23-2242ORDINANCE NO. 23-2242
AN ORDINANCE OF THE CITY OF DENTON, TEXAS AMENDING THE MASTER
ORDINANCE THAT ESTABLISHED THE CITY OF DENTON EXTENDABLE
COMMERCIAL PAPER FINANCING PROGRAM AND AUTHORIZED EXTENDABLE
COMMERCIAL PAPER NOTES, SERIES A TO ADD GENERAT, OBLIGATION BONDS
AUTHORIZED BY THE VOTERS WITHIN THE CITY AT AN ELECTION HELD ON
NOVEMBER 7, 2023; PROViDING FOR APPROVAL BY THE ATTORNEY GENERAT,;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Denton, Texas (the “City” or the “Issuer”) is a home-rule
municipality, acting as such under the Constitution and laws of the State of Texas, has a population
in excess of 50,000, and has outstanding long-term indebtedness that is rated by a nationally
recognized rating agency for municipal securities in one of the four highest rating categories for
long-term obligations; and
WHEREAS, the City Council of the City (the “City Council”) authorized the issuance and
payment of up to $100,000,000 aggregate principal amount of “City of Denton Extendable
Commercial Paper Notes, Series A“ (the “ECP Notes”) pursuant to the “Master Ordinance
Establishing the City of Denton Extendable Commercial Paper Financing Program and
Authorizing Revenue Extendable Commercial Paper Notes, Series A“ adopted on May 19, 2020
(the “ECP Ordinance”), providing for the issuance of the ECP Notes; and
WHEREAS, the City Council now desires to amend the ECP Ordinance to add general
obligation bonds authorized by the voters within the City at an election held on November 7, 2023,
to the definition of “General Obligation Bonds” in the ECP Ordinance and related amendments;
and
WHEREAS, the meeting was open to the public and public notice of the time, place and
purpose of said meeting was given pursuant to Chapter 551, Texas Government Code; NOW,
THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS :
Section 1. Recitals; Definitions. The statements, findings, representations, and
determinations set forth in the recitals to this Ordinance are hereby incorporated into and made a
part of this Ordinance for all purposes. Capitalized terms not defined herein have the same meaning
as assigned in the ECP Ordinance.
Section 2. Amendment to ECP Ordinance. In accordance with the provisions of
Article VI of the ECP Ordinance, the ECP Ordinance will be amended as follows in this Section.
The amendments shall take effect upon the approval of the Attorney General of the State of this
Ordinance, and other agreements and proceedings as may be required in connection therewith, as
described in Section 4 hereof. Any and all of the terms and provisions of the ECP Ordinance shall,
except as amended hereby, remain in full force and effect.
Page 1
(a) The defined term “General Obligation Bonds” is hereby amended and restated in
its entirety as follows:
“General Obligation Bonds” means the general obligation bonds (A) in an
aggregate principal amount not to exceed $220,900,000, authorized by the voters
within the Issuer at an election held on November 5, 2019, for the acquisition of
property and making improvements for public purposes in said Issuer for (i) street
improvements in the aggregate principal amount of $154,000,000, (ii) public safety
facilities for the police department in the aggregate principal amount of
$61,900,000, and (iii) acquisition of land for parks in the aggregate principal
amount of $5,000,000, and (B) in an aggregate principal amount not to exceed
$291,355,000, authorized by the voters within the Issuer at an election held on
November 7, 2023, for the acquisition of property and making improvements for
public purposes in said Issuer for (i) street improvements in the aggregate principal
amount of $45,125,000, (ii) drainage and flood control improvements in the
aggregate principal amount of $58,860,000, (iii) park system improvements in the
aggregate principal amount of $33,450,000, (iv) fire and animal control public
safety facilities in the aggregate principal amount of $42,015,000, (v) affordable
housing projects in the aggregate principal amount of $15,000,000, (vi) an active
adult center facility in the aggregate principal amount of $47,360,000, and (vii) a
new South Branch Library in the aggregate principal amount of $49,545,000.
(b)The defined term “Project” is hereby amended and restated in its entirety as follows:
“Project” means the acquisition of property and making improvements for
public purposes in said Issuer for any project for which there exists authorized but
unissued general obligation bonds approved by a majority of voters of the Issuer at
the elections held November 5, 2019, and November 7, 2023, for the purpose of
authorizing the issuance of such bonds, all in accordance with and subject to the
election propositions authorizing the issuance of general obligations bonds for such
purposes which are listed or otherwise described in a Tax Certificate of the Issuer
or other certificate of a City Authorized Representative, as being financed in whole
or in part with the Proceeds of the ECP Notes.
