emergency or urgent public neces- sity exists which requires the holding of the meeting at which this Ordinance is passed, such emergency or urgent public necessity being that the proceeds from the sale of said bonds are required as soon as possible and without delay for neces- sary and urgently needed public improvements, 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 Vernon's Ann Civ St Article 6252-17 Section 11. That said bonds are hereby sold and shall be delivered to .Pr ka�.eBnNe F for cash for the par value t ereo an accrue interest t ereon to date of delivery, plus a premium of $ - o - It is hereby officially found, determined, and declareU-t-at said bonds have been sold at public sale to the bidder offering the lowest interest cost, after receiving sealed bids pursuant to an Official Notice of Sale and Official Statement dated March 4, 1983, prepared and distributed in connection with the sale of said bonds. Said Official Notice of Sale and Official State- ment, and any addenda, supplement, or amendment thereto have been and are hereby approved by the City Council, and their use in the reoffering of the bonds by the purchasers is hereby approved. It is further officially found, determined, and declared that the statements and representations contained in said Official Notice of Sale and Official Statement are true and correct in all material respects, to the best knowledge and belief of the City Council A CERrIFICATE FOR 1 V` • � • • • . WO W490)• N 0 Sk We, the undersigned officers of said City, hereby certify as follows 1 The City Council of said City convened in SPECIAL MEEMiG ON THE 22ND DAY OF M FCH, 1983, at the Municipal Building (City Hall), and the roll was called of the duly constituted officers and members of said City Council, to —tat Charlotte Allen, City Secretary Richard 0 Stewart, Mayor Mark R. Chew Dr A Ray Stephens, Mayer Pro Tan Jack Barton Jun Riddlesperger Charles Hopkins Joe G. Alford and all of said persons were present, except the following absentees NPA0 , thus constituting a quorum. Whereupon, among ocher business, the =oliowing was transacted at said Meeting a written ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS 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 All members of said City Council shown present above voted "Aye" 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 frcxn said City Council's minutes of said Meeting pertaining to the passage of said Ordinance, that the persons named in the above and foregoing paragraph are the duly chosen, qualified, and acting officers and members of said City Council as indicated thereinf 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 Vernon's Ann Civ St Article 6252-17 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 signing of this Certificate shall constitute the signing of the attached and following copy of said Ordinance for all purposes SIGNED AND SEUM the 22nd ._ z / city Secretary ry / 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 wo-w6��1M- 17A Q CERTIFICATE OF SECRETARY THE STATE OF TEXAS § COUNTY OF DENTON § I�, the undersigned, City Secretary of the City of Denton, Texas, DO HEREBY CERTIFY that according to the records of the City of Denton, of which I am custodian, that 1 The attached Resolution is a true and correct copy of a resolution adopted by the governing body of the City of Denton at a regular meeting on the 15th day of March, 1983 2 At such meeting (a) a quorum of governing body was present on said date of adoption, in that 6 members of said governing body were in attendance at such meeting when the question of the adoption of the resolution was called for and placed to a vote, and (b) _ members of said governing body voted for the adoption of such resolution and O members of said governing body voted against its adoption and O members abstained from voting, and (c) the said Resolution was adopted only after a motion was made that the same be adopted and the seconding of such motion, and 3 Prior to such meeting (a) notice of the time, place, subject and purpose of the meeting has been duly given in the time, form and manner required by the provisions of Section 3A, Article 6252-17, V A T C S (b) actual notice of the time, place, subject and purpose of the meeting had been given to each member of the governing body of the City, and 4 The officers and members of the governing body of the City