HomeMy WebLinkAbout1977
Alt (Proof of April IS, Irn)
Ttty of jorittlatt, mexas
•
(Denton County)
PI
f
$3,000,700
General Obligation Bonds,
• Series 1977
And
$500,000
Water and Sewer System Revenue Bonds,
Series 1977
•
Tuesday, May 17, 1977, at 7:00 P1q, CST
ALP 7701 M.47" BO\DI 0 01 L0
.1 IRT
OMER
i
take 2 CITY OF DENTON. TEXAS
mp 2 OFFICIALS, CONSULTANTS AND ADVISORS
•
CITY COUNCIL
Term
Ex~irn OcerJellw ~
Elinor Hughes April 1979 Coord~ne tor, Areawide Community
Mayor Servicr s and Continuing
Education Program i
Bill Nash April 1978 Civil Engineer
Councilman
Richard Stewart April 1978 Air Line Pilot
Councilman
Mary Claude Gay April 1979 Realtor
Councilwoman
April 1979
Councilman
•
ADMINISTRATIVE AND FINANCE OFFICERS
!leme Padtloa Leoph c!
9er+ke t
Jim W. White City Manager 9 Years
Jack Owen Assistant City Manager 12 Years
William H. Bryant Director of Finance 9 Years
Brookr Hclt City Secretary 15 Years
CONSULTANTS AND ADVISORS
Auditors ......................Alexander Grant & Co.
Dallas, Texas
Bond Attorneys...... McColl, i'arkhurst and Horton
Dallas, Texas
Financial Advisors
.First Southwest Company
Dallas, Texas
A" 8190 1 otMW 100 4 04 H. It
t
take 3 CITY OF DENTON, TEXAS
mp 3 OFFICIAL STATrAIFNT RELATING TO
53,800,000 General Obligation Bonds, Series 1917 and
$:00,000 Water and Sewer System Revenue Bonds, Serla 1977
0 TABLE OF CONTENTS
Pate
Description or the Central Obligation Bonds I
Description or the Waterworks and Sewer System Revenue Bonds,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, to
Valuation and Debt Information 2
Tax Data 2
Valuation and Funded Debt History 2
Assessed Valuation - Classified 3
Tax Rate Limitations
Municipal Sales Tax 3
Estimated Overlapping Funded Debt Payab:o From Ad Valorem Taxes 3
Tax Rates Overlapping Subdivisions I
Principal Taxpayers 4
Interest and Sinking Fund Management Index 4
Estimated Assessed Valuations 4
Authoriz.' Jeneral Obligation Bonds 4
Anticipated Issuance of Authorized General Obligation Bonds 4
Debt Service Qequirements General Obligation Bondi 5
Waterworks and Sewer System Operating Statement 6
Value of the Waterworks and Sewer System 6
City's Equity in the System 6
Authoriztd Revenue Bonds 6
Monthly Water Rates 7
Monthly Sewer Rates 7
Proceeds 7
Description of the Waterworks and Sewer System 7.9
Waterworks and Sewer System Revenue Bond Covenants 9•i0
Estimated D:bt Service Requirements, Waterworks and Sewer System
Revenue Bonds 11
The City Location and Economic Background 12.15
Legal Opinions .,.,.......16
Authenticity of Financial Information 16
Financial Statements for Year Ended September 30, 1976 Appendix
AEP M I D4vT01 "Did W'111r
. ti
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take 4 This Ofpcial Statement does not constitute a a offer to sell Bonds in any jurlsdiction to any person to
mp 4 whom it is unlawful to make such offer in such ju ~ttdiction. No dealer, salesman, or any other person has
been authorised to give any information or make any rrpresenration, other than those contained herein, in
connection with the offering of these Bonds, and ((given or made, such information or representation must
not be relied upon. The Information and expressions of opinion herein are subject to change without notice
and neither the delivery of this OfJPcial Statement nor any sale made hereunder shall, under any
circumstances, create any implica.lon that there bas been no change in the affalrs of the City since the date
hereof.
Officisti Statement
(Dated May 3, 1977)
INTEREST EXEMPT, 1N THE OPINION OF BOND COUNSEL, FROM PRESENT
FEDERAL INCOME TAXES UNDER EXISTING STATUTES,
REGULATIOP'r, RULI VGS AND COURT DECISIONS
NEW ISSUE
$?t)000,000
CITY OF DENTON, TEXAS
(Denton County)
GENERAL OBLIGATION BONDS, SERIES 1977
Dated: June I, 1977 Denomination: S5,000
Principal and semi-annual ini.erest (June I and December 1) payable at
First National City Bank, New York, New York,
or, at the option of the holder, at
First National Funk in Dallas, Dallas, Texas.
First interest coupon due June I, 1978.
Coupon bearer bonds, not registrable,
Security for Payment. These Bonds will constitute direct and general oblig►tions of the City, payable
froin ad valorem tares lei lcd against all taxable property located therein, within the 'imits prescribed bylaw.
MATURITY SCHEDULE
Amount Maturity Rata Yleld Amouur Slansrlq - Rate view
5150,000 6.1.1919 $150,000 6-1.1989'
150,000 6.11980 1501000 8.1.1990'
150,000 6.1.1981 150,000 6-1.1991'
150,000 6.1.1982 150,000 6.1.1992•
150,000 6.1.1983 150,000 6.1.19930
150,000 6.1.1954 150,000 6.1.19940
150,000 6.1.1985 200,000 6-1.1995'
150,000 6.1.1986 200,000 6.1.1996'
e 150,000 6.1.1;81 200,000 6.1.1997"
150,000 6.1.1988
'The City reserves the right to redeem bonds maturing June 1, 1989 through June 1, 1997, inclusioe, in
whole or any part thereof, an we I, 1988, or any Interest payment date thereafter, at P-~r 2ad accru•.d
interest.
Payment Record: The City has never defaulted.
Leo,dity: Attorney General of the State of Texas, and Messrs. McCall, Parkhurst and Horton,
Attorneys, Dallas, Texas. (Opinion Printed on the Bonds; See Legal Opinions.)
Delivery.- Anticipatea yn or about June 28, 1977,
Ate 331 0 oarmn 1"D1 • a u tt
• r
•
•
THIS PAGE INTENTIONALLY BLANK
This Offlcial Statemene does not cowdruie an offer to sell Bonds in any jurlsdiction to any person to
,*-ham it is unlae ful to make such offer in such jurisdiction. No dealer, salesman, or any other person has
been authorised to give any information or make any representation, other than those contained herein, in
connection with The offering of these Bandy, and if given or made, such Information or representation must
not be relied upon. The information and expressions of opinion herein are subject to change without notice
and n-ither the delivery of Wr Off vial Statement nor any sale made hereunder shall, under any
circumstances, create any implication that there has been no change in the affair of the Citysince the date
hereof.
Ofndal Statement
(Dated May 3, 1977)
INTEREST EXEMPT IN THE OPINION OF BOND COUNSEL, FROM PRESENT
FEDERAL INCOME TAXES UNDER EA STING STATUTES,
REGULATIONS, RULINGS AND CO;IRT DECISIONS
NEW ISSUE
$ 5001000
CITY OF DENTONt TEXAS
(Denton County)
WATER AND SEWER SYSTEM REVENUE BONDS, SERIES 1977
Dated: June 15, 1977 Denomination: 55,000
Principal and semi•annuul interest (July 13 and January 13) payable at
F?.:t National City Bank, New York, New York,
or, at the option of the holder, at
First National Bank in Dallas, Dallas, Texas,
First interest coupon due January 15, 1918,
Coupon bearer bonds, not registrable.
These bands, authorized at an election held May 16, 1972, will constitute special obligations of the
City, payable both as to principal and interest solely from and setured by a first lien on and pledge of the
revenues or the Water and Sewer System, after deduction of a reasonable expenses of operation and
maintenance, as provided by the General Laws of the State of Texas, particularly Articles I I 1 I et seq.,
Rtvised Civil Statutes of Texas, 1923, as amended,
MATURITY SCHEDULE
Amount %istuttts Rate y1etd Attwunt slawfltr Rate 19dd
$10,000 7• ; 3.1980 $50,000 7.13.1987
1!,000 7.0-1981 30,000 7•15.19S8
23,000 7.13.1982 30,000 7.13.1989
25,000 7.13.t983 30,000 7.13.1990
23,000 7.131984 50,000 7.13.1991
30,000 7.13.1983 50,000 7.13.1992
$0,000 1.13.1986
NON-OPTIONAL
Payment Record- The City has never defaulted.
Legalhy; Attorney General of the State of Texas, and Messrs. McCall, Parkhurst and Horton,
Attorneys, Dallas, Texas. (Opinion Printed on the Bonds; See Legal Opinions,)
Delivery. Anticipated on or about June 28, 1971.
AI/ r M , acntar 10ND! , K11
x
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THIS PAGE INTENTIONALLY BLANK
I
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T 6 VALUAT,ON AND DEtIT INFORMATION
P 6a (Aso( Apra I, 1977(
1976 Full Taxable Value - Estimated $341,351,562
1916 Assessed Valuation (40% of Estimated Full Taxable Value) 136,540,625
Total General Obligation Debt (including these Bonds) 12,344,000
Less: Interest and Sinking Fund 628,663
NI:T DEBT S 11,715,337
Ratio Total Debt to 1976 Assessed valuation 9.04`
Ratio Net Debt to 1976 Assessed Valuation 8.58
1977 Estimated Population - 47,250
Per Capita Assessed Valuation $2,889.75
Per Capita Total Debt S261.23
Per Capita Net Debt 5247.94
Area - 33,2 Square Miles
take 7 Note f: Pursuant to authority permitted by Sectlojs I-b, Article Vlll of the State Constitution, which
mp 7a became effective January I, 1973, the City has granted jn exerry ;on of 53,000 of assessed valuation to
property owners over 65 years of age, The value of properties exempted, 53,685,285, has bee,, deducted from
the assessed valuation as shown above.
