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1970-030 CERTIFICATE FOR ORDINANCE AUTHORIZING THE ISSUANCL OF GENLRAL OBLIGATION BONDS THE STATE OF IEXAS COUNTY OF DENTON CITY OF DENTON We, the undersigned officers of samd City, hereby certify as follows 1 The City Council of said City convened in SPECIAL MEETING ON THE 22ND DAY OF SEPTEMBER, 1970 at the Munzclpal Building, and the roll was called of the duly constmtuted officers and members of said City Counczl, to-wit Brooks Holt, City Secretary Alexander M F~nlay, Mayor Hugh M Ayer Bmll Neu, Mayer Pro Tem Bob Chambers Harold L Ramey and all of said persons were present, except the followmng absentees ~'-~,-_~-*~ ~ ~ ' thus constituting a~quorum v Whereupon, among other business, the following was transacted at said Meeting a written ORDINANCE AUTHORIZING THE ISSUANCL 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 motion, carrying with it the passage of said Ordinance, prevailed and carried by the following vote AYES All members of said City Council shown present above voted "Aye" NOES None 2 That a true, full, and correct copy of the aforesaid Ordinance passed at the Meeting described ~n the above and fore- golng paragraph is attached to and follows th~s 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 fozego~ng paragraph are the duly chosen, qualified, and acting officers and members of said City Council as lndzcated therein, that each of the officers and members of said C~ty Council was duly and sufficiently notz- fled officially and personally, zn advance, of the t~me, place, and purpose of the aforesaid Meeting, and that said Ordinance would be ~ntroduced and considered for passage at said Meeting, and each of sa~d officers and members consented, in advance, to the holding of said Meeting for such purpose, and that sa~d Meet- lng was open to the public, and public notice of the time, place, and purpose of said meeting was given, all as required by Vernon's Ann C~v St Article 6252-17 3 That the Mayor of said City has approved, and hereby approves, the aforesazd Ordinance, that the Mayor and the C~ty Secretary of said City have duly signed said Ordinance, and that the Mayor and the City Secretary of sa~d City hereby declare that their signing of this Certificate shall constitute the s~gnlng of the attached and following copy of sa~d Ordinance for all pur- poses ec ED AND SEALED the 22nd day of September, 1970 etary ~ / M~yor- (SE~L) .......................... We, the undersigned, being respectively the City Attorney and the Bond Attorneys of the C~ty of Denton, Texas, hereby cer- tify that we prepared and approved as to legality the attached and following Ordinance prior tm-~ts ~asss~ as.~afovsazd -~ City 'Attorney . Bofid ~ttorneys ORDINANCE NO 70-30 THE ISSUANCE OF GENERAL OBLIGATION BONDS bonds hereinafter authorized were lawfully at an election duly held in said City on December, 1967, and the bonds voted at said election, the follow- been authorized, issued, and delivered $2,500,000 street and drainage bonds, being and all of Series 1969, and bonds hereinafter authorized and designated to be ~ssued and delivered pursuant to law, Article 1175 and the City's Home Rule Charter COUNCIL OF THE HEREBY ORDAINS the said City's bonds are hereby issued in the aggregate principal amount THE PURPOSE OF CONSTRUCTING AND IMPROVING CITY, AND PROVIDING DRAINAGE IN CONNECTION said bonds shall be designated as the GENERAL OBLIGATION BONDS, SERIES 1970" said bonds shall be dated SLP~FMBER 15, 1970, denomination of $5,000 each, shall be numbered one upward, and shall mature serially on the each of the years, and in the amounts, respec- in the following schedule MATURITY DATE MARCH 15 YEARS AMOUNTS 1972 $50,000 1973 50,000 1974 50,000 1975 50,000 1976 50,000 1977 50,000 1978 50,000 1979 50,000 1980 50,000 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 -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 1972 through 1975, 7 00% maturities 1976, 6 00% maturities 1977 through 1981, 5 25% maturities 1982 through 1983, 5 50% maturities 1984, 5 65% maturities 1985, 5 80% matur~tles 1986, 5 90% maturities 1987, 6 00% maturities 1988, 6 10% maturities 1989 through 1990, 6 20% maturities 1991, 5 00% Sald ~nterest shall be evidenced by ~nterest 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 · n thlo Ordinance Section 5 That sa~d 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 this Ordinance Section 6 That the form of said bonds, including the form of Reglstratlon Certlflcate 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 sa~d 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 1970 ON MARCH 15, 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 MARCH 15, 197~, and sem~~annually thereafter wh~le this bond is outstanding THE PRINCIPAL of th~s bond and the ~nterest coupons apper- taining hereto shall be payable to bearer hereof, in lawful mon- ey of the United States of America, w~thout exchange or collec- tion charges to the bearer, upon presentation and surrender of this bond or proper lnterest coupon, at the following, whlch shall constitute the "Paying Agent" for th~s Series of Bonds FIRST NATIONAL CITY BANK, NEW YORK, NEW YORK, OR, AT THE OPTION OF THE BEARER, AT FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS THIS BOND is one of a Serles dated as of SEPTEMBER 15, 