of Denton of the time of the passage of such resolution were RICHARD O STEWART MAYOR MARK CHEW § JACK BARTON § CHARLES HOPKINS § COUNCILMEMBERS DR RAY STEPHENS § JIM RIDDLESPENGER § JOE ALFORD § TO CERTIFY WHICH, witness my official signature and the Seal of the City of Denton, this the �"$C-day of March, 1983 [SEAL] CHARLOTTE ALLEN, City Secretary CITY OF DENTON, TEXAS 2 HORSY H MCCALL PAUL R NORTON PETER M TART AOY M POINSETT RICHARD C *DRIER ANGELO P PARKER G CHARLES KOSDISH K ENNETH E ILTZ J NICHOLSON MEMOL J ONN W RUSOTTOM J EFFREY A LEUSCHEL T HOMA9 K SPURGEON L E SRIZZOLARA M LAW OFFICES MGCALL,PARKHURST & HORTON 1400 MERCANTILE BANK BUILDING DALLAS TEXAS 75201 AREA CODE 214 745 9501 Honorable Mayor and Council of the City of Denton Denton, Texas JOHN D RECALL 0992 1962) MILLARD PAR HURST (1909 1073) CLARENCE E CROWE (1903 1062) March 22, 1983 Gentlemen City of Denton General Obligation Bonds, Series 1983, $4,742,000 In compliance with Section 9 02 and Section 9 04 of the City Charter of the City of Denton, you are advised that the bids for the captioned issue of bonds have been tabulated and that we find that the bid of a syndicate managed or headed by the following �Evs.-Be..ieBAN•r ZAI -AS wit the bonds to bear interest at the rates therein specified with such bidder to pay par and accrued interest to date of delivery for said bonds, plus a premium of $ —o- , is the lowest and best bid received, and we recommend that it be accepted We further certify that we have examined the ordinance presently placed before the Mayor and Council for the purpose of authorizing the issuance of said bonds, and, in our opinion, the said proposed bond ordinance is legal, and the bonds to be issued thereunder will be general obligations of the City payable from ad valorem taxes levied against all taxable property in the City, and pledged irrevocably for such payment, within the limit prescribed by law Respectfullv, MCCALL, PARKHURST & HORTON Thomas K Spurgeon OFFICIAL BID FORM Honorable Mayor and City Council March 22 1983 City of Denton Denton, Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructions dated March 4, 1983 of $4,742 000 CITY OF DENTON TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notice of Sale and Bidding Instructions and Official Statement, we will pay you par and accrued interest from date of issue to date of delivery to us plus a cash premium of $ - t7 - for Bonds maturing and bearing interest as follows Interest Interest Interest Maturity Rate Maturity Rate Maturity Rate 3 15 1984 io .7D % 3-15-1991 % 3-15 1997 % 3 15 1985 La-ee% 3-15-1992)�% 3-15 1998 q 7 0% 3-15 1986 0% 3-15-1993 % 3 15-1999 �-5% 3-15-1987 10 0 o% 3 15-1994 i00 % 3-15-2000 % 3 15 1988 1,Q 0 0% 3-15-1995 C� �1% 3-15 2001 % 3 15 1989 L 7 0% 3-15-1996 Y.GL-% 3 15 2002 � % 3-15-1990 9 'O% 3 15-2003 �,25% Our calculation (which is not a part of this bid) of the interest cost from the above is Total Interest Cost $ ��� o�✓� Less Premium - O� NET INTEREST COST $ 4 Cg / 5 �p EFFECTIVE INTEREST RATE ( O� O 5 % E'}e We are having the Bonds insured by cashier's Check of the RepublicBank Dallas Bank Dallas, Texas in the amount of $94,840 00 which represents our Goad Faith Deposit (is attached heretcT or jkao-ggep••xN,de,.ava¢l a6le•.40-yew-prier-4o--the-ope"4ng-of-H a-b+d+ and is submitted in accordance with the terms as set forth in the Official Statement and Notice of Sale and Bidding Instructions��;�� We agree to accept delivery of and make payment for the Bonds at RenublicB8nks Bank Austin Texas not later than 10 00 AM CST on April 26 1983 or thereafter on the date the Bonds are tendered for delivery pursuant to the terms set forth in the Notice of Sale and Bidding Instructions Respectfully submitted, RepublicBank Dallas N A ers By _ Authorized Re ve ACCEPTANCE CLkgplie P Parrish, Vice President The above and foregoing bid is hereby in all things accepted by the Cit of Denton T as this the 22nd day of March, 1983 ayo ATTE$7y� CC�� City a ret y Return of Good Faith Deposit is hereby acknowledged By OFFICIAL BID FORM Honorable Mayor and City Council March 22 1983 City of Denton Denton Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructions dated March 4, 1983 of $4 742 000 CITY OF DENTON TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notice of Sale and Bidding Instructions and Official Statement we will pay you par and accrued interest from