1974-025 ORDINANCE NO 74-25
ORDINANCE
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS
THEISTATE OF TEXAS
COUNTY OF DENTON
OF DENTON
WHEREAS, the following obllgat~ons of sa~d C~ty are pre-
sently outstanding
City of Denton Certificates of Obligation, Series 1972,
dated December 15, 1972, Certificates Numbers 1 through
10, an the denominataon of $100,000 each, except Cert~-
facate No 1 for $85,000, aggregating $985,000 in prin-
cipal a~ount, maturing December 15, 1982 through 1991,
and bearing interest at the rate of 7% per annum, and
WHEREAS, the City as authorized to refund said obligations
pursuant to the provisions of Vernon's Article 717k-3
COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
Section 1 That the sa~d City's bonds are hereby
authorized in the aggregate prlnc~pal amount of $985,000,
THE PURPOSE OF REFUNDING THE OBLIGATIONS DESCRIBED IN
PREAMBLE OF THIS ORDINANCE
Section 2 That sa~d bonds shall be designated as the
"C~TY OF DENTON GENERAL OBLIGATION REFUNDING BONDS, SERIES
1974"
Section 3 That said bonds shall be dated JULY 15, 1974,
shall be an 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 JULY 15
YEARS AMOUNTS
1976 $65,000
1977 55,000
1978 55,000
1979 55,000
1980 55,000
1981 50,000
1982 50,000
1983 50,000
1984 50,000
1985 50,000
1986 50,000
1987 50,000
1988 50,000
1989 50,000
1990 50,000
1991 50,000
1992 50,000
1993 50,000
1994 50,000
-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 1976 through 1978, 7 25%
maturities 1979, 5 75%
maturities 1980 through 1982, 5 25%
maturities 1983, 5 30%
maturities 1984 through 1985, 5 40%
maturities 1986, 5 50%
maturities 1987 through 1988, 5 60%
maturities 1989 through 1990, 5 70%
maturities 1991, 5 80%
maturltles 1992, 5 90%
maturities 1993 through 1994, 6 00%
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 ~n 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 characteristics, and shall be sign-
ed and executed (and said bonds shall be sealed), all as provided,
and in the manner indicated, in the FORM OF BOND set forth in th~s
Ordinance
Sectlon 6 That the form of sa~d bonds, ~ncludlng 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 ~nltlally 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 REFUNDING BOND
SERIES 1974
ON JULY 15, 19 , THE CITY OF DENTON, ~n Denton County, Texas,
hereby promlse~--to pay to bearer hereof the principal amount of
FIVE THOUSAND DOLLARS
and to pay ~nterest thereon, from date hereof, at the rate of__%
per annum, evidenced by interest coupons payable JANUARY 15, 1975
and sem~-annually thereafter wh~le th~s bond ~s outstanding
THE PRINCIPAL of th~s bond and the interest coupons apper-
ta%n~ng 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 Ser~es of Bonds
FIRST NATIONAL CITY BANK, NEW YORK, NEW YORK,
OR, AT THE OPTION OF THE BEARER, AT
FIRST NATIONAL BANK IN DALI2~S, DALLAS, TEXAS
THIS BOND is one of a Series dated as of JULY 15, 1974,
authorized and issued ~n the principal amount of $985,000,
FOR THE PURPOSE OF REFUNDING OUTSTANDING OBLIGATIONS OF SAID CITY
IN ADDITION to all other rights, the holders of th~s Ser~es
of bonds have been subrogated to all pertInent and necessary
rights of the holders of the obligations refunded hereby
-2-
ON JULY 15, 1989,
or on any interest payment date thereafter, any outstanding
bonds of this Series may be redeemed prior to their scheduled
maturities, 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 f~xed for any such redemption said City shall cause
a written notice of such redemption to be published at least
once ~n a f~nanclal publication published in the City of New
York, New York By the date fixed for any such redemption due
provision shall be made w~th the "Paying Agent" for the payment
of the principal amount of the bonds which are to be so redeem-
ed and accrued interest thereon to the date fixed for redemption
If such written notlce of redemption is published and if due
provaslon for such payment as made, all as provided above, the
bonds whlch are to be so redeemed thereby automatically shall
be redeemed prior to thelr scheduled maturities, and they shall
not bear ~nterest after the date flxed for redemptaon, and they
shall not be regarded as beang outstandang except for the r~ght
of the bearer to recelve the redemption price from the "Paying
Agent" out of the funds provaded for such payment
IT IS HEREBY cert~fled, recated, and covenanted that th~s
bond has been duly and validly authorized, issued, and deliver-
ed, that all acts, condltaons, and th~ngs required or proper to
be performed, exast, and be done precedent to or an the authori-
