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CITY OF DENTON CERTIFICATES OF OBTIGA,TION
SERIES 1979
$17^,,000;
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TRANSCRIPT OF PROCEEDINGS
WITH rELIV'ERY PAPERS z
i
I
CERTIFICATE FOR
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
OF LION ISSOE CEETIFICATES OF OBLIGATION
, TESAS, FOR A-UPOPT nqpROVEMM7
THE STATE OF =ms
COUNTY OF D=.RTON
CITY OF DENTON
h7 the undersigned
as follows: Officers of said City, hereby certify
I- The City Council of said :.Ity convened in
REGULAR MEETING ON THF, 4TH DAY OF SEPTEMBER, 1979,
at the Ml=icipal Building (City Hall), and the roll was call-
ed ouacil yt O=-Q-I ;tub officers and members of said City
Brooks Holt, City Secretary Bill Nash, Major
Roland vela Dick Stewart -
Ray Stephens Bud Hensley
and all of said person were present, except the following
absentees-
thus constita~-jag a quor=- Naereupon, among `her business,
the following was transacted -at said :3eet1mg: s written
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTPVTION TO ISSUK CERTIFICATES OF r°LIGATION
OF THE CITY OF DENTON, TEZAS. FOR AIRPORT IM?ROVEj=TS Y
was duly int`-oduced for the C►sideration of said City
Council and read in full- It was then duly moved and seconded
that said Resolution be adopted; and, after due discussion,
said motion, carrying With it the adoption Of said Resolution,
prevailed and carried by the following vote:
AYWAll members of said city council
shown present above voted `aye".
NOES: ,None.
2- a true full, and correct copy of the aforesaid
-Resolution adopted at the Meeting described in the above and
foregoing paragraph is attached to and follows this Certificate;
that said Resolution-has bo-en duly recorded in said City Council's
minutes of said Meeting: that the above and foregoing paragraph
is a true, full, ands-=azrect excerpt from said City Council's
minutes of said Meeenq pertaining to the adoption of said Reso-
lution; that the PPi"sOns named is the above and for
graph are the dyUy"chosen, qualified, a---d acting officers ands
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-officials and
time y personally, in advance, of
, place, and purpose of the aforesaid .`fleeting, and that
aaid Resolution wor-Id be introduced and considered for adoption
at said meeting, and each of said officers and members consented,
in advance, to the holding of said Meeting for such purpose; and
that said Meeting was open to the public, and public notice of
the time, place, and F=pose of said Meeting was given, all as
required by Ve--Ions Aan~ Civ. St. Article 6252-17.
3. That the .*.ayor of said City has app-roved, and hereby
approves, t!--e aforesaid Resolutior_ tl:at the Mayor and the City
Secretary of said City have duly signed said Resolution; and
that the Mayor and the City Secretary of said City hereby de-
clare that their signing Of this Certificate shall constitute -X
the signing of the attached and following copy of said Resolu-
t.on for all purposes.
SI ' SLED 4th day of ptemb 79.
or
Caty Secre ry
=n
RESOLUTION A =ORIZING PUBLICATION OF .QOTICE OF
LMTION TO ISSUE CERTIFICATES OF OBLIGATION
OF TEM CITY OF DFNTON TE=S, FOR AIRPORT I.MpgM .rgS1TS
T8E STATE OF TEXAS
COUNTY OF DENTON _
CITY OF DENTON _
WBERF.AS, it is deeMed necessary and advisable that No-
tice of Intention to Issue Certificates of Obligation be
given am hereinafter provided.
T=MFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF 4
DENTON: r
Section I- That attached hereto is a form of nvo=CE OF
INt'."WTION TO ISSUE CERTIFICATES OP OBLIGATION OF THE CITY OF
DEM"'W' , TEXAS, FOR. AIRPORT ImPRpV w, the form and sub-
stance of which are., hereby adopted and approved.
Section 2. That the City Secretary shall cause said
NOTICE, in substantially the form -attached hereto- to be pub-
shed once a week for two consecutive weeks is newspaper
of general maculation in the City, the date of the first
publication to be at least fc -xteen (14) dcr s prior to the
date tentatively set for the-,passage of the Ordinance author-
i~g the issuAnce of such Certificates of Obligation.
THE STATE OF TEXAS _
Coax= OF D4=, TON _
CITY OF DENTON J`
NOTICE OF L'~iTETION
TO ISSUE •CEETr, 1CATES OF OBLIGATION
OF THE CITY OF DE: TCa, TEXAS, FOR AIRPORT I3 PROVMMr.y-c
THE CITY OF MENTON, in Denton County. Texas. hereby gives
notice of intention to issur: Cr= OF DEN= CER^ :rcATES OF
OBLIGATION in the ma..cimum principal amount of S200,000, for
the Purpose of paying all or a portion of the City's contractual
obligations incurred 8.
pursuant to contracts for improvements to
the City's Municipal Airport, including the y°
paving and repaving
of runways, and paying all or a portion of the contractual obli-
gations for professional sexv,Lces of engineering, architects,
attorneys, and faancial advisors in connection with such air-
POZ't improvements and Certificates of Obligation. The City
proposes to provide for the Payment of such Certificates of
Obligation from the levy and collection of ad valorem takes
in the City as provided by law, and from the surplus revenues
derived by the City from the ownership and operation of the Y%
City's Municipal Airport remaining afPayment of all opera-
tion and maintenance expenses thereof, and all debt service,
re.-e=ve,, and other requirements in connection with any revenue
bonds hereafter issutd by the City to be payable from Net
Revenues of the City's Municipal Airport. The City Council of -
the City tentatively proposes to authorize the issuance of
such Certificates of Obligation at 7_00 p.m. on the 25th day
of tember 1979, In.the City Council roam at the Municipal
Building,, Denton, Texas.
CITY OF DENTON, TEXAS
By Brooksa Holt.
City Secretes-y
4 s.
IN'RfE MATTEV': (fi`r'
r+: '~1tr oT ~tMon
THESTAT;i^r.FTI` LA = Roy Appleton;jr.
yl -
Ya Y{J~a fy.
~gpg+fol woza,, 9tysl ishcCxmerl`J'danngerofthe-Dent= Remrd-Chmnicle,ane"PAL r_ ~w
":V gmerafdreolation which fisa,'bem eontinaously aad regalady F UMShed fora period ofL
lem,*S I 41"e ymr?n-the Commipr of Dcnton+ Ttxas. pree--&ng *e aerie of the attached nodoe. ~
that. th•, mdd ce.vsw dgioltedain saiA poperon the fonowing_dates:
'C-Alos, Of ah F4 Rant'! J&D far
fig.
I
U4 kt
All.