Note 7: The Legislature pursuant to a constitutional amendment and Article 7150h, VATCS,
mandates an additional property tax exemption for disabled veterans or the surviving spouse or children or a
deceasA veteran who died while on active duty in the armed forces. The exemption from taxation applies to
either real or personal property with the amount of assessed valuation exempted ranging from 51,500 to
$3.000, dependent upon the amount of disability nr whether the exemption is applicable to a surviving spouse
or children. It Is estimated by the City that the reduction in assessed valuation has not exceeded 5344,573,
i
Note J: The above statement does not include S6,40.600 Water and Sewer System Revenue Bonds,
nor 517,946,000 Electric Revenue Bonds, as these Bonds rre payable solely from the net revenue of the
respective system. Interest and Sinking Fund and Reserve Fund to the credit of the Water and Sewer System,
as of April 11, 1977, amounted to 5358,952 and S497,804, respectively. Interest and Sinking Fund and
Reserve Fund to the credit of the Electric System, as of April 1, 1977, amounted to $1,154,112 and
52,037,148, respectively.
i
T 8 TAX DATA
P 6b (Year Ending Sertember 301
AD VALOREM TAX RATE ~
Interest A Total
Tax Assessed Ceaard Slaking Tar %Cwreat %Tolel
Yesr Valeadoas Fend read Rate Collectleas Conecrlons
1969.70 S 71,868,297 50.6501 $0.8499 S1,S0 93.70% 97.621%
1970.71 76,608,456 .6333 .8667 1.50 95.78 99,42
1971.72 83,132,253 .8285 .8715 1.70 95.49 97.93
1972-73 95,133,723 973.74 12,222,840 ,9357 .7643 1.70 96.545 997.42
• 1
8,47 J~
1974.73 111,987,949 .8839 .8161 1.70 95.46 98.03 i
1975.76 1:4,327,113 ,7638 .9362 1,70 15.05 97.86
1976.77 136,340,615 1.0938 .6862 1.78 In process orcollection
2
,w srN ~ Oti?~1VR aot+a! • a w rT
J
WW7
take 9 Taxes are due October I and become delinquent after January 31. SPlit payments are permitted, first
mp 7b calf by Dtcembar 31; second half by March 31. Discounts are not allowed.
• Charges for penalty and interest are made as follows;
laterest Penalty Intoreet Penalty
February I 5% 2% August 1 3~h% 8%
March 1 i % S% September 1 4 % 8%
April I I'h% 6% October 1 4'h% 8%
May 1 2 % 7% November 1 5 % 8%
June 1 2!h% 8% December 1 51a% 8%
July 1 3 % 8% January 1 6 % 8%
tike 10
mp 6c VALUATION AND FUNDED DEBT HISTOkY
Veu Rnlo Total
G.O.061
seded Aseeesed Gros%G.O. ToAseeawd
Seytetnbe00, Valurdoo IwndedDek Valuatl"I
1970 S 71,868,297 6,283,000 8,74
1971 76,608,456 6,937,000 9.06
1972 83,132,253 6,586,000 7.92
1973 95,155,723 6,158,000 6.47
1974 102,222,840 7,575,000 7.41
1975 111,987,949 7,187,000 6.42
1976 124,327,113 10,195,000 8.20
1977 (Est.) 136,540,625 12,344,000 9.04
take 11 1976 ASSESSED VALUATION r- CLASSIFIED
mp 83
t976
Asxesed b of Fup
Vilrrtkn Tmbh Vdw
REAL PROPERTY:
(Residential and business land and
buildings) S102,883,311 73.19 %
PERSONAL,
Merchandise inventories, business
furniture and fixtures, and banks 28,046,874 19.95
Automobiles 9,183,836 6.53
Mobile homes and aircraft 4I. M¢2 0,33
S 140,5 70,483 100.00%
Lens: Old age exemptions (3.685,285) (2,62)
Disabled veterans (344.57) ) -LQ. 25)
1976/77 Nct Taxable Value $136,540,623 97,13 %
3
ALP rra , Drt M BONDS .04,11r
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take 12 TAX RATE LIMITATION
mp 8b, 9 All taxable property within the City is subject to the assessment, levy and collection by the City of a
continuing, direct annual ad valorem tax sufficient to provide for the payment of principal of and interest on
. all types of tax obligations of the Cit r within the limits prescribed by law, Article XI, Section 5, of the Texas
Constitution is applk!able to the City of Denton, and limits its maximum ad valorem tax rate to 52.50 per
$100 assessed valuation (for all city purposes). The City operates under a Home Rule Charter which adopts
the Constitutional provisions.
MUNICIPAL SALES TAX
tilfetdre April 1, 1%8)
Municipal saler taxes are remitted to the City monthly by the State Comptroller, afte, deduction of a
2% service fee. The w1lowing collections are the net amount received by the City for the years indicated.
%er Epllareorof
Calendar Total Ad Valorem As Valorem
Year _ Consoled Tax Lay Tax Rate Per C4011
1969 S 559,693 51.92% S0,7?88 $14,40
1970 607,716 52,89 7933 ;5.24
1971 711,871 50.37 .8563 17.15
1972 778,333 48,12 ,8180 18.12
1973 815,564 50,38 .8364 19,68
1974 926,080 53.29 .9059 20,81
19?5 1,000,932 52.68 .8924 21,39
1976 1,194,335 56,66 ,9632 25.18
te 13 ESTIMATED OVERLAPPING FUNDED DEBT PAYABLE FROM AD V41.OREAI TAXES
mp 8e lAs of April 1,19Vt
Total therlspplr i
Fanded 'R Fended
Sabdl+lstoo Debt Applkable 1h►t
City of Denton 511,344,000 100.0095 $12,344,000
Denton Independent School District 101559,000 71,35 7,554,965
Denton County 1,750,000 42.35 741,123
820,640,090
TOTAL OVERLAPP1Na FUNDED DEFT 520,640,090
Ratio Overlapping Funded Debt to Assessed Valuation 15.12%
Ratio Overlapping Funded DeL, to Estimated Full Taxable Value 6,03%
Per Capita Overlapping Debt - 5436.83
T 14 TAX RATES-OVERLAPPING SUBDIVISIONS
P 8d
1914 {9T! 1911 {913 1472 1971 197p
City of Denton $1,78 51.70 51.10 $1,70 $1,70 51.70 51,50
Denton Independent School District 2,00 2.00 2,00 2.05 2,00 1,99 1,99
Denton County .95 ,95 ,95 ,95 .95 .95 .95
State of Texas .12 ,17 .17 .17 .27 ,32 .31
4
A" Red • Demon DONDI 6 04111 err
take 13 PRINCIPAL TAXPAYERS
mp 10a 11
1976 ~ of
Taxable Taxable
Name of Tezpayyr Nature of Pro r1 AraessN Asseosel
y V%lsatloo Valaatloa
General Telephone Company Telephone Utility S 4,932,040.00 3.61%
Victor Equipment Company Welding Equipment Manufacturer 3,414,560.00 2.50
Moore Business Forms, Inc. Business Forms Manufacturer 1,822,740.00 1.33
First State Bank Bank 1,627,780.00 1.91
Crawford Building Corporation Shopping Center 1,354,720.00 0.99
Westgate Hospital Hospital 1,243,89000 091
Acme Brick Company Brick Manufacturer 1,198,260.00 0.88
J. Newton Rayzor Commercial Property and 1,071,690.00 0.78
Office Building
Lone Star Gas Company Gas Utility 1,063,790.00 0.70
Denton County National Bank Bank 9791410.00 0^73
TOTAL, - 708 Lj. 709b
take 16 INTEREST AND SINKING FUND MANAGEMENT INDEX
min 10b
General Obligation Debt Service Requirements for Tax Year Ending September 30, 1971 $1,064,414
Interest and Sinking Fund, All General Obligation Issues,
September 30, 1976 5280,438
1976 Interest and Sinking Fund Tax Levy Q 95% Collection 8_ 90.045 1,170,333
Estimated Surplus S 106,119
ESTIMATED ASSESSED VALUATIONS -
49ow oa 9b of Ertlmatel Frq value)
1977 $147,420,000
1978 159,214,000
1979 171,931,000
1980 183,707,000
1981 200,563,000
AUTHORIZED BUT UNISSUED GENERAL OBLIGATION BONDS
Date Amount lswel TWA Utfessef
parposo ~r Autlaortrel AYdbrh l To Dole Issue Sotsoro
Street Improvement 12.18.73 $6,000,000 $3,300,000 $2,200,000 5500,000
Murk improvement 10.7 73 -LLW. 800,000 -0-
1m 1.000.000
S~7 QQO OO a 300 $3.000,000 MO.000
ANTICIPATED ISSUANCE OF AUTHORIZED GENERAL OBLIGATION BONGS
It is anticipated that the S50O,000 of authorized General Obligation Bonds will be issued la 19711.
