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1983-032 ORDINANCE NO 83-~ ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON WHEREAS, the bonds hereinafter authorized were lawfully and favorably voted at an election duly held in said City on DECEMBER 11, 1982, and WHEREAS, at is necessary and advisable to authorize, issue, and deliver said bonds, and WHEREAS, the bonds hereinafter authorized and designated were voted and are to be issued, sold, and delivered pursuant to Vernon's Ann Tex Civ St Articles 823 and 1175, and the City's Home Rule Charter. THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS Section I That the City's negotiable, serial, coupon bonds are hereby authorized to be issued, sold, and delivered an the aggregate principal amount of $4,742,000, for the purpose of the acquisition of property and making improvements for public purposes in said City, to-wit providing $3,282,000 FOR DRAINAGE IMPROVEMENTS, providing $900,000 FOR RIGHT OF WAY ACQUISITION AND RECONSTRUCTION OF UNIVERSITY DRIVE, providing $450,000 FOR TEE CONSTRUCTION OF A NEW FIRE SUBSTATION, and providing $110,000 FOR ADDITIONAL TRAFFIC CONTROL SIGNALS Section 2 That said bonds shall be designated as the "CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1983" Section 3 That said bonds shall be dated MARCH 15, 1983, shall be an the denomination of $5,000 each, shall be numbered consecutively from one upward, and shall mature serially on the maturity date, an each of the years, and in the amounts, respectively, as set forth in the following schedule MATURITY DATE MARCH 15 YEARS AMOUNTS yEARS AMOUNTS 1984 $217,000 1994 $250,000 1985 225,000 1995 250,000 1986 225,000 1996 250,000 1987 225,000 1997 250,000 1988 225,000 1998 250,000 1989 225,000 1999 250,000 1990 225,000 2000 250,000 1991 225,000 2001 250,000 1992 225,000 2002 250,000 1993 225,000 2003 250,000 Section 4 That the bonds scheduled to mature during the years, respectively, set forth below shall bear interest at the following rates per annum maturities 1984 {o ~o % maturities 1994, ~o% maturities 1985 /~ oo% maturities 1995, maturities 1986 /~ oo,% maturities 1996 ~% maturities 1987 faro% maturities 1997 g o~ % maturities 1988 f~ 0o% maturities 1998 ~ /~% maturities 1989 w~.% maturities 1999 maturities 1990 77~ maturities 2000 maturities 1991 ~oe % maturities 2001 q~-% maturities 1992 ~% maturities 2002 ~'% maturities 1993 ~ % maturities 2003 Said interest shall be evidenced by 1nterest coupons which shall appertain to said bonds, and which shall be payable ~n the manner provided and on the dates stated ~n the FOPS4 OF BOND set forth in this Ordinance Section 5 That said bonds and interest coupons shall be ~ssued, shall be payable, may be redeemed prior to their scheduled maturities, shall have the characteristics, and shall be signed and executed (and said bonds shall be sealed), all as provided, and in the manner indicated, in the FORM OF BOND set forth in this Ordinance Section 6 That the form of said bonds, ~ncluding the form of Registration Cert~ficate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each of said bonds, and the form of the aforesaid interest coupons which shall appertain and be attached lnltlally to each of said bonds, shall be, respectively, substantially as fol- lows FORM OF BOND NO $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON GENERAL OBLIGATION BOND SERIES 1983 ON MARCH 15, , THE CITY OF DENTON, in Denton County, Texas, hereby proml~ to pay to bearer hereof the prlncipal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from date hereof, at the rate of % per annum, evidenced by interest coupons payable MARCH · ~-~984, and semiannually thereafter while this bond is outstanding THE PRINCIPAL of this bond and the interest coupons appertaining hereto shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper interest coupon, at the following, which shall constitute and be defined as the "Paying Agent", for th~s Series of bonds TEXAS AMERICAN BANK FORT WORTH, N A , FORT WORTH TEXAS, OR, AT THE OPTION OF THE BEARER, AT FIRST STATE BANK