date of issue to date of delivery to us plus a cash premium of $ -0 - for Bonds maturing and bearing interest as follows Maturity 3 15 1984 Interest Rate 10.50 % 3 15 1985 10.50 % 3-15-1986 10-50 3 15 1987 10 50 % 3-15 1988 10 50 % 3 15 1989 10 50 % 3 15 1990 7 75 % Maturity 3-15 1991 Interest Rate $.00 % 3-15-1992 8-2D % 3-15-1993 R " a % 3-15-1994 8 50 % 3 15-1995 $.70 % 3-15 1996 8 85 % Interest Maturity Rate 3 15 1997 9.00 % 3 15-1998 (1- 1r % 3 15 1999 9__IjO_% 3 15-2000 93_% 3-15 2001 9.40 % 3 15 2002 9 00 % 3 15 2003 9.00 % Our calculation (which is not a part of this bid) of the interest cost from the above is Total Interest Cost Less Premium NET INTEREST COST EFFECTIVE INTEREST RATE We are having the Bonds insured by E 4,25 647 50 8 4�625.647 50 9 , 049�1 .7_ % Check of the Fi c d National Bank Austin Tx _ in the amount of 94 840 00 which re resents our Good Faith Deposit ( or (has been made available to you prior to the opening of this bid)an`d� ism` s`ubm` ed in accordance with the terms as set forth in the Official Statement and Notice of Sale and Bidding Instructions We agree to accept delivery of and make payment for the Bonds at First City Nat Bank Austin, Texas not later than 10 00 AM, CST on April 26 1983 or thereafter on the date the Bonds are tendered for delivery pursuant to the terms set forth in the Notice of Sale and Bidding Instructions Respectfully submitted Tinrip n1ti Neuhaus & Co.. Inc --MGR ! (SEE ATTACHED LIST FOR ACCOUNT MEMBERS) Y/ By OorizeRepresenta*tive Walter Schleyer ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of Denton Texas this the 22nd day of March 1983 ATTEST City Secretary Return of Good Faith Deposit is hereby acknowledged By $4,742,000 CITY OF DENTON, TEXAS General Obligation Bonds, Series 1983 Sellingi Tuesday, March 22, 1983 RepublicBank Dallas N A , Manager Texas American Bank, Port Worth The Northern Trust Company Shearson/American Express Inc Kidder, Peabody & Co , Incorporated Greer Moreland Posdi.ck Shepherd, Inc. Westcap Securities Corp IN ASSOCIATION WITH Merrill Lynch White Weld Capital Markets Group, A Mgr ager- -Jot" -Manager- -- ., nco p e j6UT-manager 9ppler, Guerin & Turner, Inc OFFICIAL BID FORM Honorable Mayor and City Council March 22 1983 City of Denton Denton Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructions dated March 4 1983 of $4,742 000 CITY OF DENTON TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notice of Sale and Bidding Instructions and Official Statement we will pay you par a{it1d accrued interest from date of issue to date of delivery to us plus a cash premium of s —V — for Bonds maturing and bearing interest as follows Interest Interest Interest Maturity Rate Maturity Rate Maturity Rate 3 15 1984 10 50% 3-15-1991 a Qo % 3-15 1997 9.10 % 3 15 1985 10 50% 3-15 1992 8,20 % 3 15 1998 9.2_0% 3 15-1986 10 50% 3 15-1993 8.40 % 3 15-1999 9_2y_% 3 15 1987 10 50% 3 15-1994 8 60 % 3-15-2000 9.25 % 3 15 1988 10 50% 3-15 1995 $,3Q_% 3 15 2001 9.2S % 3-15-1989 7 50 % 3-15-1996 9_0.0_% 3 15-2002 9.25 % 3 15 1990 7 70 % 3 15 2003 9.25 % Our calculation (which is not a part of this bid) of the interest cost from the above is Total Interest Cost $ 4,672 860.00 Less Premium NET INTEREST COST s 4,612 860.QQ__ EFFECTIVE INTEREST RATE 9 024121 --% We are having the Bonds insured by Ca hiers Check of the First City National Bank Austin in the amount of 9 84U 00 which represents our Oood Faith Deposit PQX>5t5acMff55Wi or (has been made available to you prior to the opening of this bid) and is submitted in accordance with the terms as set forth in the Official Statement and Notice of Sale and Bidding Instructions We agree to accept delivery of and make payment for the Bonds at First City NatlBank Austin Texas not later than 10 00 AM CST on April 26 1983 or thereafter on the date the Bonds are tendered for delivery pursuant to the terms set forth in the Notice of Sale and Bidding Instructions Respectfully submitted see attached By Authorized Representative ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of Denton Texas this the 22nd day of March 1983 ATTEST City Secretary Return of Good Faith Deposit is hereby acknowledged By $4,742,000 CITY OF DENTON, TEXAS GENERAL OBLIGATION BONDS, SERIES 1983 Respectfully submitted, C&C Southwest First City National Bank Houston A G Becker BancTexas Dallas Capital Bank Houston E F Hutton First Southwest Company Rotan