S
ALP t1N ~ S1LN1Uft aONDi • 0A'i1,n
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take 18 DEBT SERVICE REQUIREMENTS
mp 12 GENERAL 08LIGATtONS BONDS
Tsa
• Vest thdstsndlnl Bonds Thlo $3.000,000 Issue °i of
Endln GrarATrtal Prlocipel
Seplembir3o, Prtadpst 11114eeA Told Prlndpsl Interesnsl Total Rpalreeuals RNlred
1977 S $61,000 S 503,414 S 1,064,414 S - $ -0- $ -4-- S 1,064.414
1971 653,000 443,112 1,091,812 - 163,000 165,300 1,263,812
1979 633,000 410,338 1,065.338 130,000 165,000 315,0W 1,310,338
1980 676,000 371,93) 1,053,933 130,000 136,130 306,730 1,31+0,683
1961 677,000 345,802 1,022,802 150,000 1+8,300 298,500 11321,302
1982 676,000 313,656 989.656 150,000 140.250 290,250 1,279,906 35.16%
1983 600,000 283,104 $0.1'4 150,000 132,000 212.000 1,1650104
1914 600,000 253,493 153,493 150.00 123,150 27)1730 1,129,241
1915 600,000 2271631 1270631 130,000 113,.`00 263,500 1,091,136
1986 577.000 199,525 774,325 1!)'Ow 101,250 251250 t,031.775
1917 515,000 173,093 618,093 1501000 99.000 249,009 937,093 64.68%
1988 $20,000 141,158 667,168 150,000 90,750 240,750 907,918
1989 425,000 122,713 347,713 150,000 12,500 232,300 180,215
1990 325,000 99.900 421,970 150.000 14.250 234,250 649.11!0
1991 323,000 $2,300 407,300 150,000 66,000 216,000 621300
1942 ;40,000 6511$0 363,150 150,000 37,730 20717.40 313,600 IS.-'0%
199) 300,000 49,050 349,050 150,000 49,304 199,500 341,350
1994 300.000 31,950 331.950 150,000 41,250 191,250 323300
1995 150,000 14,630 164,830 200,000 331000 231,000 397,150
1996 150,000 6.730 1$6,130 Mom 22,000 222,000 317.750
1997 - - - 100.140 11.000 211.000 .111, W MOM%
S9.50. S4,154,143 1 1 9 $3.000.000 St,81I,QQQ 1~4 11,040 p S4
• (1) Interest on these bonds has been calculated at the rate of $.50% for purposes of illustration.
Take 19 WATER AND SEWER SYSTEM OPERATING STATEMENT
SIP 133 11mlYeer Ended
Eeplomber30, Septembe00, seplambe00, SWember30, S,plenber30.
1976 1915 t974 1973 1972
Income 52,323,868•• S1,886,361 5013,271 $1,741,447• 5113771301
Expense 1,416,509 1,126,329 1,011617 859,909 __145A98
Net Income S 907,359 S 760,032 S 900,654 S 8810538 S $31,703
Water Customers 12,013 11,391 11,363 11,251 11,033
Sewer Customers 11,496 10,981 10,733 10,641 10,435
'Water and sewer rates increased, effective July 1972,
*$Water and sewer rates increased, effective November 1975.
Average Annual Principal and Interest Requirements, 1978.1998
(Including these Bonds) S 457,242
Coverage of Average Requirements by 9.30.76 Net Income 1.98 Times
® Maximum Principal and Interest Requirements, 1978 S 685,800
Coverage of Maximum Requirements by 9.30.76 Net Income 1.32 Times
Waterworks and Sewer System Revenue Bonds to be
Outstanding after Issuance of These $500,000 Bonds 56,405,000
Interest and Sinking Fund, 4.1.77 S 333,952
Reserve Fund, 4.1.77 S 497,261
b
APP r}N a 0VT04 JWMA , N'tl, 71
Take 20 VALUE OF THE WATER AND SEWER SYSTEM
MP 14 flied Ye sr Ended septetakr 30, i
1916 1915 _ 1974 _ 1973 _ 1972
® Land and Land Rights S 238,217 S 236,349 S 234,022 S 219,701 S 218,995
Water System 12,554,045 12,078,457 10,238,414 9,724,190 8,243,309
Sewer System 6,261,975 5,976,210 5,807,069 5,367,134 5,285,917
Water Rights 250,064 250,064 250,064 250,065 250,064
Gross System Value 519,304,301 S18,541,080 516,529,569 IS 561.M 513,998,285
Less:
Accumulated Depreciation:
Water System S 4,174,931 S 3,854,694 S 3,569,239 S 3,330,809 S 3,133,395
Sewer System 3,498,306 3,291,778 3,091,316 2,899,348 2,714,248
Water Rights 11M29 110.028 105,027 100,026 95,024
Total Depreciation 7,788,266 712564500 S 6,765,582 6,330,183$ S,942,667
NET SYSTEM VALUE $11,510.035 SII 2844590 S 9,763,987 9230907 S 055618
CITY'S EQUITY IN SYSTEM
Mel Yar Ended September 30, _
1976 1975 1974 1913 1972
RESOURCES -
Utility Plant (Net) $11,516,035 $11,284,580 S 9,763,987 S 9,230,907 S 8,055,618
e Construction In Progress _ 206,398 65.574 143.638 236.$15 91.160
Total Utility Plant 511,712,433 $11,350,154 9,907,6 j 9,467,722 S 8,147.378
Construction Fund S 146,975 S 649,093 S 2,433,294 S 429,585 S 1,515,278
Less: Contracts Payable 33,930 179,983 _ 252,309 15,268 30,163
S 113,045 469,110 S 2,180,985 S ;14.317 S 41, 85,115
Miscella:teous Cash -0- -0- -0- -0- S 20,000
Other Assets 932,652 899,286 953,197 718.183 230.505
Total Resources SI2,788,130 512,718.550 5134041,807 10600122 S 9,882,998
OBLIGATIONS
Revenue Bonds S 6,085,000 S 6,405,000 S 6,710,000 S 5,190,000 S 5,385,000
Accrued Interest 192,713 177,248 108,573 47,349 36.018
Gross Debt S 6,277,713 S 6,682,248 S 6,818,573 S 5,237,349 S 5,421,018
Less: Debt Service Funds 672,132 622.934 $13.916 529,044 491.298
Net Debt S 5,604.981 S 5.959,314 S 6,304,657 S 4,708,305 S 4,929,120
Other Obligations 1,179,264 117035,650 775,990 911,122 419,015
Total Obligations S 6,784,245 S 6_ 441964 S 7,080,647 55,6199 27 S 5,348,735
City's Equity in System 6 003.885 51723,586 S 5,961.160 4 980 795 S 4.334,263
Percentage Equity in System 46.95% 45.0090 45.71% 46.99% 45.8811
Take 21 AUTHORIZED SVATER AND SEWER REVENUE BONDS
P 13c
bue Amount Iswe/ This L'nbsed
Prrpme Authorized Authorized To Date lewe Silence
Water $.16.72 S 51275,000 53,250,000 5225,000 51,800,000
S%cr 5.16.72 5,725,000 250,000 27s,.0w 5,200.000
$11,000, 000 5;3, 00,000 ~L i 0,,00 $7,000,Ot?0
7
ALP IM . M470 ao%a • x t: n
tttttttttt~ttttttttttttrr~~~
M
Take 22 MONTHLY WATER RATES
MP 15a EffmIvs November. 1975
RESIDENTIAL USERS
IrMde City Limps Osnide C ty L sin
First 2,000 gallons $2,45 (Minimum) 200% of Inside City Limits Rate
Next 18,000 gallons .60 per 1,000 gallons
Next 30,000 gallons .50 per 1,000 gallons
All Over 50,000 gallons .42 per 1,000 gallons
COMMERCIAL AND INDUSTRIAL USERS
Inside City LImlis Osblde Cky Llmlp
First 2XV8allons $3.65 (Minimum) 200% of Inside City Limits Rate
Next lb.000gallons .60 per 1,000 gallons
Next 30,000gallons .50 per 1,1M gallons
All Over 50,000gallons .42 per 1,000 gallons
MONTHLY SEWER RATES
Effective November, 1975
(Based oa Wattr Censompflos)
Resldenest Commerdd sad ladrslrlat
First 2,000 gallons S1.75(Minimum) First 2,000gallons S3.30(Minimum)
Next 8,000 gallons .27 per 1.000 gallons Next 48,0W gallons 27 per 1,0001atlons
(Maximum Charge - 53.91 per month) All Over 50,000 gallons .18 per 1.000gallons
take 23 WATER AND SEWER SYSTEM
mp 15b, 16a Water Supply. Present municipal supply is obtained from both surface and underground sov.rces. The
City has previously acquired conservation storage rights in nearby Carza•Liitle Elm Reservoir which was
constructed by the U.S. Corps of Engineers. This reservoir contains a total of 436,000 acre fcet of
conservation storage. The City of Denton holds rights to 21,000 acre NO of the storage, with the balance
being held by the City of Dallas. The State of Texas has issued a permit to the City of Denton vllowing an
average daily withdrawal of approximately 10 million gallonr. Recent studies of the reservoir indicate that
even during a critical drought period the City of Denton's portion of the total storage will produce
approximately 5 million gallons per day. Although surface water provides the major part of total
requirements, the City has an underground source consisting of nine deep wells drilled into the Trinity Sand
Oroup, comprisi.tg the Paluxy and Travis Peak sands. The maximum estimated production which can be
® obtained from these wells is 5 million gallons per day, and the average daily production is estimated to be 2.5
million gallons per day.
