1977-025ORDINANCE NO 77--L5
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 elections duly held in said City on
DECEMBER 18, 1973, and OCTOBER 7, 1975, and
WHEREAS, out of the bonds voted at the election held on
DECEMBER 18, 1973, for such purpose, the following previously
have been issued and delivered
$3,300,000 out of a voted total of $6,000,000 for the
purpose of constructing and improving streets
in said City, and providing drainage and
flood control facilities in connection there-
with, represented by the Bonds of Series
1974, and part of the Bonds of Series 1976, and
WHEREAS, out of the bonds voted at the election held on
OCTOBER 7, 1975, for such purpose, the following prevsiously
have been issued and delivered
$1,000,000 out of a voted total of $1,800,000 for the
purpose of purchasing and improving lands
for park purposes, represented by part of
the Bonds of Series 1976, and
WHEREAS, it is necessary and advisable to authorize, issue,
and deliver another installment or series of said bonds, and
WHEREAS, the bonds hereinafter authorized and designated
were voted and are to be issued and delivered pursuant to
Vernon's Articles 823, 1175, and 6081f
THE CITY COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
Section 1 That the said City's bonds are hereby author-
ized to be issued in the aggregate principal amount of $3,000,000,
FOR THE PURPOSE OF PROVIDING $2,200,000 FOR CONSTRUCTING AND
IMPROVING STREETS IN SAID CITY, AND PROVIDING DRAINAGE AND
FLOOD CONTROL FACILITIES IN CONNECTION THEREWITH, AND $800,000
FOR PURCHASING AND IMPROVING LANDS FOR PARK PURPOSES
Section 2 That said bonds shall be designated as the
"CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1977"
Section 3 That said bonds shall be dated JUNE 11 1977,
shall be in the denomination of $5,000 each, shall be numbered
consecutively from one upward, and shall mature serially on the
maturity date, in each of the years, and in the amounts, respec-
tively, as set forth in the following schedule
MATURITY DATE JUNE 1
YEARS AMOUNTS YEARS AMOUNTS
1979
$150,000
1989
$150,000
1980
150,000
1990
150,000
1981
150,000
1991
150,000
1982
150,000
1992
150,000
1983
150,000
1993
150,000
1984
150,000
1994
150,000
1985
150,000
1995
200,000
1986
150,000
1996
200,000
1987
150,000
1997
200,000
1988
150,000
-1-
Section 4 That the bonds scheduled to mature du ing the
years, respectively, set forth below shall bear interest at the
following rates per annum
maturities
1979
through
19_
,
$
maturities
19
through
19
maturities
19
through
19_
,
maturities
19
through
19_
,
~
maturities
19
through
19_
,
maturities
19
through
19_
,
maturities
19
through
19_
,
maturities
19
through
19
,
maturities
19
through
19_
,
8
maturities
19
through
19_
,
%
maturities
19
through
19_
,
$
maturities
19
through
19_
,
B
Said interest shall be evidenced by interest coupons which shall
appertain to said bonds, and which shall be payable in the manner
provided and on the dates stated in the FORM OF BOND set forth
in this Ordinance
Section 5
That said
bonds
and interest coupons shall be
issued, shall
be payable,
may be
redeemed prior to their schedul-
ed maturities,
shall have
the ch
aracteristics, and shall be sign-
ed and execute
d (and said
bonds
shall be sealed), all as provided,
and in the man
ner indicated, in
the FORM OF BOND set forth in this
Ordinance
Section 6 That the form of said bonds, including the form
of Registration Certificate 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 initially to each of said bonds, shall
be, respectively, substantially as follows
FORM OF BOND:
NO
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
GENERAL OBLIGATION BOND
SERIES 1977
$5,000
ON JUNE 1, 19_, THE CITY OF DENTON, Denton County, Texas,
hereby promises to pay to bearer hereof the principal amount of
FIVE THOUSAND DOLLARS
and to pay interest thereon, from date hereof, at the rate of 8
per annum, evidenced by interest coupons payable JUNE 1, 1978,T
and semiannually thereafter while this bond is outstanding
THE PRINCIPAL of this bond and the interest coupons apper-
taining 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 this Series of Bonds
CITIBANK, N A , NEW YORK, NEW YORK,
OR, AT THE OPTION OF THE BEARER, AT
FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS
-2-
THIS BOND is one of a Series dated as of JUNE 1, 1977,
authorized, issued, and delivered in the principal amount of
$3,000,000 FOR THE PURPOSE OF PROVIDING $2,200,000 FOR CON-
STRUCTING AND IMPROVING STREETS IN SAID CITY, AND PROVIDING
DRAINAGE AND FLOOD CONTROL FACILITIES IN CONNECTION THEREWITH,
AND $800,000 FOR PURCHASING AND IMPROVING LANDS FOR PARK PUR-
POSES
ON JUNE 1, 1988,
or on any interest payment date thereafter, any outstanding bonds
of this Series may be redeemed prior to their scheduled maturi-
ties, at the option of said City, in whole, or in part, for the
principal amount thereof and accrued interest thereon to the date
fixed for redemption At least thirty days prior 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 fi-
nancial 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 redeemed and accrued in-
terest thereon to the date fixed for redemption If such writ-
ten notice of redemption is published and if due provision for
such payment is made, all as provided above, the bonds which are