2 - October ;19
_bd svrorn'.O ! ~y `.f e! 79
lak~re ~a c this
r w-4 >aNa 1~ 1 _ ray 43 'z Vr ~li
rit\it~and O _ _ w
df
Notary fthJSC Dentimlounty,Teaaas>
or
-jo
l
CERT ?X=ATE FOR
t
ORDIDmW= AVPHORTZING THE ISSUANCE OF CERTIFICATES OF OBLIGATIO '
THE'.STPTE OF 'TEXAS•
COUNTY OF DErrI`ON
CITY OF DENTON
We, the t nderxdgned officers of said City, hereby certify
as follows:
1. The `City CM=cil of said Cite convened in
REGULAR MEETING ON THE 25TH DAY OF SEPTEMBER, 1979,
at the'Munic:LpaI',Z~mi+diag (City Hall) , and the roll was called
of the duly constituted-officers and azmbers of said City
Council, to-wit.:
Brooks Holt, City Secretary Bill Nash, Mayor
Roland 'VeIA Dick Stewart ,
Ray Stephens Bud Hensley
z
and all-vf'said persons were present, except the following
absentees: f.3=
thus com-nattttza
q'a,quorum. ie►hEreupon, amr)ng other .,business,
the follo%,•=- '9; ur~~ ransarted° at said meeting: a written
ORDINANCE 1'iIITHC`2IZ1'L@~ SHE ISSUANCE OF CERTIFICATES OF OBLIGATION
was duly introdr,-:for h'e consideration cf said City Council
and read in fall _;it was then duly moved and seconded that
said Ordinance be:passed; and,'after due discussion. ;aid mo-
tion, carrying with it the-.passage of said Ordinance, prcvail-
.ed and camLemed by ,.the following vote:
AYES -43X members of said City Council
shown'present above voted "Aye'.
NOES- None.
2. That_a true, full, and =rrect copy of the aforesaid
Ordinance passed at: the Meeting described in the above and fore-
going paragraph is.,attached-to and follows this Certificate;
that-said Ordinance-has been duly recorded in said City Ccil's;,_
minutes,-of'said, Meeting.; that the above and foregoing paraar_aph y
is a tZee, full::,,'and correct'excerpt from said City Council's
minutes of,said-Meeting pertaining to the passage of said Ordi-
nance,-,that the.persons named in the above and foregoing Para-
graph am the-duly chosen, qualified, and acting officers and
members of sad.Cty-Council as indicated therein; that each of
the officers tend mcnbers of said City Council was duly and suffi-
ciently notified officially an'd personally, in advance, of the
time, place: and Purpose of the aforesaid Meeting, and that said
Ordi.n;aace would be.~ atroduced and considered for passage at said
Meeti~;,;and--eaeh of said officers and members consented, in ad-
vance, to the holding of said Meeting for such purpose; and that x
said Mee as
Ling w oP_r_ahto: the public, and public notice of the -
time place, and purpose of said meeting was given, all as re-
quired by Vernon's-Ana. 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
Secretarr_of-said City have duly signed said Ordinance; and
that the 2Kayor ana =the City Sec:-etaxy of said City hereby de-
clare that their signing of this Certificate shall constitute
the signing of the-attached and following copy of said Ordinance
for all
...:purposes.
=r
SIGNS AND SEALED the 25th day of Se r. 1979.
1
City
- Secrez.ary, Mayor
(SEAL)
4
9
ORDINANCE NO. 79- Z T
ORDINANCE AUTHORIZING THE ISSUANCE OF CERTIFICATES OF OBLIGATION--_ "Y
THE STATE OF TES
COUNTY OFD ,
CITY OF DMMON
_ rY
WHEREAS; Vernon's Article 2368a.1 permits the City to -
i,ssne and sell`for_cash the Certificates of Obligation here-
inaf ter authorized; , and
-WHEREAS.'.the City, has duly caused notice of its intention
to issue: the Certificates of Obligation-hereinafter authorized
to;be published * "the times and in the manner required by
Vernon's Article 2368a.I, and no petition has been filed pro- `
testing the issuance thereof.
THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
Section 1.'' That the said City's Certificates of Obliga-
tion (hereinafter sometimes called "Certificates') are hereby
authorized to=be issued in the aggregate principal amount of
$170,000 'FOR THE-PURPOSE. OF PAYING ALL OR A PORTION OF THE
CITY'S OBLIGATIONS INCURRED PURSUANT TO CONTRACTS _
FOR :Ta THE CITY'S MUNICIPAL AIRPORT, INCLUDING
THE PAVING, AM REPAVING OF RUNWAYS, LM PAYING ALL OR A POR-
TION OF THE; OBLIGATIONS FOR PROFESSIONAL SERVICES
OF ENGINEMa4G,. ARCHITECTS, ATTORNEYS. AND FINANCIAL ADVISORS
IN CONNECTION WITS-SUCH .AMPORT IMPROVEMENTS AND CERTIFICATES
OF OBLIGATION. •a
Section 2. That-said Ce=~iflcates shall be designated
as the: CITY OF DENTON CERTIFICATES OF OBLIGATION. SERIES
1979.
Section 3_ That said Certificates shall be dated
OCTOBER IF 19790shall be in the denomination of $5,000 each,
sh,dal be numbered consecutively from one upward, and shall
:datu=e serially .on:the maturity date, in each of the 5
years,
and in, the aasountsrespectively, as set forth in the follow-
ing s;:liedule:
MATURITYDATES: JANUARY 1
YEARS AMOUNTS
1990 $10,000
1991 20,-000
1992 20,000
1993 20,-000
1994,- 25,i100 ,
1995 25,000
1996 25.000
1997 25.000 s
sectson 4.' That said certificates shall bear interest
at the- rate of 4,-mk per annum, evidenced by interest coupons
whi4.h shall-appertain to said Certificates, and which shall
be payable-in the- manner prc.-,:"dam and on the dates stated in
the FORM, OF CERTIFICATE set forth in this ordinance.
section 5.That said Certificates and interest coupons
shall be issued,;sharxl_be payable, may be redeemed prior to
their scheduled-matr;Yitier,: shall have the characteristics,
and shall. be signed and executed (and said Certificates shall
be sealed); all,- asprovided,-and in the manner indicated, in
the FORM OF CERTIP'ICATE,.set forth in this OrdiL-ince.
Section 6_' TTh4lt the form of said Certificates, includ-
ing the'fo= of Registration Certificate of the Comptroller of Public' Accounts of the `State of Texas to be printed and
endorsed on each``of;said certificates, and the form of the
aforesaid interest coupons which shall appertain and be at-
tached initial2, tw each of said Certificates, shall be,
respectively, substantially as follows:
FORM OF CERTIFICATE:
NO. SS,000
n
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF DENTON
CITYor DENTON
CERTIFICATE-OF OBLIGATION
SERIES 1979
ON JANUARY lip'-'19 THE CITY OF DENTON, in DENTON COUNTY,,
TEXAS, hereby promises to pay to bearer the principal amount of
FIVE THOUSAND DOLLARS
and to;~aay interest thereon; fr,)r date hereof, at the rate of
$ per annum, 'evidenced by interest coupons payable
JANUARY 141 1981,'and semiannually thereafter while this Certi-
ficate is outstanding.
THE PRIWXPAL::of this Certificate and the interest coupons'
appertaining hereto-shat be payable to bearer, in lawful money `
of the Un.ted"States: of America, without exchange or collection
charges'to the bearer, upon presentation and surrender of this
Certi.fIcate or;groper interest coupon, at the following, which
shall constitute-and be defined as the "Paying Agent" for this
Series' of certificates:
FIRST STATE BANK,
DENTON, TEXAS.