1970, authorized, issued, and delivered in the principal amount of $1,000,000 FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING STREETS IN SAID CITY, AND PROVIDING DRAINAGE IN CONNECTION THEREWITH -2- ON MARCH 15, 1981, 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 prlnclpal 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 tn d nanclal publication published in the City of New York, New York By the date fixed for any such redemption due p~ovlslon 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 terest thereon to the date fixed for redemption If such wr3t- 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 maturltles, and they shall not bear interest after the date fixed for redemption, and they ~hall not be re- garded as belng 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 th~ngs 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 credat 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 ~n said C~ty, and have been pledged irrevocably for such payment, within the llmlt prescribed by law IN WITNESS WHEREOF, this bond and the interest coupons apper- ta~nlng hereto have been signed with the facsimile signature of the Mayor of said C~ty and countersigned w~th the facsimile signa- ture of the City Secretary of said City, and the official seal of sa~d City has been duly impressed, or placed in facsimile, on this bond XXXXXXXX XXXXXXXX ' C~ty Secretary Mayor FORM OF REGISTRATION CERTIFICATE COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NO I hereby certify that th~s 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 Comptroller of Public Accounts of' '- the State of Texas -3- FORM OF INREREST COUPON NO $ ON , THE CITY OF DENTON, in the Count~ of Denton, State of Texas, prommses to pay to bearer the amount ~hown on this interest coupon, zn 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 redemptmon prior to scheduled maturity of the bond to which this interest coupon appertamns, upon presentation and surrender of th~s interest 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, said amount being interest coming due that day on the bond, bearing the nu~mber herelnaftez designated, of that issue of CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1970, DATED SEPTEMBER 15, 1970 Bond No XXXXXXXX XXXXXXXX City Secretary Mayor Section 7 That a special fund or account is hereby created and designated as the "Interest and Sinking Fund, Sermes 1970", which shall be establmshed and maintained by samd City at an official depository bank of said C~ty Said Interest and Sink- lng 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 prlncmpal of said bonds All ad valorem taxes lev~ed and collected for and on account of said bonds shall be deposited, as collected, to the credit of sald Interest and Sinking Fund During each year while any of said bonds o~ inter- est 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 sufflcment to raise and produce the money required to pay the interest on sa~d bonds as such lnterest comes due, and to provide and maintain a sink- ing fund adequate to pay the principal of such bonds as such principal matures (but never less than 2% of the original prin- cipal amount of said bonds as a sinking fund each year), and said tax shall be based on the latest approved tax rolls of said City, w~th full allowance being made for tax delinquencies and the cost of tax collection Said rate and amount of ad valorem tax is hereby lev~ed, and is hereby ordered to be levied, against all taxable property in said C~ty for each year while any of said bonds or interest coupons appertaIning thereto are outstanding and unpaid, and sa~d tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Slnklng Fund Sald ad valorem taxes sufficient to provide for the payment of the lnterest on and prmnclpal of said bonds, as such interest comes due and such prmnclpal matures, are here- by pledged irrevocably for such payment, within the llmmt pre- secr~bed by law Section 8 That the Mayor of said City ~s hereby authorized to have control of said bonds and all necessary records and pro- ceedzngs pertaining to sa~d bonds pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their reglstratzon by the Comptroller of Public Accounts of the State of Texas Upon -4- reglstratmon of said bonds, sazd Comptroller of Publzc Accounhs (or a deputy desmgnated in writing to act for samd Comptroller) shall manually smgn the Comptroller'q RegIstration Certlfmca~c printed and endorsed on each of samd bonds, and the seal of ~ald Comptroller shall be zmpressed, or placed in facsimile, on each of said Bonds Sectmon 9 That the C~ty hereby covenants that the proceeds from the sale of the bonds wmll be used as soon as practmcable for the purpose for which the bonds axe ]qsued, that such pro ceeds wmll not be mnvested mn c~ny securm£]as or oblxgatlons except for the temporary period pending such use, and that such proceeds will not be used directly or mndlrect]y so as to cause all or any part of the bonds to be or become "arbitrage bonds" within the meanzng of Sectmon 103(d) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pre- scrmbed or made pursuanh thereho Sectmon 10 That it is hereby offlcmally found and deter- mined that a case of emergency or urgent publmc necesszty exists whmch requmres the holding of the meeting at which this Ordmnance zs