to be so redeemed thereby automatically shall be redeemed prior
to their scheduled maturities, and they shall not bear interest
after the date fixed for redemption, and they shall not be re-
garded 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 de-
livered, 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 per-
formed, 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 suffi-
cient to provide for the payment of the interest on and principal
of this bond, as such interest comes due and such principal ma-
tures, have been levied and ordered to be levied against all tax-
able 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 apper-
taining hereto have been signed with the facsimile signature of
the Mayor of said City and countersigned with the facsimile signa-
ture 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 Mayor
FORM OF REGISTRATION CERTIFICATE
COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NO
I hereby certify that this bond has been examined, certi-
fied 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
Comptro er o Public Accounts o
the State of Texas
-3-
FORM OF INTEREST COUPON
NO
ON
1, 19 ,
THE CITY OF DENTON, in Denton County, State of Texas,
promises to pay to bearer the amount shown on this interest
coupon, in lawful money of the United States of America, with-
out 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 presentation and surrender of this interest coupon, at
CITIBANK, N A , NEW YORK, NEW YORK,
OR, AT THE OPTION OF THE BEARER, AT
FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS,
said amount being interest coming due that day on the bond,
bearing the number hereinafter designated, of that issue of
CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1977, DATED
JUNE 1, 1977
Bond No
xxxxxxxx xxxxxxxx
City Secretary Mayor
Section 7 That a special "Interest and Sinking Fund" is
hereby created solely for the benefit of said bonds, and said
Interest and Sinking Fund shall be established and maintained
by said City at an official depository bank of said City Said
Interest and Sinking Fund shall be kept separate and apart from
all other funds and accounts of said City, 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 appertaining thereto are outstanding
and unpaid, the governing body of said City shall compute and
ascertain a rate and amount of ad valorem tax which will be suffi-
cient to raise and produce the money required to pay th 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, with full allowance being made for tax de-
linquencies 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 said City for each year
while any of said bonds or interest coupons appertaining thereto
are outstanding and unpaid, and said tax shall be assessed and
collected each such year and deposited to the credit of the afore-
said Interest and Sinking Fund Said ad valorem taxes sufficient
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
prescribed by law
Section 8 That the Mayor of
to have control of said bonds and
ceedings pertaining to said bonds
their investigation, examination,
General of the State of Texas, an
Comptroller of Public Accounts of
said City is hereby authorized
all necessary records and pro-
pending their delivery and
and approval by the Attorney
I their registration by the
the State of Texas Upon
-4-
registration of said bonds, said Comptroller of Publi< 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 impressed, or placed in facsimile, on each
of said bonds
Section 9 That the City covenants to and with the pur-
chaser of the bonds that it will make no use of the proceeds
of the bonds at any time throughout the term of this issue 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 arbitrage 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 City further covenants that the
proceeds of the bonds will not otherwise be used directly or in-
directly so as to cause all or any part of the bonds to be or be-
come arbitrage bonds within the meaning of the aforesaid Section
103(c), or any regulations or rulings pertaining thereto
Section 10 That the City Council officially finds, de-
termines, and declares that said bonds have been duly advertis-
ed for sale as required by the Home Rule Charter of said City,
that sealed bids have been received at a public sale of said
bonds held on May 17, 1977, that all of said bonds are hereby
sold and shall be delivered to a syndicate managed or headed
by '
being the best bidder at said public sale, for the principal
amount of said bonds, and accrued interest thereon to the date
of delivery, plus a premium of $
Section 11 It is further founa and determined that a no-
tice of sale for said bonds as required by the Home Rule Charter
of said City was duly published on April 13, 1977, in The Bond
Buyer, New York, New York, which is a national publication regu-
larly and primarily carrying financial news and municipal bond
sale notices, and on April 11, 1977, in the Denton Record-
Chronicle, which has been designated as the official newspaper
of the City of Denton The form and substance of said Official
Notice of Sale, and the aforesaid publications thereof, are
hereby approved and ratified in all respects by the City Council
Section 12 That it is hereby officially found, determin-
