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'LAW OfPICCS
M9 CALL, PARKHURST S HORTON !
1400 M,NCANTILE 6ANA DUILOINO
M000Y N. MCCALL DALLAS TEXAS 75201 IONN V. MCCALL (1012•1►111
PAUL R. HORfON .I ILLARD PARRNURST 11104.1111)
PATRR M. TART AACA Coat 114 748.0001 CLARINC[ I. CROW[ 11001.1062I
ROT M. POINIITT
RICHARD C. PORT94
0. CHARIq ROI D14N
January 21 1980
Mr. Brooks Holt
City Secretary
Municipal Building
215 E. McKinney S*Taet
Denton, Texas 76201
Dear Brooke:
City of Denton Certificates of Obligation,
Series 1979-A, $215POO0
we are enclosing herewith tar the City's permanent
records the transcript of proceedings authorizing the issu-
ance of the captioned Certifik:ates.
Sincerely yours,
MCCALL, rIARKHURST & HORTON
Paul B. Yron
PBH:k
Enc.
I
ra~na. ra■rr~E
CITY OF DENTON CERTIFICATES OF OBLIGATION
SERIES 1979-A
$275,000
TRANSCRIPT OF PROCEEDINGS
WITH DELIVERY PAPERS
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CE.=IFICATF FOR
;..r. Lr,rT::ON AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
OF THE CITY OF 'DE!4T-ON, TEXAS, FOR A CENTRAL FIRE STATION
THE STATE 'OF TEXAS -Y
COUNTY OF DENTON
CITY OF DENTON-
we, the undersigned officers of said City, hcreby certify
as follows:
1. The City Council of said City convened in
REGU..AR MEETING ON THE 4TH DAY O: SEPT~..MBER, 1979,
at the Municipal Building (City Hall), and the roll was call-
ed of the duly constituted officers and sembers of said City
Council, to-wit:
Brooks Holt, City Secretary Bill Nash, Mayor °a
Roland Vela Dick Stewart
Ray Stephens Bud Hensley
and all of said persons were present, except the following
absentees: None '
thus constituting a quorum. Whereupon, among other business,
the following was .transacted at said Mee=ng: a written
RESOLUTION AD•,k1ORIZ1N.G PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CERTIFICA':.'ES OF OBLIGATION
OF THE CITY OF DENTON, TEXAS, FOR A CENTRAL FIRE STATION
was duly introduced for the consideration of said City
Council and read in full. It was then duly moved and secorded
that said Resolution be adopted; and, after due discussion,
said mono:,, carrying with it the adoption of said Resolution,
prevailed azd carried by the following vote:
AYES: All members of said City Council
shown present above voted 'Aye'.
NOES: None.
2. That a true, full, and correct copy of the aforesaid u,
Resolution adopted at the Meeting described in the abo= and ?
foregoing paragraph is attached to and follows this Certificate;
that said Resolution has been duly recorded in said City
Cou-*-:il's minutes of said meeting; that the above and foregoing
para-jraph is a true, full, and correct excerpt from said
city Council's minutes of said Meeting pertaining to the r
adoption of said Resolution; that the persons named in the
above and foregoingz paragraph are the duly chosen. qualified, '
and acting officer., and members of said City Council as
indicated therein; and that each of the officers and members
of said City Council was duly and sufficiently notified
officially and personally, in advance, of the time, place,
and purpose of tbo-,`aforesaid meeting, and that said Resolutie-.&
would be introduced and considered for adoption at said
Meeti;.gr 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 purpose of said meeting was
given, all as required by Vernon's Ann. Civ. =t. Article
6252-17.
3. That the Mayor of said City has approved, and hereby
approves, the aforesaid Resolution; that 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 constitke_-
the signing.of the attached and following copy of said Resolu-
tion for all purposes.
'SIGN AND SEALED --the 4th day of Sep embe
I~~
go, -`Mayor
City Secretary
(SEAL)
j
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
OF THE CITY OF DMMN, TEXAS, FOR A CENTRAL FIRE STATION
THE STATE OF TEXAS
Ct+.""*'i'!r OF DENTON c
CITY OF DFt=N
WHEREAS, it is deemed necessary and advisable that No-
tice of Intention to Issue Certificates of Obligation be
given as hereinafter provided.
THEREFOR=, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DENTON:
;r
Section 1. That attached hereto is a form of 'NOTICE OF
11?77NTION TO ISSUE CERTIFICATES OF OBLIGATION OF THE CITY OF r
DES.:. ~ci .TF'1S, FOR A- CENTRAL FIRE STATION", the form and sub-
staice of which are hereby adopted and approved.
y'
Section 2. That the City Secretary shall cause said
NOTICE, in substantially the for= attached hereto, to be pub-
lisped aace a week for two co:1cecutzve weeks in a newspaper -
of general circulation in the City, the date of the first
publication to be at least fourteen (14) days prior to the r
date tentatively set for tre passage of the Ordinaace author- -
izing the issuance: of such Certificates of Obligation.
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TE0 STATE OF TEXAS
COUNTY OF DE24TON
'w-
CITY OF DENTON
NOTICE OF INTENTION y
TO IS= CERTIFICATES Or OBLIGATION
OF THE CITY OF DENTON, TMS, FOR A CENTRAL FIRE STATION
Tim CITY OF DENTON, in Denton County, Texas, hereby gives
notice of intention t.r issue CITY OF DENTON CERTIFICATES OF
h
OBLIGATION in the maximum principal amount of $275,000, for
the purpose of paying all or a portion of the City's contractual
obligations to be incurred pursuant to contracts for the con-
stxu-ction of a Central Fire Station in the City, and paying
ail or a portion of the contractual obligations for profession-
al services of engineering, architects, attorneys, and fi-
nancial advisors fn connection with such Central Fize Station
and Certificates of Obli7z:,}ion- The City proposes to provide
for the payment of such Ce:-tificates of obligation f *,he
levy and collection of ad valorem taxes in the City as pro-
.
vided by lawn %nd from the surplus revenues of the City's
Electric Light and Power System remaining after payment of all
operation and maintenance expenses thereof, and all debt ser-
vice (Retirement Fund), Reserve Fund, Contingencies Fund, Ira-
provement Fund, and other r?quixements, payments, and deposits
required iu connection with the City's revenue bonds (now or
hereafter outstanding) which are payable from Net Revenues
of the City's Electric Light and Power System_ The City
Council of the C:Lty tentatively proposes to authorize the
issuance of such Certificates of Obligation at 7:00 p.m. on
the 16th day of OckAwr 1979, in the City Council, room at
the Municipal Building, Denton, Texas-
CITY OF DENTON, TEXAS
By Brooks Holt
City Secretary
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»,Citw •f ht~tte - ma's 14n t f
!r;
Roy Appleton, Jr.