OF DENTON, DENTON, TEXAS THIS BOND ls one of a Serles dated as of MARCH 15, 1983, authorized, issued, and delivered in the principal amount of $4,742,000 for the purpose of the acquisition of property and making improvements for publlc purposes ~n said City, to-wit providing $3,282,000 FOR DRAINAGE IMPROVEMENTS, providing $900,000 FOR RIGHT OF WAY ACQUISITION AND RECONSTRUCTION OF UNIVERSITY DRIVE, providing $450,000 FOR THE CONSTRUCTION OF A NEW FIRE SUBSTATION, and providlng $110,000 FOR ADDITIONAL TRAFFIC CONTROL SIGNALS ON MARCH 15, 1993, or on any interest payment date thereafter, any outstanding bonds of this Series may be redeemed prior to their scheduled maturltles, at the option of said City, in whole, or ~n part, for the principal amount thereof and accrued interest thereon to the date fixed for redemptlon At least thirty days prior 2 to the date fixed for any such redemption said City shall cause a written notice of such redemption to be published at least once in a financial publication published in the City of New York, New York By the date fixed for any such redemption due provision shall be made with the "Paying Agent" for the payment of the principal amount of the bonds which are to be so re- deemed and accrued interest thereon to the date fixed for redemption If such written notice of redemption is published and if due provision for such payment ~s made, all as provided above, the bonds which are to be so redeemed thereby automati- cally shall be redeemed prior to their scheduled maturities, and they shall not bear interest after the date f~xed for redemption, and they shall not be regarded as being outstanding except for the right of the bearer to receive the redemption price from the "Paying Agent" out of the funds provided for such payment IT IS HEREBY certified, recited, and covenanted that this bond has been duly and validly voted, 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 voting, authorization, issuance, and delivery of this bond have been performed, existed, and been done in accordance with law, that this bond is a general obligation of said City, issued on the full faith and credit thereof, and that annual ad valorem taxes sufficient to provzde for the payment of the · nterest on and principal of this bond, as such interest comes due and such principal matures, have been levied and ordered to be levied against all taxable property in said City, and have been pledged irrevocably for such payment, within the limit prescribed by law IN WITNESS WHEREOF, this bond and the interest coupons appertaining hereto have been signed with the facslmile signa- ture of the Mayor of said City and countersigned with the facsimile signature of the City Secretary of said City, and the official seal of said City has been duly impressed, or placed in facsimile, on this bond xxxxxxxx xxxxxxxx City Secretary, City of Denton Mayor, City of Denton FORM OF REGISTRATION CERTIFICATE COMPTROLLER' REGISTRATION CERTIFICATE REGISTER NO I hereby certify that this bond has been examined, cert~- fled as to validity, and approved by the Attorney General of the State of Texas, and that this bond has been registered by the Comptroller of Public Accounts of the State of Texas Witness my signature and seal this XXXXXXXX Comptroller of Public Accounts of the State of Texas FORM OF INTEREST COUPON NO ON 15, , THE CITY OF DENTON, in Denton County, Texas, promlses to pay to bearer the amount shown on this interest coupon, lawful money of the United States of America, without exchange or collection charges to the bearer, unless due provision has been made for the redemption prior to scheduled maturity of the bond to which this interest coupon appertains, upon presenta- tion and surrender of this interest coupon, at 3 TEXAS AMERICAN BANK FORT WORTH, N A , FORT WORTH, TEXAS, OR, AT THE OPTION OF THE BEARER, AT FIRST STATE BANK OF DENTON, DENTON, TEXAS, sald, amount being interest coming due that day on the bond, bearing the number hereinafter designated, of that ~ssue of CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1983, DATED