ed, and declared that said 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 May 3, 1977, prepared and distributed in connec-
tion with the sale of said bonds Said Official Notice of Sale
and Official Statement have been and are hereby approved by the
City Council 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 be-
lief of the City Council
-5-
GENLRAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
We, the undersigned officers of said City, hereby cer-
tify as follows
1. That this certificate is executed for and on behalf
of said City with reference to the issuance of the proposed
CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1977, DATED
JUNE 1, 1977, in the principal amount of $3,000,000
2 That said City 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 most recently dated, issued, and
outstanding bonds of said City shown on "Exhibit A," which is
attached to this certificate
3 That no litigation of any nature has ever been filed
pertaining to, affecting, questioning, or contesting (a) the
election which authorized said City's proposed bonds described
in paragraph 1 of this certificate, (b) the issuance, execution,
delivery, payment, security, or validity of said proposed bonds,
(c) the authority of the governing body and the officers of said
City to issue, execute, and deliver said bonds, (d) the validity
of the corporate existence of said City, (e) the current Tax
Rolls of said City, or (f) the Home Rule Charter of said City,
and that no litigation is pending pertaining to, affecting,
questioning, or contesting the current boundaries of said City
4 That in all matters relating to ordering, giving no-
tice, and holding the election held on October 7, 1975, at which
$800,000 of the proposed bonds were authorized, the City com-
plied with the Federal Voting Rights Act of 1975 and the appli-
cable parts of the Texas Election Code, including particularly
Section 1 08a of the Texas Election Code pertaining to bilingual
requirements
5 That attached to this certificate and marked "Exhibit
A" is a true, full, and correct schedule and statement of the
aforesaid proposed bonds, and of all presently outstanding
tax indebtedness of said City
6 That the currently effective ad valorem Tax Rolls of
recent-
said City are those for the year 1976, vg
ly approved Tax Rolls of said City, that said City has caused
the taxable property in said City to be assessed as required by
law, that the Board of Equalization of said City has equalized
and approved the valuation of taxable property in said City for
said year, that the Tax Assessor of said City has duly verified
thatothe assessedEqualization
the pxtheRolls,
ofatax-
same, andsaid
finally finally approved
able property in said City upon which the annual ad valorem tax
of said City actually has been or will be levied (after deduct-
of any, and)
ing the amount of oflArticle exemptions,
and Section 2(b),
Article 7150h, V A T C S according to the aforesaid Tax Rolls
for said year, as delivered to the Citv Secretary of said City,
and finally approved and recorded by the City Council of said
City, 1s $136,540,625
SIGNED AND SEALED the 17th day of May, 1977
~ u
City Secretary
(SEAL)
T~-~~~
mayor
"EXHIBIT A"
General Obligation Bonds,
interest, and maturing as
ing said Bonds
General Obligation Bonds,
standing in the principal
and maturing in the amoun
Series 1977,
set forth in
Series 1960,
amount of $2
is on July 15
dated 6/1/77, bearing
the Ordinance authoriz-
dated 7/15/60, now out-
25,000, bearing interest,
of the years, as follows
3-3/48 25M-77/78,
3 858 25M-79/85
Street Improvement Bonds, Series 1962, dated 3/15/62, now out-
standing in the principal amount of $200,000, bearing interest,
and maturing in the amounts on March 15 of the years, as follows
38 20M-78,
3-1/88 20M-79/83
3 208 20M-84/87
General Obligation Bonds, Series 1963, dated 3/15/63, now out-
standing in the principal amount of $220,000, bearing interest,
and maturing in the amounts on March 15 of the years, as follows
38 20M-78/80,
3 208 20M-81/86,
3-1/48 20M-87/88
General Obligation Bonds, Series 1964, dated 7/15/64, now out-
standing in the principal amount of $355,000, bearing interest,
and maturing in the amounts on July 15 of the years, as follows
3 108 65M-77/78,
3 158 60M-79, 55M-80,
3 208 55M-81/82
Park Improvement Bonds, Series 1964, dated 7/15/64, now out-
standing in the principal amount of $80,000, bearing interest,
and maturing in the amounts on July 15 of the years, as follows
3 108 1OM-77/78,
3 158 15M-79/80,
3 208 15M-81/82
General Obligation Bonds, series 1966, dated 1/15/66, now out-
standing in the principal amount of $540,000, bearing interest,
and maturing in the amounts on January 15 of the years, as follows
3-3/88 60M-78/82,
3-1/28 60M-83/86
Airport Improvement Warrants, Series 1966, dated 12/1/66, now
outstanding in the principal amount of $49,000, bearing inter-
est, and maturing in the amounts on December 1 of the years,
as follows
4-1/28, 1OM-77/78, 11M-79, 12M-80, 6M-81
General Obligation Bonds, series 1967, dated 11/15/67, now out-
standing in the principal amount of $360,000, bearing interest,
and maturing in the amounts on May 15 of the years, as follows
4-1/48 30M-78/89
General Obligation Bonds, Series 1968, dated 2/1/68, now out-
standing in the principal amount of $575,000, bearing .interest,