THIS CERTB'ICATE -s one of a Series dated as of OCTOBER 1,
1979, authorized, 1sraed, and delivered in the principal amount
of $170x000 FOR`,MW/PQRPOSE OF PAYING ALL OR A PORTION OF THE x
CITY',SCOIQTRACTDALOBLIGATIONS INCURRED PURSUANT TO CONTRACTS `
FOR nerammmc,-5' THE CITY'S MUNICIPAL AIRPORT, INCLUDING f,
THM,PAYING A= REPAVING OF RUNWAYS, AND PAYING ALL OR A POR-
TION ^'F'THE CONTF4kCTUAL OBLIGATIONS FOR PROFESSIONAL SERVICES
OF EP ~22INGF, ARCSITECTS, ATTORNEYS.. AND FINANCIAL ADVISORS r
IN COW=TION WITS.-SUCH AIRPORT IMPROVEMENTS AND CERTIFICAT$S
OF OBLIGATION-
TEE OUTSTANDING CERTI]~ICATES of this Series may be redeem-
ed prior.to`their scheduled mate-_ities, at the option of said
City, in whole, or,im party or any date, for the principal
amount-thereof and -accrued int~-nASt thereon to the date fixed
for redemption`. On, or prior to, the date fixed for any such "
redemption -said=City."shall cause a written notice of such re-
demptlon to be-given ,to-the 'Paying Agent". By the date fixed
for any such motion d"±e provision shall be made with the :E
*Paying -Ageat";for`the rayment of the principal amount of the
Certificates vhich'are to be so redeemed and accrued interest
thereon to the'date fixed-for redemption. If such written no-
t1ce of _redemption is given and if due prevision for such
PaY-
ment i.s made, atI-as.pro:ided above, the Certificates which
are to ne so 'redeemed therety automatically shall be redeemed a
prior to their scheduled maturities, and they shall not bear
-r
j=%,-rest after the date fixed for redemption, and they shall
not ba regarded'-as being outstanding except for tae right of
the``beaxer-to:receive the.redemption price from the -Paying
Agent` out of the funds provided for such payment.
s
2T IS_EMIUMT certified, recited, and covenanted that this
Certificate has:,been'duly and validly authorized, issued, and
delivered.- that all acts,: conditions, and things required or
proper to lwperformed, exist, and be done precedent to or in '
the authorizatlon;- .ssuance and delivery of this Certificate
have-been perfotmed; ex3:sted, and been done in accordance with s
laws that tbiz-Certificate is a general obligation of said City,
issued on the-fu=' faith"and credit thereof; and that annual ad
valorem,taxes',suff cient to provide for the pay=ant of the in-
terest on and principal of'thi.s Certificate, as such interest
comes.-due:and such principal matures, have been levied and
ordered to'be,-levi.ed.against all taxable property ir_ said City,
and have been-pledged Irrevocably for such payment, within tLe
limit prescribed by law and that this Certificate is addition t
ally secured' W .'and-payable fr~_-uhe surplus revenues derived
by the -C1ty fz-om~ -'the ownership and operation of the City's
Municipal`Airport=rema►.i,niag_after payment of all operation and
maintenance-exPense* thereof, and all debt service, reserve,
and other,requirements in connection with any revenue bonds
hereafter issued by-the City" tc be payable from Net Revenues 4
of the City's Municipal Ai.port_
IN U'~SS WHEREOF this Certificate and the interest
coupons`ar;?e ~inq hereto have been signed with the facsimile
signature_of- tbe- Mayor of said City and countersigned with the
facsimi_..e signatnre-of thy. City Secretary of said City, ahd the
official -seal of- ~ss d City .has been duly impressed, or placed
. ~a
in facsimile, on this Certificate.
~aoaaooe' XXXXX CX :
City Secretary may--r
FORM OF REGISTRATION CERTIFICATE:
.rCOMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
x-
I hereby certify that this Certificate of Obligation has
been examined:-"eartfied as to validity, and approved by the
Attorney General of the State of Texas, and that this Certi-
ficate of obligation has been registered by the Comptroller
of Public Accounts of the State of Texas_
Witness my signature and seal this _
~aaaaaacx
Comptroller o Public Accounts o
the State of Texas
FORK OF INTEREST COUPON_
NO _ $
ON 1. 14
TITS C= OF DMMM01 IN DENTON COUNTY, TEXAS. Promises 4
to pay to'beaxer the amount shown on this interest coupon, y;
is 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 schedul-
ed maturity of the`Certificate to which this interest coupon
appertains, upon presentation and surrender of this interest
coupon, at
-3- I
r
FIRST STATE BANK.
Dmnos, %McAS,
said amount being 'interest coming due that day on the Certi- µ
ficate,'bearing.the.-number hereinafter designated, of that
issue of -CTf'Y'-OF _DEZ=N CERTIFICATES OF OBLIGATION, SERIES -
1979, DATW OCTOBER 1, 1979. Certificate No.
~amm~caac _ x.~cxxr~c
City Secretary. Mayor
Section 7_ That a special "Interest and Sinking Fund" is
hereby created sYolely. for the benefit of said Certificates, and "
said Interest' -Sinking Fund shall be established and main-
taimed by saia:.:y...~ Vat an official depository bank of said City_
Said Interest's 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 Cer-
t1ficates. All 4d'valorem taxes levied and collected for and
on account of.said Certificates shall be deposited, as collect- t?
ed, to the credit of said Interest and Sinking Fund_ During
each year while any.of said Certificates or interest coupons
fi"4
appertaining thereto.-are outstwndiag and unpaid, the governing
body of-said City shall compute and ascertain a -ate and amount,
of ad'valorem-tax which will be sufficient to raise and produce
the money required;to pay the interest on said Certificates as
such interest comes due, and to provide and maintain a sinking
fund-adequate to pay the principal of such Certificates as such
principal matures "lbut-never less than 2% of the original prin-
cipal amount of said Certificates as a sinking fund each year);
a=1 said tax shall-be based on the latest approved tax rolls of
sai4t City, with full allowance being made for tax delinquencies
and'-tLe cost of to r. collection. Said rate and amount of ad
valorem tax is-hetreby levied, and is hereby ordered to be levied,
against all taxable, property in said City for each year while
any of said.CerCificates or interest coupons appertaining there- -
to are outstan6mg=.and unpaid; and said tax shall be assessed
and eollecte& 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 Certificates, as such interest comes due and
such principal matures, are hereby pledged irrevocably for such
payment, within the limit prescribed by law.
Section 8. Said Certificates additionally shall be pay-
able frm and secured by the surplus revenues derived by the
City from the--:o mership and operation of the City's Mtnicipal ~
Airport remalz=ig after payment of all operation and mainten-
ance expenses -thereof; and all debt service reserve, and ocher
requirements in connection -with any revenue bonds hereafter LnN
issued by the City to be payable from Net Revenues of the City's
Municipal Airport.- The City shall deposit such surplus rev-
enues and the ad valorem taxes levied pursuant to ,Section 7'
hereof to the credit of the Interest and Sinking Fund created 3
pursuant to Section '7 in an amount sufficient to pay the prin-
cipal of and interest on said Certificates, .2nd if surplus
revenues are actually on deposit in the Interest anC Si^~±rq
Fund in advance of-the time when ad valorem taxes are scAedulea
to be levied I:= any year. :hen the amount of taxes which
otherwise worald have been required to be levied pursuant to
Section 7 maybe reduced to the extent and by the amount of
the surplus revenues then onedeposit in the Interest and Sink-
4an,
ing Fund_
Section 9. That the Mayor of said City is hereby author-
ized to have control of'said Certificates and all necessary
ti
~z
-4-
lam.
records and proceedings pertaining to said Certificates peed-
inq 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 or said Certificates, _
said Comptroller cif Public Accounts (or a deputy designated '
in writing-to.-act-for said Comptroller) shall manually sign
the Comptroller'`s Registration Certificate printed and endors-
ed on each of said-'CartIficstess, and the seal of said C",aptzoller Y
shall be impressed, or placed in facsimile, on each of said
Certificates-
Section 10_ .-That the City covenants to and with the pur-
chaser'of the Certificates that it rill make no use of the pro-
ceeds. of, he Certificates at any time throughout the term of
this issue, of Certificates which, if such use had been reason-
ably e~cpecbe4_ on the, date of delivary of the Certificates to
anc}-_payment for the Certificates by the purchaser, would have
µ
cau ad the Certificates to be arbitrage bonds within the r..ean-
i.ng of -Section 103 (c) of the internal Revenue Code of 195.1t, as
amended, or any regulations or rui:..*+gs pertaining thereto r and
by this covenant the City is obligated t, comply with thz re-
quirements 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 pro--
ceeds of the-Certificates will not otherwise be used directly
indizvctly, y . 9.. as--` cause all or any part of the Certificates
to be or become arbitrage.b=ds within the meaning of the afore-
saidSectic-. 103j01,, or any regulations or rulings pertain;-ig
4
thereto.