passed, such emergency or urgent publmc necess]ffy bezng that the proceeds from the sale of the bonds are requmred as soon as posszble and w~thout delay for necessary and urgenhly needed publmc ~mprovements, and that said meeting was open to the public, and publzc notice of the time, place, and purpose of said meeting was given, all as required by Vernon's Ann Cmv St Artmcle 6252-17 Sectzon 11 That the Cmty Council offmczally fmnds, de- termmnes, and declares that said bonds have been duly advert]qed for sale as required by the Home Rule Charter of samd Cmty, thai sealed bmds have been recezved st a public sale of said bonds held on September 22, 1970, that all of sazd bonds are hereby sold and shall be delivered to a syndicate managed or headed by Republic Natzonal Bank of Dallas, Dallas, Texas, bemng the best bidder at sazd public sale, for the prmncmpal amount of said bonds, and accrued interest thereon to the date of delmvery, plus a premzum of $ -0- Section 12 It ls further found and determmned that the Offlczal Notmce of Sale for samd bonds was duly publmshed on August 18, 1970, mn the Bond Buyer, New York, New York, which ms a national pubtzcatmon regularly and prlmarmly carrying fmnanczal news and munmclpal bond sale notices, and on August 14, 19/0, mn the "Denton Record-Chronicle", whzch has been desmgnated as the offlczal newspaper of the Czty of Denton The form and substance of sazd Offzcmal Notzce of Sale, and the aforesaid publmcat~ons thereof, are hereby approved and ratm~]ed mn all respects by the Czty Counczl -5- GENERAL CERTIFICATE THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON We, the undersigned, hereby officially certify that we are the Mayor and City Secretary, respectively, of said City, and we further certify as follows 1 That said Clty 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 s~nce the passage of the ordinance authorlzlng the issuance of the most recently dated, issued, and outstandlng bonds of sald City shown on "Exhibit A," which is attached hereto 2 That no lltlgat~on of any nature has ever been filed pertaining to, affecting, or contesting (a) the election which authorized the proposed C~ty of Denton General Obligation Bonds, Series 1970, dated September 15, 1970, in the principal amount of $1,000,000, (b) the issuance, delivery, payment, security, or validity of said proposed bonds, (c) the t~tle of the present members and officers of the C~ty Council of said C~ty to their respective offices, or (d) the validity of the corporate existence, the current Tax Rolls, or the Charter of said City, and that no lltlgatlon ~s pending pertaining to, affecting, or contesting the boundaries of said C3ty 3 That attached hereto, and marked "Exhibit A", whlch shall be a part hereof for all purposes, is a true, full, and correct schedule and statement of the aforesaid proposed bonds, and of the total presently outstanding bond, warrant, and other ~ndebtedness of sa~d City 4 That the currently effective ad valorem tax Rolls of sald City are those for the year 1970, being the most recent- ly approved Tax Rolls of sa~d C~ty, that the C~ty Council of sa~d City has caused the taxable property ~n said City to be assessed as required by law, that the Board of Equalization of sa~d C~ty has equalized and approved the valuation of taxable property ~n sa~d C~ty for said year, that the Tax Assessor of , sald City has duly vRrlf~ed the aforesaid Tax Rolls, and said Board of Equalization has finally approved the same, that the valuation of taxable property ~n sa~d C~ty for sa~d year, ac- cording to the aforesaid Tax Rolls, as delivered to the City Secretary of said City, and finally approved and recorded by the C~ty Council of said C~ty is $76,087,257 /~~thzs the 22nd day of September, 19~(~0 ~lty Secretary ! Ma~or ~/'/~ (SEAL) "EXEIBIT A" General 0bllgatlon Bonds, Series 1970, dated 9/15/70, to be out- standing in the principal amount of $1,000,000, bearing interest, and maturing as set forth in the Ordinance authorizing said bonds Street Improvement Bonds, Series 1948, dated 3/1/48, now outstand- ing in the principal amount of $50,000, bearing interest, and maturing in the amounts on March 1 of the years, as follows 3-1/4% 50M~71 General Obligation Bonds, Series 1960, dated 7/15/60, now outstand- ing in the principal amount of $375,000, bearing interest, and maturing in the amounts on July 15 of the years, as follows 3-1/2% 25M-71/72, 3-3/4% 25M-73/78, 3 85% 25M-79/85 Street Improvement Bonds, Series 1962, dated 3/15/62, now outstand- ing in the principal amount of $340,000, bearing interest, and maturing in the amounts on March 15 of the years, as follows 2-3/4% 20M-71/74, 3% 20M-75/78, 3-1/8% 20M-79/83, 3 20% 20M-84/87 General Obligation Bonds, Series 1963, dated 3/15/63, now outstand- ing in the principal amount of $360,000, bearing interest, and maturing in the amounts on March 15 of the years, as follows 2-1/9% 20M-71, 3% 20M-72/80, 3 20% 20M-81/86, 3 25% 20M-87/88 C~vlc Center Warrants, Series 1963, dated 4/15/63, now outstand- ing in the principal amount of $215,000, bear3ng ~nterest, and maturing in the amounts on April 15 of the years, as follows 2 80% 30M-71/72, 2 85% 35M-73, 40M-74/76 General Obllgatlon Bonds, Series 1964, dated 7/15/64, now out- standlng in the prlnclpal amount of $705,000, bearing interest, and maturing in the