and maturing in the amounts on February 1 of the years, as follows
48
50M-78,
4 108
50M-79/80,
4 208
50M-81/82,
4-1/48
50M-83,
4 308
50M-84/87, 75M-88
General Obligation Bonds, Series 1969, dated 4/15/69, now out-
standing in the principal amount of $805,000, bearing interest,
and maturing in the amounts on April 15 of the years, as follows
4-3/48
60M-78,
4
808
60M-79,
4
908
60M-80, 65M-81,
58
70M-82/84,
5
108
70M-85/87,
5
208
70M-88/89
General Obligation Bonds, Series 1970, dated 9/15/70, now out-
standing in the principal amount of $700,000, bearing interest,
and maturing in the amounts on March 15 of the years, as follows
5-1/48
50M-78/81,
5-1/28
50M-82/83,
5 658
50M-84,
5 808
50M-85,
5 908
50M-86,
68
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 $1,725,000,
bearing interest, and maturing in the amounts on July 15 of the
years, as follows
7-1/48
75M-77/79,
5-1/48
100M-80/82,
5 308
100M-83,
5 408
100M-84/85,
5-1/28
100M-86,
5 608
100M-87/88,
5 708
100M-89/90,
5 808
loom-911
5 908
100M-92,
68
100M-93/94
General Obligation Refunding Bonds, Series 1974, dated 7/15/74,
now outstanding in the principal amount of $920,000, bearing
interest, and maturing in the amounts on July 15 of the years,
as follows
7-1/48
55M-77/78,
5-3/48
55M-79,
5-1/48
55M-80, 50M-81/82,
5 308
50M-83,
5 408
50M-84/85,
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
0
General Obligation Bonds, Series 1976, dated 4/15/76, now out-
standing in the principal amount of $2,500,000, bearing interest,
and maturing in the amounts on July 15 of the years, as follows
6-1/2%
125M-78/81,
5
10%
125M-82,
4-
1/2B
125M-83/84,
4
60%
125M-85,
4
70%
125M-86,
4
80%
125M-87,
4
90%
125M-88,
5%
125M-89/90,
5
20%
125M-91,
5
30%
150M-92,
5
40%
150M-93/95,
4-
1/2%
150M-96
V-
W
9hC.l.~....a....-eA.J Y) a ~ 7-2-5
THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
We, the undersignea officers of said City, hereby certify
as follows
1 The City Council of said City convened in
REGULAR MEETING ON THE 17TH DAY OF MAY, 1977,
at the Municipal Building (City Hall), and the roll was called
of the duly constituted officers and members of said City
Council, to-wit
Brooks Holt, City Secretary Elinor Hughes, Mayor
Joe Mitchell Bill Nash
Richard Stewart Mary Claude Gay
and all of said persons were present, except the following
absentees '
thus constituting a quorum Whereupon, among other business,
the following was transacted at said Meeting a written
ORDINANCE AUTHORIZING Tf'E ISSUANCE OF GENERAL OBLIGATION BONDS
was duly introduced for the consideration of said City Council
and read in full It was then duly moved and seconded that
said Ordinance be passed, and, after due discussion, said mo-
tion, carrying with it the passage of said Ordinance, prevail-
ed 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 fore-
going paragraph is attached to and follows this Certificate,
that said Ordinance has been duly recorded in said City Council's
minutes 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 to the passage of said Ordi-
nance, that the persons named in the above and foregoing para-
graph are the duly chosen, qualified, and acting officers and
members of said City Council as indicated therein, that each of
the officers and members of said City Council was duly and suffi-
ciently 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 each of said officers and members consented, in ad-
vance, to the holding of said meeting for such purpose, 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 re-
quired by Vernon's Ann 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 Ordinance, and
that the Mayor and the City Secretary of said City hereby de-
clare that their signing of this Certificate shall constitute
the signing of the attached and following copy
for all purposes
SIGNED ND SEALED 17th day of May~,n 1977
City Secretary Mayor- - - -
(SEAL) - - - - - - - - - - - - - - - - - - - - -
We, the undersigned, being respectively the City Attorney
and the Bond Attorneys of the City of Denton, Texas, hereby cer-
tify that we prepared and approved as to legality the attached
and following Ordinance prior to ssage as aforesaid
city Attorney "LIlr
Bond Attorneys
ORDINANCE NO. 77-15
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 elections duly held in said City on
DECEMBER 18, 1973, and OCTOBER 7, 1975; and
WHEREAS, out of the bonds voted at the election held on
DECEMBER 18, 1973, for such purpose, the following previously
have been issued and delivered:
$3,300,000 out of a voted total of $6,000,000 for the
purpose of constructing and improving streets
in said City, and providing drainage and
flood control facilities in connection there-
with, represented by the Bonds of Series
1974, and part of the Bonds of Series 1976; and
WHEREAS, out of the bonds voted at the election held on
OCTOBER 7, 1975, for such purpose, the following prevsiously
have been issued and delivered:
$1,000,000 out of a voted total of $1,800,000 for the
purpose of purchasing and improving lands
for park purposes, represented by part of
the Bonds of Series 1976; and
WHEREAS, it is necessary and advisable to authorize, issue,
and deliver another installment or series of said bonds; and
WHEREAS, the bonds hereinafter authorized and designated
were voted and are to be issued and delivered pursuant to
Vernon's Articles 823, 1175, and 6081f.