Mosle OFFICIAL BID FORM Honorable Mayor and City Council March 22 1983 City of Denton Denton Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructions dated March 4 1983 of $4 742 000 CITY OF DENTON TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notice of Sale and Bidding Instructions and Official Statement we will pay you par tGrued interest from date of issue to date of delivery to us plus a cash premium of $ 11�/U for Bonds maturing and bearing interest as follows Maturity 3 15 1984 3-15-1985 3-15 1986 Interest Rate 8 50% 8 50% 8 50% 3 15 1987 8 50% 3 15 1988 8.50% 3 15 1989 R_S0% 3 15 1990 A 2r Interest Maturity Rate 3-15 1991 8 00 % 3-15-1992 8 25 % 3 15-1993 8 50% 3 15-1994 8 7 5% 3-15-1995 9 00% 3 15 1996 9.10% Maturity 3 15 1997 3-15 1998 3-15 1999 3-15-2000 3 15 2001 3 15 2002 3 15-2003 Interest Rate 9 30% 9 40% 9 50% 9 50% 9 60% 9 60% 9 60% Our calculation (which is not a part of this bid) of the interest cost from the above is Total Interest Cost $ 4,669,320 00_ Less Premium 117 50 NET INTEREST COST $ 4,669,202 50__ Yz EFFECTIVE INTEREST RATE 9 1343 % d.v,A We are having the Bonds insured by C-Sh1P,Y'S Check of the First State Bank Denton in the amount of 94 840 00 which represents our Good Faith Deposit (is attached hereto or o you id) and is submitted in accordance with the available(has been made t terms as set forth th e e Officialor to the Statementing of �b and Notice of Sale and Bidding Instructions We agree to accept delivery of and make payment for the Bonds at tO be designatetank Austi Bondsnareetenderedlforrthan 10 delivery OpursuantCST to theApril terms setB3 or forth inetheter on-the Txas not Notice of Sale and Bidding Instructions Respectfully submitted SALOMON BROTHERS INC BY SALOMON BROTHERS INCBy Autho ed Representative " J nes MCCu� ough, Vice President ACCE ANCE AUSE Municipal Bond Department The above and foregoing hid is hereby in a ngs accepted by the City of Denton Texas this the 22nd day of March 1983 ATTEST City Secretary Return of Good Faith Deposit is hereby acknowledged By OFFICIAC BID FORM Honorable Mayor and City Council March 22 1983 City of Denton Denton, Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructions dated March 4, 1983 of $4 742 000 CITY OF DENTON TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notice of Sale and Bidding Instructions and Official Statement, we will pay you par t, ac rued interest from date of issue to date of delivery to us plus a cash premium of $ 1 / y b for Bonds maturing and bearing interest as follows Interest Interest Interest Maturity Rate Maturity Rate Maturity Rate 3-15 1984 10 70 % 3-15-1991 8 00 % 3 15 1997 9 00 % 3 15-1985 10 70 % 3 15-1992 8 15 % 3 15 1998 9 10 % 3-15 1986 10 70 % 3 15-1993 8 30 % 3 15-1999 9 20 % 3 15 1987 10.70% 3-15 1994 8 50% 3 15 2000 9 30 % 3-15 1988 10 • Sa % 3-15-1995 8 70 % 3 15-2001 9 40 % 3 15 1989 7 70% 3-15 1996 8 85% 3-15 2002 9 40 % 3-15-1990 7.70% 3 15-2003 9 40 % Our calculation (which is not a part of this bid) of the interest cost from the above is Total Interest Cost t 4.620,969 00 Less Premium NET INTEREST COST EFFECTIVE INTEREST RATE We are having the Bonds insured by _ Cashier ' a Check of the our (h1Ls1UQA8KXMX*Y 1KkX: accordance with the terms as Instructions 17 90 4,620,951 10 9 0399 t Bank Dallas N{A. it (is attached hereto) or }SYIY and is submitted in Notice of Sale and Bidding We agree to accept delivery of and make payment for the Bonds at City NationalBonk Austin, Texas, not later than 10 00 AM CST on April 26 1983 or thereafter on the date the Bonds are tendered for delivery pursuant to the terms set forth in the Notice of Sale and Bidding Instructions Respectfully submitted InterFirst Bank Dallas, N.A Bank of Oklahoma_ N_A_ Texas Commerce Bank, N.A. Dean Witter Reynolds Byre-1� Schneider, Bernet & Hickman Mary �n " rt�v, �t9S Vice President ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of Denton Texas this the 22nd day of March 1983 ATTEST City ecretary Return of Good Faith Deposit is hereby acknowledged By Prepared By First Southwest Company, 800 Mercantile Dallas Building, Dallas, Texas 75201 TABULATION OF BIDS RECEIVED AT SALE OF $4,742,000 CITY OF DENTON, TEXAS GENERAL OBLIGATION BONDS, SERIES 1983 Selling Tuesday, March 22, 1983, at 7 00 PM, CST ACCOUNT MANAGER GROSS I LESS NET INTEREST COST I PREMIUM INTEREST COST EFFECTIVE ff 9 00 146sfg, 9 0 ,Z V141 9i3V3 9, 0.3 y 9 h I