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1967-044 ORDINANCE NO 67-~ ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON WHEREAS, the bonds herezn authorzzed were duly and favor- ably voted, as required by the Constztutzon and laws of the State of Texas, at an elect~on held zn sazd Czty on the 17th day of March, 1964, and WHEREAS, out of the bonds voted at sazd electzon, the following prevzously have been zssued and delzvered $65,000 out of a voted total of $1,450,000, for the purpose of the zmprovement of the streets of sazd Czty, represented by part of the General Oblzgation Bonds, Serzes 1966, and WHEREAS, the bonds hereznafter authorzzed are to be zssued and delzvered pursuant to law, znclud~ng Vernon's Artzcle 1175, and the Home Rule Charter of said Czty THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS Sectzon 1 That sazd Czty's bonds, to be deszgnated the "CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1967," are hereby authorzzed to be zssued and delzvered zn the prznclpal amount of $600,000 FOR THE PURPOSE OF THE IMPROVEMENT OF THE STREETS OF SAID CITY Sectzon 2 That sazd bonds shall be dated NOVEMBER 15, 1967, shall be zn the denomznatzon of $5,000 EACH, shall be numbered consecutzvely from 1 THROUGH 120, and shall mature serzally on MAY 15 zn each of the years, and zn the amounts, respectzvely, as set forth zn the followzng schedule YEARS AMOUNTS YEARS AMOUNTS 1970 $30 000 1980 $30 000 1971 30 000 1981 30 000 1972 30 000 1982 30 000 ~ 1973 30 000 1983 30 000 1974 30 000 1984 30 000 1975 30 000 1985 30~000 1976 30 000 1986 30 000 1977 30 000 1987 30 000 1978 30 000 1988 30.000 1979 30 000 1989 30 000 Sazd bonds may be redeemed prior to their scheduled matur~tzes, at the optzon of sazd Czty, oD the dates stated, and zn the manner pro- vzded, zn the FORM OF BOND set forth zn thzs Ordinance -1~ Sectzon 3 That the bonds scheduled to mature durzng the years, respectzvely, set forth below shall bear interest from their date, until maturzty or redemptzon, at the followzng rates per annum maturztzes 1970 through 19~, ~5% maturzt~es 19 through 19 , __% maturzt~es 19 through 19 .., __% maturztzes 19--- through 19 '", .__% maturztzes 19 through 19 , % Sazd interest shall be evzdenced by znterest coupons whzch shall appertazn to sazd bonds, and whzch shall be payable on the dates stated zn t he FORM OF BOND set forth in thzs Ordznance Sectzon 4 That sa~d bonds and znterest coupons shall be payable, shall have the characterzstzcs, and shall be szgned and ex- ecuged (and sazd bonds shall be sealed), all as provzded, and zn the manner zndzcated, zn the FORM OF BOND set forth zn thzs Ordznance Sectzon 5 That the form of sazd bonds, zncludzng the form of Regzstratzon Certzfzcate of the Comptroller of Publzc Accounts of the State of Texas to be prznted and endorsed on each of sazd bonds, and the form of the aforesazd znterest coupons which shall appertazn and be attached inztzally to each of sazd bonds, shall be, respect- zvely, substantially as follows FORM. OF BOND NO 000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON GENERAL OBLIGATION BOND SERIES 1967 ON MAY 15, 19 ...., the CITY OF DENTON, zn the County of Denton, State of Texas, promzses to pay to bearer the prznczpal amount of FIVE THOUSAND DOLLARS and to pay znterest thereon, from the date hereof, at the rate of ~,% per annum, evzdenced by znterest coupons payable MAY 15, 1968, and semz-annually thereafter on each NOVEMBER 15 and MAY 15 whzle thzs bond zs outstandzng The prznczpal of thzs bond and the znter- est coupons appertaznzng hereto shall be payable to bearer, zn lawful money of the Unzted States of Amerzca, wzthout exchange or collectzon 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, whzch places shall be the payzng agents for thzs Serzes of bonds ~THIS BOND zs one of a Serzes of bonds dated NOVEMBER 15, 1967, zssued in the prznczpal amount of $600,000, FOR THE PURPOSE OF THE IMPROVEMENT OF THE STREETS OF SAID CITY -2- ON MAY 15, 1982, 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 sazd Czty, IN WHOLE~ OR IN PART, for the prznczpal amount thereof and accrued znterest thereon to the date fzxed for redemptzon At least thzrty days przor to the date fzxed for any such redemptzon sazd Czty shall cause a wrztten