MARCH 15, 1983 Bond No. xxxxxxxx xxxxxxxx City Secret&fy Mayor Section 7. That a special "Interest and S~nk~ng Fund" ~s hereby created solely for the benefit of said bonds, and said Interest and S~nking Fund shall be established and maintained by said City at an official depository bank of said City Sa~d Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of said C~ty, and shall be used only for paying the interest on and principal of said bonds All ad valorem taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund During each year while any of said bonds or interest coupons appertaln~ng thereto are out- standing and unpaid, the governing body of said City shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of such bonds as such principal matures (but never less than 2% of the original principal amount of said bonds as a sinking fund each year), and said tax shall be based on the latest approved tax rolls of said City, w~th full allowance being made for tax delinquencies and the cost of tax collec- tion Said rate and amount of ad valorem tax ~s hereby lev~ed, and ~s hereby ordered to be lev~ed, against all taxable proper- ty in said City for each year while any of said bonds or lnterest coupons appertaining thereto are outstanding and unpaid; and said tax shall be assessed and collected each such year and deposited to the credlt of the aforesaid Interest and S~nking Fund Said ad valorem taxes sufflc~ent to provide for the payment of the interest on and principal of said bonds, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit pre- scribed by law Section 8. That the Mayor of said City is hereby author- ized to have control of said bonds and all necessary records and proceedings pertaining to sa~d bonds pending their delivery and their investigation, examlnat~on, and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas Upon registration of said bonds, sa~d Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate printed and endorsed on each of said bonds, and the seal of said Comptroller shall be ~mpressed, or placed in facsimile, on each of sa~d bonds Section 9 That the City covenants to and with the purchasers of the bonds that ~t w~ll make no use of the proceeds of the bonds at any time throughout the term of th~s · ssue of bonds which, if such use had been reasonably expected on the date of delivery of the bonds to and payment for the bonds by the purchasers, would have caused the bonds to be arbltrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds The C~ty further covenants that the proceeds of the bonds w~ll not 4 otherwise be used directly or indirectly so as to cause all or any part of the bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c), or any regulations or rulings pertaining thereto Section 10 That it is hereby officially found and determined that a case of emergency or urgent public neces- sity exists which requires the holding of the meeting at which this Ordinance is passed, such emergency or urgent public necessity being that the proceeds from the sale of said bonds are required as soon as possible and without delay for neces- sary and urgently needed public improvements, 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 Clv St Article 6252-17 Section 11. That said bonds are hereby sold and shall be delivered to ~W~F~ ~.~ , for cash for the par value thereof and accrued interest thereon to date of delivery, plus a premium of $ ~o~ It is hereby off~cially found, determined, and declare--a-~sald bonds have 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 Official Statement dated March 4, 1983, prepared and distributed in connection with the sale of said bonds. Said Official Notice of Sale and Official State- ment, and any addenda, supplement, or amendment thereto have been and are hereby approved by the City Council, and their use in the reofferlng of the bonds by the purchasers 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 5 C=~a'IFICATE FOR O~DINANC~ AUTHOBIZING THE ISSUANCE OF G~NERAL OmT~!GATICN BONDS ~E STATE OF We, the undersigned offioere o~ said C~.ty, hereby