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1966-003 ORDINANCE NO 66-~ ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS? THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON WHEREAS, the bonds herein authorized were duly and favorably voted, as required by the Constitution and laws of the State of Texas, at elections held in sa~d City on the 30th day of January, 1960, and M~rch 17, 1964, and WHEREAS, out of the bonds voted at the election held on January 30, 1960, the followzng prevzously have been zssued and delivered $2,165,000 out of a voted total of $2,400,000, for the purpose of improving the streets and constructzng necessary permanent draznage facllztles, represented by the bonds of Series 1960, Serzes 1962, part of the General Obligation Bonds, Series 1963, and part of the General Obllgatzon Bonds, Serzes 1964, and WHEREAS, the bonds hereznafter authorized are to be zssued and delivered pursuant to law, including Vernon's Article 1175, and the Home Rule Charter of sazd City THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS Section 1 That said Czty's bonds, to be designated the "CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1966," are ~ hereby authorzzed to be issued and delivered in the prznczpal amount of $1,000,000 for the purpose of provzdlng $235,000 FOR IMPROVING STREETS AND CONSTRUCTING NECESSARY DRAINAGE FACILI- TIES, $65,000 FOR THE IMPROVEMENT OF THE STREETS OF SAID CITY, $350,000 FOR THE CONSTRUCTION OF A NEW MUNICIPAL BUILDING, AND $350~000 FOR CONSTRUCTING A BUILDING TO BE USED AS A COMMUNITY CENTER Sectzon 2 That said bonds shall be dated JANUARY 15, 1966, shall be in the denomlnatzon of $5,000 EACH, shall be num- bered consecutzvely from 1 THROUGH 200, and shall mature on JANUARY 15 zn each of the years, and zn the amounts, respectzvely, ~as set forth ~n the followzng schedule yEARS AMOUNTS YEARS AMOUNTS 1968 $25,000 1978 $60,000 1969 25,000 1979 60000 1970 25,000 1980 60000 1971 25,000 1981 60 000 1972 60,000 1982 60 000 1973 60,000 1983 60 000 1974 60,000 1984 60 000 1975 60,000 1985 60,000 1976 60,000 1986 60,000 1977 60,000 Sectzon 3 That the bonds scheduled to mature durzng the years, respectzvely, set forth below, shall bear znterest from thezr date, untzl maturzty, at the followzng rates per annum maturztzes 1968 through 1971, 5% maturztzes 1972 4-1/8% maturztzes 1973 through 1976, 3 30% maturztzes 1977 through 1982, 3-3/8% maturzt~es 1983 through 1986, 3-1/2% Sazd znterest shall be evzdenced by znterest coupons which shall appertazn to sazd bonds, and whzch shall be payable on the dates stated zn 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 executed (and sazd bonds shall be sealed), all as provzded, and zn the manner zndzcated, zn the FORM OF BOND set forth zn thzs Ordinance 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 whzch shall appertazn and be attached znztzally to each of sazd 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 GENERAL OBLIGATION BOND SERIES 1966 ON JANUARY 15, 19__, the CITY OF DENTON, ~n the County of Denton, State of Texas, promzses to pay to bearer the przncz- pal amount of FIVE THOUSAND DOLLARS and to pay znterest thereon, from the date hereof, at the rate of % per annum, evidenced by znterest coupons payable JANUARY 15, 1967, and semz-annually thereafter on each JULY 15 and JANUARY 15 whzle thzs bond zs outstandzng The prznczpal of thzs bond and the znterest coupons appertaznzng hereto shall be payable to bearer, zn lawful money of the Un,ted States of America, without exchange or collectzon charges to the bearer, upon presentatzon and surrender of thzs bond or proper znterest 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 ms one of a Serzes of bonds dated JANUARY 15~ 1966, zssued zn the