THESTATE(W IMMAS
Conrdy OfDeaum
?mfmgdoly s...wis, says bt aibe1ae»eral Msmmgerof the Denton Recorddbronicle, a news)apct »4
of`scncral cir culmion wbichbasbcen continuously and regularly Published for a period of nc:,- r r
less than or a year 'Cow afDeaton.Texm mw ee ing the date of the attached. notice. aid rt
that the saidnotice V**.M 6o had n said paper on thefoUowingdates: s
'
I€S T'
C62"I JES I* SA,
des. w ~ _ d1~ Sj ` ~4 ,
ornitobloxemiethis 7 --dayof_ 1krUber 19 To----
Notary c.Deutoaf.vztatyFTeo •k
IONIC
Y'.
A W
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4WW
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MCA= FOR
ORDxNANCE AUTHORIZING THE ISEUANCS OF CERTIFICATES OF OBLIGATION 1
THE STATE OF TMG;5"
;may:
COUNTY. OF DENTON
CITY: -or DENTON
' We,_ the undersigned' officers of said City, hereby certify
ss follows:
1. The City Council of. said City convened in 7XGULAR
MEETING ON TH 6th SAY OF NdVEMBER, 1979, at the t-,Micipal r.
Building (City Hall,), : and the-roll was called of the duly
constituted officers and members of said City Council,
to-wit:
Brooks Holt,. 'City Secretary. Bill Nash, Mayor
Roland Vela Dick Stewart y.
Ray Stephens Bud Hensley
and all of said persons were present, except the following
absentees. _ NONE
thus constitntiaq a:quornm_ whereupon, among other business,
the folio 1mg was: transacted at sz:~.d Meeting: a written
ORDINAN= AUTHORIZING TEE ISSUANCE uF CERTIFICATES OF OBLIGATION:
was duly introduced for the consideration of zaid City Council
and read in.''f~sll: It was then duly-moved anc seconded that
said Ordinance_ "be passed and, after due discussion, said mo-
tion, carrying with it the passage of said Ordinance, prevail-
ed and carried _by' the following vote:
AYES A11 members of said City council
shown present above voted 'Aye'.
NOES: Nose
That a time, full, and correct copy of the aforesaid
Ordinance-passed at the Meeting described in the above and fore.
goiaq-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 u
is a true-, full,,' and correct excerpt from said City Council's `A
minutes of ':saidImleeting pertaining to the passage of said Ordi-
nance; that thersons named in the above and foregoing para- a"
graph`are the `day chosen) qualified, and acting officers and
members of-.said City:-Council as indicated therein; that each of
the officers and:-.members-of said City Council was duly and suffi_, ;E
clantly not fl*3 officially and personally, in advance, of the
time, place, ''std-purpose of the aforesaid Meeting, and that said 1'f
Ordinance. wouzdbe,introduced and considered for passage at said
Meeting, aad,each of said officers and members consented, in ad ✓h,
vane, to the holding of-said meeting for such purpose; and that
said Meeting was open to the p7ablic, and public: notice of,the
time, place., and-purpose of said meeting was given, all as re-
qu. red by V%,rnon's 'Arn. C3_" _ St. Article 6252-17.
sT
3_ That tbmr.Mayor.o.,said City has approved, and hereby
approves, the aforesaid Ordinance; that the Mayor and the City
41
Secretary of said, City have duly signed saia i'-dinance; and
that the Mayor and the City Sc-retary of said City hereby de-
that their signing'of this-Certificate shall constitute
the signing of.-the: attached and following copy of s.1d Ordinance
for _1X-j1urp xies_, r
SIGWW AND,SEALED the. 6th day of Novemb 1979.
{
City Setre=ary : yor
(SEAL) r
ORDINANCE- NO. 79-Z:K
ORDINANCE AUTHORIZING THE ISSUANCE OF CERTIFICATES OF OBLIGATION
THE STATE OF TEBAS _
COUNTY OF DENTON _
CITY OF OMM"ON
WHEREAS, Vernon's Article 2368a_l permits the city to
issue and sell for cash the Certificates of Obligation here- f
inafter authorized; and
F-~
WHEREAS, the C1ty has duly caused notice of its intention
t*j~ issue the Certificates of Obligation hereinafter authorized
to be published at the times and in the manner required by
Vernon's_Article 2368a.1, and no petition has been filed pro-
ts4ring the issuance thereof.
THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
Section 1. That the said City's Certificates of Obligation
(hereinafter sometimes called "Certificates") are hereby author--
ized to be issued Im the aggregate principal amount of= $275,000,
FOR THE PURPOSE OF PAYING ALL OR A PORTION OF 'ZEE CITY'S CON-
TRACTUAL OBLIGATIONSIINCURRED PURSUANT TO CONTRACTS FOR THE
CONSTRUCTION OF A CENTRAL FIRE STATION IN THE CITY, AND PAYING
ALL OR A PORTION OF-THE CONTRACTUAL OBLIGATIONS FOR PROFa'SSIONAL
SERVICES OF IGIl-RING, ARCHITECTS, A2'TORNEYS, ;LND FI.*IANCIAL
ADVISORS IN CONNECTION WITH SUCH CENTRAL FIRE STATION AND
CERTL~ICA2Z5 OF OBLIGATION.
Section 2 That sa d Certificates shall be designated
as the: CITY OF D=1TON CZRTIFICATES OF OBLIGATION, SERIES
1979-A.
Section, 3_ That said Certificates shall be dated `•'~A
DECEI4BER 1, 1979, shall be ii 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 'a
the following schedule:
MATURITY DATES: JUNE 1 y
YEARS AMOUNTS
1990 $25,000
1991 25,000
1992 25,000 u
1993 25,000
1994 25,000
1995 25,000
2996 50,000
".997 75,000
Section 4. That said C.~-Ptificates shall bear interest
at the rate of 7.875% per annum, ehidenced by interest coupons
which shall appertain to said Certificates, and which shall
be payable in the manner provided and on t~ dates stated in
the FORM OF CERTIFICATE set forth in this :-ante.
Section 5. That said Certificates 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 Certificates shall
be sealed), all as provided, and ;z the manner indicated, in
the Frr;"T4 OF CERTIFICATE set "zor h in this Ordinance.