zation, ~ssuance, and delivery of th~s bond have been performed,
existed, and been done in accordance wath law, that this bond is
a general obligation of said City, ~ssued on the full faath and
credit thereof, and that annual ad valorem taxes suffac~ent to
provide for the payment of the ~nterest on and principal of this
bond, as such interest comes due and such prlncapal matures, have
been lev~ed and ordered to be levaed against all taxable property
· n sa~d C~ty, and have been pledged arrevocably for such payment,
wathin the limat prescribed by law
IN WITNESS WHEREOF, thas bond and the lnterest coupons apper-
taining hereto have been slgned w~th the facsamale signature of
the Mayor of saad City and countersigned wath the facslmlle signa-
ture of the Caty Secretary of said C~ty, and the offaclal seal of
said City has been duly ampressed, or placed an facsimile, on this
bond
y~xxx~xxx F. xxxxxxx
City Secretary Mayor
FORM OF REGISTRATION CERTIFICATE
COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NO
I hereby certify that thas bond has been examined, certi-
fied as to valadaty, and approved by the Attorney General of
the State of Texas, and that thas bond has been registered by
the Comptroller of Publac Accounts of the State of Texas
W~tness my s~gnature and seal thas
xxxxxxxx
Comptroller of Publac Accounts of
the State of Texas
-3-
FORM OF INTEREST COUPON
NO $
ON 15, 19 ,
THE CITY OF DENTON, an Denton County, State of Texas,
promises to pay to bearer the amount shown on th~s interest
coupon, in lawful money of the United States of America, w~th-
out exchange or collection charges to the bearer, unless due
prQv~s~on has been made for the redemption prior to scheduled
maturity of the bond to whlch th~s interest coupon appertains,
upon presentation and surrender of th~s ~nterest coupon, at
FIRST NATIONAL CITY BANK, NEW YORK, NEW YORK,
OR, AT THE OPTION OF THE BEARER, AT
FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS,
sald amount being ~nterest coming due that day on the bond,
bearing the number hereinafter designated, of that lssue of
CITY OF DENTON GENERAL OBLIGATION REFUNDING BONDS, SERIES
1974, DATED JULY 15, 1974
Bond No
xxxxxxx xxxxxxxx
City Secretary Mayor
Sectlon 7 That a special "Interest and S~nk~ng Fund" Ks
hereby created solely for the benefit of sa~d bonds, and sa~d
Interest and S~nk~ng Fund shall be established and maintained
by said City at an officlal depository bank of sald Clty Sa~d
Interest and S~nk~ng Fund shall be kept separate and apart from
all other funds and accounts of sa~d City, and shall be used only
for paying the ~nterest 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 credzt of said
Interest and Sinking Fund During each year wh~le any of sa~d
bonds or interest coupons appertaining thereto are outstanding
and unpald, 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 the interest
on said bonds as such interest comes due, and to provide and
maintain a sinking fund adequate to pay the principal of such
bonds as such prlnclpal matures (but never less than 2% of the
original principal amount of sald bonds as a slnklng fund each
year), and said tax shall be based on the latest approved tax
rolls of said City, with full allowance belng 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 sa~d City for each year
wh~le any of said bonds or lnterest coupons appertaining thereto
are outstanding and unpaid, and said tax shall be assessed and
collected each such year and deposlted to the credit of the afore-
sa~d 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 lrrevocably for such payment, w~thln the limit
prescribed by law
Section 8 That the amount, ~f any, in the interest
and sznklng fund originally establzshed for the obl~gatlons
being refunded, together w~th the taxes heretofore levied and
now in the process of collection for the beneflt of said obli-
gations being refunded, are hereby appropriated, and shall be
transferred immediately, to the Interest and Sinking Fund creat-
ed herein
-4-
Section 9 That ~n addlt~on to all other r~ghts, the hol-
ders of said bonds shall be subrogated to all pertinent and neces-
sary rights of the holders of the obligations belng refunded
thereby
Section 10 That the Mayor of sa~d C~ty ~s hereby authorized
to have control of sa~d bonds and all necessary records and pro-
ceedings pertaining to sa~d bonds pending their delivery and
their ~nvestlgat~on, examination, and approval by the Attorney
General of the State of Texas, and their registration by the
Comptroller of Public Accounts of the State of Texas Upon
registration of sa~d bonds, sa~d Comptroller of Publlc Accounts