pr~nczpal amount of $1,000,000 for the pur- pose of providing $235,000 FOR IMPROVING STREETS AND CONSTRUCT- ING NECESSARY DRAINAGE FACILITIES, $65,000 FOR THE IMPROVEMENT OF THE STREETS OF SAID CITY, $350,000 FOR THE CONSTRUCTION OF A NEW MUNICIPAL BUILDING, AND $350,000 FOR CONSTRUCTING A BUILDING TO BE USED AS A COMMUNITY CENTER IT IS HEREBY certzfzed, recited, and covenanted that thzs bond has been duly and valzdly zssued and delzvered, that all acts, condztzons, and thzngs requzred or proper to be per- formed, exzst, and be done precedent to or zn the zssuance and ~ delivery of thzs bond have been performed, exzsted, and been ~ done zn accordance wzth law, that thzs bond zs a general oblz- gation of sazd Czty, zssued on the full faith and credzt thereof, and that annual ad valorem taxes suffzczent to provzde for the payment of the znterest on and prznczpal of thzs bond, as such znterest comes due and such prznczpal matures, have been levzed and ordered to be levzed agaznst all taxable property zn sazd Czty, and have been pledged zrrevocably for such payment, wzth- zn the lzmzt prescrzbed by law · IN WITNESS WHEREOF, thzs bond and the znterest coupons appertazning hereto have been szgned wzth the facszmzle szgna- ture of the Mayor of sazd Czty and counterszgned wzth the fac- szmzle szgnature of the Czty Secretary of sa~d Czty, and the offzczal seal of sazd Czty has been duly zmpressed, or placed in facs~mzle, on thzs bond xxxxxxxx xxxxxxxx Czty Secretary, City of Denton Mayor, Czty of Denton FORM OF REGISTRATION CERTIFICATE COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NO I hereby certzfy that thzs bond has been examzned, certzfzed as to valzdity~ and approved by the Attorney General of the State of Texas, and that thzs bond has been regzstered by the Comptroller of Publzc Accounts of the State of Texas Wztness my szgnature and seal thzs XXXXXXXX Comptroller of Public Accounts of the State of Texas FORM OF INTEREST COUPON $ i NO. ON 15, 19 ~I 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 America, w~th- out exchange or collectzon charges to the bearer, upon presen- tation and surrender of thzs interest coupon, at THE FIRST NATIONAL CITY BANK OF NEW YORK, NEW YORK, NEW YORK, ors at the option of the bearer, at the FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS, said amount being ~nterest due that day on the bond, bearzng the number hereinafter deszgnated, of that zssue of CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 1966, DATED JANUARY 15, 1966 Bond No xxxxxxxx xxxxxxxx City Secretary Mayor Sectzon 6 That a special fund or account, to be deszgnated the "Czty of Denton General Oblzgatzon Bonds, Serzes 1966, Interest and Sznkzng Fund," zs hereby created and shall be establzshed and mazntazned by sazd Czty at an offzclal de- posztory bank of 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 said bonds Ail ad valorem taxes levied and collected for and on account of sazd bonds shall be deposzted, as collected, to the credzt of sazd Interest and Sznklng Fund Durzng each year whzle any of sazd bonds or zn- terest coupons appertazn~ng 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 raise 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 przncz- pal matures (bug never less than 2% of the orzgznal prznczpal amount of said 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 being made for tax delznquenczes and the cost of 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 sazd Czty for each year whzle any of said bonds or znterest coupons appertaznzng thereto are out- standzng and unpazd, and sazd tax shall be assessed and collect- ed each such year and deposzted to the credzt of the aforesazd Interest and Sznking 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, wzthzn