Section 6. That the form of said Certificates, i.nclud-
ing 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 Certificates, and the form of the
aforesaid interest coupons which shall appertain and be at-
tached initially to each of said Certificates, shall be, ry''
respectively, substantially as follows:
FORM OF CERTIFICATE:
NO. $5,000
UNITED STATES OF AMERICA <
STATE 09 TEXAS
COUNTY OF DENTON
CITY OF DENTON
C =IF'ICATS Ov OBLIGATION
SERIFS 1979 A
ON JUNE 1, 19 THE CITY OF DENTON, IN DENTON COUNTY,
TEXAS, hereby promises to pay to bearer the principal, amount of
FIVE THCZSAND DOLLARS
and to pay interest thereon, from date hereof, at the rate of
7.8758 per a==, evidenced by-interest coupons payable
DECEMBER 1, 1990, and semiannually thereafter while this Certi--
f1cate is Outs.-t nding rS
THE PRIVCIPAL of this Certificate and the interest coupons _
appertaining hereto shall be payable to bearer, in lawful money
of the United States of America, without exchange or collection
charges to the bearer, upon presentation and surrender of this
Certificate or proper interest coupon, at the following, which
shall constitute and be defined as the'"Paying Agent" for this
Series of Certificates :
FIRST STATE FANY.. ;
DENTON, TEXAS.
THIS CERTIFICATE is one of a Series dated is of DECEMBER 1, E
1979, authorized,` issued, and delivered in the principal amount
of $275,000 FOR TEE PURPOSE OF PAYING ALL OR A PORTION OF THE
CITY'S CONTRACTUAL OBLIGATIONS INCURRED PURSUANT TO CONTRACTS
FOR THE CONSTRUCTION OF A CENTRAL FIRE STATION IN THE CITY, AND
PAYING ALL OR A PORTION OF THE CONTRACTUAL OBLIGATIONS FOR PRO-
FESSIONAL SERVl~ OF ENGINEERING, ARCHITECTS, ATTORNEYS, AND f
FINANCIAL ADQISORS` M CONNECTION WITH SUCH CENTRAL FIRE STATION _z
AIND CERTIFICATES OF OBLIGATION. '
THE oUTSTAxDT.NG CERTIFICATES of this Series may be re-
deemed prior to their scheduled maturities, at the option of
said city, in wholes or in part, on any date, for the princi~al
amount thereof and accrued interest thereon to the date fi.xe~
for redemption- At least fifteen (15) days prior to the date
fixed for any such redemption said City shall cause a written
notice of such redemption to be given to the "Paying Agent".
By the date fixed for any such redemption due provision shall g
be made with the ;Paying Agent" for the payment of the ari:c-Pal
amount of the Certificates which are to - so redeemed and ac -
trued interest thereon to the date fixed for redemption. If
such written notice of redemption is given and if due provision _ ;t>
for such payment is_:m;rde, all as provided above, the Certificates 1
which are to bo srw"redeemed thereby automatically shall be re-
deemed prior to their scheduled md~urities, and they shall not bear
r`a
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,47
interest after the`date fixed for redemption, and they shall not
be regarded as being outstanding raccept for the right of the bearer
to receive the redemption price from the "Paying Agen}" out of the
fends provided for such payment.
IT IS HERESY 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 be-performed, exist, and be done precedent to or in
the authorization, issuance, and delivery of this Certificate
hav' been performed, existed, snd-been done in accordance with =
law; that this Certificate is a general obligation of said City, _
issued on the full faith and Zsedit thereof; and that annual ad
valorem taxes sufficient to provide for the payment of the interest
on and principal_of-this Certificate, as such interest coras due
and such principal matures, have been levied and ordered to be
levied against all taxable property in said City, and have been
Fledged .-revocably for such payment, within the limit prsscribei
oy lxw: and that, this Certificate is additionally secured by and
payable from the surplus revenues derived by the City from
the ownership azd operation of the City's Electric'Light and Power
System remaining .after payment of all operation and maintenance_
expenses the- reof,'.aad all debt service (Retirement Fund),
Rem,krve. Pand, Coatl=eencies Fund, Improvement Fund, and
otherzequiremeats.,,- payments, and deposits required in
-
connectioc~ with the City's Revenue Bonds (now or hereafter
nutstandiag) which are payable from Net Revenues of the r.
:qty's Electric LZght.and Power System.
IN WITNESS-WOOF, this Certificate and the interest
coupons appertani:2 her'=to have been signed witz the facsimile `Y
signature of the Mayor of said City and c-nuntersigaed with the
facsimile signature of the City Secretary of said City, ahd the
official seal of said City has been uuly impressed, or placed
in facgimi.le, on this Certificate.
MMMA 4
City Secretary Mayor
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S RE RATION CERTIFICATE: REGISTER NO.
I hereby cerrify that this Certificate of Obligation has '
been examined, certified as to malidity, 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
'mow;
;aooaa«x
Comptroller o Public accounts of z;
the State of Texas
r J1W OF INTEREST COUPON
NO.
ON 1, 191
TI;E CITY OF DENTON, IN DENTON COUNTY, TEXAS, prramises
to pay to bearer the amount shown on this interest enupon,
in lawful money of the United States of America, without
exchany_ or collection charges to the bearer, unless due
provision has been made for the redemption prior to schedul-
ed matu_ity of the Certificate to which this interest coupon
appertains, upon presentation and surrender of this interest
coupon, at
-3-
=r
FIRST STATE BANK, F
DENTON, TEXAS,
said amount being interest coming due that day on the Certi-
ficate, be.sring the number hereinafter designated, of that
issuit of = OF DENTON CERTIFICATES OF OBLIGATION, SERIES
I979-A, DATED DECEMBER 10, 1979. Certificate.No.
XX23C CX3Cx 20000=
City Secretary Mayor
Section 7. That a special "Interest and Sinking Fund" is
hereby created solely for the benefit of said Certificates, and
said lrttLtest and-Sinking Fund shall be established and main-
tained by natal city at an official depository bank of said City.
Said Interest and Sinking-Fund shall be kept separate a_-d apart
from all other funds and accounts of said City, and shalt
used only for paying the interest on and principal of said Cer-
ttficates. All ad valorem taxes levied and collected for and ;
on account of said Certificates shall be deposited, as collect-
ed, to the credit of said Interest and Sinking Fund. During
each year 'while aay.of said Certificates or interest coupons
appertaIntug thereto are outstanding and unpaid, the governing
body of sa.Ed 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 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 (but never less than 2% of the original prin-
cipal amount of said Certif~c:ates as a sinking fund erch year)
and said tax shall. be based on the latest approved tax rolls of
zaid City, with full allowance being made for tax ti-llinquencies
and the=cost of tax collection. Said rate and amount of ad rt
valorem tax ire hereby levied, and is hereby ordered to be levied,,
against all taxable property in said City for each year while
any of said Certificates or interest coupons appertaining there-
to are outstanding and unpaid; and said tax shall be assessed
and collected each such ye:-r and leposi.ted 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.