amounts on July 15 of the years, as follows 3% 25M-71, 65M-72/75, 3 10% 65M-76/78, 3 15% 60M-79, 55M-80, 3 20% 55M-81/82 Park Improvement Bonds, Series 1964, dated 7/15/64, now outstand- ing in the principal amount of $140,000, bearing interest, and maturing in the amounts on July 15 of the years, as follows 3% 10M-71/75, 3 10% 10M-76/78, 3 15% 15M-79/80, 3 20% 15M-81/82 General Obligation Bonds, Series 1966, dated 1/15/66, now outstand- ing in the principal amoun% of $925,000, bearing interest, and maturing in tke amounts on January 15 of the years, as follows 5% 25M-71, 4-1/8% 60M-72, 3 30% 60M-73/76, 3-3/8% 60M-77/82, 3-1/2% 60M-83/86 Airport Improvement Warrants, Series 1966, dated 12/1/66, now out- standing in the principal amount of $107,000, bearing interest, and maturing in the amounts on December 1 of the years, as follows 4-1/2% 6M-70, 8M-71/73, 9M-74/75, 10M-76/78, 11/4-79, 12M-80, 6M-81 General Obligation Bonds, Series 1967, dated 11/15/67, now out- standing ~n the principal amount of $570,000, bearing interest, and maturing in the amounts on May 15 of the years, as follows 4 25% 30M-71/89 General ObligatIon Bonds, Series 1968, dated 2/1/68, now outstand- ing in the principal amount of $925,000, bearing interest, and maturing in the amounts on February 1 of the years, as follows 5% 50M-71/74, 4-1/8% 50M-75, 4% 50M-76/78, 4 10% 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 outstand- ing in the principal amount of $1,225,000, bearing ~nterest, and maturlng in the amounts on April 15 of the years, as follows 6-1/2% 60M-71/73, 4 60% 60M-74/75, 4 70% 60M-76/77, 4 75% 60M-78, 4 80% 60M-79, 4 90% 60M-80, 65M-81, 5 00% 70M-82/84, 5 10% 70M-85/87, 5 20% 70M-88/89 ACKNOWLEDGMENT OF NOTICE OF SPECIAL MEETING FOR ABSENTEES THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON Each of the undersmgned officers or members of the C~ty Council of said City hereby acknowledges and certifies that he was duly and sufflczently notzfled offlczally and personally, in advance, of the time, place, and purpose of the SPECIAL MEETING of sazd City Council held at the Municipal Bu~ldlng, on the 22nd day of September, 1970, and that an ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS would be zntroduced and considered for passage at sazd Meeting, and that he consented, in advance, to the holding of said Meeting for such purpose of September, 1970 SIGNED the ~ day kRbPARED BY' FIRST SOLffHWEST r~IPANY, ~ ~ERCANT]LE ~ANK ~UILD[NG, UA[LAS, IEXAS /~ZUi TABULATION OF BIDS RECEIVED AT SALE OF ] _ $1~000~000 CITY OF DENTON GENERAL OBLIGATION BONDS ..... ~OLD September,22t 1970 I N~r ~FFECTIVE IN[EREST INI~EREST [I~J[EREST A~COUNT ~ATURITIES ~(ATE ~REMIUM LOST re(ATE Republic National Bank 1972-75 7% ~ -0- ;633,900 00 5 7627% of Dallas 1976 6% 1977-81 5 1/4% 1982-83 5 1/2% 1984 5 65% 1985 5 80% 1986 5.90% 1987 6 00% 1988 6 10% 1989-90 6 20% 1991 5% John Nuveen and Company, Inc 1972-74 7% $55 O0 $635,516 25 5 7774% 1975-79 6 1/2% 1980-81 6% 1982 5 1/2% 1983 5 60% 1984 6 75% 1986-87 6% 1988 6 10% lg8g-gl First National Bank in Dallas 1972-77 7% $72 50 $636,415 O0 5 78559% Texas Commerce Bank 1978 5 90% First City National Bank of 1979-81 5 30% Houston 1982 5 1/2% 1983 5 60% 1984 5 75% 1986 6 00% 1987-89 6 10% 1990-91 5% Underwood, Neuhaus and Com- 1972-77 7% $ -0- $636,587 50 5 7871% party, Inc 1978 6 10% 1979-80 5 20% 1981-82 5 1/2% 1983-84 § 70% 1985 5 80% lgSB 6 10% lgSg 6 15% 1990-91 5% PREPARED BY' FIRST ~OUTH~ST COHPANY. 92_7 r'IERCANTILE ~ANK BUILDING. DALLAS. TEXAS 75203. TABULATION OF BIDS RECEIVED AT SALE OF $1,000,000 CITY OF DENTON GEN£~L OBLIG~ION BONDS {CONT'D) September 22, 1970 i NET ~FFECTIVE iNtEREST k:coum- r~'ru, mES I"~RT[ES' F~F~U, IN'~s~ST FATE Nerrf11 Lynch. P~erce. Fenner 1972-76 7% $ -0- $636.612 50 5 78738f and Smith Incorporated 1977 6 1/2% Goodbody and Company 1978-83 5 1/2% Dittmar and Company, Incorporated 1984 5 70% Walston and Company, Incorporated 1985 5 90% £ppler, Guerin and Turner, Inc 1986 6% 1987 6 10% 1~88 ~ 15% 1989 6 20% 1990-91 5% Harris Trust and Savings Bank 1972-77 6 3/4% $18 07 $637,081 93 5 7917% Weeden and Company 1978-82 5 1/2% First National Bank of Fort Worth 1983 5 60% 1984 5 3/4% 1985 5 9O% 1986 6% 1987 6 10% 1988 6 20% 1989 6 1/4% 1990-91 5% A S Hart and Company, Inc 1972-75 7% $53 O0 $637,247 O0 5 7931% 1976-81 5 1/4% 1982-83 5 1/2% 1984-87 6% 1988-g0 6 20% lggl 5% Rowles, Winston and Company, Inc 1972-75 6 3/4% $285 O0 $642,796 25 5 843% 1976 5 3/8% 1977-78 5% 1979 5 10% lg80 5 2O% lgS1 5 30% 1992 ~ A=~ 1983 5 60% 1984 5 75% 1985 5 90% 1986 6% 1987 6 05% 1988 6 10% 1989 6 15% COMPANY, E)~7 r~CANTILE ]~ANK ]~uImnING, DALLAS, TEXAS TABULATION OF BIDS RECEIVED AT SALE OF $1,000~000 ~ITY OF DENTON G£NE~L OBLIG~ION BONDS (CONT'D) Septe~er 22, 1970 NET ~FFECTIVE IN'~FEREST INI~s~ST INTEREST JVtATURITIES KATE PREMIUM ,,i KATE 1972-73 7% $1g5 O0 $643,292 50 5 848% 1974 5 1/4% 1975-82 5 1/2% 1983 5 60% 1984 5 3/4% 1985-86 6% 1987 6 10% 1988 6 15% 1989 6 20% 1990-91 6 1/4% 1972-7B 6 3/4% -0- $644,137 50 5 855% 1976-79 5% 1980 5 15% 1981 5 30% 1982 5 45% 1983 5 60% 1984 1985 5 9O% 1986 6 1987 1988-89 6 20% 1990-91 6 1972-79 7% $120 O0 $653,217 50 5 9383% 1980 6 90% 1981 5 1/2% 1982-83 5 3/4% 1984 5 90% 1985 6% 1986 1987 6 20% 1988 6 25% 1989-91 ~ ~.