the lzmzt prescrzbed by law Sectzon 7 That the Mayor of sazd Czty zs hereby authorzzed to have control of sazd bonds and all necessary records and proceedzngs pertaznzng to sazd bonds pendzng thezr delzvery and thezr znvestzgatzon, examznatzon, and approval by the Attorney General of the State of Texas, and thezr regzs- tratzon by the Comptroller of Publzc Accounts of the State of Texas Upon regzstratzon of sazd bonds, sazd Comptroller of Publzc Accounts (or a deputy deszgnated zn wrztzng to act for sazd Comptroller) shall manually szgn the Comptroller's Regzs- tratzon Certzfzcate prznted and endorsed on each of sazd bonds, and the seal of sazd Comptroller shall be zmpressed, or placed zn facszmzle, on each of sazd bonds Section 8 That the C~ty Council officially finds, determines, and declares that said bonds have been duly adver- tised for sale as requmred by the Home Rule Charter of sa~d C~ty, that sealed b~ds have been received at a public sale of sa~d bonds held on January 25, 1966, that all of sa~d bonds are here- by sold and shall be delivered to a syndicate managed or headed by Underwood~ Neuhous & Co ~ Inc being the best bzdder at sazd publzc sale, for the prznczpal amount of sazd bonds, and accrued znterest thereon to the date of delivery, plus a premium of $ -0- 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, of sazd Czty, and we further certzfy as follows 1 That said Czty zs a duly zncorporated Home Rule Czty, havzng more than 5000 znhabztants, operatzng and exzstzng under the Constztutlon and laws of the State of Texas and the duly adopted Home Rule Charter of sazd Czty, whzch Charter has not been changed or amended since the passage of the ordznance authorzzmng the zssuance of the most recently dated, zssued, and outstandzng bonds of sazd Czty shown on "Exhzbzt A," whzch zs attached heret~ 2 That no l~tzgatzon of any nature has ever been i fzled pertaznzng to, affectzng, or contestzng (a) the electzons whzch authorzzed the proposed Czty of Denton General Oblzgatzon Bonds, Serzes 1966, dated January 15, 1966, zn the prznczpal amount of $1,000,000, (b) the zssuance, delzvery, payment, security, or valzdzty of sazd proposed bonds, (c) the tztle of the present members and offzcers of the Czty Counczl of sa~d City to their respectzve offzces, or (d) the valzdzty of the corporate existence, the current Tax Rolls, or the Charter of sazd City, and that no lztzgatzon zs pendzng pertaznzng to, affecting, or contesting the boundarzes of sazd Czty 3. That attached hereto, and marked "Exhzbzt A", which 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 outstandzng bond, warrant, and other zndebtedness of said Czty 4 That the currently effectzve ad valorem Tax Rolls of sazd Czty are those for the year 1965, bezng the most recent- ly approved Tax Rolls of sazd Czty, that the Czty Counczl of sazd Czty has caused the taxable property zn said Czty to be assessed as requzred by law, that the Board of Equalzzatzon of sazd Czty has equalzzed and approved the valuatzon of taxable property zn said City for sa~d year, that the Tax Assessor of sazd C~ty has duly verzfzed the aforesazd Tax Roils, and sazd Board of Equalz- zation has fznally approved the same, that the valuatzon of tax- able property zn sazd Czty for sazd year, accordzng to the afore- sa~d Tax Rolls, as delzvered to th~ Czty Secretary of sazd Czty, and finally approved and recorded by the Czty Counczl of sazd Czty is $52,472,105 SIGNED AND SEALED thzs the 25th day of January, 1966 ---- ~ Mayor "EXHIBIT A" General Oblzgation Bonds, Sermes 1966, dated 1/15/66, to be out- standmng zn the prmnczpal amount of $1,000,000, bearing mnterest, an~ maturmng as set forth mn the Ordmnance authorzzmng sazd bonds ' t Bridge Constructmon Bonds, Sermes 1927, dated 