Sectio.:. 8. Said Certificates additionally shall be pay-
able from and secured by the surplus revenues derived by the City"
from the ownership and operation of the City's Electric Light and
Power 51,-atem remaining after payment of all operation and mainten-
ance ea-penses thereof, and all debt service (Rer1rement Fund), Re-
serve rxd, Contingencies Fund, Improvement Fund, and other _zruire-
ments, paymeats, and deposits required in connection with the
City's Revenue Bonds (now or hereafter outstanding) which are pay-
able froer. Net Revenues of the City's Electric Light and Power System.--..=y'
The City shall deposit such surplus revenues and the ad valorem '
taxes levied pursuant to Section 7 hereof to the credit of the
Interest and Sinking Fund created pursuant to Section 7 in an ?
amount sufficient-to pay the-principal of and interest on said
Certificates, and if surplus revenues are actually on deposit
in the Interest and Slaking Fund in advance of the time when ad
valorem taxes are scb,)duled -to be levied for any year, t.h= he
amount of taxes which otherwise would have been required to be
levied pursuant to Section 7 may be reduced to the extent and
by the amount of the surplus revenues then on deposit *the
Interest and Sinking Fund..
Section 9. That,the Mayor of said City is hereby author-
ized to have control of said Certificates and all necessary
-4-
°s 5
records and proceedings partalming to said Certificates pend-
ing 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; Upoa'registratlon of said Certificates,
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 endors-
ed on each of said Cartlficatess, and the seal of said Comptroller
shall be impressed, or placed in facsimile, on each of said
Cer'tificates'.
Sec'tioa 10. That the City covenants to and with the pur-
chaser of 'the CertS.acates that it will make no use of the pro-
ceeds of the Certificates at any time thzoughout the term of
this issue of Czrtif cater which, if such use had been reo :ton--
ably expectad on 'the date of delivery of the Certificates to
R
and "orient for the--Certificates by the purchaser„ would have
caused the Certificates to be arbitrage bonds within the mean-
ing of Section 103(c) of the Internal Revenue Code of 1954, as
amended,t or any x-, u tions or rulings pez- a; n { ng thereto: and 1i
by this covenant the City is obligated to comply with the 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 cartificates will not otherwise be used directly
or indirectly so as to cave all or any part of the Certificates:
to be or became arbitrage' bonds within the meaning of the afore-
said Section.103(c)-, or any-regulations or rulings pertaining ~Yt
thereto.
Section: 11. That it is hereby of;ic=ally 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 being tha;-the proceeds from the sate of said Certi-
ficates are required as soon 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 meeting was given, all as re-
quired by veraon's Ann. Civ_ St. Article 6252-17_
Section 12. That said certificates are hereby sold and
sha11 be delivered to First Southwest Compar_y for cash for
the par value thereof and any accrued interest to date of de-
liv,=- and any such accrued interest shall be deposited into
the Interest and S:Ln =g Fund.
v
nR
-Irv
fA
{Y
rK
HE STATE: OF TEXAS
COUNTY OF DENTODT
CITY OF DENTON
We, the undersigned officers of said City, hereby certify
as follows:4
That this certificate is executed for and on behalf .7
of said City with reference to the issuanco of the proposed
CITY OF DENTON CERTIFICATES OF OBLIGATION, SERIES 1979 -
SMAIM , 179.
2. That said City,-is a duly incorporated Fore Rule City,
having more than 5000 inhabitants, operating and existinq un-
der the Constitution' and laws of the State of Texas and the E
duly adopted Haste Rule Charter of said City, which Charter has
not been changed-or'amended since tae passage of the ordinance
authorizing the issuance of the most recently dated, issued,
and Qutstanding bonds of said City shown on "Exhibit A", which
is attached to this certificate.
3_ That no litigation of any nature has ever been filed
pertaining to,. affecting, questioning, or contesting: (a) the
ordinance which, authorized said City's proposed Certificates
des gibed in paragraph I of this certificate; (b) the issuance, f
execution,.delivery> payment, security, or validity of said
proposed Certificates, (c) the authority of the governing body
and the officers of said City to issue, execute, and dal-fiver
said'Cartiflcates, (d) tbc validity of the corporate existence of said-City., (e) the current Tax Rolls of said City, or (f)
the Hcme Rule Charter _of-said City; and that no litigation is
pending pertainina~-t~6 affecting, questioning, or contesting M
the current boundaries of said City.
4. That attached to this certificate and marked "Exhibit
A` is a true, full; and correct schedule and statement of th4
aforesaid proposed•,Certi!:icates, and of all presently outstand `
=q tax indebtedness of said City.
5 That the currently effective z3 valorem Tax Rolls of
said City arm those for the year 1979, being the most recent-
ly approved Tax-.Rolls of said City; that said city has causes:
the taxable property in said City to be assessed as required
by law; that the Board of Equalization of said City has equal-
izec.'and,approved the valuation of taxable property in said -j
City for said:_j.,the Tax Assessor of said City has duly
verified the afozesaid.Tw-c Rolls, and said Board of Equaliza-
tion has f.F.nally approved the same; and that the assessed value
of taxabl! property. .in said City upon which the annual ad val-
orem tax-of said City actually has been or will be levied (after
deducting the amouat of all exemptions, if any,, under Section „
1-b(b), and Section 2(b), of Article 8 of the Texa, Constitu-
t.ion, 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 o2 said City, is $304,943,630.
6. That-no,petition has been filed protesting the issu-
ance of the aforesaid Certificates.
7_ tit tan surplus revenues derived by the City from the
ownership and operrtion of the City`s Electric Light and Power
System remaining, after payment of all operation and maintenance'
expenses thereof.. and all debt service (Retirement Fund), Re-
serve Fund, Contii19encies Fund, Improvement Fund, and other re-
.me
quire Mts, Paymezx s, and deposits required in connection with
the City's-Revenue'Znnds (now or hereafter outstanding) which are
payable from-Net'Reveaues of the City's Electric Light and Power -
sy3tLim, have not been-pledged to any debt or obligation of. the
City other than the..rsrtificates.
SI AND: ELF 6th day Nq r, 1979.
OFA '0
1, Secretary Mayor
(SEAT-)
^EXEaBIT A"
Certificates of Obligation, S._*rjes 1979-A, dated 12/1/79, bear-
ing interest, and maturing as set forth in the ordinance au- t
_ thorizin- said Cert 'Tr ates.
General pbligrtiora`-Bonds, Series 1960, dated 7/15/60, now out-
standiny'tn tilt principal amount of $150,000, bearing interest, i
and maturing Jr the amounts on Jul, 15 of the years, as follows:
:;_853c ~25M-80/85.
Street Improvement Bonds, Series 1962, dated 3./15/620 now out-
standing in the principal amount of $lG0,000, bearing interest,`
and mat=ing in the mounts on march 15 of the years, as follows:,
3-1/88: 20N-80/83;
3.20$: 20M-84/87.