notzce of such redemptzon to be publzshed at least once zn a fznan- czal publzcatzon publzshed zn the Czty of New York, New York By the date fzxed for any such redemptzon due provzszon shall be made wzth the payzng agents for the payment of the prznczpal amount of the bonds whzch are to be so redeemed and accrued znterest thereon to the date fzxed for redemptzon If such wrztten notzce of redemptzon zs publzshed and zf due provzszon for such payment zs made, all as provzded above, the bonds whzch are to be so redeemed thereby auto- matzcally shall be redeemed przor to thezr scheduled maturztzes, and they shall not bear znterest after the date fzxed for redemptzon, and they shall not be regarded as bezng outstandzng except for the pur- pose of bezng pazd by the payzng agents wzth the funds so provzded for such payment IT IS HEREBY certzfzed, reczted, and covenanted that thzs bond has been duly and valzdly zssued and deizvered, that all acts, condztzons~ and thzngs reqnzred or proper to be performed, exzst, and be done precedent to or zn the zssuance and delzvery of thzs bond have been performed, exzsted, and been done zn accordance wzth law, that thzs bond zs a general oblzgatzon of sazd Czty, zssued on the full fazth and credzt thereof, and that annual ad valorem taxes suffzczent to provzde for the payment of the znterest on and przncz- pal of thzs bond, as such znterest comes due and such prznczpal matures, have been levzed and ordered to be levzed agaznst all tax- able property zn sazd Czty, and have been pledged zrrevocably for such payment, wzthzn the lzmzt prescrzbed by law IN WITNESS WHEREOF, thzs bond and the znterest coupons appertaznzng hereto have been szgned wzth the facszmzle szgnature of the Mayor of sazd Czty and counterszgned wzth the facszmzle szgna- ture of the Czty Secretary of sazd Czty, and the offzczal seal of sazd Czty has been duly zmpressed, or placed zn facszmzle, on thzs bond XXXXXXXX XXXXXXXX city Secretary, Czty of Denton Mayor, Czty of Denton FORM OF REGISTRATION CERTIFICATE COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NO I he=eby certzfy that thzs bond has been examzned, certz- fzed as to valzdzty, and approved by the Attorney General of the State of Texas, and that thzs bond has been regzstered by the Comptroller o~ Publzc Accounts of the State of Texas Wztness my signature and seal thzs XXXXXXXX Comptroller of Publzc Accounts of the State of Texas -3- FORM OF INTEREST COUPON NO ON 1, 19 THE CITY OF DENTON, zn the County of Denton, State of Texas, promises to pay to bearer the amount shown on th~s znterest coupon, zn lawful money of the Un,ted States of America, w~thout exchange or collection charges to the bearer, unless due provision has been made for the re- demption prior to maturity of the bond to which th~s znterest coupon appertazns, upon presentation and surrender of th~s ~nterest 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, sa~d~amount being znterest due that day on the bond, bearing the number'hareinafter designated, of that ~ssue of CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1967, DATED NOVEMBER 1, 1967 Bond No. xxxxxxxx xxxxxxxx Czty Secretary Mayor Sectzon 6 That a speczal fund or account, to be deszgnat- ed the "Czty of Denton General Oblzgatzon Bonds, Serzes 1967, Interest and Sinkzng Fund," zs hereby created and shall be establzshed and mazntazned by sazd Czty at an offzczal deposztory bank o~ sazd Czty Sazd Interest and Sznkzng Fund shall be kept separate and apart from all other funds and accounts of sazd Czty, and shall be used only for payzng the znterest on and prznczpal of sazd bonds Ail ad valorem taxes levzed and collected for and on account of sazd bonds shall be deposzted, as collected, to the credzt of sazd Interest and Sznkzng Fund Durzng each year whzle any of sazd bonds or znterest coupons apperta~nzng thereto are outstandzng and unpazd, the Czty Counczl of sazd Czty shall compute and ascertazn a rate and amount of ad valorem tax whzch wzll be suffzczent to razse and produce the money requzred to pay the znterest on sazd bonds as such znterest comes due, and to provzde and mazntazn a sznkzng fund adequate to pay the prznczpal of such bonds as such prznczpal matures (but never less than 2% of the orzgznal prznczpal amount