certify as follows 1The City Council of said City convened ~n SPECIAL ~.:.:L'~NG (1~ THE 22~ DAY OF MARCH, 1983, at the M~/%iclpal Build/ng (City Hall), and the roll was called of the duly constlt~ted officers and m~bers of said City Councll, t~-Wlt Charlotte Allen, City Secree-~y Richard 0 Stewart, Mayor Mark R. Chew Dr A Pay Stephens, Maypr Pro Ten Jack Barton Jun Riddlespe~-ger Charles Hopk/ns Joe G. Alford and all of sald persons were present, e~cept the following absentees , thus constituting a quoman. Whereupon, ~Dng other b~siness, the following was transacted at said Meeting a written O~DINANCE ~ZING T~E ISSUANCE OF G~PAL OBLIGATIC~ BONDS was duly introd//ced for the co~sideratic~ of said City Council and duly read It was then duly ra~ved and seconded that said Ordinance be passed, and, after due dis~/ssicn, said n~tion, carrying with at the passage of said Ordinance, prevalled and carried by the following vote AYESAil members of said City Council shown present above voted "Aye" 2. That a true, f~ll, and correct copy of the aforesaid Ordinance passed at the Meet/rig described in the above and foregoing paragraph is attached to and follows this Certificate, that said C~ty Council's m/~/tes of said Meeting, that the above and foregoing paragraph is a true, f~ll, and correct excerpt frc~ said C~ty Council's minutes of said Meeting pere-~ning to the passage of said Ordinance, that the persons named in the above and foregoing paragraph are the duly chosen, qualified, and actir~ officers and ~-bers of said City Council as indicated therein; that each of the officers and members of sa~d City Council was duly and sufflclently notified officially and personally, in advance, of the t/me, place, and purpose of the aforesaid Meeting, and that said Ordinance would be introduced anxi consldered for passag~ at said ~L=eting, and that said Meet_u~ was open to the public, and public notice of the time, place, aD~ purpose of said meet/rig was given, all as required by Vernon's Ann Civ St Article 6252-17 3 That the Mayor of said City bas approved, and hereby approves, the aforesaid Ordinance, that the Mayor and the City Secretary of said City have duly signed said Ord/nance; and that th~ Mayor and the C~ty Secretary of said City hereby ~.],ve that their signmag of this Certificate shall constitute the slgnlng of the attached and following copy of said Ordinance for all purposes SI~D A~ SE~?.~n the 22nd day of March, 1983. I~-~ ............................. We, the undersigned, being respectively the C~ty Attorney and the Bond Attorn~s of the City of Denton, Texas, hereby certlfy that we prepared and approved as to legallty the attached and following Ordinance prior to lts Bond Attornoys ' CERTIFICATE OF SECRETARY THE STATE OF TEXAS § COUNTY OF DENTON § I,, the undersigned, City Secretary of the City of Denton, Texas, DO HEREBY CERTIFY that according to the records of the City of Denton, of which I am custodian, that 1 The attached Resolution is a true and correct copy of a resolution adopted by the governing body of the City of Denton at a regular meeting on the 15th day of March, 1983 2 At such meeting (a) a quorum of governing body was, present on said date of adoption, in that ~9 members of said governing body were in attendance at such meeting when the question of the adoption of the resolution was called for and placed to a vote, and (b) ~ members of said governing body voted for the adoption of such resolution and (3 members of sa~d governing body voted against its adoption and d) members abstained from voting, and (c) the said Resolution was adopted only after a motion was made that the same be adopted and the seconding of such motion, and 3 Prior to such meeting ( a ) notice of the time, pl ace, subject and purpose of the meeting has been duly given in the time, form and manner required by the provisions of Section 3A, Article 6252-17, VATC S (b) actual not~ce of the time, place, subject and purpose of the meeting had been given to each member of the governing body of the City, and 4 The officers and members of the governing body