General•abligation Bonds, Series 1963, dated 3/15/63, now out-
standing in the principal amount of $180,000, bearizg interest,
and matuz'ing in' the amounts on march 15 of the years, as follows:
38: 20M-80;
3".20%: 20M-8l/Q6;
3-1/48: 20M--87188.
General Obligation Bonds, Series 1964, dated 7/15/64, now out-
standing in the-p```-ncipal amount of $165,000, bearing interest, 4
and maturing in txe amounts on July 15 of the years, as follows:.-',
3.20%: 55M-81/82.
Park Improvement-Bonds. Series 1964, dated 7/15/64, now our-
stand-ing in the principal amount of 545,000, bearing interest, and
maturing in the amounts on July 15 of the vears,,as follows:
3.15$: ISM-80;
3.203: 15M-81/82.
General Obligation Bonds, Series 1966, dated 1/15/66, now out-
standing'in the principal amount of $420,000, bearing interest, and matrrinq,:Ln the amounts on January 15 of the years, as
follows-
3-3/88: 6CM-80/82;
3-1/2%: 60M-83/86.
Airport improvement warrants, Series 1966, dated 12/l/66, now
outstanding i~)L-'the principal amount of $18,000, bearing intcx-
est, and maturing in the amounts on December 1 of the years,
as follows :
4-1/28: 12M--80; 6M-81;
Genfra.l Obliaatioa,Bonds, Series 1967. dated 11/15/67, now out- yn
standing in t~e pra.ncipai amount of $300,000, hearing interest&
and mat=ring in the amounts on may t5 of the years, as follows:
4-1/43: 30M-80/89. t3
W
zx
Ya
General obligation-Bonds, Series 1968, dated 2/1,68, now Out-
General
in the principal amount of $475,000, bearing years, ng intterest*
and maturing in the amounts on February 1 of follows :
4-108: 50M-80;
4.20$: SOM-81/82;
4-1/48: 50M-83;
4.308: SOM-84/87; 7514-88_
General obligat:Lz a`Monds, Series 1969. ?dated 4//l5/~g no out''
standing ia_the principal amount of $6~~,000,
and maturing in the amounts on April 15 of the years, as follows: y
ems{
4_908: 6014--80; 65M-81;
58: 70M-82/84;
5-108: 70-85/87;
5_208: 7014-88/89.
General Obligation'Scnds, Series 1970 dated 9/15/70, now out-
standing _in the.prlnclpal amount of $600.000, bearing interest.
and maturing in the amounts on yarch 15 of the years, as follows
S-1/48: SOM-80/81;
S-l/28 SOM-82/83;
5.658- SOM-84;
5-80%: 50K-85;
5.908: 5014-86;
68: 5014-87;
6_108: SON-88;
6.208: SOM-89/90;
St: SOM-91.
General Obligation`-•'Street Improvement Bonds, Series 197 00e
7/15/74,`now-outstanding in the principal amount of $1,400
beariZg interest,_ `and maturing in the amounts on July 15 of the-
years, -as follows:
5-1/48: loom-80/82;
5_308: LOOM-83;
5_408: 10OK-84/85;
5-1/28: loom-e6;:
5.60$: ZOOM 87/88;.
5.708: 1o0M-89/90;
5_ 808 1DOM-91;
5.908_. 10OM-92;
68: ...VOM-93/94 .
^r
General Obligation Refunding Bonds, Series 1974, dated 7/15/740
now outs tandIng,in the principal amount of 5755,000, bearing
interest. and maturing in the amounts on July 15 of the years, s,•
as follows:
S-1/48: S5M-80; SOM-81/82; „
5.308: 5014-83.-
5.40%z SON--R4/1,,5;
5-1/2%: SOM-86;
S 604: SQIK~87/8F::
7-708:: SQM-89/90,-L
5_808: SOM-91;
5.90$s OM-93/94-
68:
r <
General Obligation`Bonds, Series 1976, dated 4/15/76, now out- _
standing .1n the principal amount of $2,250,000, bearing interes v:
and maturing in the amounts on July 15 of the years, as follows:
6-1/28_ 12SM-80/81;
5_108: 12SM--82;
4-1/28: 22514-83/84;
4.608: 125M--85;
4.708: 12514'86;
4_$08: MM-87;
4_908: 12514-88;
5$: 125M429/90;
5..20$. 12514-91; F
5.308. 15014-92;
S AWA: 1$0M-93/95;
-,,-1/28: 15014-96.
General Obligation' Bonds, Series 1977, dated 6/1/77, now out-
standing in the principal amount of $2,850,000, bearing inter-
est, and maturing in the amounts on June 1 of the years. as
follows:
6.008: 15"-80/84; m.
4_70%: 150M-85; "
4.40$: 150M--86;
4_508: 1SOM-87;
4.608: 150M-88;
4.708: 150M-89;
4.80$. ISOM 90;
4_90%: 1SOM-91;
5.008: ISOM-92/93;
5.208: 150M--94;
5.258. 20OM-95/96; y
4.008: 20OM--97.
Certificates of°Obligation,.Series 1978, dated 3/1/78, now out
standing in the principal amount of S125,000, bearing interest,
and "maturing to the amounts on March 1 of the years, as follows:
5.50$: SM 50/81; 10M-82/37; 15M-88/89;
General Obligation Bonds, Series 1979, dated 3/15/79, now out-
standing in the principal amount of $4,500,000, bearing inter-
est and-maturing in the amounts on MARCH 15 of the years, a
followsa
7.008: 225M-81/83; '
6.258. 22'SM-84;
5.208: 225M-8s; ,
5.158: 22-SY.-P#2/88 ; ;use
5_20$:"- 22514-8°/92;
-~:,225M-93;
5_308. 225M-94;
5_408: 22-SM 95; ^x5.458: 22S *_96 ;
5.508. 22SM-9AI/2000.