of sazd bonds as a sznkzng fund each year), and sazd tax shall be based on the latest approved tax rolls of sazd Czty, wzth full allowance bezng made for tax delznquenczes and the cost o~ tax collectzon Sazd rate and amount of ad valorem tax zs hereby levzed, and zs hereby ordered to be levzed, agaznst all taxable property zn sa~d Czty for each year whzle any of sazd bonds or znterest coupons appertaznzng thereto are outstandzng and unpazd, and said tax shall be assessed and collected each such year and de- poszted to the credzt of the aforesazd Interest and Sznkzng Fund Sazd ad valorem taxes suffzczent to provzde for the payment of the znterest on and prznczpal of sazd bonds, as such znterest comes due and such prznczpal matures, are hereby pledged zrrevocably for such payment, withzn the lzmzt prescrzbed by law Sectzon 7 That the Mayor of sazd Czty zs hereby authorzz- ed to have control of sazd bonds and all necessary records and pro- ceedzngs pertaznzng to sazd bonds pendzng thezr delzvery and thezr znvestzgatzon, examination, and approval by the Attorney General of -4- the State of Texas, and their registration by the Comptroller of Publlc Accounts of the State of Texas Upon regtstratlon of satd bonds, satd Comptroller of Public Accounts (or a deputy designated zn writing to act for said Comptroller) shall manually stgn the Comptroller's Regtstratton Certificate printed and endorsed on each of said bonds, and the seal of satd Comptroller shall be tmpressed, or placed tn facstmzle, on each of satd bonds Sectton 8 That the City Counctl offtctally ftnds, determines, and declares that said bonds have been duly advertised for sale as required by the Home Rule Charter of said City, that sealed btds have been recetved at a public sale of satd bonds held on November 15, 1967, that all of said bonds are hereby sold and shall be delivered to a svndtcate managed or headed by ~-~7~Z~~'~ ~~ ,betng the best bzdder at Sa%dVpubllc §ale, for t~e prtnczpal amount of said bonds, and accrued tnterest thereon to the date of deltvery, plus a premtum of $ 7~ ~m Sectton 9 It ts further found and determined that the Offzczal Notzce of Sale for said bonds was duly publzshed on October 16, 1967, zn the Bond Buyer, New York, New York, which ts a national publzcatton regularly and przmartly carrying ftnanczal news and muntczpal bond sale notices, and in the "Denton Chrontcle", whzch has been deszgnated as the offzczal newspaper of the Ctty of Denton The form and substance of said Offzctal Notice of Sale, and the aforesaid publtcatzon thereof, are hereby approved and ratified tn all respects by the City Council -5- CERTIFICATE FOR ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON We, the underszgned offzcers of sazd Czty, hereby certzfy as follows 1 The City Council of samd Czty convened zn SPECIAL MEETING ON THE 15TH DAY OF NOVEMBER, 1967, at the Munlczpal Building, and the roll was called of the duly con- stituted offzcers and members of sa~d Czty Counczl, Brooks Holt, C~ty Secretary Zeke Martzn, Mayor Warren Whztson, Jr J T Jones, Jr L A Nelson Marvzn Loveless and all of sazd persons were present, except the followzng absentees I,w"~/'r'-$~ ~ ~L~5 thus constztutzng a quorum Whereupon, among other buszness, the followzng was transacted at sazd Meetzng a wrztten ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS was duly zntroduced for the conszderatzon of sazd Czty Counczl and read zn full It was then duly moved and seconded that sazd Ordznance be passed, and, after due dzscusszon, sazd motzon, carryzng the passage of said Ordznance, prevazled and carrzed by the follow- zng vote AYES Ail memhers of sazd Czty Counczl shown present above voted "Aye NOES None 2 That a true, full, and correct copy of the aforesazd Or- dznance passed at the Meetzng descrzbed zn the above and foregozng paragraph zs attached to and follows thzs Certzfzcate, that sazd Ordznance has been duly recorded zn sazd Czty Counczl's mznutes of sazd Meetzng, that the above and foregozng paragraph zs a true, full, and correct excerpt from sazd Czty Counczl's mznutesof sazdMeetzng pertaznzng to the passage of sazd Ordznance, that the persons named zn the above and foregozng paragraph are the duly chosen, qualzfzed, and actzng offzcers and members of sazd Czty Counczl