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Home My WebLink About03-22-1983 AGUNUA; > TIINUTris;ltn NA%ILso CITY OF DHNTON CITY COUNCIL DAYI'llesdav, March 22, 1983 TIME; 7;00 NLACh; Council Chambers M iMBERS NOTATIONS YE.s NO Richard Stewart 382-3225 Joe Alford 387-4,373 Jack Barton 566-2410 ^ ,dark Chow 383-1083 Charles klnpkins 566-3031 James-Riddlesper)er 382-8757 It ~ r~ t 3 Fp i e ri s._.,.._._._.____ S 6 •i 3 4 0 - _ . E119AL SERVICE YES NO NOTIFY PRESS YES NO Linton Record Chronicle H2O P38 C11,1111101 2s H75 TWU Lass-O idT Da iiZ 565-2353 KNTU 565.3688 UcntonCounty Enterprise f131 l Dallas '1'i3nes Herald 566-O5 J3 Y G`! ✓ 0166C lf, _ AGENDA CITY OF 04NTON CI'T'Y COUNCIL March 22, 1983 Special Called Meeting of the City of Denton City council on, Tuesday, March 22, 1983, at 7;00 p.m, in the Council Chambers of the Municipal Building at which the following items will be considered. 7.00 p.m. 11 Adoption of an ordinance authorizing the sale and issuance of $4,742,000 in General Obligation bonds. 2. Executive Session. A. Legal Matters Under Sec, 2(e), Art. 6252-17 V.A.T.S. B. Real Estate Under Sec. 2(f), Art. 6252-17 V.A.T.S. C. Personnel Under Sec. 2(g), Art 6252-17 V.A.T.S. D. Board Appointments Under Sec. 2(g), Art 6252-17 T.A.T.S. 0726C - _ AGENDA CITY OF DENTON CITY COUNCIL March 220 1983 Special Called Fleeting of the City of Denton City Council on Tuesday, March 22, 1983, at 700 p,m. In the Council Chambers of the Municipal Building at which the following iteuis will be considered, 7;00 p.m. 11 Adoption of an ordinance authorizing the sale and issuance of $4,742,000 in General Obligation bonds, 2. Gxt itive Session; A. Legal Matters Under Sec. 2(e), Art, 6252-17 V. A.T. S. B. Real Estate Under Sec. 2(f,, Art. 6252-17 V.A.T.S. C. Personnel Under Sec. 2(g), Art 6252-17 V.A.T.S. D. Board Appointments Under Sec. 2(g), Art 6252-17 V.A.T.S. 07260 w ORDINANCN' NO, 83-„ OPINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS THE STATE OF TEXAS t COUNTY OF DENTON r CITY OF DENTON t WHEREAS, the bonds hereinafter authorized were lawfully and favorably voted at an election duly held in said City on DECEMBER 11, 19821 and WHEREAS, it is necessary and advisable to authorize, Issue, and deliver said bonds: and ' WHEREAS, the bonds hereinafter authorized and designated were voted and are to be issued, sold, and delivered pursuant to Vernon's Ann, Tex, CiV, St, Articles 823 and 1175, and the City's Home Rule Charter, TAE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINSt Section 1, That the Cit:y's negotiable, serial, coupon bonds are hereby authorized to be issued, sold, and delivered in the aggregate principal amount of 84,742,000, for the purpose of the acquisition of property and making improvements for public purposes in said City, to-witr providing $3,282,000 FOR DRAINAGE IMPROVEMENTS) providing $9000000 FOR RIGHT OF WAY ACQUISITION AND RECONSTRUCTION OF UNIVERSITY DRIVEL providing 5450,000 )'OR THE CONSTRUCTION OF A NEW FIRE SUBSTATION! and providing 5:10400 FOR ADDITIONAL, TRAFFIC CONTROL SIGNALS, Section 2. That said bonds shall be designated as the! "CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1983". Seotioo 3. That said bonds shall be dated MARCH 15, 1983, shall be in ch•s denomination of $5,000 each, shall be numbered consecutively from one upward, and shall mature serially on the maturity dats, !.rl each of the years, and in the amounts, respectively, as set forth in the following scheduler MATURITY DATEt MARCH 15 1 YEARS AMOUNTS YEARS AMOUNTS v 1984 $217,000 1994 $250,000 1985 225r000 1995 2500000 1986 225,000 1996 2500000 1987 225,000 1997 250,000 1988 225,000 1998 250,000 1989 225,000 1999 290,000 1990 225,000 2000 250,000 1991 225,000 2001 250,000 1992 225,000 2002 2500000 1993 225,000 2003 .250,000 Section 4, That the bonds scheduled to mature during the years, respectively, eat forth below shall bear interest at the following rates per annum, maturities 1984, 1 maturities 1995, 4 maturities 1985, 8 maturities 1995, 8 maturities 1986, i maturities 1996, 3 maturities 1387, " -'3 maturities 19970 3 maturities 1988, maturities 1998, 3 maturities 1989, t, maturities 1999, 8 maturities 1990, ---t maturities 2000, 8 maturities 1991, --...9 maturities 2001, 9 maturities 1992, 9 maturities 2002, 3 maturities 1993, _I maturities 2003, "~9 Said interest. 