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