Future Water Supply. Long range plans of the City of Dallas to provide an adequate supply of water in
the future provides for the construction and development of the Aubrey Reservoir in Denton County, located
8
AIP rna . nCVM tans, 04 11 71
i
,
immediately above the present Garza-Little Elm Reservoir on the Elm Fork jf the 'trinity River, The
proposed site or the Aubrey Reservoir is located in Denton County, adjacent to th,r Cit; C.' Denton, and it has
been determined that the most economical solution to the water supply needs of both cities in this particular
area requires the maximum utilization of the existing supply in Garza-Little Elm Reservoir, to be followed
by coordinated development of the Aubrey Reservoir, including an exchange of storage between the two
cities. Accordingly, by :ontract dam November 19, 1962, the City of Demon entered into an agreement
with the City of Da'das which provides, in part,
1. That at such time as Denton's average annul withdrawal from Garza-Little Elm Reservoir
exceeds the safe yield provided by its present storage right (see first paragraph in this section) it will pay
Dallas at the rate of 2N per 1,000 gallons for any such excess water so withdrawn.
2. That Dallas shall be obligated to sell the City of Ocaton not to exceed an annual amount equal
to an average annual rite of 13,000,000 gallons per day at the established price of Bit per 1,000
gallons through the year 1980; subject to an extension of time mutually agreeable to the governing
bodies of both cities.
3. That the two cities will cooperate In financing and construction of the proposed Au~-ey
Reservoir when requited; the City of Denton to pay not in excess of 26% of the construction cost and
the City of Dallas not less than 7496. Water to be stored in the reservoir shall be prorated on the basis of
each city's assurned partion of total construction costs when the reservoir Is constructed.
Development of the Aubrey Reservoir Is included in Dallas' and Denton's Long Ra,ige Water Studies,
and it is anticipated that construction of this facility will begin prior to 1980. Contract negotiations are
underway between the two cities, as sponsors, and the U.S. Government (Corps of Engineers), for
construction of the reservoir, It is anticipated the project will be constructed and financed by the Government
for the storage of floodwaters, as well as municipal and indi~strial water storage. Costs: allocable to water
storage rights to be acquired by the cities are currently estimated at approximately $155,000,000, to be due
and repayable over a 50-year period following completion of the project, Estimated safe yield of the reservoir
has been calculated at 81,000,000 gallons per day, of which amount Denton would be entitled to receive tip to
21,0X000 gallons per day. This amount, plus a Safe yield a/J.000,0W gallons per day to be obtained Jronr 1J
the present storage rights in Gar:a•Little Elm Rerenvir, wilt be sufficient to meet the City's evintared w•oter
needs through the year 1000.
Take 24 Water Usage
NIP 16b
Avers=e Uextmaar Avenge MIMMUM
Vtu Der Dar Yeer Der Der
1966 4,130,000 8,548,000 1972 7,164,413 14,117,100
1967 4,705,000 11,254,200 1973 6,636,907 12,175,000
1968 4,669,000 9,921,000 1974 6,812,000 12,620,070
1969 5,366,419 13,495,600 1975 7,216,282 13,)50,000
1910 6,485,522 13,725,100 1976 7,264,000 14,080,000
1971 6,808,151 15,052,800
The City owns and operates an activated sludge type wastewater treatment facility. The first element of
this plant (with a capacity of 2 MOD) was placed in operation in 1964. A 4 4rGD addition was complea:d
and put in operation during 1971.
9
+ err rno . ecrron aortn ~ os,~ t rr
I
I_
t-ke 23 WATER AND SEWER REVENUE BOND COVENANT;:
mp 16c, 17 The Ordinance authorizing S1,700,000 of Series 1960 Bonds (initial series) contains iuhstantially the
following provisions and covenants, which were made applicable to subsequent issues of bonds (51,000,000
• Series 1962; 10'254,000 Series 1964; $1,000,000 Series 1966; S1,060,000 Series 1969; 51,500,000 Series 1972 ;
$2,000,000 Series 1974) and will be applicable to the S500,000 of Series 1977 Bonds now being on'tred for
sale. In the Ordinance authorizing these 5500,000 Series 1971 Bonds, the City Council will covenant and
reaffirm, among other things, substantially as follows:
Races, The City will charge and collect for services rendered by the System rates sufficient to pay all
operating arid maintenance expenses, and other costs deductible in determining Net Revenues, and to
produce each (iscal year Net Revenues in an amount not less than 1.30 tlmrs the amount required io pay the
principal of and interest on Bonds, and the Reserve Fund payments, as they become due. Net Revenues mean
the gross revenue orthe system, less the expense of operation and maintenance, including all salaries, labor,
materials, repairs and extensions, necessary to render efficient service, provided, however, that only such
repairs and extensions, as in the judgment of the City Council as are necessary to keep the System in
operation and render adequate service, or such as might be necessary to meet some physical accident shall be
deducted In determining Net Revenues. No free service shall be allowed.
Revenue Fund, All revenues received from the operation of the System shall be deposited in this Fund,
and shall first be expended to pay all operation and maintenance expenses.
Interest and Sinking Fund. On the last day of each month, the City shall deposit in this Fund, from the
Revenue Fund, an amount of money not less than the pro rata part of the next maturing interest and
principal.
Reserve Fund. There has been deposited and accumulated the amount of 5497,904 in the Reserve
Fund, created for the benefit of Outstanding Bonds and all Additional Bonds. Hereafter said aggregate
amount shall be maintained therein, for the benefit of the Outstanding Bonds, the Series 1977 Bonds, and all
Additional Bonds, in accordance with the procedures, as hcrein modified and supplemented, set forth in the
ordinances authorising the Outstanding Bonds.
Excess Revenues. Any revenues in excess of those required to establish and maintain the Funds as
above required may be used for the redemption of bonds, the purchase of bonds at not exceeding the market
value thereof, or for any other purpose now or hereafter permitted by law,
Addirlonal Bonds. The City reserves the right to issue Additional Bonds payable from revenues of the
System. The Additional Bonds shall be secured by and payable from a first lien on and pledge of eke Net
Revenues or the system, and shall in all respects be of equal dignity, None of the Additional Bonds shall be
issued unless: (1) The Interest and Sinking Fund and the Reserve Fund each contains the amount of money
then required to be on deposit therein: (2) The Net Earnings for any consecutive 12 months out of the 15
months next preceding, or for the fiscal year next preceding, the date of the Additional Bonds, were equal to
at least 1,34 times the combiMed principal and Interest requirements, and Reserve requirements iy'an v, on all
bonds to be outstanding after the Issuance of the Additioaa' Bonds, for the year when such requirements aer
the greatest, as such Net Earnings are shown by a report of a certified public accountant; (3) The AdditionO
Bonas are made to mature July 15: (4) The City is not in default in any of the covenants contained in the
Bond Ordinance.
. Insurance. The City will maintain for the benefit of the i,^lders of the bonds insurance in the amounts
and of the kinds which are usually carried by private companies operating slmilar properties.
Accounts and Accounting Reports. The City shall keep proper books of record and accounts (separate
and apart from all other records and accounts of the City) in which complete and correct entries shall be
to
ALP 5790 , DEMON aoNW , Ot IL"
made or all transactions relating to the S) stem, and shall have said books audited once each fiscal year by an
independent certified public accountant. Within 90 days after the close of each fiscal year, the City will
furnish (without cost) to First Southeast Company, Dallas, Texas, and to the Manager of the Syndicate
purchasing bonds a signed or certified copy of the Audit Report.
Tice 26 ESTINIATED DEBT SERVICE REQUIREMENTS
mp 18 WATER AND SE%Ek SYSTEM REVENUE BONDS
Flecal Sear
EndlnF Outerandln0 Bonds M1 or
This $SW,000 I two Grand Total Principal
S~tember30 Principal [merest rotai Principal laterest Total Requiranents Retired
1978 S 335,000 S 29Y,,300 S 653,x00 S 0 $ 32,500 S 32,500 $ 685,800
1979 365,000 280,968 645,968 0 30,000 30,000 675,968
1980 380,000 263,168 643,168 10,000 30,000 40,000 683,168
1981 385,000 244,$58 619,558 15,000 29,400 44,400 673,958
1982 395,000 225,598 62G,598 25,000 28,500 53,500 674,098 29.31%
1983 395,000 206,945 601,945 25,000 27,000 $2,000 653,945
1984 400,000 189,408 589,408 25,000 25,500 50,500 639,908
1985 395,000 171,590 566,590 50,000 24,000 , 74,000 640,590
1986 425, 00 153,790 578,790 50,000 21,000 71,000 649,'90
1987 385,000 134,275 519,275 50,000 19,000 68,000 587,275 62.72%
1988 390,000 115,825 505,825 50,000 15,000 65,000 570,825
1989 395,000 96,035 491,035 50,000 12,000 62,000 $53,035
1990 350,000 78,503 428,503 50,000 9,000 59,000 487,503
1991 190,000 61,725 251,725 50,000 6,000 56,000 307,725
1992 190,000 50.800 240,800 50,000 3,000 53,000 293,900 89.52%
1993 190,000 41,000 231,000 0 0 0 231,000
1994 100,000 31,200 131,100 0 0 0 131.200
1995 1001000 25,000 125,000 0 0 0 125,000
1996 100,000 18,750 118,750 0 0 0 118,750
1997 100,000 12,500 112,500 0 0 0 112,500
1998 100.000 6.250 106.250 0 0 0 _ 106,250 100.00`
$6,085,000 S2,706,188 58,791,188 $500.000 5310.900 $810.900 S9,602,088
Interest calculated at 6,00% for purposes of illustration.
take 27 THE ELECTRIC SYSTEM
mp 19a 20 The City of Denton has owned and operated its Electric Power System for approximately sixty years
without interruption. During this time the System has experienced a steady growth in customers and uutput,
requiring periodic additions to plant and distribution facilities. Present facilities are valued at $42,923,454,
less accumulated depreciation or 515,028.727. Present production facilities consist of ten generating units
described as follows:
Type No. at Units Cr padly 1!
