1984-103ORDINANCE NO 84-
ORDINANCE
AUTHORIZING THE ISSUANCE OF CITY OF DENTON CERTIFICATES
OF OBLIGATION, SERIES 1984-A, AND APPROVING AND AUTHOR-
IZING INSTRUMENTS AND PROCEDURES RELATING THERETO
THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
WHEREAS, Vernon's Article 2368a 1 permits the City to
issue and sell for cash the Certificates of obligation
hereinafter authorized, and
WHEREAS, the City has duly caused notice of its intention
to issue the Certificates of Obligation hereinafter authorized
to be published at the times and in the manner required by
Vernon's Article 2368a 1, and no petition has been filed
protesting the issuance thereof
THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY
ORDAINS THAT
Section 1 AMOUNT AND PURPOSE OF THE CERTIFICATES The
certificate or certificates of the City of Denton, Texas (the
"Issuer") are hereby authorized to be issued and delivered in
the aggregate principal amount of $1,800,000, FOR THE PURPOSE
OF PAYING ALL OR A PORTION OF THE CITY'S CONTRACTUAL OBLIGA-
TIONS TO BE INCURRED PURSUANT TO CONTRACTS FOR THE CONSTRUCTION
OF A SOLID WASTE DISPOSAL FACILITY (LANDFILL PROJECT) FOR THE
CITY, AND THE PURCHASE OF EQUIPMENT, MACHINERY, AND LAND
THEREFOR, AND PAYING ALL OR A PORTION OF THE CONTRACTUAL
OBLIGATIONS FOR PROFESSIONAL SERVICES OF ENGINEERING, ARCH-
ITECTS, ATTORNEYS, AND FINANCIAL ADVISORS IN CONNECTION WITH
SUCH SOLID WASTE DISPOSAL FACILITIES AND CERTIFICATES OF
OBLIGATION
Section 2 DESIGNATION OF THE CERTIFICATES Each cert-
ificate issued pursuant to this Ordinance shall be designated
"CITY OF DENTON CERTIFICATE OF OBLIGATION, SERIES 1984-A", and
initially there shall be issued, sold, and delivered hereunder
a single fully registered certificate, without interest
coupons, payable in installments of principal (the "Initial
Certificate"), but the Initial Certificate may be assigned and
transferred and/or converted into and exchanged for a like
aggregate principal amount of fully registered certificates,
without interest coupons, having serial maturities, and in the
denomination or denominations of $5,000 or any integral multi-
ple of $5,000, all in the manner hereinafter provided The
term "Certificates" as used in this Ordinance shall mean and
include collectively the Initial Certificate and all substitute
certificates exchanged therefor, as well as all other
substitute certificates and replacement certificates issued
pursuant hereto, and the term "Certificates" shall mean any of
the Certificates
Section 3 INITIAL DATE, DENOMINATION, NUMBER, MATURI-
TIES, INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE
INITIAL CERTIFICATE
(a) The Initial Certificate is hereby authorized to be
issued, sold, and delivered hereunder as a single fully
registered Certificate, without interest coupons, dated AUGUST
1, 1984, in the denomination and aggregate principal amount of
$1,800,000, numbered R-1, payable in annual installments of
principal to the initial registered owner thereof, to-wit
or to the registered assignee or assignees o said Certificate
or any portion or portions thereof (in each case, the
"registered owner"), with the annual installments of principal
of the Initial Certificate to be payable on the dates,
respectively, and in the principal amounts, respectively,
stated in the FORM OF INITIAL CERTIFICATE set forth in this
Ordinance
(b) The Initial Certificate (i) may be prepaid or
redeemed prior to the respective scheduled due dates of
installments of principal thereof, (ii) may be assigned and
transferred, (iii) may be converted and exchanged for other
Certificates, (iv) shall have the characteristics, and (v)
shall be signed and sealed, and the principal of and interest
on the Initial Certificate shall be payable, all as provided,
and in the manner required or indicated, in the FORM OF INITIAL
CERTIFICATE set forth in this Ordinance
Section 4 INTEREST The unpaid principal balance of the
Initial Certificate shall bear interest from the date of the
Initial Certificate to the respective scheduled due dates, or
to the respective dates of prepayment or redemption, of the
installments of principal of the Initial Certificate, and said
interest shall be payable, all in the manner provided and at
the rates and on the dates stated in the FORM OF INITIAL
CERTIFICATE set forth in this Ordinance
Section 5 FORM OF INITIAL CERTIFICATE The form of the
Initial Certificate, including the form of Registration
Certificate of the Comptroller of Public Accounts of the State
of Texas to be endorsed on the Initial Certificate, shall be
substantially as follows
FORM OF INITIAL CERTIFICATE
NO R-1 $1,800,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON CERTIFICATE OF OBLIGATION
SERIES 1984-A
THE CITY OF DENTON, in Denton County, Texas (the
"Issuer"), being a political subdivision of the State of Texas
hereby promises to pay to
or to the registered assignee or assignees of this Certificate
or any portion or portions hereof (in each case, the
"registered owner") the aggregate principal amount of
$1,800 000
(ONE MILLION EIGHT HUNDRED THOUSAND DOLLARS)
in annual installments of principal due and payable on AUGUST 1
in each of the years, and in the respective principal amounts,
as set forth in the following schedule
PRINCIPAL
YEAR
-AMOUNT-
1986
$ 35,000
1987
35,000
1988
40,000
1989
45,000
1990
50,000
1991
55,000
1992
60,000
1993
65,000
1994
75,000
1995
80,000
PRINCIPAL
YEAR
AMOUNT-
1996
$ 90,000
1997
100,000
1998
110,000
1999
120,000
2000
135,000
2001
150,000
2002
165,000
2003
185,000
2004
205,000
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and to pay interest, from the date of this Certificate
hereinafter stated, on the balance of each such installment of
principal, respectively, from time to time remaining unpaid, at
the rates as follows
per annum on the above installment due in 1986,
per annum on the above installment due in 1987
per annum on the above installment due in 1988
per annum on the above installment due in 1989
per annum on the above installment due in 1990
per annum on the above installment due in 1991
per annum on the above installment due in 1992
per annum on the above installment due in 1993
per annum on the above installment due in 1994
per annum on the above installment due in 1995
per annum on the above installment due in 1996
per annum on the above installment due in 1997
per annum on the above installment due in 1998
per annum on the above installment due in 1999
per annum on the above installment due in 2000
per annum on the above installment due in 2001
per annum on the above installment due in 2002
per annum on the above installment due in 2003
per annum on the above installment due in 2004
with said interest being payable on FEBRUARY 1, 1985, and semi-
annually on each AUGUST 1 and FEBRUARY 1 thereafter while this
Certificate or any portion hereof is outstanding and unpaid
THE INSTALLMENTS OF PRINCIPAL OF AND THE INTEREST ON this
Certificate are payable in lawful money of the United States of
America, without exchange or collection charges The install-
ments of principal and the interest on this Certificate are
payable to the registered owner hereof through the services of
TEXAS AMERICAN BANK/FORT WORTH, N A , FORT WORTH, TEXAS, which
is the "Paying Agent/Registrar" for this Certificate Payment
of all principal of and interest on this Certificate shall be
made by the Paying Agent/Registrar to the registered owner
hereof on each principal and/or interest payment date by check
or draft, dated as of such date, drawn by the Paying
Agent/Registrar on, and payable solely from, funds of the
Issuer required by the resolution authorizing the issuance of
this Certificate (the "Certificate Ordinance") to be on deposit
with the Paying Agent/Registrar for such purpose as hereinafter
provided, and such check or draft shall be sent by the Paying
Agent/Registrar by United States Mail, first-class postage
prepaid, on each such principal and/or interest payment date,
to the registered owner hereof, at the address of the regis-
tered owner, as it appeared on the 15th day of the month next
preceding each such date (the "Record Date") on the Registra-
tion Books kept by the Paying Agent/ Registrar, as hereinafter
described The Issuer covenants with the registered owner of
this Certificate that on or before each principal and/or
interest payment date for this Certificate it will make avail-
able to the Paying Agent/Registrar, from the "Interest and
Sinking Fund" created by the Certificate Ordinance, the amounts
required to provide for the payment, in immediately available
funds, of all principal of and interest on this Certificate,
when due
IF THE DATE for the payment of the principal of or inter-
est on this Certificate shall be a Saturday, Sunday, a legal
holiday, or a day on which banking institutions in the City
where the Paying Agent/Registrar is located are authorized by
law or executive order to close, then the date for such payment
shall be the next succeeding day which is not such a Saturday
Sunday, legal holiday, or day on which banking institutions are
authorized to close, and payment on such date shall have the
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same force and effect as if made on the original date payment
was due
THIS CERTIFICATE has been authorized in accordance with
the Constitution and laws of the State of Texas FOR THE PURPOSE
OF PAYING ALL OR A PORTION OF THE CITY'S CONTRACTUAL
OBLIGATIONS TO BE INCURRED PURSUANT TO CONTRACTS FOR THE
CONSTRUCTION OF A SOLID WASTE DISPOSAL FACILITY (LANDFILL
PROJECT) FOR THE CITY, AND THE PURCHASE OF EQUIPMENT,
MACHINERY, AND LAND THEREFOR, AND PAYING ALL OR A PORTION OF
THE CONTRACTUAL OBLIGATIONS FOR PROFESSIONAL SERVICES OF
ENGINEERING, ARCHITECTS, ATTORNEYS, AND FINANCIAL ADVISORS IN
CONNECTION WITH SUCH SOLID WASTE DISPOSAL FACILITIES AND
CERTIFICATES OF OBLIGATION
ON AUGUST 1, 1994, or on any interest payment date there-
after, the unpaid installments of principal of this Certificate
may be prepaid or redeemed prior to their scheduled due dates,
at the option of the Issuer, with funds derived from any
available source, as a whole, or in part, and, if in part, the
particular portion of this Certificate to be prepaid or
redeemed shall be selected and designated by the Issuer
(provided that a portion of this Certificate may be redeemed
only in an integral multiple of $5,000), at the prepayment or
redemption price of the par or principal amount thereof, plus
accrued interest to the date fixed for prepayment or
redemption
AT LEAST 30 days prior to the date fixed for any such
prepayment or redemption a written notice of such prepayment or
redemption shall be mailed by the Paying Agent/Registrar to the
registered owner hereof By the date fixed for any such
prepayment or redemption due provision shall be made by the
Issuer with the Paying Agent/Registrar for the payment of the
required prepayment or redemption price for this Certificate or
the portion hereof which is to be so prepaid or redeemed, plus
accrued interest thereon to the date fixed for prepayment or
redemption If such written notice of prepayment or redemption
is given, and if due provision for such payment is made, all as
provided above, this Certificate, or the portion thereof which
is to be so prepaid or redeemed, thereby automatically shall be
treated as prepaid or redeemed prior to its scheduled due date,
and shall not bear interest after the date fixed for its
prepayment or redemption, and shall not be regarded as being
outstanding except for the right of the registered owner to
receive the prepayment or redemption price plus accrued inter-
est to the date fixed for prepayment or redemption from the
Paying Agent/Registrar out of the funds provided for such
payment The Paying Agent/Registrar shall record in the
Registration Books all such prepayments or redemptions of
principal of this Certificate or any portion hereof
THIS CERTIFICATE, to the extent of the unpaid or