Certificates of Obligation, Series 1979, dated 10/1/79, now out-
standing-in-.the principal amount of $170,000, bearing interest,
and maturing fn the amounts on January 1 of -the years, as follo*.r.;_ _
1014-90; 20M-91/93; 25M-94/97. '
Total outst»~'Aing General Obligation Indebtedness - $15,453,000
The Attorney General of Texas
4 December 13, 1979
LARK WHITE 11orney Oenerel
THIS IS TO CERTIFY that the following described
certificates, together with authenticated copies of
>(emecounewid4 the proceedings relating to and authorizing the issuance
~'Doi1n'" of same, have been submitted to me for examination in
sfm 7K 76111
accordance with the require.aents of the statutes of the
State of Texas, to-wit:
CITY OF DENTON CERTIFICATES OF OBLIGATION, SERIES 1979-A, issued
` by virtue of an Ordinance adopted by the City Council of said City
f or the 6th day of Novembor, 19790 for the purpose of paying all or
a portion of the City's contractual obligations incurred pursuant
to contracts for the construction of a centri-I fire station in the
City, and paying all or a portion of the contractual obligations
for professional services of engineering architects, attorneys,
and financial. advisors in connection wiR such central fir~.`gtatfon
and certificates `of obliggation; datbd December 1, 1979; numNraij
consecutivoly from 1 tV SSi inclusive; in the denomination ef`Five
't'housand po]lars'C$5 000) Bach; aggregating the principal ;um of
Two Hundred Seventy-lSive Thousand Dtlllars (5275, 00); maturing
serially on 'June I in each of the years as follows:
1990/199S $25,000
1996 $0,000
1997 150000
bearing interest at the rate of 7.8754 per annum, payab!o December 1,
19800 and semiannually thereafter on June 1 and December I while
said bonds are outstanding; both principal and interest payable at
First State Bank, fentan0 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:
(1) That City of Donton was, at the timo of the adoption of
the Ordinance above referred to, and is, as of this date, legally k
incorporated;
(1) That annual ad valorem taxes sufficient to provide for
the payment of the interest on and principal of these certificates,
f
Page -g-
as such interest comes due hnd such principal matures, have been
levied and ordero, to be levied against all taxable property in
said City, and have been pledged irrevocably for such payment,
within 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 ownorship and operation of the City's Electric Light and Power
System remaining after payment of all operation and maintenance
1 expenses thereof, and all debt service (Retirement Fund), Reserve
Fund, Contingoncios Fund, Improvement Fund, and other requirements,
payments, and deposits required in connection with the City's
Revenue Bonds (now or hereafter outstanding) whic are payable
from Net Revenues of the City's Electric Light and Power System;
(4) That the Ordinance authorizing the issuance of said
cortificr:tes is in proper farm and was legally adopted;
(S) That said eertificatec an,l interest coupons attached
thereto are proper in form and in accordance with the Ordinance
authorizing their issuance.
17 IS MY JUDGMENT and I so find,,that all of the requirements
A,A h.o.laws under whick said Sertifica es were issued have been
meil.; that said certificates were Issue in conformity with the
CoAstitution and laws of the State of Togas; and thht sold ccrtifi
c6tes are valid and binding obligations`uf said City of°:anton,
Taxas.
hHEREFOR111 said certificates are hereby approved.
IN TESTIMONY WilEREOF, 1 have hereunto signed my name officially
and caused the scol"of my office to be impressed hereon, rn the
City of Austin, Texas.
A orney~~nera )-66P tTrcir o!• 1`c,Kas~
No. 11;834
Book No. 66
ss
OITICh 01" C011PFROLLER
Ol'~ Tlll; STATE, 0i' TIiXAS ~
1, Bob Bullock, Comptroller of Public Accounts of the state or Texas, do hereby
I cettifv that Cie foregoing hereof is a true and correct copy of the opinion of the Attorney
(Micral appru~ ing the City of Denton Certificates of Obligation, Series 1979-A
i
numbered consecutively from _ 1 to 55 of the denomination of
$ 59000,00 each, dated r'Qcen.ber I _ 19 79 due See foregoing
interest 7.875 percent, under and by authority of which said bonds were registered
in this office, on the 13th day of Deceml er I4_ 74 , as the same appears of record
on page.. 531 Bond Register of the Comptroller's Office, Vol, 881,,,, Register Numbcr
45251
Uivm under my hand and seal of office, at Austin, Texas, the 13th'
day of December 19 79
_
'~C'•
Bob Bullock
Comptroller of Public Accounts of the
Stale of Texas
A yam.
Fern 2W62.03 (Rti. 11-..i
• qR
FFIC-2 OF COMPTROLLER ;
OF THE STATE OF TEXAS I
1 Arlene Chiaholm C1 Bond Clerk 5 Assistant Bond Clerk in the office
of the Comptroller of the Stoft of Texas, do hereby certify that acting under the direction and
&Mxvrity of said Cwvo row on the 13th day of December , 19 79
I signed the name of said,Comptnoller t?o :the certificate of registration indorsed upon each of the
CLty of Dmt m Comes of Obligation, Series 1979-A
1 - 55 inclusive, dated December 1, 1979
numbered from ~ to
t
pr sigrpr~g C Asof regstration 1 used the following signature:
_ •rb
IN WITNESS WHEREOF t hate executed this certificate this 13th day of
December 79 4
1, Bob Buftock. Coa*wolfsr of Public Accounts of the State of Texas, do herst- certify
that the person who tws signed the above certificates was day Designated and appoirnea' by me '
as Bond Clads in the office of the Comptroller of Public Accounts of the State of Texas under
urdwity vested in nw by-T=L Rav. Civ. Stet Ann. wt. 4362 (1969), with authority to sign my _
name to all-certifiridtC Of aagistrartion, and/or cancellation of bonds nxpked by law t D be registered xL
and/or trecealed by me, and was acting ` m such on the date first mer+aoned in said certifidte, and
that tlte' beads descrLid`-in said _cartifirate have been duly registered in the office of said A
Comwpotler, as appears-of rem o - page 531 of volume 81 under Registration
45251
Number in the Bond Register kept in the office of the said Comptroller.
13t . day of_
of-w0Austin,-Texas, this
December 19- 79
BOR BULLOCK
Comptroller' of Public Accounts of the
State of Taxes
.
i
230-ARBITRAGE CERTIFICATE
THE STATE OF TEXAS
COUNTY. OF` DENTON
CITY Or DENTON
The undersigned, being the duly chosen and qualified
Mayor, City Manager, and Director of Finance, respectively,
of the City of Denton, Texas (the "City") hereby certify
with respect to that issue of City of Denton Certificates
ci`-^bligation `Series 1979 -A"(the "Certi.£icates")-, as follows:
ti
h
1_ that we, along with other officers, ais charged
with the responsibility of issuing the Certificates
and expending the proceeds of the Certificates.
2. that this--certificate and covenant are made pur-
suant to-Sections 1_103-13, 1_103-14, and 1.103-15 of
the proposed'. ==e Tax Regulations (the "Regulations")
of the,Internal:Revenue Service with respect to arbitrage
bonds as-described in Section 103(c) of the Internal
Revenue":Code of1354, as amended (the "Code"), and the
words and phrases used herein have the same meanings as
defined and used in the Regulations.