Diesel 5 12,635
Steam Turbine 5
Unit 1 12,650
Unit 2 12,650
Unit 3 32,000
Unit 4 66,500
Unit 5 65.481
00 201,916
11
AE V IM • MNIO 10004 DO • a. it 1r
In addition to its own capabilities, the City of Dentos has secured substantial additional capacity
through its membership in the Texas Municipal Power Pool. This "pool" consists of the Cities of Bryan.
Garland, Greenville and Denton - each having their won production, transmission ane! distribution
facilitles.
The "Pool" contract provides that each Pool member shall provide through its own facilities, or
through "firm" power contracts, a capability at least 15% greater than its projected system peak load for
each future year, The method of load projection is uniform for all members, and the costs or"Pool" facilities
necessary to provide adequate ties between the members are shared by all the participant, 6y "pooling" the
reserve capacity of their respective systems, the Cities can operate safely with considerably less installed
reserve power supply, thereby effecting subs!aIto/ Invesiment and operating economies. Other advantages
Include an adequate and dependable source of power during periods of emergency, as well as maintenance
power requirements durinj periods of scheduled unit maintenance by member cities.
In July, 1975, the Texas Municipal Power Agency was created by concurrent ordinances adopted by
the governing bodies of the Texas cities of Bryan, Denton, Garland, and Greenville. One of the objectives of
the citici in creating the Agency was to jointly plan and construct generating facilities utilizing fuels other
than natural gas and being of such size as to render them infeasible to undertake separately.
I
Subsequently, in October, 1976, the Agency issued 550,000,000 In Revenue Bonds, secured by
contracts with the four cities, primarily to develop a 400-MW lignite-fueled steam electric generating plant. j
The plant is scheduled to be completed In 1981, and it is not contemplated that Denton will be required to
make payments to the Agency for its bonds until that tim.. Denton's ob,igation to the Agency is computed
annually as the percentage of Denton's net energy requirements to the totai rnerSy requirements of the four
cities. This percentage is currently approximately 20.34% and is expected to W representative of Denton's
share through 1981. The Agency has estimated that it will issue 5472,201,000 in bonds to finance
construction of the plant and the related mining operation.
Take 28 ELECTRIC SYSTEM OPERATING STATEMENT
NIP 19b
Yeu Net Nrmbw of
Eaded Re+enue Expense Relewue coaeecttoas
September 30, 1966 53,072,862 51,291,650 b1,1810212 10,586
September 30, 1967 3,167,023 1,468,373 1,698,650 10,731
September 30, 1968 3,289,834 1,579,948 1,709,886 10,814
September 30,1969 4,001,273 1,730,308 2,270,703 10,909
September 30, 1970 4,591,880 2,102,430 2,489,450 11,037
September 30, 1971 5,034,960 2,252,483 2,782,477 11,325
September 30, 1972 5,661,266 2,495,111 3,166,15$ 11,837
September 30, 1973 6,479,095 3,406,265 3,072,830 12,227
September 30, 1974 7,416,123 3,946,751 3,469, 572 13,023
September 30, 1975 9,763,787 6,476,667 3,287,120 13,289
September 30, 1976 13,669,854 9,613,631 4,054,217 13,986
Take 29 ELECTRIC SYSTEM - COVERAGE AND FUND BALANCES
SIP 214 Average Annual Principal and Interest Requirements, 1977.99 S 1,179,557
Coverage of Average Requirements by 9.30.77 Net Revenue 3.44 Times
Maximum Principal and Interest Requirements, 1977 S 1,875,342
Coverage of Matimunt Requirements by 9.30.76 Net Revenue 2.16 Times
Electric Revenue Bonds Outstanding, 4.1.77 S17,946,000
Interest and Sinking Fund, 4.1.77 S 1154 112
Reserve Fund, 4.1.77 S 2.037.149
12
rL►r7te.DL%TMDOD{•041117
take 30 AUTHORIZED ELECTRIC REVENUE BONDS
mp 21b
Amount
® Date Amount Heretofore Unissued
Purpose Autborlaed Authorlaed lssaed Bataace
Electric December 9, 1967 515,000.OW 1121000,000
3000 000
ELECTRIC RATES (MONTHLY BILLING)
(Effective September 3. 1973)
RESIDENTIAL
%tombs of May throw$% Water:
First 50 KWH $3.13 {Minimum}
Next 75 KWH .0409 per KWH
Next 75 KWH .0301 per KWH
Next $00 KWH .0256 per KWH
Notes When usage exceeds 700 KWH per month, billing is rendered at a fixed cost of 54.40, plus all
KWH @ 50.0275 per KWIL
• Mooths of November through April:
First 30 KWH $3.15 (Minimum)
Next 75 KWH .0409 per KWH
Next 73 KWH .0301 per KWH
All additional .0256 per KWH
Fuel Adjustment Clause
All charges of the net monthly rate will be increased or decreased 50.0122 per KWH for each whole
$0.01 per KWH by which the average cost of fuel used in the utility's electric generating plants plus the cost
of purchased energy during the calendar month net preceding the billing month is above or 3elow 50.01 per
KWN. Such average cost is determined based on the sum of net KWH generated in the utility's Plants and
the KWH purchased during each said month. The cost of purchased energy does not include demand charges
for purchased po*er or rental charges for facilities.
•
13
ALP TM 0 OENTON IONIA • 04 a: 11
take 314 THE CITY
mp 22a Location
Denton is the County Seat of Denton County, located at the apex of the Dallas-Fort Worth-Denton
• industrial triangle.
The City covers an area of 32.298 square miles and is located only 38 miles (•om downtown Dallas, and
36 miles from Fort Worth.
Economy
Denton is
In the midst of a rich ag,.iculturcl and livestock area.
The hub city ofTexk:s' new "Land of Lakes" region, which provides Denton and neighboring cities with
abundant water for municipal, industrial and recreational purposes.
One of the three major university centers In Texas.
The home of diversified industrial interests.
The site of the Nation's first underground Control Center of the Office of Emergency Plar;ning and
Office of Civil and Defense Mobilization,
One of the key cities in the economically significant Dallas Standard Metropolitan Area.
Economic Ranking
Denton's sound diversified economy is reflected In the spendable annual Income per household,
.-stimetcd at 514,534 as compared with the State average of $13,921.
Denton's retail sales for 1975 totaled approximately 5276,273,000.
Denton County's retail sales for 1975 tol:oed 5470,906,000.
Over 33.3% of households had cash income in excess of 510,000 annually.
Vellas-Fort Wortb Standard Metropolitan Area
On April 27, 1973, the Federal Office of Management and Budget proclaimed the 11 -county Dallas.
Fort Worth Metroplex as one Standard Metropolitan Statistical Area. The counties included in the SMSA
include, Collin, Dallas, Denton, Ellis, Hood, Johnson, Kaufman, Paiker, Rockwall, Tarrant and Wise. With
the designation, Dallas-Fort Worth becomes the second largest inland metro area in the world, outranked
only '-y Mexico City, Ii L t` o number one market in the South, larger than Atlanta, Houston, New Orleans
or ,Miami,
take 31 b The following statistics, fr m "Sales Management 1976 Survey of Buying Power", relate the economic
mp 22b strength of the Southwest Metroplex:
D11111/
tiatlond ron worth state wr
Ranlra~ S11SA Amount Total _ U S,A.
Population loth 2,559,800 12,407,200 214,347;100
Number of Households 9th 882,100 4,137,600 72.535.400
fCoarlnued on j6llo%ing page.)
14
A" 3M, MWO 111"M , a. It,
Pon$%/
NoNoaar Fort Worth Srote of
iloohtna SN1SA Amooet Tom
To
USA.
Net Effective Buying income(00o's) loth 514,105.725 $57,624,394 $1,073,292,000
• Per Capita NA 5,510 4,644
Per Household NA 15,991 5,003
13,927 14,797
Median Household Effective Buying
Income 92nd 13,964 11,138
Percent of Households By Annual 11'824
Effective Buying Income Group;
S 8,000 - $ 9,999 NA 7.9% 8.7% 6.0496
10,000-- 14,999 NA 21.4% 21,0%
15,000-' 24,999 NA 31.49E 23.8% 2128..04%
38%
25,000 and over NA 14,2% 1o.7% 12.19`fi
Retail Sales (000's) 1 I th $ 8,279,139 536,861,598 S 596,712,000
Food Ilth 1,709,026 8,471,949 13),863,812
Eating and Drinking Places 9th 722,549 2,895,071 51,759,305
General Merchandise 14th 1,103,127 5,192,274 87,101,180
Furniture-House-Appliances loth 450,277 1,901,172
2
Automotive 8th 1,556,591 6,979,501 31,386,993
Drugs 9th 291,025 1,068,900 303,818,
19,930,490
490
take 32 Economic and Population Gains
mp 23a Denton has noted a consistent
. decades. population increase and a steady economic growth in the last three
Population at the 1940 Census was 11,192 , , , at the 1950 Census it was 21.372, , . at the 1960 Census
it was 26,844 and at the 1970 Census it was 39,874. The 1977 estimate is 47,250.