1/1/2~, now ou - standmng mn the prmncmpal amount of $1,000, bearzng znterest, and maturing mn the amounts on January 1 of the years, as follows , 5% 1M/67 Cm~y Hall Bonds, Sermes 1927, dated 1/1/27, now outstandzng zn th~ prmncipal amount of $3,000, bearmng znterest, and maturmng mnlthe amounts on January 1 of the years, as follows 5% 3M-67 Fmre Statmon Improvement Bonds, Sermes 1929, dated 7/1/29, now ou~standmng in the przncmpal amount of $5,000, bearzng znterest, an~ maturing mn the amounts on July 1 of the years, as follows 5% 1M-66/68, 2M-69 Pa~k Purchase and Improvement Bonds, Sermes 2, dated 7/1/29, now outstanding in the przncmpal amount of $4,000, bearzng mnterest, an~ maturmng in the amounts on July 1 of the years, as follows 5% 1M-66/69 Street Improvement Bonds, Sermes 1929, dated 7/1/29, now out- standing in the prmnczpal amount of $8,000, bearzng mnterest, and maturmng zn the amounts on July 1 of the years, as follows 5% 2M-66/69 Az~port Purchase and Constructmon Bonds, Serzes 1942, dated 1/~5/42, now outstandzng zn the przncmpal amount of $5,000, bearing znterest, and maturzng mn the amounts on Aprml 15 of t~e years, as follows 2½% 5M-66 S~reet Improvement Bonds, Sermes 1946, dated 11/1/46, now out- s~andmng mn the prmncipal amount of $31,000, bearzng mnterest, a~d maturmng mn the amounts on May t of the years, as follows 2~% 31M-66 Fire Equmpment Bonds, Sermes 1946, dated 11/1/46, now outstandzng mr the prmncipal amount of $3,000, bearmng mnterest, and maturmng m~ the amounts on May 1 of the years, as follows 2~% 3M-66 PArk Improvement Bonds, Serzes 1946, dated 11/1/46, now outstand- mug ~n the prmncmpal amount of $2,000, bearmng znterest, and maturing in the amounts on May 1 of the years, as follows 2%% 2M-66 Lzbrary Buzldmng Bonds, Serzes 1947, dated 11/1/47, now outstand- zng zn the przncipal amount of $50,000, bearzng znterest, and ma~urzng mn the amounts on May 1 of the years, as follows 25% 25M-68/69 Street Improvement Bonds, Serzes 1948, dated 3/1/48, now outstand- ing mn the prznczpal amount of $150,000, bearzng znterest, and maturzng zn the amounts on March 1 of the years, as follows 25M-68/69, 50M-70/71 Hospital Bonds, Sermes 1948, dated 3/1/48, now outstandmng mn the princmpal amount of $48,000, bearzng znterest, and maturzng zn the amounts on March 1 of the years, as follows 3% 3M-66, 45M-67 General Oblmgatzon Bonds, Sermes 1960, dated 7/15/60, now out- standing mn the pr~ncmpal amount of $500,000, bearzng znterest, and maturmng mn the amounts on July 15 of the years, as follows 5% 25M-66, 35% 25M-67/72, 3-3/4% 25M-73/78, 3 85% 25M-79/85 Street Improvement Bonds, Sermes 1962, dated 3/15/62, now out- standmng mn the prznczpal amount of $440,000, bearmng znterest, and maturing mn the amounts on March 15 of the years, as follows 3-1/8% 20M-66/69, 2-3/4% 20M-70/74, 3% 20M-75/78, 3-1/8% 20M-79/83, 3 20% 20M-84/87 General Oblzgatmon Bonds, Sermes 1963, dated 3/15/63, now out- standmng mn the prmncipal amount of $460,000, bearzng znterest, and maturzng mn the amounts on March 15 of the years, as follows 25% 20M-66/71, 3% 20M-72/80, 3 20% 20M-81/86, 3 25% 20M-87/88 Cmvic Center Warrants, Serzes 1963, dated 4/15/63, now outstand- mng zn the prmnc~pal amount of $305,000, bearzng mnterest, and ma~urmng in the amounts on Aprml 15 of the years, as follows 2-3/4% 15M-66, 2 80% 15M-67/68, 20M-69, 25M-70, 30M-71/72, 2 85% 35M-73, 40M-74/76 General Oblzgatlon Bonds, Series 1964, dated 7/15/64, now out- standzng zn the prznczpal amount of $790,000, bearzng znterest, and maturing zn the amounts on July 15 of the years, as follows 5% 10M-66/67, 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, Serzes 1964, dated 7/15/64, now outstand- zng zn the prznczpal amount of $190,000, bearzng znterest, and