3. that.thig==certificate is based on facts, estimates,
and circumstances in existence on the date of this certi-
ficate, which"is :the date of issue of the Certificates, 3
and on such basis it is reasonably expected that the fi , -14
following will occur with respect to the Certificates,
and, to th&-, pest knowledge and belief of the undersigned, ;
such expectations are reasonable=
(a) that the Certificates are issued for the purpose
of paying all or a portion of the City's contractual ob
ligatloas ixic+zrred pursuant to contracts for the con-
struction of.-a Central Fire Station in the city, and
payingall or a portion of the-,-ontractual obligations ;or
professional services of engineering, architects, attorneys,
and financial advisors in connection with such Central Fire
station and Certificates of obligation;
(b), that,.the City will incur, within six months r;
after the date of issue of the Certificates, binding
obligatiow to-commence the project to be financed
by the-Certificates, eirher by entering into contracts
for the construction-of-such project to be financed by
the Certifl.cater, or by entering into contracts for
architect=a or engineering services for such project, ,
or contracts for land acquisition, site development
purchase of c6a~struction materials, or purchase of
equipment., for'ruch project, or La case of services,
will commit itself to make an equivalent
expenditure
for similar services by employees of the City, with
the amount to-be pafd under each such contract and
commitment with respect. to such project to be in ex-
cess of tw* and one-half percent of the portion of the
amounts received from the sale of the Certificates
allocated to such project (with the aggregate amounts
to be ,paid-under all sw: contracts- to be in excess
of two and one-half percent of all;-of the amounts
received r=---the sale of the Certificates);
a
(c) - that., after entering into said contracts or
making such -Fitments, work on such project will
proceed promptly and with due diligence to completion;
(d) that-all of the amounts received from the
sale of the Certificates and all investment income de-
rived therefrom: will` bn- expended for the purposes of
the, Certificates by 'ttta- end of the three-year period
beg nn+ng"on the date of issue of the Certificates;
(e) that°none of the amounts received from the
sale ofthe Certificates will be placed in a reserve
or replacemo&4t_ fund, and, except as provided in (f)
and .(g), below, none of the amounts received from the
sale of -the:Certificates and none of the proceeds of
the Certificates of any kind will either (i) be placed
in a reserve or-replacement fund, or (ii) be used di-
rectly or indirectly to replace funds which were used
directly or-indirectly to acquire any securities or
obligations of any kind;
(f) that a separate and special "Interest and `K
sinking rune has been created and established solely
to pay the princ:Lpal of and interest on the certifi-
cates, with a portion of such fund constituting a bona
fide debt service fund fer the Certificates, and mone,,
deposited into the "Interest and Sinking Fund" for the
Certif cates%vill 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'investmeat of money in the "Interest and Sinking
Fund- will-not be invested except during the one year
period beginning on the date of receipt -.s such amounts ;
provided, however, and except that, if any money so de- -
pos ted, 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
of any~ money or one year after the receipt of any
such amount's from the investment thereof, such money
and°amouuts,;..to the extent of an aggregate not exceed-
ing 158 *f-the original face amount of the Certificates
(with the Certificates having been sold at =ace value =
or par?, shall con-stitute a reasonably required debt
rvs«`,eserva fund for the Certificates, and may be
invested,* and will not be subioct_ tn investmert yield
restrictions; an shad constitute a separate r +ztion
of the_z."Iisrerest 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-
fi.cates vdthin each Certificate year,, and it is ex-
pected that.such portion of the "Interest and Sinking
Fund will bW depleted once a year on a first in - L
first out basis,, except for a possible carryover
amount whicb:'will no` exceed the greater of one year's r`-
earnings"on 'such fund or 1/12 of annual debt se--vise
payabl from-su.n fund, but any money and amounts T
which may be. ac= alated in the "Interest and Sinking
Fund. to,_conatitute a debt service reserve fund for
+4%^'•Certl cates as described in (f), above, shall -
cowntltute_&;'segarate portion of the "Interest and
Sinking Fund', and will not be depleted -annually,
,5
anti-will not be subject to yield restrictions; pro-
vded that in;;no event will such debt service re-
serve fund; portion' of the "Interest and Si.,kina-
Fund"' ever"axceed`15% of the original face amount
of the Certificates;
fh) that: excep= as `provided in (f) and (g) '
;above, money or amounts will :.,e held or accumulat
-ed in or. -rested frama any sinking fund, debt service
fund, redemption fund, reserve fund, replacement fund, ;
or s*mila r '#nad which is reasonably expected: to be
used to pay principal tr interest on the Certificates: Yz
(i) that the projei:t to be financed by the Certi-
ficates wil -be' sold )r, otherwise isposed of, in whole
or in part, prior to the final maturity of the Certi-
ficatps
(j) that the amours received from the sale of
the'Cerii:ficates will not exceed the amourt_s necessary
£or~the-governmental-purposes of the Certificates;
(k)' that the City has not been notified of any ,A
listing-of it.; by the Internal Revenue Service as an
issuer that-may not certify its Certificates-
a,: 'that it is not expected that the proceeds of the Cer-
ficates will be''used;in any manner that would cause such
obligations to:be arbitrage bonds under Section 143(c)
Df the Code and-the ReguLLtions prescribed under that
Section,.-and' it is further specifically covenanted that
the proceeds~,of-'the Certificates will not be used direct- r
ly or :ndipr,etly so as -to' cause all or any part of the
Ce-'^" °icuates to be or become arbitrage bonds ithin the
meaning of'-that.Section or the Regulations prescribed by
that Section.
.s
5. thax.:to our best knowledge and belief there are no ~
other facts`,: estimates, or circumstances that would ma-
terially change the foregoing conclusions or statements.
EXECUTED this Dt 9
Mayor.. City Denton /
City Manager. City Dento
Y.~
Director o Finance, City
Denton (CITY SEAL) »~'lV
u
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Y..
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1
OPINION OF BOND COUNSEL
w.
Based od•aur`examination of law and reaiew of the above
certification azuithe covenants with respect to arbitrage r`
contained in the :Ordinance authorizing the Certificates
described in such `certz¢ication, it is our opinion, as Atcor-
neys at Law-and,Bond Counsel to the City that the facts, a=ti-
mates, and sare sufficiently set forth in the
certification to"satisfy. the criteria which are necessary under
Section 103tc) og°:the Internal Revenue Code of 1954, as amended,
and Sections"'1_103-I3, 1.103-14, and 1.104-I5 of the proposed <s.