THE CITY COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
Section 1. That the said City's bonds are hereby author-
ized to be issued in the aggregate principal amount of $3,000,000,
FOR THE PURPOSE OF PROVIDING $2,200,000 FOR CONSTRUCTING AND
IMPROVING STREETS IN SAID CITY, AND PROVIDING DRAINAGE A14D
FLOOD CONTROL FACILITIES IN CONNECTION THEREWITH, AND $800,000
FOR PURCHASING AND IMPROVING LANDS FOR PARK PURPOSES.
Section 2. That said bonds shall be designated as the:
"CITY OF DENT014 GENERAL OBLIGATION BONDS, SERIES 1977".
Section 3. That said bonds shall be dated JUNE 1, 1977,
shall be in the denomination of $5,000 each, shall be numbered
consecutively from one upward, and shall mature serially on the
maturity date, in each of the years, and in the amounts, respec-
tively, as set forth in the following schedule:
MATURITY DATE: JUNE 1
YEARS AMOUNTS YEARS AMOUNTS
1979
$150,000
1989
$150,000
1980
150,000
1990
150,000
1981
150,000
1991
150,000
1982
150,000
1992
150,000
1983
150,000
1993
150,000
1984
150,000
1994
150,000
1985
150,000
1995
200,000
1986
150,000
1996
200,000
1987
150,000
1997
200,000
1988
150,000
-1-
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
1979
through
19
%
maturities
19
through
19_
,
maturities
19
through
19
%
maturities
19
through
19
%
maturities
19
through
19
%
maturities
19
through
19 _
,
%
maturities
19
through
19
%
maturities
19
through
19
%
maturities
19
through
19
%
maturities
19
through
19
%
maturities
19
through
19
%
maturities
19
through
19
Said interest shall be evidenced by interest coupons which shall
appertain to said bonds, and which shall be payable in the manner
provided and on the dates stated in the FORM OF BOND set forth
in this Ordinance.
Section 5. That said
issued, shall be payable,
ed maturities, shall have
ed and executed (and said
and in the manner indicat
Ordinance.
bonds and interest coupons shall be
may be redeemed prior to their schedul-
the characteristics, and shall be sign-
bonds shall be sealed), all as provided,
=_d, in the FORM OF BOND set forth in this
Section 6. That the form of said bonds, including the form
of Registration Certificate 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 initially to each of said bonds, shall
be, respectively, substantially as follows:
FORM OF BOND:
NO.
$5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
GENERAL OBLIGATION BOND
SERIES 1977
ON JUNE 1, 19_, THE CITY OF DENTON, Denton County, Texas,
hereby promises to pay to bearer hereof the principal amount of
FIVE THOUSAND DOLLARS
and to pay interest thereon, from date hereof, at the rate of
per annum, evidenced by interest coupons payable JUNE 1, 1978,
and semiannually thereafter while this bond is outstanding.
THE PRINCIPAL of this bond and the interest coupons apper-
taining 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 this Series of Bonds:
CITIBANK, N.A., NEW YORK, NEW YORK,
OR, AT THE OPTION OF THE BEARER, AT
FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS.
-2-
THIS BOND is one of a Series dated as of JUNE 1, 1977,
authorized, issued, and delivered in the principal amount of
$3,000,000 FOR THE PURPOSE OF PROVIDING $2,200,000 FOR CON-
STRUCTING AND IMPROVING STREETS IN SAID CITY, AND PROVIDING
DRAINAGE AND FLOOD CONTROL FACILITIES IN CONNECTION THEREWITH,
AND $800,000 FOR PURCHASING AND IMPROVING LANDS FOR PARK PUR-
POSES.