(or a deputy deslgnated in writing to act for sa~d Comptroller)
shall manually s~gn the Comptroller's Registration Certificate
printed and endorsed on each of sa~d bonds, and the seal of sa~d
Comptroller shall be ~mpressed, or placed an facsimile, on each
of sa~d Bonds
Section 11 That the Comptroller of Public Accounts of the
State of Texas ~s hereby authorized and dlrected to deliver sa~d
bonds to the holder or holders of the obligations being refunded
thereby, ~n exchange for, and upon surrender and cancellation of,
a like principal amount of said obligations being so refunded,
provided that all current and unmatured ~nterest coupons are
attached to each of sa~d obligations surrendered for exchange
Sa~d exchange shall be made ~n one delivery or in several ~nstall~
ment deliveries
-5-
CERTIFICATE FOR
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS
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
SPECIAL MEETING ON THE 25TH DAY OF JUNE, 1974,
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, Clty Secretary Bill Neu, Mayor
Morris Kibler Tom D Jester, Jr
Mrs. Lllllan Miller George Schneider
and all of said persons were present, except the following
absentees Miller and Jester ,
thus constituting a quorum Whereupon, among other business,
the following was transacted at said Meeting a written
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS
was duly introduced for the consideration of said City Council
and read in full. It was then duly moved and seconded that sa~d
Ordinance be passed, and, after due discussion, said motion,
carrying with it the passage of said Ordlnance, prevailed and
carried by the following vote
AYESAil members of said City Council
shown present above voted "Aye".
NOESNone
2. That a true, full, and correct copy of the aforesaid
Ordinance passed at the Meeting described ~n the above and fore-
going paragraph is attached to and follows thls Certificate,
that said Ordinance has been duly recorded in said City Council's
minutes of said Meeting, that the above and foregoing paragraph
~s 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 ~n the above and foregoing paragraph
are the duly chosen, qualified, and acting officers and members of
said City Council as indlcated there~n, that each of the officers
and members of said City Council was duly and sufficiently noti-
fied officially and personally, in advance, of the time, place,
and purpose of the aforesaid Meeting, and that sa~d Ordinance
would be introduced and considered for passage at said Meeting,
and each of said officers and members consented, in advance, to
the holding of said Meeting for such purpose, and that said Meet-
lng was open to the publlc, and public notice of the time, place,
and purpose of said Meeting was given, all as required by Vernon's
Ann Civ. St Article 6252-17
3. That the Mayor of said C~ty has approved, and hereby ap-
proves, the aforesaid Ordinance, that the Mayor and the City Secre-
tary of said City have duly s~gned said Ordinance, and that the
Mayor and the City Secretary of said City hereby declare that their
signlng of this Certificate shall constitute the slgnlng of the
attached and following copy of said Ordinance for all purposes
25th day of June~ 1974
tary a--~~rY°r
(SEAL) ........................................................
We, the undersigned, being respectlvely 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 its Pg~ ~s ~foresa~d
Ci~,/Att6~ey .
Bo~d Kttorneys
hi-c CALL,PARKHURST & HORTON
June 25, 1974
Honorable Mayor and Counczl of
the City of Denton
Denton, Texas
G~ntlemen
Czty of Denton General Obligation Re-
funding Bonds, Series 1974, $985,000
In compliance with Section 9 02 and Section 9 04
of the City Charter of the City of Denton, you are ad-
vised that the bzds for the captioned issue of bonds
have been tabulated and that we fznd that the bid of a
syndicate managed or headed by the followzng
REPUBLIC NATIONAL BANK OF DALLAS, DALLAS, TEXAS,
wlth the bonds to bear interest at the rates therezn speci-
fied, with such bidder to pay par and accrued znterest to
date of delivery for said bonds, plus a premium of $ -0- ,
KS the lowest and best bid receIved, and we recommend that
it be accepted
We further certify that we have examined the ordinance
presently placed before the Mayor and Counczl for the pur-
pose of authorizing the issuance of said bonds, and, in our
opinion, the sazd proposed bond ordinance zs legal, and the
bonds to be issued thereunder will be valid and bzndlng
obligations of the City, payable from ad valorem taxes with-
in the llmlt prescribed by law
Respectfully,
McCALL, PARKHURST & HORTON
Paul B Horton