Section II.. That it is hereby officially found and deter-
mined and declared:- that a case of emergency or urgent public
necessity exists which requires the holding of the meeting at
which this _Ordinance is passed, such emergency or urgent public
necessity beinq that'the proceeds from the sale of said Certi-
ficates-acre required as anon as possible and without delay for
necessary 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 moet.4ng was given, all as re-
quired by vernon's'Ann. Civ. St. Article 6252-17.
Section 12. That said Certificates are hereby sold and
shall be delivered'to First southwest Company for cash for
the par value thereof and-any accrued interest to date of de-
livery, and any sw:i accrued interest shall be deposited into
the Interest and'Ssnking Fund.
f1.
-rte
GENERAL CERTIFICATE.
TSE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTONT _
we, the undersigned officers of said city, hereby certify
as follows:
1. That-this certificate is executed for and on behalf
of said City; with; reference to the issuance of the proposed f}
CXTY OF DENYTON CERTMCATES OF OBLIGAT.T_ON, SERIES 1979, PATTED y
OCTOBER 1, 1979. s
2. That said-City is a duly incorporated Hrnne Rule City,
1 •T~
having more -than SOOO inhabitants, operating and existing un-
der the Constitu{:ion and laws of the State of Texas and the
duly aoopted-Home Rn1e Charter of said City, which Charter has
not been changed or `amended since the passage of the ordinance_
author zinc the-issuance of the most recently dated, issued, ~x
and outstanding bonds_of said City shown on "Exhibit A", which
is attached to this certificate.
3. Thatno litigation of any nature has ever ,seen filed
pertaining to, affecting- questioning, or contesting-- (a) the;.
ordinance which authorized said City's proposed Certificates
described in paragraph l of this certificate; (b) the issuance,
execution. delivery,.payGent, security, or validity of said _
proposed Certificates, (c) the authority of the governing body
and the officers'of'said City to issue, execute, and deliver
said Certificates, (d) the validity of the corporate existence
of said City, (e), the current Tax Rolls of said City, or (f)
the Home-Rule Charter of said City; and rhat no litigation is
pending pertaining; to, affecting, questioning, or contesting '
the current roundaries of said City.
4.. That attached to this certificate and marked "Exhibit
An is a--true, full,--and corre.:t schedule and statement of the
aforesaid proposed' Certificates, and of all presently outstand-
ing tax i_ndebteduess of said City.
5. That the currently effective ad valorem Tax Rolla of
said City are those for the year 1979, being the most recent-
ly approved Tax Rolls of said City; that said City has caus4od
the taxable property in said.City to be assessed as required r
by law that the-"'Board of Equalization of said City has equal-
ized and approved the valuation of taxable property in said
City Zor said year; that the Tax Assessor of said City has duly
verified the aforesaid Tax Rolls, and said Board of Equaliza-
tion has finally approved the same; and that the assessed value
of taxable
.property ,in said City upon whirr the annual ae val-
orem tax'of_said City actually has been or will be levied (after
deducting the amount of all exemptions, if any, under Section
1-b(b), and Section 2(b), of -hrtic:e 8 of the Texas Constitu-
:.icu, and Article .7150h, V.A.T.C.S.), according the aforesaid
Tax Rolls for said year, as delivered to the City Secretary
of said City,.-and. finally approved and recorded by the City
Council of said City, is $304,943,630.
6.. That nor-petition has been filed protesting the issu-
ance of the aforesaid Certificates.
:
7. That the surplus revenues derived ty the City from t.e
ownership and operation of the City's Municipal airport remain-
ing after payment•of"a-LI operation and maintenance expenses
thereof, and all debt service, reserve, and other re%Z11irements
in connection, with any revenue bonds hereafter issued by the
C-tty-to be Payable ZEX Net Revenues of the City's Municipal
Airport;, have-.not been pledged to any debt or obligation of the
City other, h=a the Certificates.
SI AND:; 5th day of t 979.
i
Y Seer Mayor
(SEAL). - r+.
'EXHIBIT A"
Certificates of Obligation, Series 1979, dated 10/1/79, bear-
r
ing interest, 'and-:maturing as set forth in the Or6%nance au-
tificates_
thorizing.said Cer
Genera! ObI.igatian=.Bords, Series 1960, dated 7/15/60, now out-
rtanding in the principal amount of $150,000, bearing interestr
a_ad maturing in the amounts on July 15 of the years, as fol:.vws: h
3.85% 25M-80/85.
Street Improvement-Bonds, Series 1962, dated 3/15/621 now out- 3i
standing in the principal mount of $160.000, bearing interest, Ja'
and maturing in the amounts on March 15 of the years, as follows:
3-1/824. 2011-80, 83;
3.20%- 4OM--84/87_
General Obligation' Bonds, Series 1963, dates. 3/15/63, now out- }
standing in the principal amount of $180,000, bearing interest,
and maturing in the amounts on march 15 of the years, as follows:
31W : 2OH-80;
3_208: 20X-81/86;
-1/4%: 2OM-87/88.
ca_neral obligation Bonds, Seritz 1964, dated 7/15/64, now out-
standing in the principal amount of $165,000, i+ca'inq interest, _
and maturing in the amounts on Ju-1.1, 15 o.t the years, as follows:
3_15:: 55M-80.-
3-20%z 55M-31/82.
Park Improvement Bonds, Series 1964, dated 7/15/64, now outstand-
ing in the principal amount of $45.000, bearing interest, and r
maturing in the amounts on July 15 of the years, as follows:
3.15ic: ISM-80;
3_20%: ISk-81/82.
General Obligation -Bonds, Series 1966, dated 1/15/65, now out-
standing in the principal amount of 5420,000, bearing interest,
and maturing in the amounts on January 15 of the years, as
follows:
K~
3--3/88: 60K-80/82;
3-1/28: 60M-83/86.
Airport improvement warrants, Series 1966, dated 12/1/66, now
outstanding in the principal amount of $18,000, bearing inter-
est,, and maturing in the amounts on December 1 of the years, X4,1
as follows:
4-1/21: 12M-80; 6M-81;
'A
General Obligation. Bonds, Series 1967, dated 11/15/67, now out-
standing in the principal amount of $300,000, bearing interest,
and maturing in 'the amounts on may 15 of the years, as follows:
4-1/48: :►0M-80/69 .
i-ry
s.]