ON JUNE 1, 1988,
or on any interest payment date thereafter, any outstanding bonds
of this Series may be redeemed prior to their scheduled maturi-
ties, at the option of said City, in whole, or in part, for the
principal amount thereof and accrued interest thereon to the date
fixed for redemption. At least thirty days prior 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 fi-
nancial 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 redeemed and accrued in-
terest thereon to the date fixed for redemption. If such writ-
ten notice of redemption is published and if due provision for
such payment is made, all as provided above, the bonds which are
to be so redeemed thereby automatically shall be redeemed prior
to their scheduled maturities, and they shall not bear interest
after the date fixed for redemption, and they shall not be re-
garded 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 de-
livered; 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 per-
formed, 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 suffi-
cient to provide for the payment of the interest on and principal
of this bond, as such interest comes due and such principal ma-
tures, have been levied and ordered to be levied against all tax-
able 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 apper-
taining hereto have been signed with the facsimile signature of
the Mayor of said City and countersigned with the facsimile signa-
ture 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 Mayor
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this bond has been examined, certi-
fied 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
Comptro ler o Public Accounts o
the State of Texas.
-3-
FORM OF INTEREST COUPON:
NO.
ON 1, 19
THE CITY OF DENTON, in Denton County, State of Texas,
promises to pay to bearer the amount shown on this interest
coupon, in lawful money of the United States of America, with-
out 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 presentation and surrender of this interest coupon, at
CITIBANK, N.A., NEW YORK, NEW YORK,
OR, AT THE OPTION OF THE BEARER, AT
FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS,
said amount being interest coming due that day on the bond,
bearing the number hereinafter designated, of that issue of
CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1977, DATED
JUNE 1, 1977.
Bond No.
xxxxxxxx xxxxxxxx
ity Secretary Mayor
Section 7. That a special "Interest and Sinking Fund" is
hereby created solely for the benefit of said bonds, and said
Interest and Sinking Fund shall be established and maintained
by said City at an official depository bank of said City. Said
Interest and Sinking Fund shall be kept separate and apart from
all other funds and accounts of said City, 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 appertaining thereto are outstanding
and unpaid, the governing body of said City shall compute and
ascertain a rate and amount of ad valorem tax which will be suffi-
cient to raise and produce the money required to pay th 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, with full allowance being made for tax de-
linquencies 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 said City for each year
while'any of said bonds or interest coupons appertaining thereto
are outstanding and unpaid; and said tax shall be assessed and
collected each such year and deposited to the credit of the afore-
said Interest and Sinking Fund. Said ad valorem taxes sufficient
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
prescribed by law.
Section 8. That the mayor of
to have control of said bonds and
ceedings pertaining to said bonds
their investigation, examination,
General of the State of Texas, an
Comptroller of Public Accounts of
said City is hereby authorized
all necessary records and pro-
pending their delivery and
and approval by the Attorney
I their registration by the
the State of Texas. Upon
-4-
registration of said bonds, said 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 impressed, or placed in facsimile, on each
of said bonds.
Section 9. That the City covenants to and with the pur-
chaser of the bonds that it will make no use of the proceeds
of the bonds at any time throughout the term of this issue 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 arbitrage 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 City further covenants that the
proceeds of the bonds will not otherwise be used directly or in-
directly so as to cause all or any part of the bonds to be or be-
come arbitrage bonds within the meaning of the aforesaid Section
103(c), or any regulations or rulings pertaining thereto.
Section 10. That the City Council officially finds, de-
termines, and declares that said bonds have been duly advertis-
ed for sale as required by the Home.Rule Charter of said City;
that sealed bids have been received at a public sale of said
bonds held on May 17, 1977; that all of said bonds are hereby
sold and shall be delivered to a syndicate managed or headed
by
being the best bidder at said public sale, for the principal
amount of said bonds, and accrued interest thereon to the date
of delivery, plus a premium of $
Section 11. It is further found and determined that a no-
tice of sale for said.bonds as required by the Home Rule Charter
of said City was duly published on April 13, 1977, in The Bond
Buyer, New York, New York, which is a national publication regu-
larly and primarily carrying financial news and municipal bond
sale notices, and on April 11, 1977, in the Denton Record-
Chronicle, which has been designated as the official newspaper
of the City of Denton. The form and substance of said Official
Notice of Sale, and the aforesaid publications thereof, are
hereby approved and ratified in all respects by the City Council.
Section 12. That it is hereby officially found, determin-
ed, and declared that said 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 May 3, 1977, prepared and distributed in connec-
tion with the sale of said bonds. Said Official Notice
ed by and Official Statement have been and are hereby app y
City Council. 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 be-
lief of the City Council.
-5-
GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF DEN.TON
CITY OF DENTON
We, the undersigned officers of said City, hereby cer-
tify as follows:
1. That this certificate is executed for and on behalf
of said City with reference to the issuance of the proposed
CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1977, DATED
JUNE 1, 1977, in the principal amount of $3,000,000.
2. That said City 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 most recently dated, issued, and
outstanding bonds of said City shown on "Exhibit A," which is
attached to this certificate.