as zndzcated therezn, and that each of the offzcers and members of sazd Czty Counczl was duly and suffzczently notzfzed offzczally and personally, zn advance, of the t~me, place, and purpose of the aforesazd Meetzng, and that sazd 0rdznance would be zntroduced and conszdered for passage at sazd Meetzng, and each of sazd offzcers and members consented, zn advance, to the holdzng of sazd Meetzng for such purpose, and that sazd Meetzng was open to the publzc as requzred by law 3 That the Mayor of sazd Czty has approved, and hereby approves, the aforesazd Ordznance, that the Mayor and the Czty Secretary of sazd Czty have duly szgned sazd Ordznance, and that the Mayor and the Czty Secretary of sazd Czty hereby declare that thezr szgnzng of thzs Cer- tzficate shall constztute the szgnzng of the attached and followzng copy of sazd Ordznance for all purposes SIGNE~ AND SEALED.the l~h day of November,.19~7 7 City Secretary ~ 'Mayor (SEAL) ............................. %.C..LD," ...................... We, the underszgned, being respectively the Czty Attorney and the Bond Attorneys of the Czgy of Denton, Texas, hereby certzfy that we prepared and approved as to legalzty the attached and followzng Ordznance przor to zts passage as afo~sazd.~ Bond Attorneys M-cCALL PARKHURST ~ hOrton "~"'~ '"""'~ November 15, 1967 Honorable Mayor and Counczl of the City of Denton, Denton, Texas Gentlemen CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1967, ~600~000 In compliance with Sectzon 9 02 and Section 9 04 of the City Charter of the Czty of Denton, you are ad- vzsed that the bids for the captioned issue of bonds have been tabulated and that we find ~hat the bid of a syndicate managed or headed by~./.~)/~~~t~-J ~ &'~-o~,~& for the bonds to bear interest at the rates'therei~ speci- fied, with such bidder to pay par and accrued ~nterest to date of delivery for said bonds, plus a premium of $,72~ ~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 authorizing the issuance of said bonds, and zn our opinion the said proposed bond ordinance zs legal, and the bonds to be issued thereunder will be valzd and bind- lng obligations of the City payable from ad valorem taxes within the limit prescribed by law Respectfully, McCALL, PARKHURST & HORTON GENERAL CERTIFICATE THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON We, the underszgned, hereby offzczally certzfy that we are the Mayor and Czty Secretary, respectzvely, oz sazd Czty, and we further certify as follows 1 That sazd Czty zs a duly zncorporated Home Rule Cz~y, havzng more than 5000 znhabztants, operatzng snd exzstzng under the Constitutzon and laws of the State of Texas and the duly adopted Home Rule Charter of said Czty, whzch Charter has not been changed or amended sznce the passage of the ordznance authorzzzng the zssu- ance of ~he most recently dated, ~ssued, and ou~standzng bonds of said City shown on "Exhibit A," which is attached hereto. 2 That no lltzgatzon of any nature has ever been fzled pertaznzng to, affectzng, or contestzng (a) the electzon whzch authorzzed the proposed Czty of Denton General Oblzgatzon Bonds, Serzes 1967, dated November 15, 1967, zn the prznczpal amount of $600,000, (b) the zssuance, delivery, payment, securzty, or valzdzty of sazd proposed bonds, (c) the tztle of the present members and offzcers of the Czty Council of sazd Czty to thezr respectzve offzces, or (d) the valzdzty of the corporate exzstence, the current Tax Rolls, or the Charter of sazd C~ty, and that no lztzgatzon zs pendzng per- tazning to, affectzng, or contestzng the boundarzes of sazd Czty 3 That attached hereto, and marked "Exhzbzt A", whzch shall be a part hereof for all purposes, zs a true, full, and correct schedule and statement of the aforesazd proposed bonds, and of the total presently outstanding bond, warrant, and other zndebged- ness of said Czty 4 That the currently effectzve ad valorem tax Rolls of sazd Czty are those for the year 1967, bezng the most recently ap- proved Tax Rolls of sazd Czty, that the Czty Counczl of sazd Czty has caused the taxable property zn sazd Czty to be assessed as re- quzred by law, that the Board of Equalzzatzon of sazd Czty has equalized and approved the valuatzon of taxable property zn sazd Czty for sazd year, that the Tax Assessor