unredeemed principal balance hereof, or any unpaid and
unredeemed portion hereof in any integral multiple of $5,000,
may be assigned by the initial registered owner hereof and
shall be transferred only in the Registration Books of the
Issuer kept by the Paying Agent/Registrar acting in the
capacity of registrar for the Certificates, upon the terms and
conditions set forth in the Certificate Ordinance Among other
requirements for such transfer, this Certificate must be
presented and surrendered to the Paying Agent/Registrar for
cancellation, together with proper instruments of assignment,
in form and with guarantee of signatures satisfactory to the
Paying Agent/ Registrar, evidencing assignment by the initial
registered owner of this Certificate, or any portion or
portions hereof in any integral multiple of $5,000, to the
assignee or assignees in whose name or names this Certificate
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or any such portion or portions hereof is or are to be trans-
ferred and registered Any instrument or instruments of
assignment satisfactory to the Paying Agent/Registrar may be
used to evidence the assignment of this Certificate or any such
portion or portions hereof by the initial registered owner
hereof A new certificate or certificates payable to such
assignee or assignees (which then will be the new registered
owner or owners of such new Certificate or Certificates) or to
the initial registered owner as to any portion of this
Certificate which is not being assigned and transferred by the
initial registered owner, shall be delivered by the Paying
Agent/Registrar in conversion of and exchange for this
Certificate or any portion or portions hereof, but solely in
the form and manner as provided in the next paragraph hereof
for the conversion and exchange of this Certificate or any
portion hereof The registered owner of this Certificate shall
be deemed and treated by the Issuer and the Paying
Agent/Registrar as the absolute owner hereof for all purposes,
including payment and discharge of liability upon this
Certificate to the extent of such payment, and the Issuer and
the Paying Agent/Registrar shall not be affected by any notice
to the contrary
AS PROVIDED above and in the Certificate Ordinance, this
Certificate, to the extent of the unpaid or unredeemed
principal balance hereof, may be converted into and exchanged
for a like aggregate principal amount of fully registered
certificates, without interest coupons, payable to the assignee
or assignees duly designated in writing by the initial
registered owner hereof, or to the initial registered owner as
to any portion of this Certificate which is not being assigned
and transferred by the initial registered owner, in any
denomination or denominations in any integral multiple of
$5,000 (subject to the requirement hereinafter stated that each
substitute certificate issued in exchange for any portion of
this Certificate shall have a single stated principal maturity
date), upon surrender of this Certificate to the Paying
Agent/Registrar for cancellation, all in accordance with the
form and procedures set forth in the Certificate Ordinance if
this Certificate or any portion hereof is assigned and
transferred or converted each certificate issued in exchange
for any portion hereof shall have a single stated principal
maturity date corresponding to the due date of the installment
of principal of this Certificate or portion hereof for which
the substitute certificate is being exchanged, and shall bear
interest at the rate applicable to and borne by such
installment of principal or portion thereof Such
certificates, respectively, shall be subject to redemption
prior to maturity on the same dates and for the same prices as
the corresponding installment of principal of this Certificate
or portion hereof for which they are being exchanged No such
certificate shall be payable in installments, but shall have
only one stated principal maturity date AS PROVIDED IN THE
CERTIFICATE ORDINANCE, THIS CERTIFICATE IN ITS PRESENT FORM MAY
BE ASSIGNED AND TRANSFERRED OR CONVERTED ONCE ONLY, and to one
or more assignees, but the certificates issued and delivered in
exchange for this Certificate or any portion hereof may be
assigned and transferred, and converted, subsequently, as
provided in the Certificate Ordinance The Issuer shall pay
the Paying Agent/Registrar's standard or customary fees and
charges for transferring, converting, and exchanging this
Certificate or any portion thereof, but the one requesting such
transfer, conversion, and exchange shall pay any taxes or
governmental charges required to be paid with respect thereto
The Paying Agent/Registrar shall not be required to make any
such assignment, conversion, or exchange (i) during the period
commencing with the close of business on any Record Date and
ending with the opening of business on the next following
5
principal or interest payment date, or, (ii) with respect to
any Certificate or portion thereof called for prepayment or
redemption prior to maturity, within 45 days prior to its
prepayment or redemption date
IN THE EVENT any Paying Agent/Registrar for this
Certificate is changed by the Issuer, resigns, or otherwise
ceases to act as such, the Issuer has covenanted in the
Certificate Ordinance that it promptly will appoint a competent
and legally qualified substitute therefor, and promptly will
cause written notice thereof to be mailed to the registered
owner of this Certificate
IT IS HEREBY certified, recited, and covenanted that this
Certificate has been duly and validly authorized, issued, and
delivered, that all acts, conditions, and things required or
proper to be performed, exist, and be done precedent to or in
the authorization, issuance, and delivery of this Certificate
have been performed, existed, and been done in accordance with
law, that this Certificate is a general obligation of the
Issuer, issued on the full faith and credit thereof, and that
annual ad valorem taxes sufficient to provide for the payment
of the interest on and principal of this Certificate, as such
interest comes due and such principal matures, have been levied
and ordered to be levied against all taxable property in the
Issuer, and have been pledged irrevocably for such payment,
within the limit prescribed by law, and that this Certificate
is additionally secured by and payable from the revenues and
income of the Issuer derived from the charge made by the Issuer
for collecting garbage, trash, and rubbish from each individual
family unit in the Issuer, in accordance with Section 12-19(b)
of the Code of Ordinances of the Issuer, and any amendment
thereof or substitute therefor
THE ISSUER has reserved the right to issue other and
additional obligations payable from taxes and/or the revenues
and income described in the paragraph immediately above
BY BECOMING the registered owner of this Certificate, the
registered owner thereby acknowledges all of the terms and
provisions of the Certificate Ordinance, agrees to be bound by
such terms and provisions, acknowledges that the Certificate
Ordinance is duly recorded and available for inspection in the
official minutes and records of the governing body of the
Issuer, and agrees that the terms and provisions of this
Certificate and the Certificate Ordinance constitute a contract
between the registered owner hereof and the Issuer
IN WITNESS WHEREOF, the Issuer has caused this Certificate
to be signed with the manual signature of the Mayor of the
Issuer and countersigned with the manual signature of the City
Secretary of the Issuer, has caused the official seal of the
Issuer to be duly impressed on this Certificat , and has caused
this C rtificate to be dated AUGUST 1 1964
y ecretaryyore
!
City of Denton, Texas ity o Denton, Texas
(CITY
SEAL)
6
FORM OF REGISTRATION CERTIFICATE OF THE
COMPTROLLER OF PUBLIC ACCOUNTS
COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NO
I hereby certify that this Certificate has been examined,
certified as to validity, and approved by the Attorney General
of the State of Texas, and that this Certificate has been
registered by the Comptroller of Public Accounts of the State
of Texas
Witness my signature and seal this
Comptroller of Public Accounts
of the State of Texas
(COMPTROLLER'S SEAL)
Section 6 ADDITIONAL CHARACTERISTICS OF THE CERTIFI-
CATES Registration and Transfer (a) The Issuer shall keep
or cause to be kept at the principal corporate trust office of
TEXAS AMERICAN BANK/FORT WORTH, N A , FORT WORTH, TEXAS (the
"Paying Agent/Registrar") books or records of the registration
and transfer of the Certificates (the "Registration Books"),
and the Issuer hereby appoints the Paying Agent/Registrar as
its registrar and transfer agent to keep such books or records
and make such transfers and registrations under such reasonable
regulations as the Issuer and Paying Agent/Registrar may
prescribe, and the Paying Agent/Registrar shall make such
transfers and registrations as herein provided The Paying
Agent/Registrar shall obtain and record in the Registration
Books the address of the registered owner of each Certificate
to which payments with respect to the Certificates shall be
mailed, as herein provided, but it shall be the duty of each
registered owner to notify the Paying Agent/Registrar in
writing of the address to which payments shall be mailed, and
such interest payments shall not be mailed unless such notice
has been given The Issuer shall have the right to inspect the
Registration Books during regular business hours of the Paying
Agent/Registrar, but otherwise the Paying Agent/Registrar shall
keep the Registration Books confidential and, unless otherwise
required by law, shall not permit their inspection by any other
entity Registration of each Certificate may be transferred in
the Registration Books only upon presentation and surrender of
such Certificate to the Paying Agent/Registrar for transfer of
registration and cancellation, together with proper written
instruments of assignment, in form and with guarantee of
signatures satisfactory to the Paying Agent/Registrar, (i)
evidencing the assignment of the Certificate, or any portion
thereof in any integral multiple of $5,000, to the assignee or
assignees thereof, and (ii) the right of such assignee or
assignees to have the Certificate or any such portion thereof
registered in the name of such assignee or assignees Upon
the assignment and transfer of any Certificate or any portion
thereof, a new substitute Certificate or Certificates shall be
issued in conversion and exchange therefor in the manner herein
provided The Initial Certificate, to the extent of the unpaid
or unredeemed principal balance thereof may be assigned and
transferred by the initial registered owner thereof once only,
and to one or more assignees designated in writing by the
initial registered owner thereof All Certificates issued and
delivered in conversion of and exchange for the Initial
Certificate shall be in any denomination or denominations of
any integral multiple of $5,000 (subject to the requirement
hereinafter stated that each substitute Certificate shall have
a single stated principal maturity date), shall be in the form
prescribed in the FORM OF SUBSTITUTE CERTIFICATE set forth in
this Ordinance, and shall have the characteristics, and may be
assigned, transferred, and converted as hereinafter provided
If the Initial Certificate or any portion thereof is assigned
and transferred or converted the Initial Certificate must be
surrendered to the Paying Agent/Registrar for cancellation, and
each Certificate issued in exchange for any portion of the
Initial Certificate shall have a single stated principal
maturity date, and shall not be payable in installments, and
each such Certificate shall have a principal maturity date
corresponding to the due date of the installment of principal
or portion thereof for which the substitute Certificate is