~ ~'7~ o~c~ s~ ~o~ I (General Obligation Bonds) September 22 1970 Honorable Mayor City of e~nton and City Councll Gentlemen~ made to our Official Notice of Sale and Official Statement , dated Septe~er ~0,000 3-1~-73 ~ 50,000 3-15-83 ~ 50,000 3-15-74 ~ ~,~ 50,000 3-15-84 50,000 3-15-75 50 000 3-15-85 ~ ~ 50 000 3-15-77 ~ 50,000 3-1~-87 ~ ~ ' 50,000 3-15-79 ~ ~ 50,000 3-15-89 ~ ~% Atta~ed hereto is Cashier's - ~ Che~ of ~e RePublic National G~d F~ ~sit, ~d whi~ ls s~tLed ~n accordance with ~e te~ as set for~ in ~e and ~aoeiates PUBLIC NOTICE OF MEETING TAKE NOTICE THAT A MEETING OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, wall be held at THE MUNICIPAL BUILDING, DENTON, TEXAS, com~enclng at 10 30 o'clock, A M , on the 22nd day of September, 1970, to consider and act upon any lawful subject which may come before it, lncludlng, among others, the following AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF $3,500,000 ELECTRIC REVENUE BONDS and $1,000,000 GENERAL OBLIGATION BONDS A case of emergency or urgent public necessity exists which re- quires the holding of sa~d meeting, such emergency or urgent public necesslty being as follows the proceeds from the pro- posed bonds are required as soon as possible and w~thout delay for necessary and urgently needed public ~mprovements M-~CALL PARKHURST $. HOIRTON September 22, 1970 Honorable Mayor and Council of the City of Denton, Denton, Texas Gentlemen CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1970~ $1~000~000 In complzance with Section 9 02 and Section 9 04 of the Czty Charter of the City of Denton, you are advzsed that the bzds for the captzoned issue of bonds have been tabulated and that we find that the bid of a syndicate managed or headed by ~c~~ for the bonds to bear interest af the rates there~ln speci- fied, wlth such bidder to pay par and accrued interest to date of delivery for sa~d bonds, plus a premium of $-- o-- , Ks the lowest and best bid received, and we recommen~-~ it be accepted We further certify that we have examined the ordinance presently placed before the Mayor and Council for the purpose of authorzzlng the issuance of said bonds, and in our opinion the said proposed bond ordinance is legal, and the bonds to be issued thereunder will be valid and bind- lng, obligations of the City payable from ad valorem taxes within the limit prescribed by law Respectfully, McCALL, PARKHURST & HORTON ORDINANCE NO 70-31 ORDINANCE AUTHORIZING T~E ISS_q~NCE OF ELECTRIC REVENUE BONDS THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON WHEREAS, the bonds hereznafter authormzed were duly and favorably voted, as required by the Constztutzon and laws of the State of Texas, at an electzon held in samd Czty on the 9th day of December, 1967, and WHEREAS, out of the $15,000,000 Electric Revenue Bonds voted at said electzon, $1,000,000 thereof have been zssued and delivered, bezng all of Serzes 1968, and WHEREAS, the bonds hereznafter authormzed are to be mssued and delivered pursuant to Vernon's Artzcles 1111 through 1118, and the Home Rule Charter of sazd Czty THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS Section 1 That said Czty's bonds, to be deszgnated the "CITY OF DENTON ELECTRIC REVENUE BONDS, SERIES 1970," are hereby authormzed to be mssued and delmvered zn the prmnczpal amount of $3,500,000, FOR THE PURPOSE OF IMPROVING AND EXTENDING THE CITY'S ELECTRIC LIGHT AND POWER SYSTEM Section 2 That samd bonds shall be dated SEPTEMBER 1, 1970, shall be mn the denominatzon of $5,000 EACH, shall be num- bered consecutively from 1 THROUGH 700, and shall mature sermally on NOVEMBER 1 mn each of the years, and mn the amounts, respect- ively, as set forth in the followzng schedule yEARS AMOUNTS YEARS AMOUNTS YEARS AMOUNTS 1971 $140 000 1980 $140 000 1988 $140 000 1972 140.000 1981 140.000 1989 140 000 1973 140.000 1982 140.000 1990 140 000 1974 140.000 1983 140 000 1991 140 000 1975 140~000 1984 140 000 1992 140 000 1976 140.000 1985 140 000 1993 140 000 1977 140.000 1986 140 000 1994 140 000 1978 140.000 1987 140 000 1995 140 000 1979 140 000 Said bonds may be redeemed prmor to thezr scheduled maturztzes, at the optzon of sazd Czty, on the dates stated, and mn the man- ner provided, in the FORM OF BOND set forth mn thzs Ordmnance Sectzon 3 That the bonds scheduled to mature durzng the years, respectively, set forth below shall bear znterest from their date, untml maturzty or redemptzon, at the followmng rates pe~ annum maturitmes 1971 through 1984, 6 50% maturmtles 1985~ 6 40% maturitmes 1986~ 6 007 maturztles 1987~ 6 15% maturmtzes 1988, 6 20% maturztles 1989~ 6 25% maturities 1990 6 307 maturmtles 1991 6 35% maturztles 1992 6 40% maturzties 1993 through 1995, 4 507 -1- Said znterest shall be evzdenced by znterest coupons whzch shall appertain to sazd bonds, and whzch shall be payable on the dates stated in the FORM OF BOND set forth zn thzs Ordznance Sectzon 4 That sazd bonds and znterest coupons shall be payable, shall have the characterzstzcs, and shall be signed and executed (and s~zd bonds shall be sealed), all as provided, and zn the manner zndzcated, zn the FORM 05 BOND set forth ~n thzs Ordinance Sectzon 5 That the form of sazd bonds, zncludzng the form of Regzstratzon Certzfzcate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each of sazd bonds, and the form of the aforesaid znterest coupons which shall appertazn and be attached znztzally to each of