Y
!ter
General Obligation Bonds, Series 1968, dated 2/1/68, now out-
standing in the principal amount of 5475,000, bearing interest,
and maturing in the amounts on February 1 of the years, as
follows
4.10%: SON-80;
4.208: SOM-81/82; r
4-1/48r ~SOM-83;
4.30$: SOM-84/87; 75M-88.
k _
General Obligatior-Bonds, Series 1969, dated 4/15/69, now out-
standing in the.--principal amount of $685,000, bearing interest,
and ma*nring isi the amounts on April 15 of the years, as follows.
tR
4.908. _60M--80; 65M--81;
58. 70!t 82/841
570-85/87,
5-208: 70M-88/89-
Genea al Obligation Bonds, Series 1y70 dated 9/15/70, now out-
standing in the principal amount of $600,000, bearing interest,
and maturing in the amounts on March 15 of the years, as follows:,
5-1/482 5OM-80/81;
5-1/28 SOX-82/83;
5.658: SOX-84;
5.808: SOM-85;
5.908: 50M-86;
68: SOM-L`7;
6.108: 50M-8b;
6.208: SOM-89/90;
58: SQM-91.
Genera? Obligation.-Street Improvement Bonds, Series 1974, dated
7/15/74, now outstanding in the principal, amount of $1,500,000,
bearing interest, and maturing in the amounts on July 15 of the
years, as fouls.:
5-1/48: IOOM-80/82;
5.308: lOOM=83;
5.4G8r. IOOM-84/85;
S-1/2'.: loom-86;
5.608: 100M-87/88; f
5_7082 loom-89/90;
5.808- loom-91;
5-908: 10OM-92;
68: ZOOM-93/94.
General Obligation Refunding Bonds, Series 1974, dated 7/15/74,
now outstanding in the principal amount of $755,000, bearing
interest, and maturing in the amounts on July 15 of the years, {
as followsr
F
5-I/4%: SSM-80; SOM-81/82;
5.308 SOM-83
5.408: 5GM-84/85;
5-1/28: -SOX-86;
5.608: SOM,-87/88;
7_7082 50M-89/90;
5.80% Sam--91;
5.90%- SOX-92;
63: SOM-93/94.
a
v
General Obligation"-Bonds, Series 1976, dated 4/15/76, now out- _i
standing in the,Principal.amount of $2,250,000, bearing intPxest, _
and maturing <in-the amounts on July 15 of the years, as follows:
0-1/28: 1ZSM-80/81; 4
5..208 z ' 1~.•_g2;
4-1/28: 12:4►i-82/84 ;
4.608_ 12S1K-85;
4.708: 125,X-86;
4.808: 225M-87;
4.908; 125M-88;
58: 125M-89/90;
5.208: 12SM-91;
5.308: ISOM-92; ;z
5.408s 1501+-93/95;
4-1/28z 1SOM-96.
General Obligation Bonds, Series 1977, dated 6/1/77, now out-
StAn '^g in the principal amounc of $2,850,000, bearing inter-
est, and maturing'In the amounts on June 1 of the years, as
folloves:
6.008: 150M 80/84;
4.708:. 150Y-85;
4.408: 250M-86;
4_508: I5OM-87;
4.608- 150M-88;
4.708r 150M-89;
4_808: 1.SOM-90;
4-908: 150M--91;
5.008: 15OM-52/93;
5.20%z 1SOM-9•1;
5_258: 200M-95/96;
4.008: 20OM-97.
Certificates of. Obligation, Series 1978, dated 3/1/78, now out-
standing in the principal amount of $125,000, bearing interest,
and maturing in the r.=".ats on March 1 of the years, as follows:
5.508: SM=80/8I; 1OM-82/^07; 15M-8F/89;
25M-90.
General Obligaation'Bonds, Series 1979, dated 3/15/79, now out-
standing im the prinriPal amount of $4,522,000, bearing inter-
est: and maturing in the amounts on MARCH 15 of the years, as
follows:
7.008_ 225M_81/83;
6.258x 273M-84;
5.208. 229M-8S;
5.158: 22SM-86/88
5.208: 225M 89/92;
5_258: 22SM-93;
5.308: 22SK-94;
5.408: 225M-95;
5.458: 225M796;
5_50$: 225M-97/2000_
Total outstanding General obligation indebtedness - S15,1781000
,
-w-he Attorney General of Texas
December 13, 1979 =
MARK 1NHtrE
AtUXrney General
THIS IS TO CERTIFY that the following described ;certificates,. together with authenticated conies of
s„xermCoon BW Vq the proceedings relating to and authorizing the issuance
°O B131L t250 of same, have. been submitted to me for examination in
A"Un. TX. 75th
s12 47 -2*M accordanc.r with the requirements of the statutes o the
State of :Texas, to-wit:
CITY OF DENTON. CERTIFICATES OF OBLIGATION, SERIES 1979, issued on
virtue of Ordinance adopted by the City Council of said City o
the 25th day of September, 1979, for the purpose of paving all or
a portior of the City`s contractual obligations incurred pursuant to contraacts for improvements to the City's Municipal Airport,
including the paving and repaving of runways, and paying all or
a portion of the contractual obligations for professional services
of engineering, architects, atto•neys, and financial advisors in
connection with such airport improvements and certificates of
obligation; dated October 1, 1979; numbered consecutively from 1 y:
to 34, inclusive; in the denomination of Five Thousand Dollars
($5,000) 'each; aggregating the principal sum of One Hundred Seventy
Thousand Dollars ($170,000); maturing serially on January 1 in
each of the years as follows: q'
"x390 $10,000
1991/1593 20,000
1994/1997 25,000
bearing interest at the rate of 6.75% per annum, payable January 1,
1931, and semiannually thereafter on July 1 and January 1 while
said certificates` are outstanding; both principal and interest
payable at First State Bank, Denton, Texas; said certificates
being subject to prior redemption to the extent and in the manner
provided in said authorizing Ordinance.
From a careful examination of said certificates and proceedings
and the Constitution and laws of the State of Texas on the subject
of the execution and issuance thereof, I find the following facts,
to-wit:
(I) That City of Denton, Texas was, at the time of the adoption.
of the Ordinance above referred to, and is, as of this date, legally
incorporated;
.4
(2) That annual ad valorem taxes sufficient to provide for
Page the payment of the interest on and principal of these certificates,'
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,
wi-thin the limit prescribed by law;
(3) That these certificates are additionally secured by and
payable from the surplus revenues derived by the City from the
ownership and operation of the City's Municipal Airport remaining
after payment of all operation and maintenance expenses thereof,
and all debt service .`reserve', and other requirements in connection
with any revenue bonds hereafter issued by the City -o be payable
from Net Revenues of the City's Municipal Airport;
(4) That the Ordinance authorizing the issuance of said
certificates is in proper form and was legally adopted;
(5) That said certificates and interest coupons attached
thereto are proper in form and in accordance with the Ordinance
authorizing their issuance.
IT IS MY JUDGMENT..and I so find, that all of the requirements
af the laws under which said certificates were issued have been met-;
that said certificates were issued in conformity with the Constitution x
and laws of the State of Texas; and that said certificates are valid
and binding obligations of said City of Denton, Texas.
WHEREFORE, said bonds are hereby zpproved.