being exchanged, and each such Certificate shall bear interest
at the single rate applicable to and borne by such installment
of principal or portion thereof for which it is being ex-
changed If only a portion of the Initial Certificate is
assigned and transferred, there shall be delivered to and
registered in the name of the initial registered owner subs-
titute Certificates in exchange for the unassigned balance of
the Initial Certificate in the same manner as if the initial
registered owner were the assignee thereof If any Certificate
or portion thereof other than the Initial Certificate is
assigned and transferred or converted each Certificate issued
in exchange therefor shall have the same principal maturity
date and bear interest at the same rate as the Certificate for
which it is exchanged A form of assignment shall be printed
or endorsed on each Certificate, excepting the Initial Cert-
ificate, which shall be executed by the registered owner or its
duly authorized attorney or representative to evidence an
assignment thereof Upon surrender of any Certificates or any
portion or portions thereof for transfer of registration, an
authorized representative of the Paying Agent/Registrar shall
make such transfer in the Registration Books and shall deliver
a new fully registered substitute Certificate or Certificates,
having the characteristics herein described, payable to such
assignee or assignees (which then will be the registered owner
or owners of such new Certificate or Certificates), or to the
previous registered owner in case only a portion of a Cert-
ificate is being assigned and transferred, all in conversion of
and exchange for said assigned Certificate or Certificates or
any portion or portions thereof, in the same form and manner,
and with the same effect, as provided in Section 6(d), below,
for the conversion and exchange of Certificates by any regis-
tered owner of a Certificate The Issuer shall pay the Paying
Agent/Registrar's standard or customary fees and charges for
making such transfer and delivery of a substitute Certificate
or Certificates, but the one requesting such transfer shall pay
any taxes or other governmental charges required to be paid
with respect thereto The Paying Agent/Registrar shall not be
required to make transfers of registration of any Certificate
or any portion thereof (i) during the period commencing with
the close of business on any Record Date and ending with the
opening of business on the next following principal or interest
payment date, or, (ii) with respect to any Certificate or any
portion thereof called for redemption prior to maturity, within
45 days prior to its redemption date
(b) Ownership of Certificates The entity in whose name
any Certificate shall be registered in the Registration Books
at any time shall be deemed and treated as the absolute owner
thereof for all purposes of this Ordinance, whether or not such
Certificate shall be overdue, and the Issuer and the Paying
Agent/Registrar shall not be affected by any notice to the
contrary, and payment of, or on account of, the principal of,
premium, if any, and interest on any such Certificate shall be
made only to such registered owner All such payments shall be
valid and effectual to satisfy and discharge the liability upon
such Certificate to the extent of the sum or sums so paid
8
(c) Payment of Certificates and Interest The Issuer
hereby further appoints the Paying Agent/Registrar to act as
the paying agent for paying the principal of and interest on
the Certificates, and to act as its agent to convert and
exchange or replace Certificates, all as provided in this
ordinance The Paying Agent/Registrar shall keep proper
records of all payments made by the Issuer and the Paying
Agent/Registrar with respect to the Certificates, and of all
conversions and exchanges of Certificates, and all replacements
of Certificates, as provided in this Ordinance
(d) Conversion and Exchange or Replacement, Authenti-
cation Each Certificate issued and delivered pursuant to this
ordinance, to the extent of the unpaid or unredeemed principal
balance or principal amount thereof, may, upon surrender of
such Certificate at the principal corporate trust office of the
Paying Agent/Registrar, together with a written request there-
for duly executed by the registered owner or the assignee or
assignees thereof, or its or their duly authorized attorneys or
representatives, with guarantee of signatures satisfactory to
the Paying Agent/Registrar, may, at the option of the regis-
tered owner or such assignee or assignees, as appropriate, be
converted into and exchanged for fully registered certificates,
without interest coupons, in the form prescribed in the FORM OF
SUBSTITUTE CERTIFICATE set forth in this Ordinance, in the
denomination of $5,000, or any integral multiple of $5,000
(subject to the requirement hereinafter stated that each
substitute Certificate shall have a single stated maturity
date), as requested in writing by such registered owner or such
assignee or assignees, in an aggregate principal amount equal
to the unpaid or unredeemed principal balance or principal
amount of any Certificate or Certificates so surrendered, and
payable to the appropriate registered owner, assignee, or
assignees, as the case may be If the Initial Certificate is
assigned and transferred or converted each substitute
Certificate issued in exchange for any portion of the Initial
Certificate shall have a single stated principal maturity date,
and shall not be payable in installments, and each such
Certificate shall have a principal maturity date corresponding
to the due date of the installment of principal or portion
thereof for which the substitute Certificate is being
exchanged, and each such Certificate shall bear interest at the
single rate applicable to and borne by such installment of
principal or portion thereof for which it is being exchanged
If a portion of any Certificate (other than the Initial
Certificate) shall be redeemed prior to its scheduled maturity
as provided herein, a substitute Certificate or Certificates
having the same maturity date, bearing interest at the same
rate, in the denomination or denominations of any integral
multiple of $5,000 at the request of the registered owner, and
in aggregate principal amount equal to the unredeemed portion
thereof, will be issued to the registered owner upon surrender
thereof for cancellation If any Certificate or portion
thereof (other than the Initial Certificate) is assigned and
transferred or converted, each Certificate issued in exchange
therefor shall have the same principal maturity date and bear
interest at the same rate as the Certificate for which it is
being exchanged Each substitute Certificate shall bear a
letter and/or number to distinguish it from each other
Certificate The Paying Agent/Registrar shall convert and
exchange or replace Certificates as provided herein, and each
fully registered certificate delivered in conversion of and
exchange for or replacement of any Certificate or portion
thereof as permitted or required by any provision of this
Ordinance shall constitute one of the Certificates for all
purposes of this ordinance, and may again be converted and
exchanged or replaced It is specifically provided that any
Certificate authenticated in conversion of and exchange for or
9
replacement of another Certificate on or prior to the first
scheduled Record Date for the Initial Certificate shall bear
interest from the date of the Initial Certificate, but each
substitute Certificate so authenticated after such first
scheduled Record Date shall bear interest from the interest
payment date next preceding the date on which such substitute
Certificate was so authenticated, unless such Certificate is
authenticated after any Record Date but on or before the next
following interest payment date, in which case it shall bear
interest from such next following interest payment date,
provided, however, that if at the time of delivery of any
substitute Certificate the interest on the Certificate for
which it is being exchanged is due but has not been paid, then
such Certificate shall bear interest from the date to which
such interest has been paid in full THE INITIAL CERTIFICATE
issued and delivered pursuant to this Ordinance is not required
to be, and shall not be, authenticated by the Paying
Agent/Registrar, but on each substitute Certificate issued in
conversion of and exchange for or replacement of any Cert-
ificate or Certificates issued under this Ordinance there shall
be printed a certificate, in the form substantially as follows
"PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Certificate has been
issued under the provisions of the Certificate Ordinance
described on the face of this Certificate, and that this
Certificate has been issued in conversion of and exchange for
or replacement of a certificate, certificates, or a portion of
a certificate or certificates of an issue which originally was
approved by the Attorney General of the State of Texas and
registered by the Comptroller of Public Accounts of the State
of Texas
TEXAS AMERICAN BANK/FORT WORTH, N A
FORT WORTH, TEXAS
Paying Agent/Registrar
Dated
By
Authorized Representative
An authorized representative of the Paying Agent/Registrar
shall, before the delivery of any such Certificate, date and
manually sign the above Certificate, and no such Certificate
shall be deemed to be issued or outstanding unless such
Certificate is so executed The Paying Agent/Registrar
promptly shall cancel all Certificates surrendered for conver-
sion and exchange or replacement No additional ordinances,
orders, or resolutions need be passed or adopted by the govern-
ing body of the Issuer or any other body or person so as to
accomplish the foregoing conversion and exchange or replacement
of any Certificate or portion thereof, and the Paying
Agent/Registrar shall provide for the printing, execution, and
aelivery of the substitute Certificates in the manner
prescribed herein, and said Certificates shall be of type
composition printed on paper with lithographed or steel
engraved borders of customary weight and strength Pursuant to
Vernon's Ann Tex Civ St Art 717k-6, and particularly
Section 6 thereof, the duty of conversion and exchange or
replacement of Certificates as aforesaid is hereby imposed upon
the Paying Agent/Registrar, and, upon the execution of the
above Paying Agent/Registrar's Authentication Certificate, the
converted and exchanged or replaced Certificate shall be valid,
incontestable, and enforceable in the same manner and with the
same effect as the Initial Certificate which originally was
issued pursuant to this Ordinance, approved by the Attorney
General, and registered by the Comptroller of Public Accounts
The Issuer shall pay the Paying Agent/Registrar's standard or
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customary fees and charges for transferring, converting, and
exchanging any Certificate or any portion thereof, but the one
requesting any such transfer, conversion, and exchange shall
pay any taxes or governmental charges required to be paid with
respect thereto as a condition precedent to the exercise of
such privilege of conversion and exchange The Paying
Agent/Registrar shall not be required to make any such
conversion and exchange or replacement of Certificates or any
portion thereof (i) during the period commencing with the close
of business on any Record Date and ending with the opening of
business on the next following principal or interest payment
date, or, (ii) with respect to any Certificate or portion
thereof called for redemption prior to maturity, within 45 days
prior to its redemption date
(e) In General All Certificates issued in conversion
and exchange or replacement of any other Certificate or portion
thereof, (i) shall be issued in fully registered form, without
interest coupons, with the principal of and interest on such
Certificates to be payable only to the registered owners