0411 be evidenced by interest coupons which shall appertain to said bonds, and which shall be payable in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordinance. Section 5. That said bonds and interest ooupone shall be iseued, shall be payable, may be redeemed prior to their scheduled maturities, shall have the characteristics, and shall be sinned and exenuted (and said bonds shall be sealed), all as provided, and in the manner indicated, in the FORM OF BOND set forth in this Ordinance, Section b, That the form of said bands, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endoread on each of said bonds, and the foam of the aforesaid interest coupons which shall appertain and be Attached Initially to each of said bonds, shall be, respectively, substantially as fol- lows, rORM OF BONDe NO, $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON GENERAL OHLIOATION BOND SERIES 1983 ON MARCH 151 , THE CITY OF DENTON, in Denton County, Texas, hereby prom'iaes to pay to bearer hereof the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from date hereof, at the rate of B per annum, evidenced by interest coupons payable MARCH I3; 1984, and semiannually thereafter while this bond is outstanding, THE PRINCIPAL of this bond and the interest coupons appertaining hereto shall be payable to bearer, in lawful money of the United Stateu of America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper interest coupon, at the following, which shall constitute and be defined as the "Paying Agent", for this Series of bondai TEXAS AMERICAN 11ANK L'ORT WORTH, N.A., FORT WORTH TEXAS, OR, AT THE OPTION OF THE BEARER, AT FIRST STATE BANK OF DENTON, DENTON, TEXAS. THIS BONG is one of a series dated as of MARCH 15, 1983, authorized, Issued, and delivered in the principal amount of $4,742,000 for the purpose of the acquisition of property and making improvements for public purposes in said City, to-wLti providing $3,282,000 FOR DgAINAOE IMPROVEMENTS providing $900,000 FOR RIGHT OF WAY ACQUISITION AND RECONSTRUCTION OF UNIVERSITY ORM i providing $450,000 FOR THE CONSTRUCTION OF' A NEW FIRE SUBSTATION, and providing $110,000 FOR ADDITIONAL TRAFFIC CONTROL 9I0LALS. ON MARCH 15, 1993, or on any interest payment date thereafter, 6iy outstanding bonds of this Series may be redeemed prior to their scheduled maturities, at the option of said City, in whole, or in part, for the principal amount thereof and accrued interest thereon to the date fixed for redemption, At least thirty da---s prior 2 to the date fixed for any such redemption said City shall cause a wri~ten notice of such redemption to be published At least once in a financial publication published in the City of New York, New York. By the date fixed for any such redemption due provision shall be made with the "Paying Agent" for the payment of the prinoipal amount of the bonds which ere to be so re- deemed and accrued interest thereon to the date fixed for redemption, If such written notice of redemption is published and if due provision for such payment is made, all as provided above, the bonds which are to be so redeemed thereby automati- oally shall be redeemed prior to their scheduled maturities, and they shall not bear interest after the date- fixed for redemption, and they shall not be regarded as being outstanding except for the right of the bearer to receive the redemption price from the "Paying Agent" out of the funds provided for such payment. IT IS HERESY certified, recited, and covenanted that this bond has been duly and validly voted, authorized, issued, and delivereds that all acts, conditions, and things required or proper to be performed, exist, and be done precedent to or in the voting, authorization, issuance, and delivery of this bond have been performed, existed, and been done in accordance with laws that this bond is a general obligation of said City, issued on the full faith and credit thereofs and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this bond, as such interest comes due and such principal matures, have been levied and ordered to be levied against all taxable property in said City, and have been pledged irrevocably for such payment, within the limit prescribed by law, IN WITNESS WHEREOF, this bond and the interest coupons appertaining hereto have been signed with the facsimile signa- ture of the Mayor of said City and countersigned with the facsimile signature of the City secretary of said City, and the official seal of said City has been duly impressed, or placed in facsimile, on this bond, x xxxxx x __x~____ My eoretx ary, ty o Dent-on ayor, ox~x"e3 ton FORM OF REGISTRATION CERTIFICATE: COMPTROLLER' REGISTRATION CERTIFICATE, REGISTER NO. I hereby certify that this bond has been examined, certi- fied as to validity, and approved by the Attorney General of the State of Texas, and that this bond has been registered by the Comptroller of Public Accounts of