of sazd Czty has duly verzfzed the aforesazd Tax Rolls, and sazd Board of Equalzzatzon has fznally approved the same, that the valuatzon of taxable property zn sazd Czty for sazd year, accordzng to the aforesazd Tax Rolls, as de£zvered to the Czty Secretary of sazd Czty, and fznally approved and recorded by the Czty Counczl of sazd Czty zs $61,529,628 SIGNED AND SEALED thzs the 15th day of November, 1967 (sEA ) "EXHIBIT A" General Oblmgatlon Bonds, Ser~es 1967, dated 11/15/67, to be out- standing ~n the pr~ncmpal amount of $600,000, bearing znterest, and maturing as set forth ~n the Ordinance authorzz~ng samd bonds F~re Station Improvement Bonds, Sermes 1929, dated 7/1/29, now outstandmng ~n the prmnc~pal amount of $3,000, bearing ~nterest, and maturing ~n the amounts on July 1 of the years, as follows 5% 1M-68, 2M-69 Park Purchase and Improvement Bonds, Sermes 2, dated 7/1/29, now outstanding ~n the principal amount of $2,000, bearmng mnterest, and maturing mn the amounts on July 1 of the years, as follows 5% 1M-68/69 Street Improvement Bonds, Sermes 1929, dated 7/1/29, now outstand- ing ~n the pr~ncmpal amount of $4,000, bearing interest, and matur- ing ~n the amounts on July 1 of the years, as follows 5% 2M-68/69 Lzbrary Buzldzng Bonds, Serzes 1947, dated 11/1/47, now outstandzng zn the prznczpal amount of $50,000, bearzng znteresg, and maturing zn the amounts on May 1 of the years, as follows 2%7° 25M-68/69 Street Improvement Bonds, Serzes 1948, dated 3/1/48, now outstand- ing zn the principal amount of $150,000, bearzng interest, and maturzng zn the amounts on March 1 of the years, as follows 3~% 25M-68/69, 50M-70/71 General Obllgatzon Bonds, Serzes 1960, dated 7/15/60, now outstand- Ing in the prmncmpal amount of $450,000, bearmng znterest, and maturing zn the amounts on July 15 of the years, as follows 3%% 25M-68/72, 3-3/4% 25M-73/78, 3 85% 25M-79/85 Street Improvement Bonds, Serzes 1962, dated 3/15/62, now outstand- zng in the prznczpal amount of $400,000, bearzng znterest, and maturing in the amounts on March 15 of the years, as follows 3-1/8% 20M-68/69, 2-3/4% 20M-70/74, 3% 20M-75/78, 3-1/8% 20M-79/83, 3 20% 20-84/87 General Oblzgatzon Bonds, Serzes 1963, dated 3/15/63, now outstand- mng zn the prznczpal amount of $420,000, bearzng znteres~, and maturzng zn the amounts on March 15 of the years, as follows 2%7. 20M-68/71, 3% 20M-72/80, 3 20% 20M-81/86, 3.25%. 20M-87/88 Civic Center Warrants, Series 1963, dated 4/15/63, now oustandzng in the principal amount of $275,000, bearing lntezest, and maturing in the amounts on April 15 of the years, as follows 2 80% 15M-68, 20M-69, 25M-70, 30M-71/72, 2 85% 35M-73, 40M-74/76 General Obligation Bonds, Series 1964, dated 7/15/64, now outstand- ing in the principal amount of $770,000, bearing interest, and maturing in the amounts on July 15 of the yea~s, as follows 5% 20M-68/69, 3% 25M-70/71, 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 $170,000, bearing interest, and maturing in the amounts on July 15 of the years, as follows 5% 10M-68/69, 3% 10M-70/75, 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 amount of $1,000,000, bearing interest, and maturing zn the amounts on January 15 o~ the years, as follows 5% 25M-68/71, 4-1/8% 60M-72, 3 30% 60M-73/76, 3-3/8% 60M-77/82, 60M-83/86 Airport Improvement Warrants, Ser~es 1966, dated 12/1/66, now out- standing zn the principal amount of $113,500, bearing interest, and maturing in the amounts on December 1 of the years, as follows $500 68, 6M-69/70, 8M-71/73, 9M-74/75, 10M-76/78, 11M-79, 12M-80, 6M-81 TAX LEVY CERTIFICATE THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON We, the undersigned, Mayor and Czty Secretary, respectzvely, of the City of Denton, hereby certzfy as follows 1. That this certificate zs executed wzth reference to that issue of City of Denton General Obllgatzon Bonds, Serzes 1967, dated November 15, 1967, zn the prznclpal amount of $600,000 2 That the Czty Counczl heretofore has duly levzed a specific ad valorem tax zn sazd Czty zn an amount suffzczent to pay the znterest scheduled to come due on the aforesazd Bonds on May 15, 1968, and that said tax was zncluded zn the regular tax statements for the tax year 1967 SIGNED AND SEALED thzs t ,,, of~N_ove~1967 ~ City Secretary y/ Mayor