The amounts of bonds for each such election described above heretofore issued and
amounts remaining to be issued as of the date of this Ordinance are as described in Schedule 1
attached hereto.
Section 3.Dealer Agreement; Issuing and Paying Agent Agreement.
(a) A City Authorized Representative, acting for and on behalf of the Issuer, is
authorized to approve, enter into and carry out amendments and supplements to any existing Dealer
Agreement that are necessary or acceptable in connection with the amendment of the ECP
Ordinance. The City Authorized Representative is hereby authorized to appoint one or more
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additional firms to act as Dealer, and agrees that the Issuer will enter into a Dealer Agreement in
substantially the form of the existing Dealer Agreement with each Dealer, all pursuant to
Section 2.12 of the ECP Ordinance.
(b) A City Authorized Representative, acting for and on behalf of the Issuer, is
authorized to approve, enter into and carry out amendments and supplements to the Issuing and
Paying Agent Agreement that are necessary or acceptable in connection with the amendment of
the ECP Ordinance.
Section 4. Approval of Attorney General. The amendments to the ECP Ordinance
herein authorized shall not become effective until the Attorney General of the State shall have
approved this Ordinance, and other agreements and proceedings as may be required in connection
therewith, all as is required by the Acts.
Section 5. Further Procedures. The Mayor and Mayor Pro Tem, the City Authorized
Representatives and the City Secretary, and all other officers, employees and agents of the Issuer
are hereby authorized and directed, jointly and severally, to do any and all things and to execute
and deliver any and all documents which they may deem necessary or advisable in order to
effectuate the purposes of this Ordinance, the ECP Ordinance, the Dealer Agreement, and the
Issuing and Paying Agent Agreement. In addition, the Mayor and Mayor Pro Tem, the City
Secretary, the City Authorized Representatives, and Bond Counsel are hereby authorized to
approve, subsequent to the date of adoption of this Ordinance, any amendments to the above named
documents, and any technical amendments to this Ordinance as may be required by a Rating
Agency as a condition to the granting or maintaining of a rating on the ECP Notes acceptable to a
City Authorized Representative, or as may be required by the Office of the Attorney General of
the State in connection with the approval of this Ordinance or to correct any ambiguity or mistake
or properly or more completely document the transactions contemplated and approved by this
Ordinance. Further, a City Authorized Representative is hereby authorized to approve updates of
the Offering Memorandum, to be used by the Dealer in the offering of the ECP Notes, and the use
thereof by the Dealer in connection therewith and to cooperate with the Dealer in periodically
updating and approving the Offering Memorandum as described in Section 7.08 of the ECP
Ordinance.
B . t: cTcotion .hT::P,TdI:, Its„ULT,=::;=T,;':l::,Pby K,h£wi„g =: ric?!iF by
Mayor Gerard Hudspeth:
Vicki Byrd, District 1 :
Brian Beck. District 2:
Paul Meltzer, District 3 :
Joe Holland. District 4:
Brandon Chase McGee, At Large Place 5:
Chris Watts, At Large Place 6:
Aye
Jr,/
/
,/
\/
,/
Nay Abstain Absent
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PASSED, APPROVED AND EFFECTIVE this December 12, 2023.
rs MAYORI
ATTEST:
JESUS SALAZAR. CITY SECRETARY
A\\\ it IIII///
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
Digitally signed by Susan Keller
Susan Keller ::=3:'iT,EFi:Eia=F-"
BY : =taj!::::f;r£J:;@DcJ3:£2un'com
SCHEDULE I
(As of December 12, 2023)
November 5, 2019 Election Voted Bonds
Purpose
Amount
Authorized
Amount
Previously Issued+
Unissued
Balance
Street Improvements
Police Public Safety Facilities
Land for Parks
$ 154,000,000
$61 ,900,000
$5,000,000
$99,500,000
$6 1 ,900,000
$5,000,000
$54,500,000
SO
$0
8 Includes principal and premium
November 7, 2023 Election Voted Bonds
Purpose
Amount
Authorized
Amount
Previously Issued
Unissued
Balance
Street Improvements
Drainage And Flood Control
Improvements
Park System Improvements
Fire and Animal Control Public
Safety Facilities
Affordable Housing Projects
Active Adult Center Facility
New South Branch Library
$45, 125,000 $0 $45, 125,000
$58,860,000
$33,450,000
SO
$0
SO
$0
SO
$0
$58,860,000
$33,450,000
$42,0 1 5,000
$ 15,000,000
$47,360,000
$49,545,000
$42,0 1 5,000
$ 15,000,000
$47,360,000
$49,545,000