3. That no litigation of any nature has ever been filed
pertaining to, affecting, questioning, or contesting: (a) the
election which authorized said City's proposed bonds described
in paragraph 1 of this certificate; (b) the issuance, execution,
delivery, payment, security, or validity of said proposed bonds,
(c) the authority of the governing body and the officers of said
City to issue, execute, and deliver said.bonds, (d) the validity
of the corporate existence of said City, (e) the current Tax
Rolls of said City, or (f) the Home Rule Charter of said City;
and that no litigation is pending pertaining to, affecting,
questioning, or contesting the current boundaries of said City.
4. That in all matters relating to ordering, giving no-
tice, and holding the election held on October 7, 1975, at which
$800,000 of the proposed bonds were authorized, the City com-
plied with the Federal Voting Rights Act of 1975 and the appli-
cable parts of the Texas Election Code, including particularly
Section 1.08a of the Texas Election Code pertaining to bilingual
requirements.
5. That attached to this certificate and marked "Exhibit
A" is a true, full, and correct schedule and statement of the
aforesaid proposed bonds, and of all presently outstanding
tax indebtedness of said City.
6. That the currently effective ad valorem Tax Rolls of
said City are those for the year 1976, being the most recent-
ly approved Tax Rolls of said City; that said City has caused
the taxable property in said City to be assessed as required by
law; that the Board of Equalization of said City has equalized
and approved the valuation of taxable property in said City for
said year; that the Tax Assessor of said City has duly verified
the aforesaid Tax Rolls, and said Board of Equalization has
finally approved the same; and that the assessed value of tax-
able property in said City upon which the annual ad valorem tax
of said City actually has been or will be levied (after deduct-
ing the amount of all exemptions, if any, under Section 1-b(b),
and Section 2(b), of Article 8 of the Texas Constitution, and
Article 7150h, V.A.T.C.S.), according to the aforesaid Tax Rolls
for said year, as delivered to the Citv Secretary of said City,
and finallv approved and recorded by the City Council of said
City, is $136,540,625.
SIGNED AND SEALED the 17th day of May, 1977.
City Secretary
y `
(SEAL) I
"EXHIBIT A"
General Obligation Bonds, series 1977, dated 6/1/77, bearing
interest, and maturing as set forth in the ordinance authoriz-
ing said Bonds.
General Obligation Bonds, Series 1960, dated 7/15/60, now out-
standing in the principal amount of $225,000, bearing interest,
and maturing in the amounts on July 15 of the years, as follows:
3-3/4%: 25M-77/78;
3.85%: 25M-79/85.
Street Improvement Bonds, Series 1962, dated 3/15/62, now out-
standing in the principal amount of $200,000, bearing interest,
and maturing in the amounts on March 15 of the years, as follows:
30: 20M-78;
3-1/8%: 20M-79/83
3.20%: 20M-84/87.
General Obligation Bonds, series 1963, dated 3/15/63, now out-
standing in the principal amount of $220,000, bearing interest,
and maturing in the amounts on March 15 of the years, as follows:
3%:
20M-78/80;
3.20%:
20M-81/86;
3-1/4%:
20M-87/88.
General Obligation Bonds, Series 1964, dated 7/15/64, now out-
standing in the principal amount'of $355,000, bearing interest,
and maturing in the amounts on July 15 of the years, as follows:
3.10%: 65M-77/78;
3.15%: 60M-79; 55M-80;
3.20%: 55M-81/82.
Park Improvement Bonds, Series 1964, dated 7/15/64, now out-
standing in the principal amount of $80,000, bearing interest,
and maturing in the amounts on July 15 of the years, as follows:
3.10%: 1OM-77/78;
3.15%; 15M-79/80;
3.20%: 15M-81/82.
General Obligation Bonds, Series 1966, dated 1/15/66, now out-
standing in the principal amount of $540,000, bearing interest,
and maturing in the amounts on January 15 of the years, as follows:
3-3/8%: 60M-78/82;
3-1/2%: 60M-83/86.
Airport Improvement Warrants, Series 1966, dated 12/1/66, now
outstanding in the principal amount of $49,000, bearing inter-
est, and maturing in the amounts on December 1 of the years,
as follows:
4-1/2%: 1OM-77/78; 11M-79; 12M-80; 6M-81.
General Obligation Bonds, Series 1967, dated 11/15/67, now out-
standing in the principal amount of $360,000, bearing interest,
and maturing in the amounts on May 15 of the years, as follows:
4-1/4%: 30M-78/89.
General Obligation Bonds, Series 1968, dated 2/1/68, now out-
standing in the principal amount of $575,000, bearing interest,
and maturing in the amounts on February 1 of the years, as follows:
4%:
50M-78;
4.100:
50M-79/80;
4.20%:
50M-81/82;
4-1/4%:
50M-83;
4.30%:
50M-84/87; 75M-88.