Income Tax Rego ations of the internal Revenue Service with
respect to arbitrage bonds, to support the conclusion that the
obligations of the- issue of Certificates described :L-t the
above-cert ficatiea will not be arbitrage bonds within the
meaning of said-Code and Regulations. Further, it is our
f d--opinion that the`Certifcates described in the above certifi-
cation are not arbitrage bonds within the meaning of said Code Y
and Regulations. o
MCCs1LL. PARKFiUR5T b NORTON
ATTORNEYS AT LAW
1400 MERCANTILE BANK BUILDING
DALLAS,. TEXAS 75201
S
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SIG~ATLrRE- IDENTIFICATION AND DIO-yIGATIODr
THE- STATE.oF:TEXAS
M=--Py OF`, DENTON
OF DENTON
hereby certify as follows c
we, the undersigned,
_xted and delivered M;
(a) : That- L "mss certificate is exect
with reference to thatrissue ; of DECE. 1 19CERTL''ICATES OF
y L,IGATION'; SERIES 1979:, _ DATED
(b) That ae officially executed and signed said Certi-
ficates of Obligatiaa''and the interest coupons attached thereto by causing facsimiles of ox= mar,4al signatures to be imprinted .
lithogr!~phed on-each of said Certificates of obligation and inter-
est coupons, and we hereby adopt said facsimile sianatu= con-
own, respectively., and dEClare that said facsimile'signatares
stitute our signatures the same a% if we had manually signed each
of said Certificates'of obligation and int-::rest coupons-
(c) That.-"id Certificates of obligation and-interest
coupons axe substant~ally in the form, and have been duly executed
and signed in the.maraer,'prescribed in the ordinance authorizing.
the issuance of said Certificates of Obligation and interest coupons
(d). That at the time we so executed and signed said,
Certificates of Obligation and interest coupons we were, and at t a
time'of executing thi-.---_certificate we are, the duly chosen, qua
Pied, and acting officers indicated therein, and authorized to ex
acute the name-
(e) That nc litigation of any nature has been filed or
is now pending :to- restrain or enjoin the issuance or delivery of
said Certi:fscates of`Obligation or interest coupons, or which would `
affect the provision =ade for-their payment or security, or in aay.
manner questioning-the proceedings or authority concerning the isZss
ance.of said Certificates of obligation and interest coupons, aac: '
that so far as we know and believe no such-litigation is threatened' ` E
(f) That neither the corporate existence nor boundaries
fiTad;
of said Issuer is being contested, that no litigation has been
or_ is uw pending which would affect the authority of the officers.v
of said issuer _ to 'issue , execute, and deliver said Certificates
.k hligation;:and; interest cotipons, and that no authority or proceed-
ags for the-issuance-,of said Certificates of Obligation and ince=_7X
est coupons have been repealed, revoked, or rescinded.
(g)That we have caused the official s_-LI of said issuer R
to be.impresses, or_printed, or lithographed ou each Qf said Cert
ficates of -obligation;and said seal on said C of Obther =
gation ` has `been. duly. adopted as # and is hereby declared to
official seal of said issuer.
E=CQTED and delivered this DEC 2 0 1979 Y
r OFFICIAL TITLES mss.
Mayor
a
Secretary
The' signatures. of the officers subsc=ibed above <Q
are hereby certified-to be true and genuine.
First -State Bank of Denton, Texas
(BANK SEAL)
Bank 1
By
Authorized Offices r
TREASURER'S RECEIPT mh}
THE . FATE OF TEXAS -
CO1WTY OF DENTON -
CITY OF DENTQN,
The undersigned hereby certifies as follows:
(a) That this certif_cate is executed and delivered
with reference to that issue of CITY OF DENTON CERTIFICATES
OF OBLIGATION,' SERIES 1979 -A, DATED DECEMBER 1, 1979.
(b).-That the under,-wed is the duly chosen, qualified,°j
and acting-Treasurer of the issuer of said Certificates of
Obligation-
cc) 'Chat all of said Certificates of obligation have
been duly delivered to the purchaser thereof, namely.
FIRST SOUTHWEST CO,`2ANY:
DALLAS, TEXAS
h
(d) That all. of said Certificates of Obligation have
been paid for full by-said purchaser concurrently with de-
livery of_this-certificate, and the issuer of said Certificates, My.
of Obligation 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.
(e) That all interest coupons representing interest
scheduled to come-,:due on said Certificates of obligation were
attached to said Certificates at the time of delivery thereof.
MMCUTED and delivered this DEC 2 01979
TREASURER
,
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I.Af• o.rICCs _
M9 CALL. PARKHURST & HORTON
1400 ME"CA0r4Lr BANK BUILDING
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0 DEC 2 0 3979
CITY OF DENTON CERTIFICATES OF OBLIGATION,
SERIES 1979-A, DATED DECEMBER 1, 1979, IN }
THE PRINCIPAL AMOUNT OF 5275,000
AS BOND COUNSEL for the issuer (the 'Issuer-) of the
certificates described above (the "Certificates"), we have
examined into the legality and validity of the Certificates,
Vaich bear interest from their date, until maturity or re-
demption, at the rate of 7.875% per annum, evidenced by in-
terest coupons payable DECEMBER 1, 1980, and semiannually
thereafter, and maturing seria_ly on JUNE 1 in each of the
years 1990 through 1997• and with the Certificates being
redeemable prior to their scheduled maturities ON ANY DATE
WHATSOEVER, in accordance with the terms and conditions
stated on the face of each of the Certificates.
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 r.
pertinent instruments authcrie.'=q and relating to the issu-
ance of the Certificates, including one of the executed Cer-
tificates (Certificate No. 1).
sol,
BASED ON SAID EXAMINATION, IT IS OUR OPINION that said
Certificates have been authorized, issued, and delivered in 1ti'
accordance with law, and constitute valid and legally bind-
ing special obligations of the issuer; and that the interest
on and princij:al of said Cez.ficates are payable from ad
valorem taxes, within the limit prescribed by law, levied up-
on all taxable property within the Issuer, and are addition-
ally secured by and payable from the surplu~i revenue- deriv-
ed by the Issuer from the ownership and operation i~f the y;
Issuer's Electric Light and Power System remaining after pay-
ment of all operation and maintenance expenses thereof, and .
all debt service (Retirement Fund), Reserve Fund, Contingencies
Fund, Improvement r°und, T. d other requirements, payments, and
deposits required in connection with the Issuer's Revenue Bonds (now or bereafter outstanding) which Net Revenues of the Issuer's Electric Light and Power
System.
ALSO,-IT IS OUR OPINION that the interest on the Certi-
ficates is exempt from Federal Income Taxes under existing
StatuLCS, regulations, rulings, and court decisions. ;
WE HAVE ACTED AS BOND COUNSEL for the issuer ~ffor the sole
pr-pose of rendering an opinion with respect to tlegality
and validity of the Certificates under the Constitution and
laws of the State'of Texas, and with respect to the exemption u
of the interest on the Certificates from Federal Income
request-
and for no other reason or purpose.
ed to investigate or verify, and have not independently : vest- 'rr
igated or verified-, any records, data, or other material re-
lating to the:findncial condition or capabilities of the Issuer,
and have not assamed any responsibility -4th respect thereto.°
We have relied solely on information and certificates furnish-
ed to us by the-Issuer with respect to the current outstanding
indebtedness of and aseessed valuation of taxable property
within the Issuer
Respectfully, a;;