IN TESTIMONY WHEREOF, I have hereunto signed my name officially
and caused the seal of my ofi-ice to be impres-ed hereon, in the
City of Austin, Texas.
r-
in ~f a
Y ti
Attorney General o the tate of Tc a
No_ 16849
k
Book No. 66
ss
-Jb
Z
OFFICE OF COMPTROLLER 4
OF THE STATE OF TEXAS 4
t. Bob Bullock. Comptroller of Public Accounts of the State of Texas, do hereby
f
certify that the foregoing hereof 'is a true and correct copy of the opinion of the Attorney
Ge :al approving the City of 'katon. Certificates of Obligation, Series i?79
t=
numbered conseN utively from 1 to 34 of the denomination of
S 5,003'00 each. dated October 1 '19 79 'due Sae foregoing
interest 6.75 txnxnt. under and by authority of which said bonds were registered
in this office. on the 13th day- of De=ember 19-M. as the same appears of record
on page 529 Bond Register of the Comptroller's Office. Vol. 81 Register Number
45249 ry
Given under my hand and seal of office, at Austin, Texas, the 13th
t day of December i9 79
55!
Bob Bullock
Comptroller of Public Accounts of the y
State of Texas
.
i.x'n 2P~:✓1..03 iPer. l:-7~n r.
OFFICE OF COMPTROf LER 1
OF THE STATE OF TEXAS I
IArlenxe Chisholm p Bor,d Cleric 63 Assistar-t Bond Clerk in the office
of the Comptroller of..w~ State ^4 Texas, do hereby certify that, acting under the direction and
authority_ of saivt' Comptroller on the 13th day of December , 79 79
I signed the nary of said Comptroller to the certificate of registration indorsed upon : ach of the
City of Denton, Certificates of.Obligation, Series 1919
numbered from l to 34 inclusive, dated October 1, 1979
and in signing ficate of registration 1 used the following signature:
IN WITNESS WHEREOF I have executed this certificate this 13rh day of
fi
December _ ,'l4' 70-
1, Bob Bullock, Comptroller of Public A=--- :nts of the -State of Texas, do hereby certify
that the person who has signed the above certificates was dual designated and appointed by me
as Bond Clerk in the office of the Con-3troller of Public Accounts of the State of Texas under
authority vested in me by- Tex. Re-;. Civ. Stat. Ann. art. 4362 (1969), with authority to sign my
name to all certificates of regatmdon, and/or cancellation of bonds required by law to be registered
and/or cancelled by me, and was acting as such on the date first mentioned in said certificate, and
that the bonds descru- ed in said certificate have been duly registered in the office a said
Comptroller, as appears of record ~on s ,ige 529 of volume 81 under Registration
Number 45249 in the Bond Register kept in the office of the said Comptroller.
GIVEN under my hand.-and se., f office at Austin, Texas, this 13r' day cf
December t9 -7
a
BOB BULLOCK
Comptroller of Public Accounts of the
State of Texas
r--
-
DO-ARBITRAGE CERTIFICATE
THE STATE nF `TEXM _
COUNTY-or DENTON
CITY OF MmTON
irk
The undersigned, being the duly chosen and qualified
Mayor; City Manager, and Director of Finance, respectively, x
of the. City of Denton, Texas (the "City") hereby certify
with respect to,'that issue of City of Denton Certificates
of Obligation, Series 1979 (the "Certificates"), as follows:
I. that'we,;along with other officers, are charged
with ,the responsibility of issuing the Certificates ~..r
and expending the proceeds of the Certificates-
2_ that`thi- certificate and covenant are made pur-
suant to Sectio~%,% 1.103-13, 1_103-14, and 1.103-15 of
the -r%roposedIaacCme Tax Regulations (the "Regulations")
of tt e' Int-&rh;al Revenue Service with respect to arbitrage
bonds as described in Section 103(c) of the internal
Revenue' Code of'1954, as amendad ;the "Code"), and the
words and phrases used herein have the same meaniLgs as
defined and use in the Regulations_
3. that `ahis certificates is based on facts, e.3timates,
and c rcumstaw" in existence on the date of this cacti- }
ficate, whi-ch is the date of issue of the Certificates, :s
and on such'basls it is reasonably expected that the
following will occur with respect to the Certificates,
and, to the best knowledge and belief of the undersigned,
such expectations are reasonable:
(a)'- that the Certificates are issued for the pur-
pose`of paging -ll or a portion of the City's con-
tractual"obligations incurred pursuant to contracts -
for imx-erts to the. City's Municipal Airport, in-
e:iuding--paving and repaving of runways, and paying }
all or a-portion of the contractual obligations for '
professional services of engineering, architects,
attorneys,Zand financial advisors in connection with
such airport"i-iprovements and Certificates of Obli;a-
tion;
(b) that-the City will Incvz, within six months #
after the- date- of -issue of tb? Certificates, binding
obligatons•to commence the project to be financed
by the certificates, either by entering into contracts
for the-construction of such project to be financed by
the -Ceates, or by entering into contracts for
architecti=l or engineering services for such project,
or.. coatracti.for'land acquisition, site development,
purchaseof-construction materials, or purchase of
equipment;, for such projet-t, or in case of services, :
will ccimalk'-itself to maka: an equivalent expenditure <
for s+.m4 services by employees of the City, with 3
the amount'to be paid mder each such contract and A
C0lmaitmexxt with,-respect to such project to be in ex-
cess of` tyro= and one-half percent of the portion of the
amounts„received from the sale of the Certificates
allocat 1,:to such project (with the aggregate amounts '
to be_pai& under all such contracts to be in excess.
of -twb and- one=half percent of all of the amounts
received from the sale of the C:ex•L izicates) : °r
t
K
contracts
(c) that after entering into said or
making such commitments, work on such project will
proceed pro optly and with due diligence t-* completion;
(d) t'aat-al-i of the amounts received from the
sale"of the Certificates and all investment income de-
rived therefraa{ will be expended for the purposes of
the Certificates by-the end of the three- Year
period
beginning =n the date of issue of the Certificates;
(e)' that none of the amounts received from the r!
safe of the-Certificates will be placed in a reserve
or replaceme•„fund, and, except as provided in (f}
and (g) - below, none of the ,amounts received '`rom the
isale of :the certificates and none of the proceeds of
the Certificates of any kind will either (i) be placed
in a reserve or replaceblent fund,; or (ii) be used di-
rectly-,or indixectly to replace fw4ds which were used =
directly or indirectly to acquire any securities or
obligations of any kind;
(f). th&tt: a separate and special "Interest and
Sinking Fund- has been created and established solely
to pay the principal of and interest on the certifi-
Cates, with a-portion of such fund constituting a bona
fide debt service fund for the Certificates, and money
deposited intoo.the 'interest and Sinking Fund" for the
Certificates< vi 11 not be invested except during the
thirteen-month period beginning on the date of each
such deposit<of money, and the amounts received from
the "invent of money in the "Interest and Sinking
Fund' w37T°aot be invested except during the one year
period beginning on the date of receipt of such amounts;
provided, however, and except that, if any money so de-
posited, and any amounts received from the investment
thereof 'are accumulated in the "Interest and Sinking
Fund" and remain on hand in the "Interest and Sinking
Fund" after thirteen months from the date of deposit y
6f-a=y -such: moneey or one wear after the receipt of any
such imO=ts'fxam the investment thereof, such money
and amounts, to the extent of an aggregate not exceed-
ing'is* of=aL~e original face amount of the Certificates
(with the Certificates having been sold at face value
or parj, sha;-,'constitute a reasonably required debt
service resezve fund for the Certificates, and may be
invested, .and. -will not be subject to investment yield
_ restrictoas,;"hand shall constitute a separate portion
of the'wlnterest and Sinking Fund`;
(g) that it is expected that a portion of the
'Interest and.-Sinking Fund will be used primarily to
achieve -a-'proper matching of tax revenues collected
for the Certificates and debt service on the Certi-
ficates wither-each certificate year, and it is ex-
pected that such portion of the "Interest and S'iaking
Fvmd' will bey'depleted once a year on a first in -
f; rst 'out basis. "except for a posslIkle carryover
amount which will not exceed the greater of one year's
_earsiags;on:,such;fund or 1/12 of annual debt service
payable.'>from;-such: fund, 'gut any money and amounts
_ which may`bo accnmulated in the "Interest and Sinking
Fund" to-coastitute a debt service reserve fund for
.b,e cert ficates as described _ in (f), above, shall
constitute a separate portion of-the "Interest and
Sinking rund' _'aad will not be 'depleted annually.