General Obligation Bonds, Series 1969, dated 4/15/69, now out-
standing in the principal amount of $805,000, bearing interest,
and maturing in the amounts on April 15 of the years, as follows:
4-3/4%:
4.80%:
4.90%:
5%:
5.10%:
5.20%:
60M-78;
60M-79;
60M-80; 65M-81;
70M-82/84;
70M-85/87;
70M-88/89.
General Obligation Bonds, Series 1970, dated 9/15/70, now out-
standing in the principal amount of $700,000, bearing interest,
and maturing in the amounts on March 15 of the years, as follows:
5-1/4%:
50M-78/81;
5-1/2%:
50M-82/83;
5.65%:
50M-84;
5.80%:
50M-85;
5.90%:
50M-86;
6%:
50M-87;
6.10%:
50M-88;
6.20%:
50M-89/90;
5%:
50M-91.
General Obligation Street Improvement Bonds, Series 1974, dated
7/15/74, now outstanding in the principal amount of $1,725,000,
bearing interest, and maturing in the amounts on July 15 of the
years, as follows:
7-1/4%:
75M-77/79;
5-1/4%:
100M-80/82;
5.30%:
100M-83;
5.40%:
100M-84/85;
5-1/2%:
100M-86;
5.60%:
100M-87/88;
5.70%:
100M-89/90;
5.80%:
100M-91;
5.90%:
100M-92;
6°%:
100M-93/94.
General Obligation Refunding Bonds, Series 1974, dated 7/15/74,
now outstanding in the principal amount of $920,000, bearing
interest, and maturing in the amounts on July 15 of the years,
as follows:
7-1/40:
55M-77/78;
5-3/4%:
55M-79;
5-1/4%:
55M-80; 50M-81/82;
5.30°%:
50M-83;
5.40%:
50M-84/85;
5-1/2%:
50M-86;
5.60%:
50M-87/88;
5.70%:
50M-89/90;
5.80%:
50M-91;
5.90%:
50M-92;
6%:
50M-93/94.
-8-
General Obligation Bonds, Series 1976, dated 4/15/76, now out-
standing in the principal amount of $2,500,000, bearing interest,
and maturing in the amounts on July 15 of the years, as follows:
6-1/2%:
125M-78/81;
5.10%:
125M-82;
4-1/2%:
125M-83/84;
4.60%:
125M-85;
4.70%:
125M-86;
4.80%:
125M-87;
4.90%:
125M-88;
5%:
125M-89/90;
5.20%:
125M-91;
5.30%:
150M-92;
5.40%:
150M-93/95;
4-1/2%:
150M-96.
- C/ -
LIA-
r .
.r
THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
We, the undersigned officers of said City, hereby certify
as follows:
1. The City Council of said City convened in
.REGULAR MEETING ON THE 17TH DAY OF MAY, 1977,
at the Municipal Building (City Hall), and the roll was called
of the duly constituted officers and members of said City
Council, to-wit:
Brooks Holt, City Secretary Elinor Hughes, Mayor
Joe Mitchell Bill Nash
Richard Stewart Mary Claude Gay
and all of said persons were present, except the following
absentees: ,
thus constituting a quorum. Whereupon, among other business,
the following was transacted at said Meeting: a written
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS
was duly introduced for the consideration of said City Council
and read in full. It was then duly moved and seconded that
said ordinance be passed; and, after due discussion, said mo-
tion, carrying with it the passage of said Ordinance, prevail-
ed 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 fore-
going paragraph is attached to and follows this Certificate;
that said Ordinance has been duly recorded in said City Council's
minutes 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 to the passage of said Ordi-
nance; that the persons named in the above and foregoing para-
graph are the duly chosen, qualified, and acting officers and
members of said City Council as indicated therein; that each of
the officers and members of said City Council was duly and suffi-
ciently 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 each of said officers and members consented, in ad-
vance, to the holding of said meeting for such purpose; 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 re-
quired by Vernon's Ann. 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 ordinance; and
that the Mayor and the City Secretary of said City hereby de-
clare that their signing of this Certificate shall constitute
the signing of the attached and following copy of said ordinance
for all purposes.
SIGNED II,_N-D SEALED the 17th day of May, n 1977.
064W.- - 2
City Secretary Mayor
(SEAL) - - - - - - - - - - - - - - - - - - - - - - - - - -
We, the undersigned, being respectively the City Attorney
and the Bond Attorneys of the City of Denton, Texas, hereby cer-
tify that we prepared and approved as to legality the attached
and following Ordinance prior to assag~ e as aforesaid.
City Attorney
24
Bond Attorneys