HomeMy WebLinkAbout1960-20TNE STATE OF TEXAS
CQUNTY OF DENTON
CITY OF DENTON
On this the ~7-~ day of August, 1960, the C~ty Couuczl
of the City of Denton, Texas, convened in ~.~o~l~& Meeting at the
regular meeting place, w~th the following members thereof present, to-w~t
Frank E. Barrow, Mayor, / ~
W. F. Brooks, or.,
Thomas E. Noel,
Councilmen,
G. E. Taylor,
W. D. Buttrill, Secretary,
with the follow~ng absent. ~ ~ ~o~<~
constituting a quorum, at which time the followzng proceedings were had
Councilman ~ ~ presented for the con-
sideration of the City Council a resolution and moved that it be adopted.
The motion was seconded by Councilman ~ennz~ . The resolutzon
was read in ~11 by the City Secretary.
The motion carrying with it the adoptzon of the
resolution prevailed by the following vote
AYES: Councilmen Brooks, Noel, ~, Taylor and
Mayor Barrow.
NOES. None.
The Mayor announced that the resolution had been adopted.
The resolutzou as adopted is as follows
RESOLUTION
DIRECTING THE DEPOSIT OF FUNDS WITH THE
TREASUREN OF THE STATE OF TEXAS IN AN
AMOUNT SUFFICIENT TO PROVIDE FOR PAYMENT
OF $810,000 CITY OF DENTON WATER A~D SEWER
RE%rENUE BONDS, DATED NOV~ER 1, 1946, AS
AUTHORIZND BY ARTICLE ~118n-5 of V.A.C.S.,
AS A~DED, AND RESOLVING OTH~ MATTT~RS
RELATING TO '.'~E SUBJECT.
W/i~EAS, the C~ty has heretofore authorized and there are
now outstanding $810,000 City of Denton Water and Sewer Revenue Bonds, dated
November 1, 1946, bearing interest at the rate of Two and three-fourths
2-3/4~) per cent per annum, maturing serzally on November 1 throughout the
years 1960 to 1976, both inclusive, and
WHEREAS~ all of sa~d bonds become due or oot~onal for
prior redemption withlu three (3) years from the date of thzs resolutzoa
and the date of the proposed refunding bonds, to-w~t, July 15, 1960, and
WHEREAS~ by resolution duly adopted June 14, 1960 the
Czty Council authorized and directed that its optzon to redeem sa~d optional
bonds be exercised in accordance with the terms of sa~d retamued option as
set forth in the ordinance authorizing the zssuance of said above descrzbed
bonds, and
WHEREAS~ the notice required to be given prior to the
optiou date~ to-wit November l, 1961, wa~ published zn the Boud Buyer, a
financ~al publication published ~n the City of New York, on the 6th day of
July, 1960~ whzch is at least thirty days prior to sa~d option date and
said notice in writing was filed with the First Natzonal Bank in Dallas~
Dallas, Texas (the paying agent named in each of said bonds), on June 28,
L960, and
WHEREAS~ the City has authorized and sold refunding bonds
n au amount~ which together with other funds of the City avazlable for sazd
purpose, will provide money sufficient to redeem or provide for redemptzoa of
all of the outstanding bonds of said issue, as authorized by Article 1118a-5 of
Veruon's Annotated Civil Statutes of Texas, as amended, and
WHEREAS~ ~t is deemed proper that the deposit of i~nds
with the State Treasurer be made, as contemplated by sa~d Statute~
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DENTON, TEXAS
1. That the sum of $863,898.16 be deposited wzth the
Treasurer of the State of Texas as authorzzed by Article 1[]8n-5 of Verno~s
A~notated Civil Statutes of Texas, as amended by the 5[~th Legislature, Acts
1955, P. 972, sa~d sum being equal to the principal amount of sa~d above des-
cr~bed outstanding boads~ plus the amount of znterest whzch w~ll accrue on each
THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
I, the undersigned, City Secretary of the City of Deutou,
Texas, do hereby certify that the above and foregoing is a t~ue, ~lt and
correct copy of a resolution adopted by the City Council of sazd Czty (and
of the minutes pertaining thereto) ou the ~ day of August, 1960,
d~rectiSg~t, he deposit of fuuds with the Treasurer of the State of Texas in
au amount sufficient to provide for paymeut of $810,000 C~ty of Denton ~ater
and~Sewer Revenue Bonds, dated November l, 1946, as authorized by Article
l[18n-5 of V.A.C.S., as amended, and resolviug other matters relatiug to the
subject, which resolution zs of record zn the minutes of said Czty Couuczl.
WITNESS MY HAND and the seal of said Clty this the
da~Tf ~f August, 1960.
City e ~r~,- City Of D~nton, Texas
S~U~)
of said bonds calculated to the date on which it is to become due or on
which it may be redeemed and the amount of the contract premium together
with an amount sufficient to pay the State Treasurer for his services and
to reimburse hzm for his expenses zn performing his duties under sa~d
statute.
2. The s~m above provided to be deposited with the State
Treasurer is calculated, as follows
Principal amount of bonds $810,000.00
Interest to accrue to maturity
November l, 1960 on $38,000.00 $522.50
November l, 1961 ou $39,000.00 1608.75
2,131.25
Interest to accrue to option date
November l, 1961 on $733,000.00 30~236.25
Total interest to accrue 32,367 50
Premium'
2-3/4~ of $733,ooo.oo 2o,157.5o
Fees of State Treasurer.
l~8th of l~ of interest 40.46
1/20th of l~ of principal 405.00
445.46
Fees of payzng agent, Fxrst National Bank lu Dallas 927.70
Total to be deposited $863,898.t6
3. The F~rst National Bank ~n Dallas, DaY]as, Texas, is
the paying agent for said bonds and it is hereby ascertained and determined
that the charges of said paying bank for payment of said princzpal and inter-
est will be the sum of $927.70.
4. The State Treasurer is hereby requested to reae~ve,
hold and disburse the money herein ordered to be deposited with him at the
times, In the manner and for the purpose provided ~u said Article lllSn-), as
amended.
5. The officers, employees and agents of the C~ty are
authorized and directed to take such steps and to execute such documents~ check~
and certificates as may be required to give full effect to the purposes of thzs
resolution.
ADOPTED AND APPROVED ~a~s ~ ~ day of August, 1960.
Ma~6~r,~t~ of Denton, Texas
ATTEST
y ~ecre~ar-~-Ct~y o~ Denton, Texas