and "will not be subject to yield restrictions: pro-
v ded.:that in' i~o ,event will such debt spice re-
serve xnnd_portion'of the "Interest and Sinking
Fund"" Averemceed 554- of the original face amount
of the Certificates;
(h) that, except as provided in (f) and (g), `
above, no, money or-amounts will be held or accumulaG-
ed in, or-1.*avested from= any sinking fund, debt service
fund ,--redemption. fund,-reserve fund, replacement fund,
or similar-fund which is reasonably expected to be r
3.
used to pay'pri.ncipll or interest on the Certificates;
(1) that the project to be financed by the Certi-
fic=::e.-is wi= be`sold or otherwise disposed of, in whole
or in part,,' prior to the final maturity of the Certi-
ficates - y,
(j) that-the amounts received from the sale of
the Certificates will not exceed the amounts necessary r
for the goveriimmental purposes of the Certificates;
Ck) that-.'.he City has not been notified of any
listing , of ia_by`the_ Internal Revenue Service as an
issb%r.-that''may not Certify its Certificates.
4. that-it is not expected that the proceeds of the Cer- t
ficates w3;11 ber-,used in= any manner that would cause such
obligations to=" be arbitrage bonds under Section 2.03(c) of the,. Code and- the Regulations prescribed under that :
Section,..and it,_:Ls further specifically covenanted that
the proceeds of-the Certificates will not be used direct-
ly or ind3sectly so as to cause all or any part of the
Certificates to be or become arbitrage bonds within the
meaning at that-Section or the Regulations prescribed by
thst Section.-
S. that: to ahr".best knowledge and belief there are no
- other facts, estimates, or circumstances that would ma-
terially change the foregoing conclusions or statements.
ry
:a
this C2
I-M t Denton/
01. &4
ct.
City Manager, i y Ct'of Dent
Director o Finance, C ty o
Denton
~s
(CITY, SEAL}
' rt
.y
- IV
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OPINION OF BOND COUNSEL
Based on our examination of law and review of the above
certification and the covenants with respect to arbitrage
contained in the Ord:tnance authorizing the Certificates
described ~ in` sucxr certification, it is our opi: ion, as Attor-
neys at Law and Borid':Coansel'to the City that tte facts, esti-
mates, and circumsCaaces are sufficiently set forth in the
ce!rtifscation to satisfy the criteria which are necessary under
Section"103xc)' of `the Internal Revenue Code of 1954, as amended,
and SectiG41s`Z:10Z-13, 1:1x3-14, and 1_104-IS of the proposed
Income-Tax Regulations of the Internal Revenue Service with
respect to arbitrage bonds, -V support the conclusion that the
obligations of the issue of Certificates described in thel
above-certification, will'not be arbitrage bonds within the
n:-'= inq of ;a" Code and, Regulations. Further, it is our
opinion that 'the Certificates described in the above certifi-
cation are not arbitrage bonds within the meaning of said Code
and Regulations. j
McCALL, PARKHURST & HORffN-
ATTOk- EYS AT LAW
1400 MERCANTILE BANK BUILDING
DALLAS, TEXAS 75201
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SIGNATDT?E'IDENTIFICATION AND NO-LITIGATION CERTIFICATE
THE STATE OF TEXAS - v
COUNTY OF DENTON .
CITY OF DENTON f
We, the undersigned, hereby certify as follows:
(a) That,, this certificate is executed aad delivered
with reference to'-the%t issue of CITY OF DENTON CERTIFICATES OF ;
OBLIGATION, SERIES, 1979 DATED OCTOBER 1, 1979.
(b) That.we officially executed and signed said Certi-
ficates-of Obligation and the interest coupons attached thereto
by cau='ing. facsimil' of our manual signatures to be imprinted or
lithographed on.=each'of said Certificates of obligation and inter '
est coupons, and'we Hereby adopt said facsimile signatures as our
own, respectively, and. declare that said facsl=* le signatures con-
stitute our.s!gaatA=ea the same as if we. had manually signed each
of said Certificates 'of Obligation and intetsst coupons.
(c) " ;That. said Certificates of Obligation and interest
coapc^s are suts~Utxtsally is the form, end have been duly executed K;
and signed in the-wanner, prescribed in the ordinance authorizing n
the issuance of sai&.Certif i.cates of Obligation and interest capons,-.,,
(d): That'at.the time we so executed and signed said
Certificates of` Obligation and interest coupons we were, and at the
time of executing this-certificate we are, the duly chosen, quali-
tied, and acting,offtcars-indicated therein, and authorized to ex-
Pcute the same.
(a)r That no litigation of any nature has been filed or ,
is now pending.to'restrain or enjoin the issuance or delivery of
said Certificates of obligation or interest coupons, or which would IF
affect the provision-made for.-tna r payment or security, or in any ;s
manner gaestV.~atnq, the proceedings or authority concerning the issu
ante of said Certificates of obligation and interest coupons, and- -so far iLs' we"]mow and believe no such. litigation is threatened.,,,'
;
(f; That neither the corporate existence nor boundaries jr.
of . said. issiv=- is~ being contested, that no litigation has been filed
or is now pending which: would affect the authority of the officers
of - said -issuerto `issue, execute , and deliver said Certif icates of
Obligation and`Jnteres-t coupons, and that no authority or proceed-
ings for the i'ssuance'-of said-Certificates of Obligation and inter-
est coupons have been repealed, revoked, or rescinded.
(q) That we;have caused the official seal of said issuer xto be impressed, or.-printed, or lithographed on each of said Certi-
ficates of Obligation;' and said seal on said Certificates of Obli
gation has been duly adopted as, and is hereby declared to be, the
official seal of said issuer.
EXECUTED and delivered this DEC 2 01979
y
- SSGNA7 OFFICJ"., TITLES
/ Mayor
0112
City Secretary
The~sig. atures of the officers subscribed above -y
are hereby cey4afled to be true and genuine.
Fimt,State Bank Of Denton; Texas
(BANK SEAL)
ank
HY' -
Authorized Ot.4icer
r
7
TREAS=R' S RECEIPT
THE ' TATS or TEXAS. X.
COUNTY or _
CITY OF DENTON
The undersigned hereby certifies as follcws:
(a) That this certificate is executed and delivered
with reference to that issue of CITY OF DENTON CERTIFICA=ES
1F' OBLIGATION, SERSEB 1979, DATED-OCTOBER 1, 197. '
(b) -That the undersigned is the duly chosen, qualified.
and 'acting Treasurer of the issuer of said Certificates ::rr s
obligation.