sa~d bonds, shall be, respectzvely, substantzally as follows FORM OF BOND NO $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON ELECTRIC REVENUE BOND SERIES 1970 ON NOVEMBER 1, 19__, the CITY OF DENTON, zn the County of Denton, State of Texas, promzses to pay to bearer the przncipal amount of FIVE THOUSAND DOLLARS and to pay ~nterest thereon, from the date hereof, at the rate of % per annum, evidenced by znterest coupons payable MAY 1, ~, and semz-annually thereafter on each NOVEMBER 1 and MAY 1 while thzs bond ~s outstandzng The prznczpal of this bond and the interest coupons appertaznzng hereto shall be payable to bearer, zn lawful money of the Unzted States of Amerzca, wzthout exchange or ¢ollectzon charges to the bearer, upon presentatzon and surrender of thzs bond or proper interest coupon, at the FIRST STATE BANK OF DENTON, DENTON, TEXAS, or, at the optzon of the bearer, at the FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS, which places shall be the payzng agents for thzs Serzcs of bonds THIS BOND is one of a Serzes of bonds dated SEPTEMBER 1, 1970, zssued zn the principal amount of $3,500,000, FOR T~IE PURPOSE OF IMPROVING AND EX%ENUING T~IE CITY'S ELECTRIC LIGHT AND PO~ER sYS Mo ON NOVEMBER 1, 1985, OR ON ANY INTEREST PAYMENT DATE THEREAFTER~ any outstandzng bonds of thzs Serzes may be redeemed przor to thezr scheduled maturztzes, at the optzon of said C~ty, IN WHOLE, OR IN PART, for the prznc~pal amount thereof and accrued znterest thereon to the date fzxed for redemptzon At least thzrty days prior to the date fixed for any such redemption said City shall cause a written not,ce of such redemption to be published at least once in a f~nancial publication published in the C~ty of New York, New York By the date fixed for any such redemption due provision shall be made with the paying agents for the payment of the pr~nc~- pal amount of the bonds which are to be so redeemed and accrued ~nterest thereon to the date fixed for redemption If such w~ltten notice of redemption ~s published and ~f due provision for such pay- ment 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 ~n~erest after the date f~xed for redemption, and they shall not be regarded as being outstanding except for the purpose of being pa~d by the paying agents with the funds so provided for such payment IT IS HEREBY certified, recited, and covenanted that th~s bond has been duly and validly issued and delivered, that ail acts, conditions, and th~ngs required or proper to be performed, exist, and be done precedent to or ~n the ~ssuance and delivery of this bond have been performed, existed, and been done ~n accordance w~th law, and that the interest on and principal of th~s bond, the Series of which it is a part, together with other outstanding electric revenue bonds of said C~ty, are secured by and payable from a first l~en on and pledge of the Net Revenues of the C~ty's Electric Light and Power System SAID CITY has reserved the right, subject to the restrictions adopted by reference in the Ordinance authorizing th~s Ser~es of bonds, to ~ssue additional parity revenue bonds which also may be secured by and made payable from a f~rst l~en on and pledge of the Net Revenues of sa~d C~ty's Electric L~ght and Power System FURTHER, SAID CITY has reserved the r~ght, subject to the restrictions referred to in the Ordinance authorizing th~s Ser~es of bonds, to combine the operation of ~ts Electric L~ght, Waterworks, and Sanitary Sewer Systems, ~n which event this Ser~es of bonds and other revenue bonds of the C~ty may be secured by and made payable from a f~rst l~en on and pledge of the Net Revenues of sa~d combined Electric L~ght, Waterworks, and Sanztary Sewer Systems THE HOLDER HEREOF shall never have the right to demand payment of this oblzgat~on out of any funds raised or to be razsed by taxatzon IN WITNESS WHEREOF, thzs bond and the interest coupons appertazning hereto have been szgned with the facszmile signature of the Mayor of sazd City and counterszgned wzth the facslmzle signature of the Czty Secretary of sazd Czty, and the offlczal seal of said C~ty has been duly zmpressed, or placed in facsimile, on this bond xxxxxxxx xxxxxxxx Czty Secretary, City of Denton Mayor, City of Denton -3- FORM OF REGISTRA%ION CLRT1FICATE COMPTROLLER'S REGISTRATION CERTI~ ICATE 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 th~s bond has been registered by the Comptroller of Public Accounts of the State of Texas W~tness my signature and seal th~s XXXXXXXY Comptroller ~~Account's of the State of Texas FORM OF INTEREST COUPON ON 1, 19 THE CITY OF DENTON, in the County of Denton, State of Texas, promises to pay to bearer the amount shown on this interest coupon, zn lawful money of the United States of America, without exchange or collection charges to the bearer, unless due provision has been made for the redemption prior to maturity of the bond to which this interest coupon appertains, upon presentation and surrender of this interest coupon, at the FIRST STATE BANK OF DENTON, DENTON, TEXAS, or, at the option of the bearer, at the FIRST NA£IONAL BANK IN DALLAS, DALLAS, TEXAS, said amount being interest due that day on the bond, bearing the number hereinafter designated, of that issue of CITY OF DENTON ELECTRIC RFVENUF BONDS, SERIES 1970, DATED SEPTEMBER 1, 1970 