thereof, (ii) may be redeemed prior to their scheduled maturi-
ties, (iii) may be transferred and assigned, (iv) may be
converted and exchanged for other Certificates, (v) shall have
the characteristics, (vi) shall be signed and sealed, and (vii)
the principal of and interest on the Certificates shall be pay-
able, all as provided, and in the manner required or indicated,
in the FORM OF SUBSTITUTE CERTIFICATE set forth in this
Ordinance
(f) Payment of Fees and Charges The Issuer hereby
covenants with the registered owners of the Certificates that
it will (i) pay the standard or customary fees and charges of
the Paying Agent/Registrar for its services with respect to the
payment of the principal of and interest on the Certificates,
when due, and (ii) pay the fees and charges of the Paying
Agent/Registrar for services with respect to the transfer of
registration of Certificates, and with respect to the conver-
sion and exchange of Certificates solely to the extent above
provided in this Ordinance
(g) Substitute Paying Agent/Registrar The Issuer
covenants with the registered owners of the Certificates that
at all times while the Certificates are outstanding the Issuer
will provide a competent and legally qualified bank, trust
company, financial institution, or other agency to act as and
perform the services of Paying Agent/Registrar for the
Certificates under this Ordinance, and that the Paying
Agent/Registrar will be one entity The Issuer reserves the
right to, and may, at its option, change the Paying
Agent/Registrar upon not less than 120 days written notice to
the Paying Agent/Registrar, to be effective not later than 60
days prior to the next principal or interest payment date after
such notice In the event that the entity at any time acting
as Paying Agent/Registrar (or its successor by merger,
acquisition, or other method) should resign or otherwise cease
to act as such, the Issuer covenants that promptly it will
appoint a competent and legally qualified bank, trust company,
financial institution, or other agency to act as Paying
Agent/Registrar under this Ordinance Upon any change in the
Paying Agent/Registrar, the previous Paying Agent/Registrar
promptly shall transfer and deliver the Registration Books (or
a copy thereof), along with all other pertinent books and
records relating to the Certificates, to the new Paying
Agent/Registrar designated and appointed by the Issuer Upon
any change in the Paying Agent/Registrar, the Issuer promptly
will cause a written notice thereof to be sent by the new
Paying Agent/Registrar to each registered owner of the
Certificates, by United States Mail, first-class postage
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prepaid, which notice also shall give the address of the new
Paying Agent/Registrar By accepting the position and
performing as such, each Paying Agent/Registrar shall be deemed
to have agreed to the provisions of this Ordinance, and a
certified copy of this Ordinance shall be delivered to each
Paying Agent/Registrar
Section 7 FORM OF SUBSTITUTE CERTIFICATES The form of
all Certificates issued in conversion and exchange or
replacement of any other Certificate or portion thereof,
including the form of Paying Agent/Registrar's Certificate to
be printed on each of such Certificates, and the Form of
Assignment to be printed on each of the Certificates, shall be,
respectively, substantially as follows, with such appropriate
variations, omissions, or insertions as are permitted or
required by this Ordinance
FORM OF SUBSTITUTE CERTIFICATE
NO UNITED STATES OF AMERICA PRINCIPAL AMOUNT
STATE OF TEXAS $
COUNTY OF DENTON
CITY OF DENTON CERTIFICATE OF OBLIGATION
SERIES 1984-A
INTEREST RATE
MATURITY DATE
CUSIP NO
B
ON THE MATURITY DATE specified above the CITY OF DENTON,
in Denton County, Texas (the "Issuer"), being a a political
subdivision of the State of Texas, hereby promises to pay to
or to the registered assignee hereof (either being hereinafter
called the "registered owner") the principal amount of
and to pay interest thereon from AUGUST 11 1984, to the
maturity date specified above, or the date of redemption prior
to maturity, at the interest rate per annum specified above,
with interest being payable on FEBRUARY 1, 1985, and
semiannually on each AUGUST 1 and FEBRUARY 1 thereafter, except
that if the date of authentication of this Certificate is later
than JANUARY 15, 1985, such principal amount shall bear
interest from the interest payment date next preceding the date
of authentication, unless such date of authentication is after
any Record Date (hereinafter defined) but on or before the next
following interest payment date, in which case such principal
amount shall bear interest from such next following interest
payment date
THE PRINCIPAL OF AND INTEREST ON this Certificate are
payable in lawful money of the United States of America,
without exchange or collection charges The principal of this
Certificate shall be paid to the registered owner hereof upon
presentation and surrender of this Certificate at maturity or
upon the date fixed for its redemption prior to maturity, at
the principal corporate trust office of TEXAS AMERICAN
BANK/FORT WORTH, N A , FORT WORTH, TEXAS, which is the "Paying
Agent/Registrar" for this Certificate The payment of interest
on this Certificate shall be made by the Paying Agent/Registrar
to the registered owner hereof on each interest payment date by
check or draft, dated as of such interest payment date, drawn
by the Paying Agent/Registrar on, and payable solely from,
funds of the Issuer required by the resolution authorizing the
issuance of the Certificates (the "Certificate Ordinance") to
be on deposit with the Paying Agent/Registrar for such purpose
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as hereinafter provided, and such check or draft shall be sent
by the Paying Agent/Registrar by United States Mail,
first-class postage prepaid, on each such interest payment
date, to the registered owner hereof, at the address of the
registered owner, as it appeared on the 15th of the month next
preceding each such date (the "Record Date") on the
Registration Books kept by the Paying Agent/ Registrar, as
hereinafter described Any accrued interest due upon the
redemption of this Certificate prior to maturity as provided
herein shall be paid to the registered owner at the principal
corporate trust office of the Paying Agent/Registrar upon
presentation and surrender of this Certificate for redemption
and payment at the principal corporate trust office of the
Paying Agent/Registrar, The Issuer covenants with the
registered owner of this Certificate that on or before each
principal payment date, interest payment date, and accrued
interest payment date for this Certificate it will make
available to the Paying Agent/Registrar, from the "Interest and
Sinking Fund" created by the Certificate Ordinance, the amounts
required to provide for the payment, in immediately available
funds, of all principal of and interest on the Certificates,
when due
IF THE DATE for the payment of the principal of or inter-
est on this Certificate shall be a Saturday, Sunday, a legal
holiday, or a day on which banking institutions in the City
where the Paying Agent/Registrar is located are authorized by
law or executive order to close, then the date for such payment
shall be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day on which banking institutions are
authorized to close, and payment on such date shall have the
same force and effect as if made on the original date payment
was due
THIS CERTIFICATE is one of an issue of Certificates
initially dated AUGUST 1, 1984, authorized in accordance with
the Constitution and laws of the State of Texas in the
principal amount of $1,800,000, FOR THE PURPOSE OF PAYING ALL
OR A PORTION OF THE CITY'S CONTRACTUAL OBLIGATIONS TO BE
INCURRED PURSUANT TO CONTRACTS FOR THE CONSTRUCTION OF A SOLID
WASTE DISPOSAL FACILITY (LANDFILL PROJECT) FOR THE CITY, AND
THE PURCHASE OF EQUIPMENT, MACHINERY, AND LAND THEREFOR, AND
PAYING ALL OR A PORTION OF THE CONTRACTUAL OBLIGATIONS FOR
PROFESSIONAL SERVICES OF ENGINEERING, ARCHITECTS, ATTORNEYS,
AND FINANCIAL ADVISORS IN CONNECTION WITH SUCH SOLID WASTE
DISPOSAL FACILITIES AND CERTIFICATES OF OBLIGATION
ON AUGUST 1, 1994, or on any interest payment date there-
after, the Certificates of this Series may be redeemed prior to
their scheduled maturities, at the option of the Issuer, with
funds derived from any available and lawful source, as a whole,
or in part, and, if in part, the particular Certificates, or
portions thereof, to be redeemed shall be selected and desig-
nated by the Issuer (provided that a portion of a Certificate
may be redeemed only in an integral multiple of $5,000), at the
redemption price of the par or principal amount thereof, plus
accrued interest to the date fixed for redemption
AT LEAST 30 days prior to the date fixed for any redemp-
tion of Certificates or portions thereof prior to maturity a
written notice of such redemption shall be published once in a
financial publication, journal, or reporter of general
circulation among securities dealers in The City of New York,
New York (including, but not limited to, The Certificate Buyer
and The Wall Street Journal), or in the State of Texas
(including, but not limited to, The Texas Certificate
Reporter) Such notice also shall be sent by the Paying
Agent/Registrar by United States Mail, first-class postage
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prepaid, not less than 30 days prior to the date fixed for any
such redemption, to the registered owner of each Certificate to
be redeemed at its address as it appeared on the 45th day prior
to such redemption date, provided, however, that the failure to
send, mail, or receive such notice, or any defect therein or in
the sending or mailing thereof, shall not affect the validity
or effectiveness of the proceedings for the redemption of any
Certificate, and it is hereby specifically provided that the
publication of such notice as required above shall be the only
notice actually required in connection with or as a prere-
quisite to the redemption of any Certificates or portions
thereof By the date fixed for any such redemption due
provision shall be made with the Paying Agent/Registrar for the
payment of the required redemption price for the Certificates
or portions thereof which are to be so redeemed, plus 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 Cert-
ificates or portions thereof which are to be so redeemed
thereby automatically shall be treated as 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
registered owner to receive the redemption price plus accrued
interest from the Paying Agent/Registrar out of the funds pro-
vided for such payment If a portion of any Certificate shall
be redeemed a substitute Certificate or Certificates having the
same maturity date, bearing interest at the same rate, in any
denomination or denominations in any integral multiple of
$5,000, at the written request of the registered owner, and in
aggregate principal amount equal to the unredeemed portion
thereof, will be issued to the registered owner upon the
surrender thereof for cancellation, at the expense of the
Issuer, all as provided in the Certificate Ordinance
THIS CERTIFICATE OR ANY PORTION OR PORTIONS HEREOF IN ANY
INTEGRAL MULTIPLE OF $5,000 may be assigned and shall be trans-
ferred only in the Registration Books of the Issuer kept by the
Paying Agent/Registrar acting in the capacity of registrar for
the Certificates, upon the terms and conditions set forth in
the Certificate Ordinance Among other requirements for such
assignment and transfer, this Certificate must be presented and
surrendered to the Paying Agent/Registrar, together with proper
instruments of assignment, in form and with guarantee of
signatures satisfactory to the Paying Agent/Registrar,