(c) That all of said Certificates of Obligation have y
been duly delivered to the purchaser thereof, namely:
FIRST SOU TMWEST COMPANY;
DAJJAS•, TEXAS
(d) That of said Certificates of Obligation ha,re
been paid for in fall by said purchaser concurrently with de-
livery of this cextifica"e, and the issuer of said certificate's
of obligation has-received, and hereby acknowledges receipt of,
the agreed purchase'.price for said Certificates of Obligation#,
being the par or principal amount thereof and accrued interest
to the date of delivery. y
(e) That &U interest coupons representing interest
scheduled to come due on said Certificates of Obligation were
attached to said Certificates at the time of delivery hereof.
EXECUTED and delivered this DEC 2 0 1979
TREASURER T - -
sue:-
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t,AW OVnGCS - -
M9CALL,PARKHURST We MORTON
N100 NCoCJWMLC WANK BUILDING - -
woaaT w. Yt:uw DALLAS.T"AS 75201
,pwY a Yvu►t rraa-.wr
MVL a. MOT^WT RTON V. WLtJRp M1OplVwaT [tlOR•taTal
CwOMS ltaOFt MII
oy Y. . =4 Au GOa WM 7A6-p'3OI C w
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romrwiSTT
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Cpg"AR^*Ic-U "Goes" DEC V DEC 2 0 tq
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=.d
CITY OF DENTON C=TIFICATES OF OBLIGAT-ON,
SERIES 1979, DATED OCTOBER 1, 1979, IN THE
PRINCIPAL AMOUNT OF $170,000
AS BOND COUNSEL-for the issuer (the "Issue=") of the
certificates descrlb-_d above (the 'Certificates"), we have
examined into the legality and validity of the Certificates,
which berg'interest from their date, until maturity or re-
demption, at the rate of 6.75% per annum, evidenced by i wr-
est coupons payable on JANUARY 1, 1981, and semiannually
thereafter, and maturing ser4ally on JANUARY 1 in each of
the years 1990 through 1997, and with the Certificates be..ng
redeemable prior to their scheduled maturities ON ARTY DATE,
in accordance with the terms and conditions stated on the
face of each of the Certificates. s
Asa
WE HAVE EXAMINED the applicable and pertinent provisions
of the Constitution and laws of the State of Texas, and a
transcript of certified proceedings of the Issuer, and other
pertinent instruments authorizing and relating to the issuance
of the Certificates, including one of the executed Certificates y
(Certificate No. 1).
BASED ON SAID EXAMINATION, IT IS OUR OPINION that said Y
Certificates have been authorized, issued, and delivered in
accordance with xaw,and constitute valid and legally bir_d-
ing obligations of the Issuer; and that annua? ad valorem
taxes sufficient to.provide for the payment of the interest
on and principal of said Certificates, as such interest comes
due and such priacfpal matures, hav: been levied and ordered;
to be levied against all taxable property in said issuer, and
have been pledged irrevocably for such payment, within the
limit p.-eseribed by law; and that said Certificates are addi-
tionallI secured by and payable from the surplus revenues de- R'
rived by the City from the ownership and operation of the
Issuer's Municipal Airport remaining after payment of all
operation and maintenance expenses thereof, and all debt ser-
vice, reserve, and other requirements in connection with any
revenue bonds hereafter issued by the Issuer to be payable
from Net Revenues of the Issuer's Municipal Airport.
ALSO, IT IS OUR OPINION that the interest on the Certi-
ficates is exempt from Federal Income Taxes under existing
statutes, regulations, rulings, and court decisions (except
possibly as provided by Section 103(b)(7) of the internal
Revenue Code of 1954, as amended, with respect to any Certi-
ficate for any period during which such Certificate is held by
a person who is a substantial user of the facilities financed
from the proceeds of the Certificates, or by a related person,
as defined in Section 103(b)(6)(C) of said Code).
WE HAVE ACTED AS-ZnND COUNSEL for the Issuer for the sole
purpose of readering an opinion with -espect to the legality
and validity of the Certificates under the Constitution and
laws of the State of Texas, and with respect to the exemption
of the interest on the Certificates from Federa). Income Taxes,
and for no other reason or purpose. We have nct been request-
ed to investigate or verify, and have not inde;,s):4dently in- '
vestigated or verified, any records, data, or other material
M
a
• =.5
relating to the financial condition or capabilities of the
Issuer, and have not assumed any responsibility with reSP&t-
thereto. We have relied solely on certificates executed t_
officials: of the Issuer as to the current outstanding in- -R
debtedne3s of, and 'assessed valuation of taxable property ;
within, the Issuer.
Respectfully,
~`vA
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q i'. I'J i y ~Yp L A ~
LAW Or►fCES
MCCALL, PARKHURST & HORTON
Hpgr N. M4CAU 1400 MCACAWALC BANK BUILDINO
PAUL R. NORTON
P6190 M. TAM DALLAS, TEXAS 75201
ROY M. POiNRCTT JOMI' O. NILCAU 40OX-155r)
011c"00 C. PON794 MILLARO PARAHVRST 0000-1071)
ANOtLO P. P"AtR AACA Coot =14 749-9501 CLARCNCK C. C00* 9 (10 0 7-1 0 021
0. CNARLLO NOM0194
ALNN'CTH t. IUt
J. MICHOLSON NCINOL
JOHN W. RVOOTTON
JL/razy A.LCVSCHCL
THOMAS A. SPUROCON
June 9, 1982
Charlotte Allen
City Secretary
Municipal Building
715 East McKinney Street
Denton, Texas 76201
Dear Charlottes
City of Denton Water and Sewer System
Revenkie Bonds, Series 19821 $1,500,000
We are enclosing herewith for the City's permanent records
the transcript of proceedings authorizing the issuansse of the
captioned Bonds.
Sincerely yours,
MCCALL, PARKHURST & HORTON,
Paul B, Ror on
PBHtk
Enc.
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M1
TT7/~ M U L
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1F
RECORD-CHRONICLE-TO BE PUBLISHED ONE TIME ON FRIDAY, MARCH 6, 1982
A
OFFICIAL NOTICE OF SALE
CITY OF DENTON, TEXAS
WATER AND SEWER SYSTEM REVENUE BONDS,
SERIES 1982
The City Council of the City of Denton, Denton County. Texas,
will receive sealed bids at the Municipal Building, 215 E. R"
McKinney Street, in the City of Denton until:
7:00 p.m.. Tuesday, April 6, 1982
for the purchase of_
City of Denton Water acid Sewer S stem Revenue Bondr:, ict a total
amount which aw u..ry may Be issue in como.1a:ecz with the
earni^-s coverage requirements for such bonds, but in the
minimum principal amount of $1,250,000 and in the maximum
principal amount of $2,000,000, with such bonds to be dated May
15, 1982, and to mature serially July 15 each year 1983 through
1998.
Sealed bids, plainly marked "Bid for Bonds", should be
addressed to "Honorable Mayor and City ^ouncil. 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 11.__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 22, 1982, and will be
furnia;hed to any pros ective bidder upon request, by First y
Southwest Company. 803 Mercantile Dallas Building, Dallas.
Texas 75201, Financial Advisors to the City.
The City reserves the right to reject any and a'-.I bids and to
waive any and all irregularities.
By order of the City Council of the City of Denton. Texas.
CHARLOTTE ALLEN
City Secretary
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