2009-061ORDINANCE NO. 2009 /
AN ORDINANCE CONSIDERING ALL MATTERS INCIDENT AND RELATED TO
THE ISSUANCE, SALE AND DELIVERY OF "CITY OF DENTON GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2009"; ESTABLISHING PARAMETERS
FOR THE REDEMPTION OF CERTAIN OUTSTANDING OBLIGATIONS OF THE
CITY; AUTHORIZING THE ISSUANCE OF THE BONDS; APPROVING AND
AUTHORIZING INSTRUMENTS AND PROCEDURES RELATING TO SAID BONDS;
AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT.
THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
WHEREAS, there are presently outstanding bonds and certificates of obligation of the City of
Denton, Texas (the "Issuer") payable from a pledge by the Issuer to levy ad valorem taxes sufficient to pay
principal of and interest on the bonds as they become due and, with respect to the certificates of obligation,
further secured by a limited pledge of surplus revenues derived by the Issuer from the ownership and
operation of the Issuer's Utility System (consisting of the Issuer's combined waterworks system, sanitary
sewer system, and electric light and power system);
WHEREAS, the Issuer now desires to refund all or part of the bonds and certificates of obligation
described in Schedule I attached hereto, collectively, the "Eligible Refunded Obligations", and those Eligible
Refunded Obligations designated by the Pricing Officer in the Pricing Certificate, each as defined below, to
be refunded are herein referred to as the "Refunded Obligations";
WHEREAS, Chapter 1207, Texas Government Code, authorizes the Issuer to issue refunding bonds
and to deposit the proceeds from the sale thereof, together with any other available funds or resources,
directly with a paying agent for the Refunded Obligations or a trust company or commercial bank that does
not act as a depository for the Issuer and is named in these proceedings, and such deposit, if made before the
payment dates of the Refunded Obligations, shall constitute the making of firm banking and financial
arrangements for the discharge and final payment of the Refunded Obligations;
WHEREAS, Chapter 1207, Texas Government Code, further authorizes the Issuer to enter into an
escrow agreement with such paying agent for the Refunded Obligations or trust company or commercial bank
with respect to the safekeeping, investment, reinvestment, administration and disposition of any such deposit,
upon such terms and conditions as the Issuer and such paying agent or trust company or commercial bank
may agree;
WHEREAS, the Escrow Agreement hereinafter authorized between the Issuer and The Bank of New
York Mellon Trust Company, N.A., Dallas, Texas, constitutes an agreement of the kind authorized and
permitted by said Chapter 1207, Texas Government Code, and The Bank of New York Mellon Trust
Company, N.A., Dal las, Texas, is so named as the Escrow Agent in accordance with Section 1207.061, Texas
Government Code; and
WHEREAS, this City Council hereby finds and determines that it is a public purpose and in the best
interests of the Issuer to refund the Refunded Obligations in order to achieve a present value debt service
savings of not less than 3.5%, with such savings, among other information and terms to be included in a