of the City of Denton of the time of the passage of such resolution were RICHARD O STEWART MAYOR MARK CHEW § JACK BARTON § CHARLES HOPKINS § COUNCILMEMBERS DR RAY STEPHENS § JIM RIDDLESPENGER § JOE ALFORD § TO CERTIFY WHICH, witness my official signature and the Seal of the City of Denton, this the ~$~day of March, 1983 CHARLOTTE ALLEN, cit~- Secretary CITY OF DENTON, TEXAS [ SEAL ] LAW OFF(CES M(;CALL, PARKHURST ~, HORTON March 22, 1983 Honorable Mayor and Council of the City of Denton Denton, Texas Gentlemen City of Denton General Obligation Bonds, Series 1983, $4,742,000 In compliance with Section 9 02 and Section 9 04 of the City Charter of the C~ty of Denton, you are advised that the bids for the captioned ~ssue of bonds have been tabulated and that we find that the bid of a syndicate managed or headed by the following with the bonds to bear interest at the rates therein specified, with such b~dder to pay par and accrued ~nterest to date of delivery for said bonds, plus a premium of $ -o- , is the lowest and best bid received, and we recommend that ~t be accepted We further certify that we have examined the ordlnance presently placed before the Mayor and Council for the purpose of authorizing the issuance of said bonds, and, in our oplnlon, the said proposed bond ordlnance is legal, and the bonds to be issued thereunder will be general obligations of the City payable from ad valorem taxes levied against all taxable property in the City, and pledged ~rrevocably for such payment, w~thln the limit prescribed by law Respectfullv, McCALL, PARKHURST & HORTON Thomas K Spurgeon OFFICIAL BID FORM Honorable Mayor and City Council March 22 1983 Clty of Denton Denton, Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Biddln9 Instructions dated March 4, 1983 of $4,742 000 CITY OF DENT0N TEXAS GENERAL OBLIGATION DONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notlce of Sale and Bidding Instructions and Official Statement, we will pay you par and~ccrued interest from date of issue to date of dehvery to us plus a cash premium of $ ~C~ -- for Bonds maturing and bearing interest as follows Interest Interest Interest Maturity Rate Maturity Rate Maturity Rate 3 15 1984 /~% 3-15-199I ~% 3-15 1997 Our calculation (which ]s not a part of this bid) of the interest cost from the above is Total Interest Cost $~ ~OCf~ g~ Less Premium ~ 0 We are having the Bonds insured by C~h~ ~ Check of the ~pub~lcB~ Dallas Bank Dallas, Texas in the amount of $94,840 O0 which represents our Good Faith Deposit (ts attached hereto~ or ~~4{~S~-)~-~ ~p~--t;~-~ and ts submitted in accordance with the terms as set forth in the Official Statement and Not~ce of Sale and Blddi.g Instructions We agree to accept delivery of and make pa~ent for the Bonds at ~~8~_ Austin Texas not later than 10 ~ ~ CST on April 26 1983 or thereafter on the date the Bonds are tendered for delivery pursuant to the terms set forth ~n the Notice of Sale and Bidding Instructions Respectful)y submitted, RepublicBank Dalla~ N A ACCEPTANCE CL~lie F Parrtsh, Vice President The above and foregoing bid is hereby tn all things accepted by the Clt~of Denton T~as this~ the 22nd d~ of.arch, 1983 ~/ In.A~ Return of Good Faith Deposit is hereby acknowledged By OFFICIAL BID FORM Honorable Mayor and City Council March 22 1983 Clty of Denton Denton Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructions dated March 4~ 1983 of $4 742 000 CITY OF DENTON TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notice of Sale and B~ddlng Instructions and Official Statement we will pay you par and accrued ~nterest from date of issue to date of delivery to us plus a cash premium of $ =0- for Bonds maturing and bearing interest as follows Interest Interest Interest Maturity Rate Maturity Rate Maturity Rate 3 15 1984 10o50% 3-15 1991 8.00 % 3 15 1997 9.00 % 3 15 1985 ]0.~0~ 3-15-1992 R.?