evidencing assignment of this Certificate or any portion or
portions hereof in any integral multiple of $5,000 to the
assignee or assignees in whose name or names this Certificate
or any such portion or portions hereof is or are to be trans-
ferred and registered The form of Assignment printed or
endorsed on this Certificate shall be executed by the regis-
tered owner or its duly authorized attorney or representa-
tive,to evidence the assignment hereof A new Certificate or
Certificates payable to such assignee or assignees (which then
will be the new registered owner or owners of such new
Certificate or Certificates), or to the previous registered
owner in the case of the assignment and transfer of only a
portion of this Certificate, may be delivered by the Paying
Agent/Registrar in conversion of and exchange for this
Certificate, all in the form and manner as provided in the next
paragraph hereof for the conversion and exchange of other
Certificates The Issuer shall pay the Paying
Agent/Registrar's standard or customary fees and charges for
making such transfer, but the one requesting such transfer
shall pay any taxes or other governmental charges required to
be paid with respect thereto The Paying Agent/Registrar shall
not be required to make transfers of registration of this
Certificate or any portion hereof (i) during the period
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commencing with the close of business on any Record Date and
ending with the opening of business on the next following
principal or interest payment date, or, (ii) with respect to
any Certificate or any portion thereof called for redemption
prior to maturity, within 45 days prior to its redemption date
The registered owner of this Certificate shall be deemed and
treated by the Issuer and the Paying Agent/Registrar as the
absolute owner hereof for all purposes, including payment and
discharge of liability upon this Certificate to the extent of
such payment, and the Issuer and the Paying Agent/Registrar
shall not be affected by any notice to the contrary
ALL CERTIFICATES OF THIS SERIES are issuable solely as
fully registered certificates, without interest coupons, in the
denomination of any integral multiple of $5,000 As provided
in the Certificate Ordinance, this Certificate, or any
unredeemed portion hereof, may, at the request of the
registered owner or the assignee or assignees hereof, be con-
verted into and exchanged for a like aggregate principal amount
of fully registered certificates, without interest coupons,
payable to the appropriate registered owner, assignee, or
assignees, as the case may be, having the same maturity date,
and bearing interest at the same rate, in any denomination or
denominations in any integral multiple of $5,000 as requested
in writing by the appropriate registered owner, assignee, or
assignees, as the case may be, upon surrender of this
Certificate to the Paying Agent/Registrar for cancellation, all
in accordance with the form and procedures set forth in the
Certificate Ordinance The Issuer shall pay the Paying
Agent/Registrar's standard or customary fees and charges for
transferring, converting, and exchanging any Certificate or any
portion thereof, but the one requesting such transfer, conver-
sion, and exchange shall pay any taxes or governmental charges
required to be paid with respect thereto as a condition prece-
dent to the exercise of such privilege of conversion and
exchange The Paying Agent/Registrar shall not be required to
make any such conversion and exchange (i) during the period
commencing with the close of business on any Record Date and
ending with the opening of business on the next following
principal or interest payment date, or, (11) with respect to
any Certificate or portion thereof called for redemption prior
to maturity, within 45 days prior to its redemption date
IN THE EVENT any Paying Agent/Registrar for the
Certificates is changed by the Issuer, resigns, or otherwise
ceases to act as such, the Issuer has covenanted in the
Certificate Ordinance that it promptly will appoint a competent
and legally qualified substitute therefor, and promptly will
cause written notice thereof to be mailed to the registered
owners of the Certificates
IT IS HEREBY certified, recited, and covenanted that this
Certificate has been duly and validly authorized, issued, and
delivered, that all acts, conditions, and things required or
proper to be performed, exist, and be done precedent to or in
the authorization, issuance, and delivery of this Certificate
have been performed, existed, and been done in accordance with
law, that this Certificate is a general obligation of the
Issuer, issued on the full faith and credit thereof, and that
annual ad valorem taxes sufficient to provide for the payment
of the interest on and principal of this Certificate, as such
interest comes due and such principal matures, have been levied
and ordered to be levied against all taxable property in the
Issuer, and have been pledged irrevocably for such payment,
within the limit prescribed by law, and that this Certificate
is additionally secured by and payable from the revenues and
income of the Issuer derived from the charge made by the Issuer
for collecting garbage, trash, and rubbish from each individual
15
family unit in the Issuer, in accordance with Section 12-19(b)
of the Code of Ordinances of the Issuer, and any amendment
thereof or substitute therefor
THE ISSUER has reserved the right to issue other and
additional obligations payable from taxes and/or the revenues
and income described in the paragraph immediately above
BY BECOMING the registered owner of this Certificate, the
registered owner thereby acknowledges all of the terms and
provisions of the Certificate Ordinance, agrees to be bound by
such terms and provisions, acknowledges that the Certificate
Ordinance is duly recorded and available for inspection in the
official minutes and records of the governing body of the
Issuer, and agrees that the terms and provisions of this
Certificate and the Certificate Ordinance constitute a contract
between each registered owner hereof and the Issuer
IN WITNESS WHEREOF, the Issuer has caused this Certificate
to be signed with the facsimile signature of the Mayor of the
Issuer and countersigned with the facsimile signature of the
City Secretary of the Issuer, and has caused the official seal
of the Issuer to be duly impressed, or placed in facsimile, on
this Certificate
(facsimile signature) (facsimile signature)
City Secretary, Mayor,
City of Denton, Texas City of Denton, Texas
(CITY SEAL)
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Certificate has been
issued under the provisions of the Certificate Ordinance
described on the face of this Certificate, and that this
Certificate has been issued in conversion of and exchange for
or replacement of a certificate, certificates, or a portion of
a certificate or certificates of an issue which originally was
approved by the Attorney General of the State of Texas and
registered by the Comptroller of Public Accounts of the State
of Texas
TEXAS AMERICAN BANK/FORT WORTH, N A ,
FORT WORTH, TEXAS
Paying Agent/Registrar
Dated By
Authorized Representative
FORM OF ASSIGNMENT
ASSIGNMENT
For value received, the undersigned registered owner of this
Certificate, or duly authorized representative or attorney
thereof, hereby assigns this Certificate to
(print or type the name and
address of the assignee and
any other relevant information)
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and authorizes the Paying Agent/Registrar to transfer the
registration of this Certificate in the Registration Books
Dated
Registered Owner
The signature above is hereby verified as true and genuine
Section 8 TAX LEVY A special Interest and Sinking Fund
(the "Interest and Sinking Fund") is hereby created solely for
the benefit of the Certificates, and the Interest and Sinking
Fund shall be established and maintained by the Issuer at an
official depository bank of the Issuer The Interest and
Sinking Fund shall be kept separate and apart from all other
funds and accounts of the Issuer, and shall be used only for
paying the interest on and principal of the Certificates All
ad valorem taxes levied and collected for and on account of the
Certificates shall be deposited, as collected, to the credit of
the Interest and Sinking Fund During each year while any of
the Certificates or interest thereon are outstanding and
unpaid, the governing body of the Issuer shall compute and
ascertain a rate and amount of ad valorem tax which will be
sufficient to raise and produce the money required to pay the
interest on the Certificates as such interest becomes due, and
to provide and maintain a sinking fund adequate to pay the
principal of its Certificates as such principal matures (but
never less than 2% of the original principal amount of the
Certificates as a sinking fund each year), and said tax shall
be based on the latest approved tax rolls of the Issuer, with
full allowance being made for tax delinquencies and the cost of
tax collection Said rate and amount of ad valorem tax is
hereby levied, and is hereby ordered to be levied, against all
taxable property in the Issuer for each year while any of the
Certificates or interest thereon are outstanding and unpaid,
and said tax shall be assessed 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 the Certificates,
as such interest comes due and such principal matures, are
hereby pledged for such payment, within the limit prescribed by
law
Section 9 PLEDGE OF ADDITIONAL REVENUES The
Certificates additionally shall be payable from and secured by
the revenues and income of the Issuer derived from the charge
made by the Issuer for collecting garbage, trash, and rubbish
from each individual family unit in the Issuer in accordance
with Section 12-19(b) of the Code of Ordinances of the Issuer,
and any amendment thereof or substitute therefor The Issuer
shall deposit to the credit of the Interest and Sinking Fund
from the aforesaid revenues and income and the ad valorem taxes
collected pursuant to Section 8 of this Ordinance, the amounts
that will be sufficient to pay the principal of and interest on
the Certificates when due To the extent that said revenues
and income actually are on deposit in the Interest and Sinking
Fund in advance of the time when ad valorem taxes are scheduled
to be levied for any year, then the amount of such taxes which
otherwise would have been required to be levied pursuant to
Section 8 may be reduced to the extent and by the amount of the
revenues and income then on deposit in the Interest and Sinking
Fund The Issuer reserves the right to issue other and
additional obligations payable from taxes and/or the aforesaid
revenues and income
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Section 10 DEFEASANCE OF CERTIFICATES (a) Any Certif-
icate and the interest thereon shall be deemed to be paid,
retired, and no longer outstanding (a "Defeased Certificate")
within the meaning of this ordinance, except to the extent
provided in subsection (d) of this Section, when payment of the
principal of such Certificate, plus interest thereon to the due
date) (whether such due date be by reason of maturity, upon
redemption, or otherwise) either (1) shall have been made or
caused to be made in accordance with the terms thereof (inc-
ludipzg the giving of any required notice of redemption), or
(ii),shall have been provided for on or before such due date by
irrevocably depositing with or making available to the Paying
Agent/Registrar for such payment (1) lawful money of the United
States of America sufficient to make such payment or (2)
Government Obligations which mature as to principal and
interest in such amounts and at such times as will insure the
availability, without reinvestment, of sufficient money to
provide for such payment, and when proper arrangements have
been made by the Issuer with the Paying Agent/Registrar for the