The :ity's ascension toward a top rung on Texas' economic ladder is attributed partly to the steady
influencts of governmental activity which includes the year-15) -year expansion of the two State-supported
colleges, and partly because of such environmental factors as its location in a rich agricultural region, some
oil and gas production in the northwest section of Denton County, its inclusion in the Dallas-Fort Worth
Metroplex, its proximity to three of Texas' largest reservoirs (Lake Texoma being only 40 miles from
Denton), its excellent highway and transputation facilities, its mild climate, and the less tangible but
influential aspects of social, cultural and educational advantages that have prompted professional or "white
collar" workers to choose Denton as a place of residence.
Industry and Business
A total of 47 diversified manufacturing plants are located in the City, Some of the largest are as
follow s!
take 33 Comply Nombero;
t 233 Prodoet Employees
Frosts EsrPl oti t. G 200 OR MORE
Moore Business Forms, Inc. Business forms, sales books, etc, 653
10 Victor Equipment Company Welding and cutting equipment and
pressure valves 725
Russell-Newman Manufacturing
Company Womens and girls lingerie 350
Jostens, Inc, School class rings 215
IS
ALA VW , DMOY WON , M 11/11
~nokt or
foaPwy - Prodact EnPlo.ep
FIRMS EMPLOYING 10070 199
Acme Brick Company Brick and tilt 19U
• Emconite Multi-color plastic parts 185
Trinity Industries LPG fuel tanks 130
Morrison Milling Company Flour and cornmeal products 125
Denton Record-Chronicle Newspaper and printing 101
FIRMs EMPLOYING SO TO99
Transport Systems, Inc. Trailers 90
Turbo Refrigerating'Sompary Ice-making machines 55
JagoeConstruction Company Asphaltic concrete so
Green Giant Company Packaging and distribution 50
take 34 Total labor force employed by Denton manufacturers exceeds 3,500. Total annual manufacturing
mp 23c payroll is estimated in excess of S21.500,000.
Sixteen new 'adustria', plants have been located in the City of Denton during the past ten years. With
the development . ( the metr%~politan area during the 1970's, especially the Dallas-Fort Worth Regional
Airport, it i, expected that Dt nion's industrial growth will accelerate significantly.
Moore h;tsiness Forms, an international company, headquarters their Southern Division out of
Denton. The Souiliern niasion consists of 16 states from Texas to the Eastern Seaboard. Moore Business
Forms is recognized as a leader in its field, and is the oldest and largest company of this kind in the world.
During 1969, the firm completed a new Division Headquarters Building containing 42,000 square feet. The
new facility is located on Interstate Highway 3SE. Manufacturing and production facilities are housed in a
separate structure containing 143,000 square feet.
• Victor Equipment Company completed a 95.000 square foot building during 1966 to relocate in
Denton from San Francisco. A 60,000 square-foot addition to shops and office has recently been completed.
Kolmar Laboratories have scheduled the opening of their new plant on 30 acres of land in Denton for
September I, 1977. The new plant will employ over SO persons in a 40,000 square foot building in the
manufacture and distribution of wholesale cosmetics.
take 35 Acme Brick Company doubled its production capacity in late 1965 and is now the most modern.
mp 24a automated brick-making operation in the Southwest. Acme produces in excess of 70 million bricks annually.
Morrison Milling Company produces Peacemaker Flour and Cornmeal primarily, which is distributed
world-wide. I,tost of the grain used is grown in Denton County.
Emconite opened for business in 1962 and is now one of the largest manufacturers of metal plated
plastics in the country.
Russell-Newman Manufacturing Company is rated as one of the top 20 lingerie manufacturers in the
• USA.
Turbo Refrigerating Company began operations during 1965, and is now the world's largest
manufacturer of industrial self-contained ice-makers,
Joslen's, of Owatonna, Michigan, completed construction during 1969 on a new 36.000 square-foot
?wilding. The new plant employs in excess of 200 persons in the manufacture and distribution of school class
rings.
16
AtP r" o Donal BOMA, ovtt,'r
,
Trinity Industries completed a new 24,000 square-foot building in 1968 and made further additions
during 1969.
Industrial Future
O Denton is most favorably located within 38 miles of two major cities and Is, officially, a part of the
Dallas-Forth Worth Metroplex. Th,s area comprises a market which is growing at a rate three times the
national average. Denton is fast be.oming an integral part of this dynamic industrial complex.
A plentiful supply of skilled labor is available to industry in the Denton area. Total labor force in
Denton County is approximately 41,350, with approximately 39,750 presently employed - for m
unemployment percentage of only 3.9%. There are two principal industrial districts , Denton Industria!
Park and Rayzor Industrial Park both of which have access to more than adequate rail and highway
facilities, and all necessary utilities.
take 36 Agriculture
mp 24b Denton County is one of the more diversified agr UkLre cou ties in Texas. With soil types ranging
from rich black to dap sandy loam, and good soft, artesian water, it is an ideal center for diversified farming
and livestock raising.
Principal crops :re cotton, corn, wheat, oats, hay, grain sorghums and peanuts. Dairy cattle, beer
cattle, sheep, hogs, chickens and turkeys contribute a substantial and steady in:ome every year to the farmer
and livestock men or the county.
Income from all agriculture and livestock products averages in excess of 531,314,000 annually.
The Texas Agricultural Experiment Station, Sub-Station No. 6, located about five miles northwest of
Dentor, is contributing to the prosperity of not only the farmers in Denton County, but to farmers all over
Texas, through experiments in small grain research work, crop rotation, pastures, suit building, contouring
and plant disease.
$2,400,000 Underground Control Center
Denton is the site of the first Underground Control Center to be built by the Federal Government in the
United States. This center was completed at a cost of $2,400,000.
It consists of an above ground "frangible" building, for entrance and exit during normal operations,
and a two-story underground fortress, 142 feet wide and 172 feet long. The structure has its own water well,
an infirmary, first aid station, and communications headquarters. Site for the structure ii about three miles
cast of Denton.
The huge underground center serves Region 5 Headquarters for the Office of Civil and Defense
Mobilization and is designed to resist nuclear blast and radiation. Region 5 consists of Texas, Oklahoma,
Arkansas, Louisiana wd New Mexico.
take 37 In time of emergency the new center will house the administrative personnel of 16,000 federal
mp 25a employees In Dallas and Fort Worth. In the event of a national emergency the center would serve as the
coordinating and directing point for the activities of some 235,000 civilian employees of the federal
• guvernment. It will house 200 persons on a day-to-day basis, or 500 on a 30-day, emergency, "buttoned-up"
basis.
The control center employs 83 full-time people with an annual payroll in excess of 57$0,300.
i
17
I
i
ASPV".NTO1"•xit,n
1
Transportation
Denton Is located only 18 wiles northeast of the Dallas-Fort Worth Regional Airport. This new facility
began operations in January, 1974. It is the largest airport in the United States, s%cond largest in the world,
and represents an investment in excess of S100,000,000.
Denton is the focal point in the new Interstate Highway System (U.S. 33-E and U.S. 35-W). U.S. 35-E
connects Denton with Dallas, and U.S. 35-W ties to Fort Worth.
The east and west sections of the U.S. Interstate 35 form part of a vast network that begins at the
Canadian border on Ot north and traverses the entire United States, to end at the Mexican border on the
south. North from Denton the highway connects with Oklahoma City and thence through the Midwest.
Rail transportation ;i furnished by three railroads - Santa Fe, Texas and Pacific, and Missouri-
Kansas-Texas but transportation by Continental Trailways motor freight by twelve truck lines.
Education
Denton is the home of North Texas State University, founded in 1890, and Texas Woman's University,
founded in 1901.
The two colleges have a combined enrollment of apy eximately 25,755 students, and more than 1,000
faculty members.
More than 8,739 students are enrolled In co-educational North Texas State University. This university
has a larger enrollment than Southern Methodist University at Dallas, Texas Christian University in Fort
Worth, or Rice Institute at Houston. Texas Woman's University has an enrollment of 17,016.
to 38 North Texas State University campus comprises a land area of more than 330 acres and sixty-nine
mp 25b buildings valued in excess of 562,000,000. The University embraces seven academic units of colleges and
schools, and offers Bachelor's degrees In 66 fields and Master's degrees in 113 areas. Doctoral programs are
in 45 areas.
Texas Woman's University, a State-supported institution of higher learning, has completed an
extensive building program, emphasized by three high-rise structures. These are a 14-scary office and
classroom portion of the College of Education (opened in 1968), a 21-story dormitory designed to house 640
students (completed in 1967), and a 24-story dormitory designed to house 707 students (completed in the fall,
1969). Academic components are embodied in eight schools. Science research programs are conducted in
chemistry, biology, physics, nutrition, textiles, bone microradiology and other related fields.
Over 400 Denton citizens hold earned Doctoral degrees,
Denton has an outstanding Public School System, accredited by the Southern Atsuciation of Colleges
and Secondary Schools and Accreditation Division of the Texas Education Agency. AppruA:mately 6911 of
the graduates of Denton High School go on to college. The Denton school system offers acceicrutw
programs in such courses as S.StS,C. Math and P.S.S.C. Physics. A few of 0,e vocational training courses
available in public schools are agriculture, homemaking, distributive education, industrial education,
mechanical drawing, woodwork, etc. 6'96 of the faculty hold Master's degrees.