~ % 3 15-1998 9,~ % 3-15-1986 10_~% 3-15-1993 ~_~ % 3 15 1999 9_~0 % 3 15 1987 10 50% 3-15-1994 8 50 % 3 15-2ooo 9 35 3-15 1988 10 50% 3 15-1995 8.70 ~ 3-15 2001 9.40 3 15 1989 10 50% 3-15 1996 8 85 % 3 15 2002 9 O0 3 15 1990 7 75 % 3 15 2oo3 9,00 Our calculation (which is not a part of this bid) of the interest cost from the above Total Interest Cost $ 4,625.647 50 Less Premium -O- NET INTEREST COST $ 4,625,647 50 EFFECTIVE INTEREST RATE 9.049137 We are having the Bonds ~nsured by Check of the _F~f_N~lonal Bank Austmn~ Tx ~n the amount of $94 840 O0 which represents our ~oo~'Faith Deposit (~W~b~(~)~Z~I~J~ or (has been made available to you prior to the opening of th~s bid) ~U-)~-s~mitted ~n accordance with the terms as set forth in the Official Statement and Notice of Sale and Bidding Instructions We agree to accept delivery of and make payment for the Gonds at ~z~st Czt¥ ~at Bank Austi% Texas not later than 10 O0 AM, CST on April 26 1983 or thereafter on the date the Bonds are tendered for delivery pursuant to the terms set forth m the Notice of Sale and B~dding Instructions Respectfully submitted By ~.~/~/ Authorlze~ Representat~-~ve Walter Schleyer ACCEPTANCE CLAUSE The above and foregoing bid ~s hereby in ail things accepted by the City of Denton Texas this the 22nd day of March 1983 Mayor ATTEST City Secretary Return of Good Faith Deposit ~s hereby acknowledged By $4,742,000 CITY OF DglfTO;, TEXAS General OblLsstio~ Bonds, Series 1983 Seller Tuesday, 14arch 22, 1983 Texan Au~r~can Sank, Fort ~orch 8h~ro~/~r~n ~reoo ~nc K~er, Peabo~ ~ Co , I~o~ora~ed G;eer ~rohnd Food~k S~pherd, Wes~cap Secur~es Co~p ~N ASSOCIATION ~;rill ~h ~te ~eld ~p~al ~rkets Grip, Jt ~pler, G~F~n & ~e~, ~nc OFFICIAL BID FORM ~onorable Mayor and City Council March 22 1983 C~ty of Denton Denton Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructions dated March 4 1983 of $4,742 000 CITY OF DENTON TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notice of Sale and Bidding Instructions and Official Statement we will p~ you par a~d accrued interest from date of issue to date of delivery to us plus a cash premium of $ -U.- for Bonds maturing and beanng interest as follows Interest Interest Interest Maturity Rate Maturity Rate Maturity Rate 3 15 1984 10 50% 3-15-199I 8.00 % 3-15 1997 3 15 1985 10 50% 3-15 1992 ~_~__% 3 15 1998 3 15-1986 10 50% 3 15-1993 8.40 % 3 15-1999 3 15 1987 10 50% 3 1B-lgg4 8 60 % 3-15-2000 9.25 3 15 1988 10 50% 3-15 1995 8.80 % 3 15 2001 3-15-1989 7 50 % 3-15-1996 g.Oh % 3 15-2002 9.95 % 3 15 1990 7 70 % 3 15 2003 ~,2~5__% Our calculation (which is not a part of this bid) of the interest cost from the above is Total Interest Cost $ 4:612: Less Premium -0 NET INTEREST COST $ 4,612,860.Q0 _ EFFECTIVE INTEREST RATE 9 024121 We are having the Bonds insured by Cashiers Check of the F~rst City National Bank Austln in the amount of $94 840 O0 whlch represents our Good Faith Deposit ~4~',~:~49 or (has been made available to you prior to the opening of this bid) and accordance with the terms as set forth in the Offictal Statement and Notice of Sale and Bidding Instructions We agree to accept delivery of and make payment for the Bonds at Fzrst Clt¥ NatlBank Austin Texas not later than 10 O0 AM CST on April 26 1983 or thereafter on the date the Bonds are tendered for de]ivery pursuant to the terms set forth in the Notice of Sa]e and Bidding Instructions Respectfully submtted see attached ACCEPTANCE CLAUSE Return of Good Faith Deposit is hereby acknowledged By $4,742,000 CITY OF DENTON, TEXAS GENERAL OBLIGATION BONDS, SERIES 1983 Respectfully submitted, C&C Southwest First City Natlonal Bank Houston A G Becker BancTexas Dallas Capital Bank Houston E F Hutton First Southwest Company Rotan Mosle OFFICIAL BID FORM Honorabl~ Mayor and C~ty Council March 22 1983 City of Denton Denton Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructmns dated March 4 1983 of $4 742 000 CITY OF DENT0N TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally lssued Bonds as described in sa~d Notice of Sale and B~ddlng Instructions and Official Statement we will pay you par ~a~ ued ~nterest from date of issue to date of delivery to us plus a cash premium of $ £&/ a~r for Bonds maturing and bearing interest as follows Interest Interest Interest Maturlty Rate Maturity Rate