payment of its services until all Defeased Certificates shall
have become due and payable At such time as a Certificate
shall be deemed to be a Defeased Certificate hereunder, as
aforesaid, such Certificate and the interest thereon shall no
longer be secured by, payable from, or entitled to the benefits
of, the ad valorem taxes herein levied and pledged as provided
in this ordinance, and such principal and interest shall be
payable solely from such money or Government Obligations
(b) Any moneys so deposited with the Paying
Agent/Registrar may at the written direction of the Issuer also
be invested in Government Obligations, maturing in the amounts
and times as hereinbefore set forth, and all income from such
Government Obligations received by the Paying Agent/Registrar
which is not required for the payment of the Certificates and
interest thereon, with respect to which such money has been so
deposited, shall be turned over to the Issuer, or deposited as
directed in writing by the Issuer
(c) The term "Government Obligations" as used in this
section shall mean direct obligations of the United States of
America, including obligations the principal of and interest on
which are unconditionally guaranteed by the United States of
America, which may be United States Treasury obligations such
as its State and Local Government Series, which may be in
booX-entry form
(d) Until all Defeased Certificates shall have become due
and payable, the Paying Agent/Registrar shall perform the
services of Paying Agent/Registrar for such Defeased
Certificates the same as if they had not been defeased, and the
Issuer shall make proper arrangements to provide and pay for
such services as required by this Ordinance
Section 11 DAMAGED, MUTILATED, LOST, STOLEN, OR DE-
STROYED CERTIFICATES (a) Re lacement Certificates In the
event any outstanding Certificate is amage , mutilated, lost,
stolen, or destroyed, the Paying Agent/Registrar shall cause to
be printed, executed, and delivered, a new certificate of the
same principal amount, maturity, and interest rate, as the
damaged, mutilated, lost, stolen, or destroyed Certificate, in
replacement for such Certificate in the manner hereinafter
provided
(b) A lication for Re lacement Certificates
Application or rep acement o amage , mutilated, ost,
stolen, or destroyed Certificates shall be made by the
registered owner thereof to the Paying Agent/Registrar In
every case of loss, theft, or destruction of a Certificate, the
18
registered owner applying for a replacement certificate shall
furnish to the issuer and to the Paying Agent/Registrar such
security or indemnity as may be required by them to save each
of them harmless from any loss or damage with respect thereto
Also, in every case of loss, theft, or destruction of a
Certificate, the registered owner shall furnish to the Issuer
and the Paying Agent/Registrar evidence to their satisfaction
of the loss, theft, or destruction of such Certificate, as the
case may be In every case of damage or mutilation of a
Certificate, the registered owner shall surrender to the Paying
Agent/Registrar for cancellation the Certificate so damaged or
mutilated
(c) No Default Occurred Notwithstanding the foregoing
provisions o this Section, in the event of any such
Certificate shall have matured, and no default has occurred
which is then continuing in the payment of the principal of,
redemption premium, if any, or interest on the Certificate, the
Issuer may authorize the payment of the same (without surrender
thereof except in the case of a damaged or mutilated
certificate) instead of issuing a replacement Certificate,
provided security or indemnity is furnished as above provided
in this Section
(d) Charge for Issuin Re lacement Certificates Prior
to the issuance o any rep acement certi icate, t e Paying
Agent/Registrar shall charge the registered owner of such
Certificate with all legal, printing, and other expenses in
connection therewith Every replacement certificate issued
pursuant to the provisions of this Section by virtue of the
fact that any Certificate is lost, stolen, or destroyed shall
constitute a contractual obligation of the Issuer whether or
not the lost, stolen, or destroyed Certificate shall be found
at any time, or be enforceable by anyone, and shall be entitled
to all the benefits of this Ordinance equally and
proportionately with any and all other Certificates duly issued
under this Ordinance
(e) Authorit for Issuin Re lacement Certificates In
accordance wit Section 6 of Vernon's Ann Tex Civ St Art
717k-6, this Section of this Ordinance shall constitute
authority for the issuance of any such replacement certificate
without necessity of further action by the governing body of
the Issuer or any other body or person, and the duty of the
replacement of such certificates is hereby authorized and
imposed upon the Paying Agent /Registrar, and the Paying
Agent/Registrar shall authenticate and deliver such
Certificates in the form and manner and with the effect, as
provided in Section 6(d) of this Ordinance for Certificates
issued in conversion and exchange for other Certificates
Section 12 CUSTODY, APPROVAL, AND REGISTRATION OF
CERTIFICATES; CERTIFICATE COUNSEL'S OPINION, AND CUSIP NUMBERS
The Mayor of the Issuer is hereby authorized to have control of
the Initial Certificate issued hereunder and all necessary
records and proceedings pertaining to the Initial Certificate
pending its delivery and its investigation, examination, and
approval by the Attorney General of the State of Texas, and its
registration by the Comptroller of Public Accounts of the State
of Texas Upon registration of the Initial Certificate said
Comptroller of Public Accounts (or a deputy designated in
writing to act for said Comptroller) shall manually sign the
Comptroller's Registration Certificate on the Initial
Certificate, and the seal of said Comptroller shall be
impressed, or placed in facsimile, on the Initial Certificate
The approving legal opinion of the Issuer's Bond Counsel and
the assigned CUSIP numbers may, at the option of the Issuer, be
printed on the Initial Certificate or on any Certificates
19
issued and delivered in conversion of and exchange or replace-
ment of any Certificate, but neither shall have any legal
effect, and shall be solely for the convenience and information
of the registered owners of the Certificates
Section 13 SALE OF INITIAL CERTIFICATE The Initial
Certificate is hereby sold and shall be delivered to
, for cash for the par
value thereof an accrue nterest thereon to date of delivery
plus,a premium of $ it is hereby officially found,
determined, and declared t at the Initial Certificate has been
sold at public sale to the bidder offering the lowest interest
cost, after receiving sealed bids pursuant to an Official
Notice of Sale and Bidding Instructions and Official Statement
dated August 7, 1984, prepared and distributed in connection
with the sale of the Initial Certificate Said Official Notice
of Sale and Bidding Instructions and Official Statement, and
any addenda, supplement, or amendment thereto have been and are
hereby approved by the Issuer, and their use in the offer and
sale of the Certificates is hereby approved It is further
officially found, determined, and declared that the statements
and representations contained in said Official Notice of Sale
and Official Statement are true and correct in all material
respects, to the best knowledge and belief of the City Council
and the Issuer
Section 14 FURTHER PROCEDURES The Mayor of the Issuer,
the City Secretary Secretary of the Issuer, and all other
officers, employees, and agents of the Issuer, and each of
them, shall be and they are hereby expressly authorized,
empowered, and directed from time to time and at any time to do
and perform all such acts and things and to execute, acknowl-
edge, and deliver in the name and under the corporate seal and
on behalf of the Issuer all such instruments, whether or not
herein mentioned, as may be necessary or desirable in order to
carry out the terms and provisions of this Certificate
Ordinance, the Certificates, the sale of the Certificates, and
the Notice of Sale and Official Statement In case any officer
whose signature shall appear on any Certificate shall cease to
be such officer before the delivery of such Certificate, such
signature shall nevertheless be valid and sufficient for all
purposes the same as if such officer had remained in office
until such delivery
20
GENERAL CERTIFICATE
THE STATE OF TEXAS
CO"Jrm OF DENTON
CITY OF DENTCN
We, the undersigned officers of the City of Denton, Texas (the
"Issuer") hereby certify as follows
1 That this certificate is executed for and on behalf of said Issuer
with reference to the issuance of the proposed City of Denton Certificates
of Obligation, Series 1984-A, dated August 1, 1984, in the aggregate prin-
cipal amount of $1,800,000, authorized by ordinance of the City Council on
August 21, 1984, initially issued and delivered as a single fully regis-
tered certificate payable in installments to the registered owner, but
convertible into fully registered certificates in any multiple of $5,000
(the "Certificates")
2 That said Issuer is a duly incorporated Home Rule City, having
more than 5000 inhabitants, operating and existing under the Constitution
and laws of the State of Texas and the duly adopted Home Rule Charter of
said City, which Charter has not been changed or amended since the passage
of the ordinance authorizing the issuance of the Certificates of Cbliga-
tion, Series 1984, dated January 15, 1984
3 That no litigation of any nature has ever been filed pertaining
to, affecting, questioning, or contesting (a) the ordinance which author-
ized said Issuer's proposed Certificates described in paragraph 1 of this
certificate; (b) the issuance, execution, delivery, payment, security, or
validity of said proposed Certificates, (c) the authority of the governing
body and the officers of said Issuer to issue, execute, and deliver said
Certificates, (d) the validity of the corporate existence of said Issuer,
(e) the current Tax Rolls of said Issuer, or (f) the Hoare Rule Charter of
said Issuer; and that no litigation is pending pertaining to, affecting,
questioning, or contesting the current boundaries of said Issuer
4 That attached to this certificate and marked "Exhibit A" is a
true, full, and correct schedule and statement of the aforesaid proposed
Certificates, and of all presently outstanding tax indebtedness of said
Issuer
5 That the currently effective ad valorem tax appraisal roll of said
Issuer (the "Tax Roll") is the Tax Roll prepared and approved during the
calendar year 1983, being the most recently approved Tax Roll of said
Issuer, that the taxable property in said Issuer has been appraised,
assessed, and valued as required and provided by the Texas Constitution and
Property Tax code (collectively, "Texas law"), that the Tax Roll for said
year has been submitted to the City Council of said Issuer as required by
Texas law, and has been approved and recorded by said City Council, and
according to the Tax Roll for said year the net aggregate taxable value of
taxable property in said Issuer (after deducting the amount of all appli-
cable exemptions required or authorized under Texas law), upon which the
annual ad valorem tax of said Issuer has been imposed and levied, is
$1,073,713,126
6 That no petition has been filed protesting the issuance of the
aforesaid Certificates
7 That the revenues and income of the Issuer derived from the charge
made by the Issuer for collecting garbage, trash, and rubbish from each
individual family unit in the Issuer, in accordance with Section 12-19(b)
of the Code of Ordinances of the Issuer, and any amendment thereof or
to the payment of any debt or
substitute therefor, have never been pledged
obligation of the City other than the Certificates
SIGNED ABED SEALED the day of 1984
City Secre Y
(SEAL)
"EXHIBIT A"
