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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