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1969-015 ORDINANCE NO 69-/~ ORDINANCE AUTHORIZING %~E ISSUANCE OF GENERAL OBLIGATION BONDS THE STALE OF TEXAS COUNTY OF DENTON CITY OF DENTON WHEREAS, the bonds hereznafter authorzzed were duly and favorably voted, as requzred by the Constztutzon and laws of the State of Texas, at an electzon held zn sazd Czty on the 9th day of December, 1967, and WHEREAS, out of the bonds voted at sazd electzon for street purposes, the following prevzously have been zssued and de- lzvered $215,000 out of a voted total of $2,500,000, fo~ the purpose of constructzng and zmprovzng streets in said Czty, and provzdzng draznage zn connection therewith, represented by part of the General Oblzgatzon Bonds, Serzes 1968, and WHEREAS, the bonds hereznafter authorzzed are to be zssued and delzvered pursuant to law, zncludzng Vernon's Artzcle 1175, and the Home Rule Charter of said Czty THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS Section 1 That said City's bonds, to be deszgnated the "CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1969," are hereby autnorzzed to be zssued and delivered zn the prznczpal amount of $1,285,000 for the purpose of CONSTRUCTING AND IMPROVING STREEIS IN SAID CITY, AND PROVIDING DRAINAGE IN CONNECTION THEREWITH° Section 2 That said bonds shall be dated APRIL 15, 1969, shall be in the denom~natzon of $5,000 EACH, shall be numbered con- secutlvely from 1 THROUGH 257, and shall mature serially on APRIL 15 zn each of the years, and zn the amounts, respectively, as set forth in the following schedule YEARS AMOUNTS YEARS AMOUNTS 1970 $60 000 1980 $60,000 1971 60~000 1981 65 000 1972 60,000 1982 70 000 1973 60 000 1983 70 000 1974 60 000 1984 70 000 1975 60,000 1985 70 000 1976 60,000 1986 70 000 1977 60,000 1987 70 000 1978 60,000 1988 70 000 1979 60,000 1989 70 000 Said bonds may be redeemed przor to thezr scheduled maturztzes, at the option of said Czty, on the dates stated, and zn the manner provzded, zn the FORM OF BOND set forth zn this Ordznance -1~ Section 3 That the bonds scheduled to mature durzng the years, respectzvely, set forth below shall bear znterest from their date, untzl maturzty or redemption, at the followzng rates per annum maturztzes 1970 through 1973, 6~% maturztzes 1974 through 1975, 4 60% maturztzes 1976 through 1977, 4 70% maturztzes 1978, 4 75% maturztzes 1979, 4 80% matur~tzes 1980 through 1981, 4 90% maturztzes 1982 through 1984, 5 00% maturztles 1985 through 1987, 5 10% maturztzes 1988 through 1989, 5 20% Sazd zrterest shall be evzdenced by znterest coupons whzch shall appertain to sazd bonds, and which shall be payable on the dates stated ~n 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 szgned and ex- ecuted (and sazd bonds shall be sealed), all as provzded, and zn the manner zndzcated, zn the FORM OF BOND set forth zn thzs Ordznance Section 5 That the form of sazd bonds, zncludzng the form of Registratzon Certificate of the Comptroller of Publzc Accounts of the State of Texas to be printed and endorsed on each of sazd bonds, and the form of the aforesaid znterest coupons whzch shall appertazn and be attached lnztzally to each of sazd bonds, shall be, respect- zvely, substantially as follows FORM OF BOND NO o $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON GENERAL OBLIGATION BOND SERIES 1969 ON APRIL 15, 19__, the CITY OF DENTON, zn the County of Denton, State of Texas, promises to pay to bearer the prznczpal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of % per annum, evzdenced by znterest coupons payable APRIL 15, 1970, and semz-annually thereafter on each OCTOBER 15 and APRIL 15 while this bond zs outstanding The prlnczpal of thzs bond and the interest coupons appertaining hereto shall be payable to bearer, zn lawful money of the United States of Amerzca, without exchange or collection charges to the bearer, upon presentatzon and surrender of thzs bond or proper interest coupon, at THE FIRST NATIONAL CITY BANK OF NEW YORK, NEW YORK, NEW YORK, or, at the optzon of the bearer, at the FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS, which places shall be the paying agents for thzs Series of bonds -2- THIS BOND is one of a Serzes of bonds dated APRIL 15, 1969, zssued in the prznc~pal amount of $1,285,000 FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING STREETS IN SAID CITY, AND PROVIDING DRAINAGE IN CONNECTION THEREWITH° ON APRIL 15, 1981, OR ON ANY INTEREST PAYMEN£ DATE THERE- AFTER, any outstanding bonds of thzs Serzes may be redeemed przor to thezr scheduled maturztzes, at the optzon of sazd City, IN WHOLE, OR IN PART, for the prmnczpal amount thereof and accrued interest thereon to the date fzxed for redemptmon At least thirty days prmor to the date fixed for any such redemption sand City shall cause a wrztten notzce of such redemptzon to be published at least once mn a flnanczal publzcatzon publzshed zn the Cmty of New York, New York By the date fixed for any such redemptzon due provm~zon shall be made wmth the payzng agents for the payment of the pr~ncz- pal amount of the bonds whzch are to be so redeemed