The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation Bond No XXXXXXXX XXXXXXXX City Secretary Mayor Section 6 That the term "Outstanding Bonds," as used herein, shall mean the outstanding bonds of the following issues of said City Electric Revenue Bonds, Series 1954, authorized by ordinance dated October 12, 1954, Electric Revenue Bonds, Series 1955, authorized by ordznance dated May 15, 1955, Electric Revenue Bonds Series B, 1955, authorized by ordinance dated November 8, 1955, Electric Revenue Bonds Series 1961, authorized by ordinance dated June 13, 1961, Electric Revenue Bonds Series 1965, authorized by ordinance dated January 19, 1965, Electric Revenue Bonds Series ]968, authorized by ordinance dated January 23, 1968 -4- The Series 1970 Bonds authorized hereby are parity "Additional Bonds" as defined and permitted in Section 22 of the aforesaid ordinance dated October 12, 19547 and Sections 11 through 29 of said ordinance dated October 12, 1954, are adopted by reference and shall be applicable to said Series 1970 Bonds for all pur- poses, except to the extent hereinafter specifically modified and supplemented The Series 1970 Bonds and the Outstanding Bonds are and shall be equally and ratably secured by and payable from a first l~en on and pledge of the Net Revenues of sa~d C~ty's Electric Light and Power System, and all of sa~d obligations shall be on a parrty and of equal dignity ~n all respects Section 7 That, ~n addition to all other amounts re~ quzred by the ordinances, respectively, authorizing the issuance of the Outstanding Bonds, there shall be deposited into the Inter- est and Redemption Fund, created for the benefit of said Outstand- ing Bonds and all Additional Bonds, the following (a) such amounts, in equal monthly installments, made on or before the 10th day of each month hereafter, as will be sufficient to pay the interest scheduled to come due on said Series 1970 Bonds on the next interest payment date, and (b) such amounts, in equal monthly installments, made on or before the 10th day of each month, commenc- ing November 10, 1970, as will be sufficient to pay the next maturing principal of said Series 1970 Bonds Section 8 That, zn addition to all other amounts re- quired by the ordinances, respectively, authorizing the issuance of the Outstanding Bonds, there shall be deposited into the Reserve Account zn the Interest and Redemption Fund, created for the bene- fit of said Outstanding Bonds and all Additional Bonds, on or be- fore the 10th day of each month hereafter, the sum of at least $4,560 until the aggregate amount of $1,366,000 shall have been accumulated in sa~d Reserve Account Thereafter said aggregate amount shall be maintained therein, for the benefit of the Out- standing Bonds, the Series 1970 Bonds, and all Additional Bonds, zn accordance with the procedures, as herein modified and supple- mented, set forth in the ordinances authorizing the Outstanding Bonds Section 9 That said bonds are and shall be special obligations of said City, and the holder or holders thereof shall never have the right to demand payment of said obligations out of any funds raised or to be raised by taxation Section 10 That the Mayor of said City is hereby authorized to have control of said bonds and all necessary records and proceedings pertaining to sa~d bonds pending their delivery and their investigation, 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 regis- tration of said bonds, said Comptroller of Public Accounts (or a -5- 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 zn facsimile, on each of said bonds Section 11 That the proceeds of the Ser~es 1970 Bonds shall be used solely for making improvements and extensions of the City's Electric Light and Power System which have been de- termined by the City Council to be necessary and economically feasible Section 12 That the C~ty hereby covenants that the proceeds from the sale of the bonds will be used as soon as practicable for the purpose for which the bonds are issued, that such proceeds will not be invested zn any securities or gatzons except for the temporary per~od pending such use, and that such proceeds will not be used directly or indirectly so as to cause all or any part of the bonds to be or become "arbitrage bonds" within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings prescribed or made pursuant thezeto Section 13 That zt is hereby officially found and de- termined that a case of emergency or urgent public necessity exists which requires the holding of the meeting at which this Ordinance is passed, such emergency or urgent public necessity being that the proceeds from the sale of the bonds are required as soon as possible and without delay for necessszy and urgently needed public improvements, and that said meeting was open to the public, and public notice of the time, place, and purpose of said meeting was given, all as required by Vernon's Ann Czv St Article 6252-17 Section 14 That the City Council officially finds, determines, 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 September 22, 1970, that all of said bonds are hereby sold and shall be delivered to a syndicate managed or headed by The First Boston Corporation, Boston, Mass , 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 $392 00 Section 15 It zs further found and determined that ths Official Notice of Sale