the State o: Texas, Witness my signature and seal this xxx- xxxx • oa~p~C'"" ~roTTe`r of~ u~ o eZ c"'"'ounts` of the State of Texas. FORM OF INTEREST COUPON: No. ON CITY OF DZNTON, in Denton Coltnty, Texas, promises to pay to hearer the amount shown on this interest coupon, in lawful man-.y of the United States of America, without exchange or oollect..on charges to the bearer, unless due provision has been made for the redemption prior to scheduled maturity of the bond to which this interest coupon appertains, upon presenta- tion and surrender o' this interest coupon, at 3 TEXAS AnRICAV 84NNN FORT WORTH, N.A,r FORT WORTH, TEXAS, OR, AT THE OPTION OF THE HEARER, AT FI1;4T STATE HANK OF DENTON, DENTON, TEXASr said amount being interest coming due that day on the bond, bearing the number hereinafter designated, of that issue of CITY OF DENTON GENERAL OB[.IOATION 13ONDS, SERIES 19831 DATED MARCH 15, 19834 Bond No. . xx xx xxxx y sore Yal , Section 7. That a special "Interest and Sinking Fund" is hereby created solely for the benefit of said bonds, and raid Interest and Sinking Fund shall be established and maintained by said City at an official depository bank of said City, Said Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of said City and shall be used only for paying the interest on and principal of said bonds. All ad valorem taxes levied and collected for and on account of said bonds shall be deposited, As collected, to the credit of said Interest and Sinking Fund. During each year while any of said boride or interest coupons appertaining thereto are out- standing and unpaid, the governing body of said City shall compute and ascertain a rate and amount of Ad valorem tax which will be sufficient to raise and produce the money required to pay than interest on said bords as such interest comes due, and to provide and maintain a sinking f%nd adequate to pay the principal of such bonds as such principal matures (but never lees than 71 of the original principal amount of said bonds as a sinking fund each year)) and said tax shall be based on the latest approved tax rolls of said city, with full allowance being made for tax delinquencies and the cost of tax collec- tion. Said rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable proper- ty in said City for each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid; and said tax shall be asseased and collected each such year and deposited to the credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes sufficient to provide for the payment of the interest on and principal of said bonds, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit pre- sorihed by law. Section 8. That the Mayor of said City is hereby author- ized to have control of said bonds and all necessary records and proceedings pertaining to said bonds pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State 0 Texas. Upon registration of said bonds, said Comptroller of Public Accounts for a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate printed and endorsed on each of said bonds, and the seal of said Comptroller shall be impressed, or placed in facsimile, on each of said bonds. Section 9. That the City covenants to and with the purchasers of the bonds that it will make no use of the proceeds of the bonds at any time throughout the term of thit. issue of bonds which, if such use had been reasonably expecte~-. on the date of delivery of the bonds to and payment for the bonds by the purchasers, would have caused the bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, As amended, or any regulations or rulings pertaining thereto) and by this covenant the City !i obligates to comply with the requirements of the aforesaid Section 103(x) and all applicable and pertinent Department of the Treasury requlat<_ons relating to arbitrage bonds. The City further covenants that the proceeds of the bonds %aSll not 4 1 1 otherwise be used directly or Indirectly so as to cause all :r any part of the bonds to be or become arbitrage bonds withit the mooning of the aforesaid Section 10310?, or any regulatioma or rulings pertaining thereto. Section 10, That it is hereby officially found and daterminodi that a case of emergoncy or urgent public neces- sity exists which requires f;he holding of the meeting at which this ordinance is passed, such emergency or urgent public neoasaity being that the proceeds from the sale of said bones are required As soon as possible and without delay for neces- sary and urgently needed publio improvementsi and that said meeting was open to the public, and public notice of tha timw, place, and purpose of said meeting