and accrued zn- retest Lhereon to the date fixed for redemptzon If such wrztten notzce of redemptzon is publzshed and mf due provzszon for such pay- ment is made, all as provzded above, the bonds whzch are to be so redeemed thereby automatically shall be redeemed przor to their scheduled maturmtzes, and they shall not bear interest after the date fixed for redemption, and they shall not be regarded as bezng outstandzng except for the purpose of bezng pazd by the paymng agents with the funds so provzded for such payment IT IS HEREBY certlfzed, reczted, and covenanted that thzs bond has been duly and validly zssued and delivered, that all acts, conditzons, and things requzred or proper to be performed, exmst, and be done precedent to or in the issuance and delivery of thzs bond have been performed, exmsted, and been done zn accordance wzth law, than this bond zs a general oblzgatzon of sazd City, issued on the full faith and credit thereof, and that annual ad valorem taxes sufficzent to provide for the payment of the znterest on and princi- pal of this bond, as such mnterest comes due and such przncipal matures, have been levzed and ordered to be levied agaznst all tax- able property in sazd City, and have been pledged ~rrevocably for such payment, within the lzmmt prescribed by law IN WITNESS WHEREOF, thzs bond and the znterest coupons appertaining hereto have been szgned wmth the facsimzle signature of the Mayor of sazd C~ty and countersigned with the facszmile szgnature of the Cmty Secretary of sazd Cmty, and the offzcial seal of said Czty has been duly zmpressed, or placed mn facs~mzle, on thms bond. xxxxxxxx _ xxx~,xxxx Czty Secretary, City of Denton Mmyor, City of Denton FORM OF REGIS£RA%ION CERTIFICATE COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NOo I hereby certify that thzs bond has been examined, cer- tifzed as to valzdzty, and approved by the Attorney General of the State of Texas, and that thms bond has been registered by the Comptroller of Publmc Accounts of the State of Texas -3- Witness my szgnature and seal thzs XXXXXXXX Comptroller of Publ ~c Accounts of the State of Texas FORM OF INTEREST COUPON NO $ ..... ON 15, 19 THE CITY OF DENTON, zn the County of Denton, State of Texas, promzses to pay to bearer the amount shown on thzs znterest coupon, zn lawful money of the Unzted States of Amerzca, wzthout exchange or collection charges to the bearer, unless due provzszon has been made for the redemption prior to maturity of the bond to which thzs interest coupon appertazns, upon presentatzon and surrender of this znterest coupon, at THE FIRST NATIONAL CITY BANK OF NEW YORK, NEW YORK, NEW YORK, or, at the option of the bearer, at the FIRST NATIONAL BANK IN DALLAS, DALLAS~ TEXAS, sazd amount bezng interest due that day on the bond, bearzng the number hereznafter deszgnated, of that issue of CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1969, DATED APRIL 15, 1969. Bond No. XMXXXXMX XXXXXXXX Clty Secretary Mayor Section 6 That a speczal fund or account, to be deszgnat- ed the "Czty of Denton General Oblzgation Bonds, Serzes 1969, In- terest and Sinking Fund," is hereby created and shall be establzsh- ed and maintained by said Czty at an offzczal depository bank of sazd City Said Interest and Sznkzng Fund shall be kept separate and apart from all other funds and accounts of sazd City, and shall be used only for payzng the znterest on and prznczpal of sa~d bonds Ail ad valorem taxes levied and collected for and on account of sazd bonds shall be deposzted, as collected, to the credit of said In- terest and Sinking Fund During each year whzle any of said bonds or interest coupons apperta~nzng thereto are outstandzng and unpaid, the City Council of said City shall compute and ascertazn a rate and amount of ad valorem tax whzch wzll be suffzcient to razse and produce the money required to pay the znterest on said bonds as such interest comes due, and to provzde and ma~ntazn a sznking ~und adequate to pay the prznczpal of such bonds as such przncipal ma- tures (but never less than 2% of the origznal prlnczpal amount of said bonds as a sinking fund each year), and sazd tax shall be based on the latest approved tax rolls of sazd Czty, wzth full allowance being made for tax delinquenczes and the cost of tax collection Said rate and amount of ad valorem tax zs hereby levied, and is hereby ordered to be levzed, agaznst all taxable property in said City for each year while any of said bonds or interest coupons appertaznzng thereto are outstandzng and unpaid, and said tax shall be assessed and collected each such year and deposited to the credit of the aforesazd Interest and Sznkzng Fund Sazd ad valorem taxes sufficzent to provzde for the payment of the interest on and princzpal of samd bonds, as such znterest comes due and such princzpal matures, are hereby pledged ~rre- vocably for such payment, wzthzn the lzmzt prescrzbed by law Section 7 That the Mayor of said C~ty is hereby au- thorized to have control of sa~d bonds and all necessary records and proceedings pertaining to said 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 ~ Texas Upon regis- tratzon 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 zn facsimile, on each of said bonds Section 8 That the City Council officially finds, determines, and declares that said bonds have been duly advertised for sale as required by the Home Rule Charter of said City, that sealed bids have been received at a publzc sale of said bonds held on April 15, 1969, that all of said bonds are hereby sold and shall be delmvered to a syndicate managed or headed by First National Bank of Memphis, Memphis, Tennessee, 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 $ -0- Section 9 It is further found and determined that the Official Not~ce of Sale for said bonds was duly published on March 14, 1969, zn the Bond Buyer, New York, New York, which zsa national publication regularly and primarily carrying financial news and municipal bond sale notices, and on March 13, 1969, zn the "Denton Record-Chronicle", which has been designated as the official newspaper of the Czty 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 -5- LAW OFFICES M-~CALL PARKHURST ~ HORTON ~iiLLAi~D pA~HU~$T DALLAS TEXAS 7B~OI JOHN D MGCALL IIiB92 1g¢~2) April 15, 1969 Honorable Mayor and Council of the City of Denton, Denton, Texas Gentlemen CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1969, ~1~85~000 In compliance with Section 9 02 and Section 9 04 of the City Charter of the City of Denton, you are advised that the bzds for the captioned zssue of bonds have been tabulated and that we find that the bid of a syndzcate managed or headed for the bonds to bear interest at the rates ~her~zn'speci- fled, with such bidder to pay par and accrued znterest to date of delivery for said bonds, plus a premzum of $--O- , is 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 Council for the purpose of authorizzng the zssuance of sazd bonds, and zn our opinion the said proposed bond ordinance is legal, and the bonds to be zssued thereunder will be valid and bind- zng obligations of the City payable from ad valorem taxes within the limit prescribed by law Respectfully, McCALL, PARKHURST & HORTON CFRTI1 ]CA%L ¥OR ORDINANCE AUTHORIZING lI1E IS~UAI~o£ OF CEN~IIAL OBLIGATION BONDS TH~ STATL OF TEXAS COUblTY OF DENTON CI%Y OF DENTON We, the undezslgned offzcers of said Czty, hereby certify as follows 1 The Czty Council of said City convened zn REGULAR MEETING ON THE 15TH DAY OF APRIL, 1969, at the Munlczpai Buzldlng, and the roll was called of the duly con- stituted officers and members of said City Council, to-wzt Brooks Holt, City Secretary L A Nelson, Mayor Dr Alexander Finlay Bzll Neu, Mayor Pro Tem Harold L Ramey Hugh M Ayer and all of sa~d persons were p~esent, except the following absentees Z~ , thus constituting a quorum Whereupon, among other business, the following was transacted at sazd Meetzng a wrztten ORDINANCE AUTHORIZING THE ISSUANCE OF GENFRAL OBLIGATION BONDS was duly introduced for the consideration of said Czty Counczl and read in full It was then duly moved and seconded that said Ordinance be passed, and, after due discussion, said motzon, carrying with it the passage of said Ordznance, prevailed and carrzed by the follow- lng vote AYES All members of said City Counczl shown present above voted "Aye" NOES None 2 That a true, full, and correct copy of the aforesaid Or- dinance passed at the Meeting described zn the above and foregozng paragraph zs attached to and follows this Certlfzcate, that sazd Ordinance has been duly recorded in said City Council's mznu~es of sazd Meetzng, that the above and foregoing paragraph ~s a true, full, and correct excerpt from sal~ C~ty Council's mlnutesof saldMeet~ng pertaining to the passage of sazd Ordinance, that the persons named in the above and foregoing paragraph are the duly chosen, quallfzed, and actzng officers and members of sazd City Counczl as zndlcated therein, and that each of the officers and members of sazd Czty Council was duly and suffzciently notlfzed offzczally and personally, in advance, of the time, place, and purpose of the aforesazd Meetzng, and that sazd Ordinance would be introduced and considered for passage at said Meeting, and each of said offzcers and member~ consented, zn advance, to the holding of sazd Meeting for such purpose, and that said Meeting was open to the publzc as requzred by law 3 That the Mayor of said City has approved, and hereby approves, the aforesaid Ordinance, that the Mayor and the Czty Secretary of said City have duly signed sazd Ordinance, and that the Mayor and the City Secretary of said Czty hereby declare that their signing of thzs Cer- tificate shall constitute the szgnlng of the attached and followzng copy of said Ordinance for all puzposes SIGNED AND SEALED the 15th day of April, 1969 ~ ~/~ity Secretary . - ' Mayo~ (SEAn) ....................................................... We, the underszgned, being respectzvely the City Attorney and the Bond Attorneys of the City of Denton, Texas, hereby certzfy that we prepared and approved as to legality the attached and followzng Ordinance prior to ~ts passageas~ afores~/~~A or~n~eC~ty~mt ~" ~ B~nd Ati0rne~ys