for said bonds was duly published on August 18, 1970, zn the Bond Buyer, New York, New York, which a national publzcatzon regularly and primarily carrying financial news and municipal bond sale notices, and on August 14, 1970, zn the "Denton Record-Chronicle", which ha~ been designated as the official newspaper of the City of Denton The form and ~ubstence of said Official Notice of Sale, and the aforesaid publications thereof, are hereby approved and ratified zn all respects by the City Council -6- ACKNOWleDGMENT OF NOTICE OF SPECIAL MEE%ING FOR ABSENTEES THE STATE OF TFXAS COUNTY OF DENTON CITY OF DENTON Each of the undersigned officers or members of the City Counczl of sa~d Czty hereby acknowledges and certzf~es that he was duly and suffzclently notified officially and per- sonally, ~n advance, of the t~me, place, and purpose of the SPECIAL MEETING of sazd City Council held at the Municipal Buzldlng, on the 22nd day of September, 1970, and that an ORDINANCE AUTHORIZING THE ISSUANCE OF ELECTRIC REVENUE BONDS would be zntroduced and conszdered for passage at sazd Meetzng, and that he consented, zn advance, to the holdzng of said Meet- zng for such purpose SIGNED the P P- day of September, 1970 GENERAL CFRTI~ICATE £HE STATE OF TLXAS COUNTY OF DENTON CI%Y OF DENTON We, the undersigned, hereby officially certify that we are the Mayor and City Secretary, respectively, of said City, and we further certmfy as follows 1 That sazd City zsa duly incorporated Home Rule City, havmng 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 ordmnance authormzzng the ~ssuance of the most recently mssued Sermes of outstanding bonds listed below zn paragraph 3 hereof 2 That no lztzgatzon of any nature has ever been filed pertaining to, affectmng, or contesting (a) the election which authorized the proposed Cmty of Denton Electrmc Revenue Bonds, Sermes 1970, dated September 1, 1970, in the principal amount of $3,500,000, (b) the mssuance, delivery, payment, security, or validity of samd proposed bonds, (c) the title of the present members and officers of the Cmty Council of said Cmty to their respective offices, or (d) the validity of the corporate exist- ence of said City 3 That none of the revenues or income of said Cmty's Electric Light and Power System have been pledged or encumbered to the payment of any debt or obligation of said City or said System, except mn connection with the aforesamd proposed Series 1970 Bonds, and the outstanding bonds of the followmng issues of said City Electric Revenue Bonds Series 1954, Electric Revenue Bonds Series 1955, Electrmc Revenue Bonds Series B, 1955, Electric Revenue Bonds Sermes 1961, Electric Revenue Bonds Series 1965, Electric Revenue Bonds Series 1968 4 That the rates being charged for electric service by samd Cmty have not been changed since the passage of the or- dinance authorzzmng the most recently mssued Sermes of outstand- ing bonds listed above 5 That each of the Funds, respectmvely, created and mamntained for the benefmt of the outstanding bonds listed above, in accordance with the ordinances authorizing their issuance, contamns the amount now required to be on deposmt therein, with such amount in each of said Funds being as follows (a) Interest and Redemption Fund $ ~ f~,..~70. (b) Reserve Account zn the Interest and Redemption Fund $~j O~7~7 6 That no default exists zn connection with any of the covenants or requmrements of the ordinances authorizing the mssuance of the aforesaid outstaudzng bonds SIGNED AND SEALED this the 22nd day of September, 1970 ~ City Secretary × Mayor ~/~/ (SEAL) PREPARED l~y: ~IRST SO--ST C(~MPAI~f, 92~7 MERCANTILE BANK ~UILDING, DALLAS, TEXAS 75201 TABULATION OF BIDS RECEIVED AT SALE OF $3,500~000 CI~ OF DENTON, TEXAS ELECTRIC REVENUE BONDS SO~ Septe~er 22, 1970 NET ~FFECTIVE INIEREST INTco ST tN~EREST ACCOUNT MATUEITIES F~TE ~RF. MIUM ~ATE First Boston Corporation 1971-84 6 1/2% $392 O0 $2,742,639 67 5 9514% 1985 6 40% 1986 6 00% 1987 6 15% 1988 6 20% 1989 6 1/4% 1990 6 30% 1991 6.35% 1992 6 40% 1993-95 4 1/2% Rowles, Winston and Company, Inc 1971-80 7 00% $ -0- $2,755,690 73 5 97% 1981 5 60% 1982 5 55% 1983 5 70% 1984 5 80% 1985 5 90% 1986 6 00% 1987 6 lO~ 1988 6 15% 1989 6 20% 1990 6 25% 1991 6 30% 1992 6 35% 1993-95 5 00% Phelps, Fenn and COmpany, Inc 1971-82 7 00% $245 O0 $2,759,284 08 5 987599 1983 6 80% 1984-85 6 00% 1986 6 10% 1987 6 20% 1988 6 25% 1989-90 6 30% 1991-9B ~.pn[ Merrill Lynch, Pierce, Fenner and 1971-78 7 00% $ -0- $2,779,129 06 6 0306% Smith Inc 1979 6 00% John Nuveen and Company, Inc 1980-82 5 1/2% I 1983 5 70% 1984 5 90% 1985 6 00% 1986 6 10% 1987 6 15% 1988 6 20% 1989 6 25% 1990 6 30% 1991 6 35% . 1992-93 6 40% 1994-95 5 00% I $3,500,1000 CITY OF Dr TON, TEXAS ELECTRIC REVENUE BON -- PAGE 2 ~EP~ ~: FIRST~IJll~NESTCOM~,92.7~[~ ~NK~I~[NG, DALLAS, TEXAS 75~1 TABULATION OF BIDS RECEIVED AT SALE OF NET ~rFFECTIVE IN'~EREST IN~EEEST INTEREST ACCOUNT ~IATURITIES KATE PREMIUM LOST )(ATE First Southwest Company 1971-74 7 00% $438 O0 $2,828,490 21 6 1377% O C Bradford and Company 1975 $ 5/8% Rauscher Pierce Securities Cot- 1976-77 5 00% potation 1978-81 5 1/2% Rotan, Mosle-Callas Union, Inc 1982-83 5 3/4% Weeden and Company 1984-85 6 00% Wertheim and Company 1986 6 10% McClung and KnickerBocker. Inc. 1987 ~_pn~ 1988 6 25% 1989 6 30~ lg90 6 35~ lggl 6 40~ 1992-93 6 45% 1994-95 6 1/2[