. Number of elementary schools 8 Enrollment in school for exceptional
Number of junior high schools 2 children 29
Number of senior high schools I Public to teacher ratio:
Average students per classroom 26 Elementary 24:1
Average number of high school High School 20.1
graduates 225 1976 Enrollment 8,300
i8
UrPV0•DLWNWrs.04 11
rn
take 39 SI1,000,000 Denton State School
mp 26a Construction began in 1958 on the 511,000,000 Denton State School, with the fiat phase of the
construction being completed in July, 1960, at which time the first group of students was admitted. The
second phase was completed in 1963. It is one of America's most modern and progressive educational
institutions.
This State-supported educational institution for mentally retarded Texas residents is located on a 200-
acre site paid for by Denton citizens.
?resent facilities include 39 dormitories which accommodate more than 1,700 students, S buildings for
physically handicapped children with a capacity of 600, and a 52-bed acute hospital with supporting facilities
such as X-ray, laboratory, dental, and pharmac:utical. In addition to these buildings, there is P. modern
administration building, an academic building, a large laundry, a maintenance shop and a warehause.
The School has a staff of 1,700, with an annual payroll in excess of $13,728,948.
Banking
There are fou, tanks in th, City , First Denton County National Bank, established 1892 First
State Bank, established 1911 University State Bank, established 1963... Western National Bank,
established 1963 Citizens National Bank, established 1976.
take 40 Combined bank deposits .
mp 26b
1965 $33,344,267 1972 5114,161,439
1967 58,121,018 1973 126,204,608
1968 70,415, 202 1974 131,018,000
1969 72,841,000 1975 140,747,170
1970 93,547,695 1976 167,805,982
1971 98,056,362
Two savings and loan associations had combined year-end deposits as follows . .
1966 $25,337,991 1972 553,692,053
1967 26,645,05. 1973 63,584,046
1968 29,092,993 1974 66,202,425
1969 32,371,040 1975 69,310,598
1970 38,162,559 1976 84,238,471
1971 40,441,640
take 41 Recreation
mp 26c Nearby Garza-Little Elm Reservoir, one of North Texas' largest lakes, h one of Texas' most popular
recreation areas. The Garza Reservoir has a shore line of 183 miles located entirely in Denton County.
In 1973, Garza Reservoir attracted over 3,000,000 visitors to its shores. The upper reaches of Garza-
. Little Elm are only about 3 miles east of the Denton City Limits, while the dam is 15 miles from downtown
Denton.
Grapevine Reservoir, another large body of water created by the U.S. Army Corps of Engineers, is
located in Denton and Tarrant Counties. The dam is 23 miles from Denton.
t4
9
i
Parks and recreational areas abound on the shores of both Garza and Grapevine reservoirs. The City of
Denton has a 422-acre parksite on the Garza Reservoir, and this area is beini fully developed at the present
time.
Boating, fishing, hunting, swimming and all water sports are the favurite recreational pastimes at both
reservoirs, which, %ccause of this area's favorable climate, are in use the year round.
take 42 GROWTH INDICES
mp 27
i
Bunataa Gas Water Light Postal
Yob Permits Meten Melers :Meters Tole
Receipts i
1961 S 8,335,000 8,900 8,416 9,035 11,394 S 411,118
1962 8,426,072 9,100 8,850 91500 12,580 • 450,427
1963 11,054,869 9,466 9,106 9,954 13,659 543,088
1964 9,333,287 9,630 9,245 10,047 14,589 594,691
1965 14,340,069 9,980 9,49$ 10,073 15,600 622,337
1966 13,108,207 10,193 9,541 10,516 170100 685,618
1967 18,839,623 t0,301 9,750 10,759 18,403 864,618
1968 15,190,010 10,602 9,950 10,8 t4 19,865 963,348
1969 15,704,677 10,747 10,114 10,909 21,324 1,056,616
1970 18,103,423 10,798 10,177 11,047 21,330 1,102,187
1971 27,446,705 10,860 10,542 11,325 23,898 1,133,764
1972 25,550,863 10,959 11,033 11,837 28,419 1,390,570
1973 24,037,860 11,174 11,231 12,227 30,288 2,121,577
• 1974 12,498,321 11,416 11,592 12,673 32,503 1,646,295
1975 18,306,334 11,755 11,755 13,061 33,094 1,704,744
1976 12,142,334 111745 12,077 14,117 32,252 1,942,791
take 43 LEGAL OPINIONS
mp 28 The City will furnish a complete transcript of proceedings had incident to the authorization and
Issuance of the Bonds, Including the unqualified approving legal opinion of the Attorney General of the State
of Texas, to the effect that the Bonds are valid and legally binding obligations of the City, and based upon
examination of such transcript of proceedings, the unqualified approving legal opinion of Messrs, McCall,
Parkhurst and Horton, bond counsel, to like effect and to the effect that the interest on the Bonds Is exempt
from federal income taxati,3n under existing statutes, regulations, rulings and court decisions. The customary
closing papers, including a certificate to the effect that no litigation of any nature has been filed or is then
pending to restrain the issuance and delivery of the Bonds, or which would affect the provision made for their
payment or security, or in any manner questioning the validity of said Bonds or the coupons appertaining
thereto, will also be furnished, Messrs. McCall, Parkhurst and Horton were not requested to participate, and
did not take part, in the preparation of the Notice of Bond Sale and Bidding Instructions, the Official Bid
Form and the Official Statement, and such firm has not assumed any responsibility with respect thereto or
undertaken Independently to verify any of the Information contained therein, except that, in its capacity as
bond counsel, such firm has reviewed the information describing the bonds in the Official Statement to verify
that such description conforms to the provisions of the band resolution. The legal fees to be paid Messrs.
McCall, Parkhurst and Horton for services rendered In connection with the Issuance of the Bonds are
. contingent on the sale and delivery of the Bonds. The legal opinion will be printed on the Bonds.
AUTHENTICITY OF FINANCIAL INFORMATION
The financial data and other information contained herein have been obtained from the City's records,
audited financial statements and other sources which are believed to be reliable, There is no guarantee that
20
any of the assumptions or estimates contained herein will be realized. All of the summaries of the statutes,
documents and resolutions contained in this Official Statement are made subject to all of the provisions or
such statutes, documents and resolutions. These summaries do not purport to be complete statements of such
provisions and reference is made to such documents for further information. Reference is made to original
documents in all respects.
The City will furnish to the Purchaser, as a part of the transcript of proceedings, a certified copy of a
resolution of the city Council as of the date of the Sale of the Bonds which will approve the form and content
of this Official Statement, and any addenda, supplement or amendment thereto, and authorize its further use
in the reoffering of the Bonds by the Purchaser,
ELINOR HUGHES
Mayor
AITEST:
BRoon HOLY
City Secretary
•
•
21
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take 44 APPENDIX
m p 29, 34, 31
CITY OF DENTON, TEXAS
FINANCIAL STATEMENTS
FISCAL YEAR ENDED SEPTEMBER 30, 1916
WITH
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
A•1
AV VW • DENTON Boyne o a, I1, Tf
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THIS PAGE INTENTIONALLY BLANK
A•2
AUP" DLYM Do".W4, TI
take 43 NOTICE OF SALE
mp 32a
AND
BIDDING INSTRUCTIONS
on
$3,000,000
GENERAL OBLIGATION BONDS, SERIES 1977
and
SS00,000
WATER & SEINER SYSTEM REVENUE BONDS, SERIES 1977
of the
CITY OF DENTON, TEXAS
Selling Tuesday, May 17, 1977, at 7:6J P A1.9 CST
take 46 Place and Time of Sale. The City Council of the City of Denton, Denton County, Texas, will receive
tnp 31b sealed bids at the City Hall until 7:00 P.M., CST, Tuesday, May 17, 1977, for the above bonds, more
completely described fn the "Official Statements", which are a part hereof.
Address of Bids. Sealed bids, plainly marked "Bid for Bonds", should be addressed to "Mayor and
City Council, City of Denton, Texas". All bids must be submitted on the "OfAcial Bid Forty,", copies of
which are enclosed.
Type of Bids and Interest Rates. The bonds will be sold in two separate blocks: (1) $3,000,000 General
Obligation Bonds, Series 1977, and (2) S$00,000 Water and Sewer System Revenue Bonds, Series 1977. Bids
submitted must be for all or none of each of the blocks bid upon. No bid of less than per and accrued interest
will be considered. Bidders must specify, the rate or rates of interest the bonds will bear, but no coupon rate in
excess of 10% will be acceptable. Coupon rates must be In multiples of 1/8 of 1% or 1/20 of 1%. Thespread
between the highest interest rate bid and the lowest interest rare bid shall not exceed 2%, Within a single
maturity, there shall be no graduating or declining coupons or split rates, and no supplemental or zero
coupons will be considered. All bfds must be submitted on the "Official Bid Form", without alteration or
interlineation.
Basis for Award. For the purpose of awarding the Bonds, the interest cost ofeach bid will be computed
by determining, at the rate or rates specified therein, the total dollar value of all interest on the Bonds from
the dote thereof to their respective maturities, using the table of Bond Years herein, and deducting therefrom
the,,temium bid, if any. The Bonds will be awarded to the bidder (the "Purchaser") whose bid on the above
computation produces the lowest interest cost to the City. In the event of an error in interest cost
calculation, the interest rates specified In the Offtcfal Bid Form will be considered as the correct bid.
lake 47 Goon' Faith Deposit, A Good Faith Deposit, payable to the "City of Denton, Texas", in the amount of
mp 32c 33a 1% of the par value amount of bonds bid upon, is required. Such Good Faith Deposit shall be in the form of a
Cashier's Check, or its equivalent, which is to be retained uncashed by the City until the bonds are delivered.