was given, all as requirri by Vernon's Ann, Civ. St, Article 8292-17, Section 114 That said bonds are hereby sole. and shall hie delivered to , for cash for the par value srao an accrue interest t ereoan to date of delivery, plus premium of 9 it is herotby officially found, detsrmi~ is and declared `-th'a' -said bonds have been sold at public sale no the bidder offering the lowest inte,"est cast, after receiving sealed bids pursuant to an Official Notice of Sale and Official Statement dated March A. 1983, prepared and distributed in connection with the sale cf said bonds, Said official Notice of Sale and official State- ment, and any addenda, supplement, or amendment thereto have been and are hereby approved by the City Council, and their lzse in the reoffering of the bonds by the purchasers is hereby approved. It is further officially found, determined, and declared that the statements and representations contained iz said official Notice of Sale and Official Statement are tr,se and correct in all material respects, to the best knowledge and belief of the City Council, a 5 NOTICE O WORK SESSION - k 'GULAR ( SPECIAL CALL~E laMERGENCY MEETING OF 'I'ii OF THE CITY OF DHNTON, TEXASY 9 Notice is hereby given , h t on) the day of I 1 the Gc= =r ,fd_. ~~c,. o a City of Denton, to ax s will IA Ild a work session - regular is'1' °a'TI - emergency meotin at o'clock, _ m:; -1 n ' t,-/ of t?e Unicipal Bui ng located at 215 ast ~ftKiinney~on, lexas, The subjects to be considered are listed on the Agenda which is attached hereto and make a part of this notice. If during the course of the meeting covered by this notice the hoard/Commission should determine that an executive meeting of the Board/Commission, or a consultation with the City's attorney should be held or is required, then such executive meeting or consultation with the City's attorney as authorized by Article 6252-17 Revised Civil Statutes of Texas will be held by the Board/Commission at the date, hour, and place given in this notice or as soon after the commencement of the meeting covered by this notice as the Board/Commission may conveniently meet in such executive meeting, or consult with the City's attorney concerning any and all subjects and for any and all purposes permitted by Section 2(b) through Section 2(p), inclusive, of said Article 6252-17, including, but not limited tot Section 2(c), Section 2(e), Section 2(f), Section 2(g), and Section 2(j) and as marked in the attached Agenda. Should any final action, final derision, or final vote be required in the opinion of the Board/Commission with regard to any matter considered in such executive meeting or consultation with the City's attorney, then such final action, final decision, or final vote shall be at either; (a) the public meeting covered by this notice upon the reconvening of this public meeting, or (b) at a subsequent public meeting of the Board/Commission upon notice thereof, as the Board/Commission shall determine. On this I,z7 day of r~r........, 19the orijinai of this instrument was filed among the official records of the City of Denton, 'T'exas, and an original copy was posted on the bulletin board in the main lobby of the Municipal Building of the City of Denton at 'e;f o'clock, f_m, on said date, lei L ITI U' AL N, C S ; RE TrEtl CITY OF DENTON, TEXAS 02140 < mot. AGENDA CITY OF DENTON CITY COUNCIL Xavch 221 198'. Special Called Meeting of the City of Denton City Council on Tuesday, March 22, 1983, at 7:00 p.m, in the Council. Chambers of the Municipal Building at which the following item,i will be considered, 7:00 p.m. 1. Adoption of an ordinance authorizing the sale and issuance of $4,742,000 in General Obligation bonds, 2. Executive Session: A. Legal Matters Under Sec, 2(e), Art, 6252-17 V,A,T.S, B. Real Estate Under Sec, 2(f), Art. 6252-17 V.A.T.S. C. Personnel. Under Sec. 2(g), Art 6252-17 V.A.T.S. D. Board Appointments Under Sec, 2(g), Art 6252-17 V.A.T.S. 0726C C~R~'11~IC~T~ QR ~U ~ Y THIS I$ TO CIRYIFY Thal the microphotographs appoarlnq on Ihlc Film•Fllo f~artlrw wllh CITY COUNCIL AGENDA (4CKFT 03/22/83 and lndingwllhCITY COUNCIL AGFNDA PACKET are , accurate and cornpleio roproducllonc of the records of (Company and Doph) I7Y OF TON CITY SECRETARY at delivered In the regular courco of buclnocs for pholographIng, H Is further corllfled Thal the microphalopraphle procecser were occomplisl%W in « mannoc and on film which meolr wish requiromanls of Iho Nailonal bureau of Slandoxdi fet fAWrnanent mlcrepholograp:ric copy, .l&"o-BoQQ,r • Corn #y IwomI rcCHnoloOY ATJWgPK eft". or«.Mw P LAM 6in vAiEtjrk Raper She4e, /vlinglon, Texas 76010