maturing zn the amounts on July 15 of the years, as follows 5% 10M-66/69, 3% 10M-70/75, 3 10% 10M-76/78, 3 15% 15M-79/80, 3 20% 15M-81/82 C~RTIFICAT~ FOR GENERAL OBLIGATION BOND ORDINANCE. THE'STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON We, the undersigned offzcers of sazd Czty, hereby certzfy as follows 1 The Czty Counczl of sazd Czty convened zn REGULAR MEETING ON THE 25TH DAY OF JANUARY, 1966, at the Municzpal Buzldzng, and the roll was called of the duly constztuted offzcers and members of sazd Czty Counczl, to-wzt Brooks Holt, Czty Secretary Warren Whztson, Jr , Mayor Howard Gentry Frank A Camp, Jr Chester A Newland H R Pemberton and all of sazd persons were present, except the followzng absentees ~/~/ ~ ' thus constztu--tzng 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 in full It was then duly moved and seconded that sazd Ordznance be passed, and, after due dzscusszon, sazd motzon, carryzng wzth zt the passage of sazd Ordznance, prevazled and carrzed by the followzng vote AYES Ail members of sazd Czty Council shown present above voted "Aye" NOES None 2 That a true, full, and correct copy of the aforesazd Ordznance passed at the Meetzng descrzbed zn the above and fore- going paragraph zs attached to and follows thzs Certzfzcate, that said 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 mznutes of sa~d Meetzng pertaznzng to the passage of sazd Or- dznance, that the persons named zn the above and foregozng para- graph are the duly chosen, qualzfzed, and actzng offzcers and members of sazd Czty Counczl as zndzcated therezn, and that each of the officers and members of sazd Czty Counczl was duly and sufficzently notzfzed offzczally and personally, zn advance, of the tzme, place, and purpose of the aforesazd Meetzng, and that sazd Ordznance would be introduced and conszdered for passage at sazd Meetzng, and each of sazd offzcers and members consented, zn advance, to the holding of sazd Meetzng for such purpose 3 That the Mayor of sazd Czty has approved, and hereby approves, the aforesazd Ordznance; that the Mayor and the Czty Secretary of said Czty have duly szgned sazd Ordznance, and that the Mayor and the Czty Secretary of sazd Czty hereby declare that thezr szgnzng of thzs Certzfzcate shall constztute the szgnzng of the attached and followzng copy of sazd Ordznance for all purposes SIGNED AND SEA~~ day of J~uary, 1966 (SRAL) ............. We, the undersigned, bezng respectzvely the C~ty Attorney and the Bond Attorneys of the C~ty of Denton, Texas, hereby certzfy I~ that we prepared and approved as to legalzty the attached ~nd ? followzng Ordznance przor to zts~e ~ aforesazd Ii ~' Czty Attorney ~ Bond Attorneys Mc_CALL PARKHURST ~,. HORTON 1400 NERCANTILE BANK BUILDING January 25, 1966 Honorable Mayor and Council of t~e City of Denton, Denton, Texas CITY OF DENTON GENERAL OBLIGATION Gentlemen BONDS~ SERIES 1966~ $1~000,000 In complzance with Sectzon 9.02 and Section 9 04 of the City Charter of the City of Denton, you are ad- vised that the bids for the captzoned bonds have been tabu- lated and that we find that the bid of a Syndicate managed by Underwood, Neuhaus & Co , Inc , for the bonds to bear interest at the rates therezn speczfzed and for whzch such bidder will pay par and accrued ~nterest to date of delzvery plus a premium of $ -0-, is the lowest and best bid re- ceived, and we recommend that zt be accepted We further certify that we have examined the ordinance presently placed before the Mayor and City Counczl for the purpose of authorzzing the issuance of said bonds and in our opinion the said proposed bond ordinance is legal, and that the bonds to be zssued thereunder wzll be valid and binding obligations of the City of Denton Respectfully, McCALL, pARKHURST & HORTON