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Home My WebLink About1963-5RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF "CITY OF DENTON, TEXAS, PERMANENT IMPROVEMENT WARRANTS", DATED APRIL 15, 1963 THE STATE OF TEXAS CITY OF DENTON COUNTY OF DENTON 28th ON THIS, the tk day of May, 1963, the Council of the City of Denton, Texas, convened in regular session, at the regular meeting place thereof in the City Hall with the following members present, to-wit: WARREN WHITSON,JR,MAYOR ALLEN SELF TOM LANEY COUNCILMEN H, R. PEMBERTON and the following absent:Ray Lagleder constituting a quorum; when among other proceedings had, were the following: The Mayor introduced a proposed resolution. The resolu- tion was read in full by the City Secretary, Thereupon, it was moved by Councilman Laney and seconded by Councilman Self that the same be passed and adopted. Thereupon, the question being called for, the following members of the Council voted "AYE": Mayor Whitson and Councilmen Self,,Laney and Pemberton; and none voted "NO", The RESOLUTION is as follows: A RESOLUTION by the Council of the City of Denton, Texas authorizing execution and delivery of "CityofDenton, Texas, permanent Improvement Warrants' dated April 15, 1963." WHEREAS, heretofore, to-wit: on the 26th day of March, 1963, the Council of the City of Denton, Texas, passed and adopted a resolution authorizing the Mayor to publish notice of City's intention to receive bids for acquisition and purchase of land for a site for a civic center in and fcr said City and to issue timeiwarrants in payment of all or a portion of the cost thereof; and WHEREAS, the Council has duly ascertained and determined that the notice prescribed by the aforesaid resolution was duly issued and published in the DENTON-RECORD CHRONICLE, which is a newspaper of general circulation in said City and published in the City of Denton, said notice being published on the following dates, towit: April 1, 1963, April 80 1963, April 12, 1963 and April 15, 1963, the date of the first publication being at least fourteen (14) full days prior to the 23rd day of April, 1963, the date stipulated in the aforesaid resolution for consideration of proposals or bids; and WHEREAS, on the date stipulated in the aforesaid resolu- tion and in such notice, to-wit: April 23, 1963, the Council duly convened and received proposals or bids in respect of the advertise purposes, and said bids were publicly opened and read before the Council, and said Council found and determined that the proposal submitted by FIRST STATE BANK, Denton, Texas, was the lowest and best bid submitted; and WHEREAS, by ordinance duly passed and adopted on the 23rd day of April, 1963, the Council accepted the proposal of said FIRST STATE BANK, Denton, Texas, for the sale of property to the City of Denton, Texas, to be used as a site for a civic center in and for said City, and such proposal was ratified, confirmed, approved and accepted; and it was further ordered by said ordinance that the amount due should be paid to the aforesaid FIRST STATE BANK, Denton, Texas upon order of the Council at such time as appropriate deed of conveyance had been duly received and approved by the Council and title to the property has been made secure in the City of Denton, such amount to be paid and discharged by the AND WHEREAS, the City's Attorney has examined and approved title to the property; and WHEREAS, it appears to the Council, upon due investiga- tion, that all duties imposed upon said FIRST STATE BANK, Denton, Texas, by virtue of the aforesaid contract, have been fully dis- charged and performed; therefore THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: SECTION 1: That the account in favor of FIRST STATE BANK, Denton, Texas in the amount of $305,000 shall be discharged in the 601lowing manner: By the issuance, execution and delivery of the following described interest bearing time warrants of the City of Denton, Texas, to-wit: CITY OF DENTON, TEXAS, PERMANENT IMPROVEMENT WARRANTS", dated April 1-5, 1963, Numbered from 1 to 305, both inclusive, in denomination of $1,000 each, maturing serially on April 15 in each of the years 1966 to 1976; Warrants Numbered 1 to 15 bearing interest at the rate of 2.75% per annum, Warrants Numbered 16 to 150 at the rate of 2.80% per annum, and Warrants Numbered 151 to 305 at the rate of 2.85% per annum, such interest being payable on April 15, 196+ and semi-annually thereafter on October 15 and April 15 in each year, it being hereby affirmatively found and determined that the afore- said amount due said FIRST STATE BANK, Denton, Texas is proper and constitutes in full amount benefits received by the Council and that said sum shall be paid and discharged by the delivery of the aforesaid warrants to said FIRST STATE BANK, Denton, Texas. SECTION 2: That the warrants herein authorized to be executed and delivered are hereby found to be valid, subsisting and binding obligations of the City of Denton, Texas, and it is hereby specifically