Upon delivery and payment for the bends, this deposit will be applied on the purchase price of the bonds, or
returned to the Purchasers, whichever they direct. In the event the Purchasers should fail or refuse to take up
and pay fur the hands in anotdance with their bid, then said check shall be cashed and accepted by the City
as full and complete liquidated damages, The above mentioned check may accompany the "Official Bid
Form" or it tray be submitted separateiy, if submitted separately, it shall be made available to the Cily prior
i
ACP rive • W ICS DWA .04/1147
•t
to the opening of the bids, and shall be accompanied by instructions from the bank on which drawn which
authorise its use as a Good Faith Deposit by the Purchasers who shall be named in such instructions. Checks
of unsuccessful bidders will be returned to such bidders after the high bid is determined.
• Printed Bonds. The City will furnish printed bonds on lithographed borders, which will have imprinted
thereon the facsimile signatures of the Mayor and City Secretary, pursuant to Article 7]7j-l, Vernon's
Annotated Texas Civil Statutes.
CUSIP Numbers. It is anticipated that CUSIP identification numbers will be printed on the Bonds,
but neither the failure to print such number on any Bond not any error with respect thereto shall constitute
cause for a failure or refusal by the Purchaser to accept delivery of and pay for the Bonds in accordance with
the terms of the purchase contract, All expenses in relation to the printing of the CUSIP numbers on said
Bonds shall be paid for by the Issuer; provided, however, that the CUSIP Servlce Bureau charge for the
assignment of said numbers shall be the responsibility of and shall be paid for by the Purchaser.
Legal Opinions. The Bonds are offered when, as, and if issued, subject to the unqualified legal opinion
or the Attorney General of the State of Texas, and Messrs. McCall, Parkhurst and Norton, Dallas, Texas
(see Legal Opinions in Official Statement). The opinion will be printed on the Bonds.
take 48 Delivery, Delivery of the Bonds will be made at the expense of the City at any bank in Austin, Texas. It
mp 33b, 343 is anticipated that delivery can be made on or about June 28, 1977, and it it understood and agreed that the
Purchasers will accept delivery and make payment for the Bonds In immediately avallable funds to the City
on June 18, 1911; or thereafter on the date the Bonds are tendered for delivery, up to and including July 12,
1977. If for any reason the City Is unable to tender the Bonds for delivery on or before July 12, 1977, then the
Purchasers may accept delivery thereafter at their option for an additional 43 days. The Purchasers will be
given rive business days' notice of the time fixed for delivery of the Bonds,
Issuance ofRdditional Bonds. The City does not presently plan to issue additional bonds before 1978.
Responsibility for Qualificarton of Bonds for Sale in Respective States. The City assumes no
responsibility for qualification of the Bonds under the securities laws cf any jurisdiction In which the Bonds
may be sold, assigned, pledged, hypothecate-1 or otherwise transferred. This disclaimer of responsibility for
qualification for sale or other disposition or tilt Bonds shall not be construed as an interpretation of any kind
with regard to the availability of any exemption from securities registration provisions,
Ratings. The outstanding General Obligation Bonds of the City are rated "A•1" by Moody's Investors
Service, Inc, and "A+" by Standard & Poor's Corp, The outstanding Water and Sewer System Revenue
Bonds are rated "A" by Moody's and "A" by Standard & Poor's. Application has been made to each of the
above rating agencies for contract ratings on the General Obligation Bonds, Series 1977, and the Water and
Sewer System Revenue Bonds, Series 1977, now being offered. The results of their determinations will be
provided as soon as possible.
.ddditional Copies of,Votice, Bid Form and Statement. A limited number or additional copies of this
Notice of Bond Sale and Bidding Instructions, the Oflidal Bid Form and the Officlal Statements, as
available over and above the normal mailing, may be obtained at the offices of First S uthwest Company,
Investment Bankers, 900 Mercantile Bank Building, Dallas, Texas 75201, Financial Advisors to the City.
a take 49 The Ofjlclal Statement. The City will furnish to the Purchaser. Mthout cost, 25 copies of the Official
mp 34b Statement (aud 25 copies of any addenda, supplement or amendment thereto), complete except as to interest
rates and other terms relating to the reoffering cf the Bonds, The Purchaser may arrange at his own -xpcnsc
to have the Official Statement reproduced and printed if he requires more than 25 copies, and may also
arrange, at his total expense and responsibility, for completion and perfection of the first or cover page of the
ii
fit/ Yp DGYT9Y W*D6 a of 1111
r ,
Official Statement so as to reflect interest ra! ,sand other terms and information related to the reoffering of
the 8nnds. The City assumes no responsibility or obligation for the distribution or a Livery of any of these
copies to anyone other to the Purchaser.
• Cerrffrcarlon of OVrcial Srafentrnf. At the time of payment for and delivery of the Bonds, the
Purchaser will be furnished a certificate, txccuted by proper officers, acting in their official capacity, to the
effect that to the best of their knowledge and belief; (a) the descriptions and statements of or pertaining to the
City contained in its Official Statement dated May 3, 1977, and any addenda, supplement or amendment
thereto, for its 53,000,000 General Obligation Bonds, Scrief 1977 and S500,000 Waterworks and Sewer
System Revenue Bonds, Series 1977 on the date of such Official Statement, on the date of sale of said Bonds
and the acceptance of the best bid therefor, and on the date of the delivery, were and are true and correct in
all material respects; (b) insofar as the City and its affairs, including its financial affairs, are concerned, such
Official Statement did not and does not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; (c) insofAt as the descriptions and statements,
Including financial data, of or pertaining to entities, other than the Cil.y, and their activities contained In such
Official Statement are concerned, such statements and data have been obtained from sources which the City
believes to be reliable and that the City has no reason to believe that flay are unc ue in any material respect;
and (d) there has been no material adverse change in the financial condit,?n or,he City, since September 30,
1976, the date of the last audited financial statements of the City,
Nor an Offer to Sell. This Notice of Sale does not alone constitute an offer to sell the Bonds, but is
merely notice of the sale of the Bonds. The offer to sell the Bonds is being made by means of the Notice of
Sale and Bidding Instructions, the Official Bid Form and the Official Statement. Prospective purchasers 5rc
urged to carefully examine the Official Satement to determine the investment quality of the Bonds.
• Take SO The City reserves the right to reject any and all bids and waive Irregu(aritles, except time of filing.
mp 34c
The City has approved the form and content of ihi Notice of sale and Bidding Instructions, the
Official Bid Form and Official Statements, and has authorized the use thereof In its initial offering of the
Bonds, On the date of the sale, the City Council will, by resolution, confirm its approval of the form and
content of the Official Statement, and any addenda, supplement or amendment thereto, and authorize its
further use in the reoffering of the Bonds by the Purchaser.
ELt.`OR HUGHES
bfapor
City of Denton, Texas
ATTEST:
BROOKS HOLT
Clrv Secrerarp
City of Denton, Texas
May 3, 1977
iii
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BOND YEARS
53,000,000
GENERAL OBLIGATION BONUS, SERIES 1977
Prlodyal Bond Accumulate/
Year Amauat Ynn
Bund Ynn_ Year
1979 5150,000 300.000 300.000 1979
1980 150,000 450.000 750.000 1980
1981 150,000 600.000 11350.000 1981
1982 150,000 750.000 21100.000 1982
1983 150,000 900.000 3,000,000 1983
1984 150 000 11050.000 41050.000 1984
1985 150,000 1,200.000 5,250.000 1985
1986 150,000 1,350.000 6,600.000 1986
1987 150,000 11500.000 81100.000 1987
1988 150,000 1,650,000 91750,000 ' 1988
1989 150,000 1.800.000 11.550.000 19S9
1490 150,000 11950.000 130U.000 1990
1991 150,000 21100.000 15,600.000 1991
1992 150,000 21250.000 111850.000 1992
1993 150,000 2,400.000 20,250.000 1993
1994 150,000 21550.000 22,800.000 1994
I99S 200,000 3,600.000 26,400.000 1993
1996 200,000 31800.000 10,200400 1996
• 1997 200,000 4,000.000 34,200.000 1997
Average Maturit
$500,000
WATER AND SEWER SYSTEM REVENUE BONDS, SERIF,'; 1977
Y
Prlnd of
Year AuaaW Bud AwuVests
Years Dow Ynn Year
1980 $10,000 30,833 30.833 1980
! 1981 13,000 61,250 92.083 1981
1982 25,000 127.083 219,166 1982
1983 25,000 132,083 371.249 1983
1984 2S,000 177.083 • 548.332 1984
1985 50,000 404.166 952.498 1985
1986 50,000 454.166 1,406,664 1986
1987 50,000 504,166 11910.830 1987
19BB 50,000 $34.166 2,464.996 1988
1989 50,000 604.166 3,069.162 1989
1990 50,000 654,166 3,723.326 1990
• 1991 50.000 704.166 4,417.494 1991
1992 50,000 754.166 5,181,660 1992
Average 4laturf,y ..............................10,36332 Years
iv
ALT r- ft MM0N 6006 a, 11,71