Certificates of Obligation, Series 1984-A, dated 8/1/84,
bearing interest, and maturing as set forth in the ordinance
authorizing said Certificates
General Obligation Bonds, Series 1960, dated 7/15/60, now
outstanding in the principal amount of $25,000, bearing inter-
est, and maturing in the amounts on July 15 of the years, as
follows
3 85% 25M-85
Street Improvement Bonds, Series 1962, dated 3/15/62, now
outstanding in the principal amount of $60,000, bearing inter-
est, and maturing in the amounts on March 15 of the years, as
follows
3 208 20M-85/87
General Obligation Bonds, Series 1963, dated 3/15/63, now
outstanding in the principal amount of $80,000, bearing inter-
est, and maturing in the amounts on March 15 of the year, as
follows
3 208 20M-85/86,
3-1/4% 20M-87/88
General Obligation Bonds, Series 1966, dated 1/15/66, now
outstanding in the principal amount of $120,000, bearing
interest, and maturing in the amounts on January 15 of the
years, as follows
3-1/2% 60M-85/86
General Obligation Bonds, Series 1967, dated 11/15/67, now
outstanding in the principal amount of $150,000, bearing
interest, and maturing in the amounts on May 15 of the years,
as follows
4-1/48 30M-85/89
General Obligation Bonds, Series 1968, dated 2/1/68, now
outstanding in the principal amount of $225,000, bearing
interest, and maturing in the amounts on February 1 of the
years, as follows
4 308 50M-85/87, 75M-88
General Obligation Bonds, Series 1969, dated 4/15/69, now
outstanding in the principal amount of $350,000, bearing
interest, and maturing in the amounts on April 15 of the years,
as follows
5 108 70M-85/87,
5 208 70M-88/89
General Obligation Bonds, Series 1970, dated 9/15/70, now
outstanding in the principal amount of $350,000, bearing
interest, and maturing in the amounts on March 15 of the years,
as follows
5 808
50M-85,
5 908
50M-86,
6%
50M-87,
6 108
50M-88,
6 208
50M-89/90,
58
50M-91
General Obligation Street Improvement Bonds, Series 1974, dated
7/15/74, now outstanding in the principal amount of $1,000,000,
bearing interest, and maturing in the amounts on July 15 of the
years, as follows
5
408
100M-851
5-
1/28
100M-86,
5
608
100M-87/88,
5
708
loom-89/90,
5
808
100M-911
5
908
100M-921
68
100M-93/94
General Obligation Refunding Bonds, Series 1974, dated 7/15/74,
now outstanding in the principal amount of $500,000, bearing
interest, and maturing in the amounts on July 15 of the years,
as follows
5
408
50M-85,
5-
1/28
50M-86,
5
608
50M-87/88,
5
708
50M-89/90,
5
808
50M-91,
5
908
50M-92,
68
50M-93/94
General Obligation Bonds, Series 1976, dated 4/15/76, now
outstanding in the principal amount of $1,625,000, bearing
interest, and maturing in the amounts on July 15 of the years,
as follows
4
608
125M-85,
4
708
125M-86,
4
808
125M-87,
4
908
125M-88,
58
125M-89/90,
5
208
125M-91,
5
308
150M-92,
5
408
150M-93/95,
4-
1/28
150M-96
General Obligation Bonds, Series 1977, dated 6/1/77, now
outstanding in the principal amount of $2,100,000, bearing
interest, and maturing in the amounts on June 1 of the years,
as follows
4
708
150M-85,
4
408
150M-86,
4
508
150M-871
4
608
150M-881
4
708
150M-89,
4
808
150M-901
4
908
150M-911
5
008
150M-92/93,
5
208
150M-941
5
258
200M-95/96,
4
008
200M-97
Certificates of Obligation, Series 1978, dated 3/1/78, now
outstanding in the principal amount of $85,000, bearing inter-
est, and maturing in the amounts on March 1 of the years, as
follows
5 508 1OM-85/87, 15M-88/89, 25M-90
General Obligation Bonds, Series 1979, dated 3/15/79, now
outstanding in the principal amount of $3,600,000, bearing
interest and maturing in the amounts on March 1 of the years,
as follows
5
208
225M-85,
5
158
225M-86/88,
5
208
225M-89/92,
5
258
225M-93,
5
308
225M-94,
5
408
225M-95,
5
458
225M-96,
5
508
225M-97/2000
Certificates of Obligation, series 1979, dated 10/1/79, now
outstanding in the principal amount of $170,000, bearing
interest, and maturing in the amounts on January 1 of the
years, as follows
6 758 1OM-90, 20M-91/93, 25M-94/97
Certificates of Obligation, Series 1979-A, dated 12/1/79, now
outstanding in the principal amount of $275,000, bearing
interest, and maturing in the amounts on June 1 of the years,
as follows
7 8758 25M-90/95, 50M-96, 75M-97
Certificates of Obligation, Series 1980, dated 4/15/80, now
outstanding in the principal amount of $250,000, bearing
interest, and maturing in the amounts on April 15 of the years,
as follows
10 008 25M-86/95
General Obligation Bonds, Series 1983, dated 3/15/83, now
outstanding in the principal amount of $4,525,000, bearing
interest, and maturing in the amounts on March 15 of the years,
as follows
10
008
225M-85188,
8
908
225M-89,
7
708
225M-90j
8
008
225M-91,
8
208
225M-92,
8
408
225M-93,
8
608
250M-94=
8
758
250M-95,
8
908
250M-96,
9
008
250M-97,
9
108
250M-98,
9
258
250M-99/2003
Certificates of Obligation, Series 1984, dated 1/15/84, now
outstanding in the principal amount of $550,000, bearing
interest, and maturing in the amounts on January 15, 1989, as
follows
8 008 R-1, 275M,
8 008 R-2, 275M
Total outstanding General Obligation indebtedness - $16,060,000
LAW OFFICES
MCCALL PARKHURST & HORTON
HOBBY H MCCALL
900 DIAMOND SHAMROCK TOWER
JOHN D MGCALL
PAUL B HORTON
1 9eE ea21
PETER M TART
DALLAS TEXAS 75201 6587
MILLARD PARKHURST
RICHARD C PORTER
1 DOO e 1
ANGELO P PARKER
A. A COO. EIY 9A....
CLARE E CROWE
G CHARLES KOBOISH
1..,
OJ De 1
THOMAS L POSCHARSKT
T.,...I R 211 700 7018
KENNETH E ILTZ
JOHN W RUBOTTOM
JEFFREY A LEUSCHEL
THOMASK SPURGEON
August
p
28,
1984
L E BRIZZOLARA $
KENNETH R ARTIN
Charlotte Allen
City Secretary
Municipal Building
215 E McKinney Street
Denton, Texas 76201
Dear Charlotte
City of Denton Certificate of Obligation
Series 1984-A, $1,800,000
Enclosed are pages 1, 2, 3, and 20 of the Ordinance passed
by the City Council on August 21, 1984, authorizing the issu-
ance of the captioned Certificate to be substituted in the copy
of the Ordinance retained for your files
sincerely yours,
McCALL, PARKHURST & HORTON
Paul B Horton
PBH k
Enc
ORDINANCE NO 84-103
ORDINANCE
AUTHORIZING THE ISSUANCE OF CITY OF DENTON CERTIFICATES
OF OBLIGATION, SERIES 1984-A, AND APPROVING AND AUTHOR-
IZING INSTRUMENTS AND PROCEDURES RELATING THERETO
THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
WHEREAS, Vernon's Article 2368a 1 permits the City to
issue and sell for cash the Certificates of Obligation
hereinafter authorized= and
WHEREAS, the City has duly caused notice of its intention
to issue the Certificates of Obligation hereinafter authorized
to be published at the times and in the manner required by
Vernon's Article 2368a 1, and no petition has been filed
protesting the issuance thereof
THEREFORE, THE COUNCIL OF THE CITY OP DENTON HEREBY
ORDAINS THAT
Section 1 AMOUNT AND PURPOSE OF THE CERTIFICATES The
certificate or certificates of the City of Denton, Texas (the
"Issuer") are hereby authorized to be issued and delivered in
the aggregate principal amount of $1,800,000, FOR THE PURPOSE
OF PAYING ALL OR A PORTION OF THE CITY'S CONTRACTUAL OBLIGA-
TIONS TO BE INCURRED PURSUANT TO CONTRACTS FOR THE CONSTRUCTION
OF A SOLID WASTE DISPOSAL FACILITY (LANDFILL PROJECT) FOR THE
CITY, AND THE PURCHASE OF EQUIPMENT, MACHINERY, AND LAND
THEREFOR, AND PAYING ALL OR A PORTION OF THE CONTRACTUAL
OBLIGATIONS FOR PROFESSIONAL SERVICES OF ENGINEERING, ARCH-
ITECTS, ATTORNEYS, AND FINANCIAL ADVISORS IN CONNECTION WITH
SUCH SOLID WASTE DISPOSAL FACILITIES AND CERTIFICATES OF
OBLIGATION
Section 2 DESIGNATION OF THE CERTIFICATES Each cert-
ificate issued pursuant to this Ordinance shall be designated
"CITY OF DENTON CERTIFICATE OF OBLIGATION, SERIES 1984-A", and
initially there shall be issued, sold, and delivered hereunder
a single fully registered certificate, without interest
coupons, payable in installments of principal (the "Initial
Certificate"), but the Initial Certificate may be assigned and
transferred and/or converted into and exchanged for a like
aggregate principal amount of fully registered certificates,
without interest coupons, having serial maturities, and in the
denomination or denominations of $5,000 or any integral multi-
ple of $5,000, all in the manner hereinafter provided The
term "Certificates" as used in this Ordinance shall mean and
include collectively the Initial Certificate and all substitute
certificates exchanged therefor, as well as all other
substitute certificates and replacement certificates issued
pursuant hereto, and the term "Certificates" shall mean any of
the Certificates
Section 3 INITIAL DATE, DENOMINATION, NUMBER, MATURI-
TIES, INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE
INITIAL CERTIFICATE
(a) The Initial Certificate is hereby authorized to be
issued, sold, and delivered hereunder as a single fully
registered Certificate, without interest coupons, dated AUGUST
1, 1984, in the denomination and aggregate principal amount of
$1,800,000, numbered R-1, payable in annual installments of
principal to the initial registered owner thereof, to-wit
MASTER SANFORD COON WARD HOLLAND, INC
or to the registered assignee or assignees of said Certificate
or any portion or portions thereof (in each case, the
"registered owner"), with the annual installments of principal
of the Initial Certificate to be payable on the dates,
respectively, and in the principal amounts, respectively,
stated in the FORM OF INITIAL CERTIFICATE set forth in this
ordinance
(b) The Initial Certificate W may be prepaid or
redeemed prior to the respective scheduled due dates of
installments of principal thereof, (ii) may be assigned and
transferred, (iii) may be converted and exchanged for other
Certificates, (iv) shall have the characteristics, and (v)
shall be signed and sealed, and the principal of and interest
on the Initial Certificate shall be payable, all as provided,
and in the manner required or indicated, in the FORM OF INITIAL
CERTIFICATE set forth in this Ordinance
Section 4 INTEREST The unpaid principal balance of the
Initial Certificate shall bear interest from the date of the
Initial Certificate to the respective scheduled due dates, or
to the respective dates of prepayment or redemption, of the
installments of principal of the Initial Certificate, and said
interest shall be payable, all in the manner provided and at
the rates and on the dates stated in the FORM OF INITIAL
CERTIFICATE set forth in this Ordinance
Section 5 FORM OF INITIAL CERTIFICATE The form of the
Initial Certificate, including the form of Registration
Certificate of the Comptroller of Public Accounts of the State
of Texas to be endorsed on the Initial Certificate, shall be
substantially as follows
FORM OF INITIAL CERTIFICATE
NO R-1 $1,800,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON CERTIFICATE OF OBLIGATION
SERIES 1984-A
THE CITY OF DENTON, in Denton County, Texas (the
"Issuer"), being a political subdivision of the State of Texas,
hereby promises to pay to
MASTER SANFORD COON WARD HOLLAND, INC ,
or to the registered assignee or assignees of this Certificate
or any portion or portions hereof (in each case, the
"registered owner") the aggregate principal amount of
$1,800,000
(ONE MILLION EIGHT HUNDRED THOUSAND DOLLARS)
in annual installments of principal due and payable on AUGUST 1
in each of the years, and in the respective principal amounts,
as set forth in the following schedule
PRINCIPAL
YEAR
AMOUNT
1986
$ 35,000
1987
35,000
1988
40,000
1989
45,000
1990
50,000
1991
55,000
1992
60,000
1993
65,000
1994
75,000
1995
80,000
PRINCIPAL
YEAR
AMOUNT
1996
$ 90,000
1997
100,000
1998
110,000
1999
120,000
20J0
135,000
2001
150,000
2002
165,000
2003
185,000
2004
205,000
2
and to pay interest, from the date of this Certificate
hereinafter stated, on the balance of each such installment of
principal, respectively, from time to time remaining unpaid, at
the rates as follows
12 108 per annum on the above
12 108 per annum on the above
12 108 per annum on the above
12 108 per annum on the above
12 108 per annum on the above
12 108 per annum on the above
12 108 per annum on the above
12 108 per annum on the above
9 108 per annum on the above
9 258 per annum on the above
9 408 per annum on the above
9 558 per annum on the above
9 708 per annum on the above
9 808 per annum on the above
9 908 per annum on the above
10 008 per annum on the above
10 008 per annum on the above
9 1258 per annum on the above
9 1258 per annum on the above
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
installment due
in 1986
in 1987
in 1988
in 1989
in 1990
in 1991
in 1992