and affirmatively adjudged and declared that the City of Denton has received full value and consideration there- for and for the full amount thereof, and that all things required by law to be done in the issuance and delivery of said warrants have happened and been performed in due time, form and manner, as re- quired by law. This ascertainment is expressly made for the use, benefit and protection of the aforesaid contractor and any succeed- ing owner or holder of said warrants, the Attorney General of the State of Texas, and any other attorney who shall pass upon the legality and validity of said warrants, and the same shall be binding upon said City of Denton, Texas, the Council of said City and their successors in office until said warrants with interest thereon have been fully paid and discharged. SECTION 3: That the Mayor and City Secretary of the City of Denton, Texas, shall carry out the provisions of this resolution by causing to be executed, sealed and delivered the interest-bearing time warrants above described to FIRST STATE BANK, Denton, Texas, the contractor hereinabove mentioned, and it is specifically provided that all acts of the above mentioned officials regarding the execution and delivery of said warrants shall be prima facie evidence that their official acts have been completed in all respects in the proper manner to give full validit to the warrants and cause the same to create a good, sufficient and valid obligation against the City of Denton. 28 PASSED AND APPROVED, this the nth day of May, 1963. Mayor, Cityof Denton, Texas ATTEST :r' ity c ary,City ofr enton,Texas City Seal) THE. STATE OF TEXAS CO UNTY OF DENTON' THIS IS TO CERTIFY that FIRST STATE HANY, Denton, Texas,has received those certain regi'stered'city warrants, issued by:the Council. of the City 6f Denton, .Texas to .the said .FIRST STATE HANK 'Dentonr ~tik Texas; pursuant to'' ordinance passed andtr'v E'+G,~T"*'+`~-a+<v- Liar bow r tadoptedbyrtthe *Council on ApTil-'2 31963and-resolution V r'~passed2g,and adopted, by said; Council on. May WA, 1963,-: known as "'CITY OF DENTON„TEXAS, PERMANENT IMPROVEMENT dated% r s April 15,F1963in{denomination of :$1,000:each,-,aggregating'y305, 000.; num.bered from 1"to 05 y r(r 3 rboth inclusive; and,maturing serially•onApril :15th in each '.of the 'years.- 1966 •to-1976; =such ;wa rants c having been delivered to said-Bank in' ull`payment of the. purchase Price for the. tract of land desdribed in the aforesaid ordinance...x^~ s anq; resolution • EXECUTED at Denton, Texas, this the- 28 a 7th day of May1963 -_•~-.__~~W FIRST.STATE BANK Denton, Texas C vi v;` fBy-,r Its President s"y 4 SWORN-TO AND SUBSCRIBED before me on"this the 8th dayofMay;1963 t f z LI: Notary Public,3 Denton Co ty,Texas" k o tary .,Sea lK) 1~6--•.-~° t v gw~t J 4. SIGNATURE AND-NO -LITIGATION CERTIFICATE THE cSTA`PE `OF TEXAS . CO UNTY OF DENTON 7 T:WE THE,-UNDERSIGNED"-DO HEREBY CERTIFY that,we.didoffcialhy.sign-'the $305.000,{CITY- OF DENTON --TEXAS "-PEP,MANENTIMPROVEMENT, WARRANTS"dated-April. 15, 1963, . issued for thepurposeof,:paying-the purchase price of land. -fora civic center,in and for said City, bearing interest at the rates of 2.75 y280%"and 2.85 per annum be:L g payable at=--the FIRST -STATEy.4-BANK;. Denton, ,Texa•s,^numbered :c`onseoutively~from~.hto~^305,both*inclusire, in denomination of ,$1,000 each,'maturing:serially.-on ,April .15 in -each' of the. years as fohohrs yY.. _V315;000`1.966 to g68, 20,000i969 25,000'1970;`$30•3000 1971:and 1972, $35,0o6 1973 and $40;:000'_..974 to.1976,Nand that- at_the•`"date 'of -such signatures and st.the date of-the actual delivery'said. warrants to :-the`, contractor-we were the`'dul-y, chosen, quali=ifie-and agting 'officers indicated therein `and%aizthori'zed to .execute :the^-same`: - w s. WE FURTHER CERTIFY,.that:NO LITIGATION of any nature isnow-PENDING 'or THREATENED RESTRAINING:or•ENJOINING-the .:issuanc4,.and delivery of said-.warrants:or in any manner questioning the'.:proceedings "and duthority under-which"the same is. made or affecting,the validity;'of_.the warrants-thereunder; ;,-that".nei'ther the- 77,CORPORATE'EXISTENCE-'or BOUNDARIES of the City. of.Dehtoh,Texas;`-nor the TITLE of the present OFFICERS- to -thei"r respective officesis, being.'con.tested;`,and- that,,no authority- or. prooeedingssfor"thewissuanceof 'said'warrants or the adoption-of-.the,;corgorate sealhave'.~tieen repealed, revdked o`r`4rescinded w4.z The `fats Emil signatur s~of"WA"RREN WHITSON,JR ,Mayor,,and..BROOKS~,HOLT,.C ty,.Secreta-ry,`are-upon'the-coupons ofi'said;warrants' and'ther dorporate-',seal',;.of the;;Ci;ty_of Denton 'Texas'is impressed on all of 'said warrants. > DONE AND_DELIVERED at'-Denton, Texas,. this the 28thrday, of May,., 1963.. L SIGNATURE OFFICIAL'-:TITLE, Mayor, City of Denton, Texas City Secretary,:Cty of.°Denton,sTexas a L I• i-REBY.CERTIFY that-. the signatures of -the officersabovesubscrbedaretrue< and genuine . President.if - First State Bank Denton Te'xa's'-' MBanksSeal.) F uE r~y