Maturity Rate 3 15 1984 8 50 % 3-15 1991 8 O0 % 3 15 1997 9 30 3-15-1985 8 50 % 3-15-1992 8 25 % 3-15 1998 9 40 3-15 1986 8 50% 3 15-1993 8 50% 3-15 1999 9 50% 3 15 1987 8 50% 3 15-1994 8 75% 3-15-2000 9 50% 3 15 1988 8.50% 3-15-1995 9 00% 3 15 2OOl 9 60% 3 15 1989 ~.50% 3 15 1996 ~,10% 3 15 2002 9 60% 3 15 1990 8. ?5% 3 15-2003 9 60% Our calculation (which is not a part of this bid) of the interest cost from the above is Total Interest Cost $ 4,669,320 O0 Less Premium 117 50 NET INTEREST COST $ 4,669,202 50 EFFECTIVE INTEREST RATE 9 1343 We are having the Bonds ~nsured by ca~h~e~$ Check of the ~t State Bank De~to~ in the amount ~40 O0 which represents our Good Faith Deposit (is attached heretol or (has been made available to you prior to the opening of this b~d) and ~s submitted ~n accordance with the terms as set forth in the Official Statement and Not~ce of Sale and B~dd}ng Instructions We agree to accept delivery of and make paj~nent for the Bonds at to be de~±~n~te~ank Austin Texas not later than 10 O0 AM CST on April 26 1983 or thereafter on the date the Bonds are tendered for delivery pursuant to the terms set forth in the Notice of Sale and Bidding Instructions Respectfully submtted s^ o.o. ~ ,~u~horJJed Representative / J~'mes McCullough, Vice President ACCE~ANC8 C/AUSE Municipal Bond Department The above and foregoing b~d is hereby in a~ngs accepted by the City of Denton Texas this the 22nd day of March 1983 Mayor ATTEST City Secretary Return of Good Faith Deposit is hereby acknowledged By OFFICIAL-BID FORM Honorable Mayor and City Council March 22 1983 City of Denton Denton, Texas Gentlemen Reference is made to your Official Statement and Notice of Sale and Bidding Instructions dated March 4, 1983 of $4 742 000 CITY OF DENTON TEXAS GENERAL OBLIGATION BONDS SERIES 1983 both of which constitute a part hereof For your legally issued Bonds as described in said Notice of Sale and Bidding Instructions and Official Statement, we will p~ you par~ap$l ~c6rued interest from date of issue to date of delivery to us plus a cash premium of $ .L/ for Bonds maturing and bearing interest as follows Interest Interest Interest Maturity Rate Maturity Rate Maturlt~ Rate 3-15 1984 10 70% 3-15-1991 8 00% 3 15 1997 9 00 % 3 15-1985 10 70% 3 15-1992 8 15% 3 15 1998 9 10 % 3-15 1986 10 70% 3 15-1993 8 30% 3 15-1999 9 20 3 15 1987 10.70% 3-15 1994 8 50% B 15 200O 9 30 3-15 1988 ]0.~5% 3-15-1995 8 70 % 3 15-2001 9 40 3 15 1989 7 70% 3-I5 1996 8 85% 3-15 2002 9 40 3-15-1990 7.70% 3 15-2003 9 40 Our calculation (which is not a part of this bid) of the interest cost from the above is Total Interest Cost $ 4,620,969 O0 Less Premium 17 90 NET INTEREST COST $ 4,620,951 10 EFFECTIVE INTEREST RATE 9 0399 We are having the Bonds insured by Cashier's Check of the InterFirst Bank Bank Dallas, N~A, in the amount of $94 840 00 which re~resents our Good Faith Depos]t (is attached hereto}~r (hy~X~K~X~K~{~Y~XY~{~X~X~X~)~]gX)~X~X and 1s submitted in accordance with the terms as set forth in the Official Statement and Not]ce of Sale and Bidding Instructions We agree to accept delivery of and make payment for the Bonds at City Nat ional~ank Austin, Texas, not later than 10 O0 AM CST on April 26 1983 or thereafter on the date the Bonds are tendered for dehvery pursuant to the terms set forth m the Notice of Sale and Bidding Instructions Respectfully submitted InterFirst Bank Dallas~ N,A Bank of Oklahoma: Texas Commerce Bank, N,A, //~,~. z/~.,.~ Dean Witter Reynolds By '~/ ~utbd~tz~'8 Reorese~tatf~' gchnelder, Bernet & Hlckman Mary ^n~K~r~y, a~s~ Vice President ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of Denton Texas this the 22nd day of March 1983 Mayor ATTEST City Secretary Return of Good Faith Deposit ~s hereby acknowledged By Prepared By First Southwest Company, 800 Mercantile Dallas Building, Dallas, Texas 7~201 ' TABULATION OF BIDS RECEIVED AT SALE OF $4,742,000 CITY OF DENTON, TEXAS GENERAL OBLIGATION BONDS, SERIES 1983 Selling Tuesday, March 22, 1983, at 7 O0 PM, CST moss Ess ACCOUNT MANAGER ,NTEREST COST PREb4iUM ,NTEREST COST iNTEREST RATE