in 1993
in 1994
in 1995
in 1996
in 1997
in 1998
in 1999
in 2000
in 2001
in 2002
in 2003
in 2004
with said interest being payable on FEBRUARY 1, 1985, and semi-
annually on each AUGUST 1 and FEBRUARY 1 thereafter while this
Certificate or any portion hereof is outstanding and unpaid
THE INSTALL14ENTS OF PRINCIPAL OF AND THE INTEREST ON this
Certificate are payable in lawful money of the United States of
America, without exchange or collection charges The install-
ments of principal and the interest on this Certificate are
payable to the registered owner hereof through the services of
TEXAS AMERICAN BANK/FORT WORTH, N A , FORT WORTH, TEXAS, which
is the "Paying Agent/Registrar" for this Certificate Payment
of all principal of and interest on this Certificate shall be
made by the Paying Agent/Registrar to the registered owner
hereof on each principal and/or interest payment date by check
or draft, dated as of such date, drawn by the Paying
Agent/Registrar on, and payable solely from, funds of the
Issuer required by the resolution authorizing the issuance of
this Certificate (the "Certificate Ordinance") to be on deposit
with the Paying Agent/Registrar for such purpose as hereinafter
provided; and such check or draft shall be sent by the Paying
Agent/Registrar by United States Mail, first-class postage
prepaid, on each such principal and/or interest payment date,
to the registered owner hereof, at the address of the regis-
tered owner, as it appeared on the 15th day of the month next
preceding each such date (the "Record Date") on the Registra-
tion Books kept by the Paying Agent/ Registrar, as hereinafter
described. The Issuer covenants with the registered owner of
this Certificate that on or before each principal and/or
interest payment date for this Certificate it will make avail-
able to the Paying Agent/Registrar, from the "Interest and
Sinking Fund" created by the Certificate Ordinance, the amounts
required to provide for the payment, in immediately available
funds, of all principal of and interest on this Certificate,
when due
IF THE DATE for the payment of the principal of or inter-
est on this Certificate shall be a Saturday, Sunday, a legal
holiday, or a day on which banking institutions in the City
where the Paying Agent/Registrar is located are authorized by
law or executive order to close, then the date for such payment
shall be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day on which banking institutions are
authorized to close, and payment on such date shall have the
3
issued and delivered in conversion of and exchange or replace-
ment of any Certificate, but neither shall have any legal
effect, and shall be solely for the convenience and information
of the registered owners of the Certificates
Section 13 SALE OF INITIAL CERTIFICATE The Initial
Certificate is hereby sold and shallii be delivered to
Master Sanford Coon Ward Holland, inc , for cash for the par
value thereof and accrued interest thereon to date of delivery
It is hereby officially found, determined, and declared that
the Initial Certificate has been sold at public sale to the
bidder offering the lowest interest cost, after receiving
sealed bids pursuant to an Official Notice of Sale and Bidding
Instructions and Official Statement dated August 7, 1984,
prepared and distributed in connection with the sale of the
Initial Certificate Said Official Noti a of Sale and Bidding
Instructions and Official Statement, and any addenda, supple-
ment, or amendment thereto have been and are hereby approved by
the issuer, and their use in the offer and sale of the Certifi-
cates is hereby approved It is further officially found,
determined, and declared that the statements and representa-
tions contained in said Official Notice of Sale and Official
Statement are true and correct in all material respects, to the
best knowledge and belief of the City Council and the Issuer
Section 14 FURTHER PROCEDURES T,e Mayor of the Issuer,
the City Secretary Secretary of the Is~uer, and all other
officers, employees, and agents of the Issuer, and each of
them, shall be and they are hereby expressly authorized,
empowered, and directed from time to time and at any time to do
and perform all such acts and things and to execute, acknowl-
edge, and deliver in the name and under the corporate seal and
on behalf of the issuer all such instruments, whether or not
herein mentioned, as may be necessary or desirable in order to
carry out the terms and provisions of this Certificate Ordi-
nance, the Certificates, the sale of the Certificates, and the
Notice of Sale and Official Statement In case any officer
whose signature shall appear on any Certificate shall cease to
be such officer before the delivery of such Certificate, such
signature shall nevertheless be valid and sufficient for all
purposes the same as if such officer had remained in office
until such delivery
20
OFFICIAL BID FORM
Honorable Mayor and City Council August 21 1984
City of Denton
Denton, Texas
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated August 7,
1984, of $1,800 000 CITY OF DENTON, TEXAS CERTIFICATES OF OBLIGATION SERIES 1984 A, both
of which constitute a part hereof
For your legally issued Initial Certificate as described in said Notice of Sale and Bidding Instructions and
Official Statement, we will pglny you par and accrued interest from date of issue to date of delivery to us
plus a cash premium of $ -9 for the installments of principal of the Initial Certificate coming
due, maturing and bearing interest as follows
Interest Interest Interest
Maturity Rate Maturity Rate Maturity Rate
8 1 1986 12.10 % 8 1 1992 12.10 % 8 1 1999 9 80 %
8 1 1987 1-% 8 1-1993 1~% 8 1 2000
8-1-1988 12.10 % 8 1 1994 9.10 % 8-1-2001 10 00 %
8-1 1989 12 10 % 8 1 1995 9 25 % 8 1 2002 10 00 %
811990 12 10 % 811996 9.40 96 81 2003 9 125
8 1 1991 12.10 % 8-1 1997 9.55 % 8 1 2004 9 125 %
8-1 1998 9.70 %
Our calculation (which is not a part of this bid) of the interest cost from the above is
Total Interest Cost $254415318 75
Less Premium _0
NET INTEREST COST $25441,318 75
EFFECTIVE INTEREST RATE 9 782884 %
We are having the Certificates insured by
The Initial Certificate shall be registered in the name of MSCWH, Inc (syndicate
manager) We will advise the Corporate Trust Division Texas American Bank Fort Worth N A , P O Box
2050, Fort Worth, Texas 76113 the Paying Agent/Registrar on forms to be provided by the Paying
Agent/Registrar, our registration instructions for the definitive Certificates at least five business days
prior to the date set for Initial Delivery We will not ask the Paying Agent/Registrar to accept any
registration instructions after the five day period
Cashiers Check of the First City Bank Austin in the
amount o 36,000 00, which represents our Good Fait Deposit or (has been made
available to you prior to the opening of this bid), and is submitted in accordance with the terms as set
forth in the Officaal Statement and Notice of Sale and Bidding Instructions
We agree to accept delivery of and make payment for the Initial Certificate in immediately available
funds in the Corporate Trust Division Texas American Bank/Fort Worth N A Fort Worth Texas not
later thane 10:00 AM, CDT on September 25, 1984, or thereafter on the date the Certificates are tendered
for delivery, pursuant to the terms set forth in the Notice of Sale and Bidding Instructions
Respectfully submitted,
r nd, Inc First City National Bank
Capital Bank, N A tan Mosle
FinSer Investment Co By
Authorized Repres tative
ACCEPTANCE C AUSE
The above and foregoing bid is hereby in all things accepted by a City of De Ilon Texas this the 21st
day of August 1984
ATTEST Mayor
City Secretary
xitiritww
Return of Good Faith Deposit is hereby acknowledged
By .
FIRST <E0a U1W,,4 COMPANY
INVESTMENT BANKERS
MERCANTILE DALLAS BUILDING
DALLAS, TEXAS 75201
FRANKJ MEDANICN August 21, 1984
SENIOR VICE PRE6IOENT
Honorable Mayor and City Council
City of Denton
Denton, Texas
Gentlemen
(214) 742 6461
A rule of the Municipal Securities Rulemaking Board, under which we operate,
requires that we advise you in writing of our intention to bid for our own account
or with others for your Certificates and that we have your written consent to do
so
Our Financial Advisory Agreement, the Notice of Sale and the Official Statement
to be mailed to prospective bidders and purchasers of your Certificates shall state
"First Southwest Company is employed as Financial Advisor to the City in
connection with the issuance of the Certificates The Financial Advisor's
fee for services rendered with respect to the sale of the Certificates is
contingent upon the issuance and delivery of the Certificates First
Southwest Company may submit a bid for the Certificates, either inde-
pendently or as a member of a syndicate organized to submit a bid for the
Certificates 11
It would be appreciated if you would indicate your approval by signing this letter in
the space provided below
Very truly yours,
FIRST SOUTHWEST COMPANY
By
Franl Medanich
1 he above is understood and agreed to, and we hereby give our consent
CITY OF DENTON, TEXAS
ATTEST By
~~,y Mayo
City 5ecretary
CERTIFICATE FOR
ORDINANCE DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CITY OF DENTON UTILITY SYSTEM REVENUE BONDS, SERIES 1984-A, IN THE
N41)=1M PRINCIPAL MOM OF $20,000,000, AND DIRECTING THE ISSUANCE
AID PUBLICATION OF NOTICE OF SALE OF SAID BONDS THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DEN'TON
We, the undersigned officers of said City, hereby certify as follows
1 The City Council of said City convened in
ROGULAR MEETING ON THE 21ST DAY OF AUGUST, 1984,
at the Municipal Building (City Hall), and the roll was called of the duly
constituted officers and meters of said City Council, to-wit
Charlotte Allen, City Secretary Richard O Stewart, Mayor
Mark Chew Linnie McAdams
Charles Hopkins Dr A Ray Stephens
Jun Riddlesperger Joe Alford
and 1 of said persons were present, except the following absentees
y1 ,,,~X , ~i~ , thus constituting a quorum
Whereupon, among other businessol~ing was transacted at said
Meetings a written
ORDINANCE DIRECTING, THE PUBLICATION OF NOTICE OF INTENTION TO
ISSUE CITY OF DENTCN UTILITY SYSTEM REVENUE BONDS, SERIES 1984-A,
IN THE MAXIbBNM PRINCIPAL AMOUNT OF $20,000,000, AND DIRECTING THE
ISSUANCE AND PUBLICATION OF NOTICE OF SALE OF SAID BONDS
was duly introduced for the consideration of said City Council and duly
read, It was then duly moved and seconded that said Ordinance be passed,
and, after due discussion, said motion, carrying with it the passage of
said Ordinance, prevailed and carried by the following vote
AYES All members of said City Council
shown present above voted "Aye"
NOES None
2 That a true, full, and correct copy of the aforesaid Ordinance passed
at the Meeting described in the above and foregoing paragraph is attached to
and follows this Certificate, that said Ordinance has been duly recorded in
said City council's mutates of said Meeting, that the above and foregoing
paragraph is a true, full, and correct excerpt from said City Council's
minutes of said meeting pertaining the passage of said Ordinance, that the
persons named in the above and foregoing paragraph are the duly chosen,
qualified, and acting officers and members of said City Council as indicated
therein, and that each of the officers and members of said City Council was
duly and sufficiently notified officially and personally, in advance, of the
time, place, and purpose of the aforesaid Meeting, and that said Ordinance
would be introduced and considered for passage at said Meeting, and that said
Meeting was open to the public, and public notice of the time, place, and
purpose of said meeting was given, all as required by Vernon's Ann Tex Civ
St Article 6252-17
3. That the Mayor of said City has approved, and hereby approves, the
aforesaid Ordinance, that the Mayor and the City Secretary of said City have
duly signed said Ordinanncet and that the Mayor and the City Secretary of said
City hereby declare that them signing of this Certificate shall constitute
the signing of the attached and following copy of said Ordinance for all
purposes
SIGNED AND SEATS the 21st day of August, 1984
C:Lty secretary
(SEAL)
wB, the undersigned, being respectively the City Attorney and the Bond
Attorneys of the City of Denton, Texas, hereby certify that we prepared and
approved as to legality the attached and following Ordinance prior to its
passage as aforesaid
city, C- r`
rneys