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1960-027 THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON On this the 12th day of July, 1960, the Cmty Council of the Cmty of Denton, Texas, convened in Regular meeting, at the regular meeting place, with the following members present, to-w~t Frank R Barrow, Mayor, Thomas E Noel, George F Spuller, Councilmen, J F Brooks, G. Emery Taylor, W D. Buttrlll, City Secretary, and with the following absent -~o~% E.~oE~_j OJ,~u, ~[~QO~(,~ , constituting a quorum, at which time the followmng proceedmngs were had Councilman ~) po~t. ~ ~_ introduced an ordinance ~nd made a motion that it be passed The motion was seconded by Councilman ~'-~ ~.~ ~ The motion carrying w~th it the passage of the ordinance prevamled by the followmng vote AYh~ Councilm~n ~ Spuller, Brooks and Taylor and Mayor Barrow NOF~ None The ordinance as passed ms as follows BY THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS~ PROVIDING FOR THE ISSUANCE OF $600,000 O0 CITY OF DENTON, TEXAS, STREET IMPROVEMENT BONDS, SERIEB 1960, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND CO~.~.F. CTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINK- ING FUND FOR THE REDEMPTION THEREOF AT MATURITY AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH WHEREAS~ heretofore on the 7th day of January, 1960· the City Councml of the Cmty of Denton, Texas, passed an ordinance calling sn election to be held in said City on the 30th day of January, 1960, on several propositions, includmng the following PROPOSITION NO 1 "Shall the City Councml of the City of Denton, Texas~ be authorized to issue the bonds of samd ~±ty mn the sum of $2,400,000 00, m~turing sermally mn such in- stallments as may be fixed by the City Councml, the maxi- mum maturity being not more than ~orty (40) years from their date, bearing interest at a rate not to exceed per annum, and to levy a tax sufficient to pay mnterest as mt accrues and principal as mt matures on said issue of bonds, for the purpose of improving the streets and constructing necessary l~rmanent drainage facilities, as authorized by the Constitution and laws of the State of Texas Thirty years is estimated as the p~obable period of usefulness of such improven~nts" · and WHEREAS~ samd election was duly and legally held on the $0th day of January, 1960, at which election a majority of the legally quall- fled electors owning taxable property In the C~t~ of Denton, Texas, and who had duly rendered the same for taxatmon~ veting at sa~d electzon sustained the proposition to mssue the bonds hereinaiter described by the £ollo~mng vets PROPOSITION NO 1 "FOR THE ISSUANCE OF S~RFET IMPROVEM~NT BOND~" 1~11 Votes~ "AGAINST THE ISSUANCE OF STREFT IMPROVEMENT BONDS" 578 Votes, as ms reflected in the electmon returns heretofore filed w~th the Cmty ,ecretary, and WHEREAS, it ms deemed advisable and to the bast interest of the C~ty that only $600~000 O0 of said authorized bonds be issued and sold at thms t~me, THE COUNCIL OF THE CITY OF DE~rON HEREBY ORDAINS i That the bonds of said Cmty to be called "Cmty of Denton, Texas~ Street Improvement Bonds, Series 1960", be ~ssued under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said Cmty, for the purpose of improvmng the streets and constructing necessary permanent dramnage facilmtme~ mn ~he principal amount of Six Hundred Thousand ($600,000 00) Dollsrs 2 That said bonds shall be numbered from One (1) to Six Hundred (600), both ~ncluslve, of the denomination of One Thousand ($1,000.00) Dollars each~ aggregating Smx Hundred Thousand ($600,000 00) Dollars 3 That said bonds shall be dated July 15, 1960, and shall become due and payable serially as follows BONDS NUMBERS MATURITY DATES AMOUN'US 1 to 20, both incl , July 15, 1961, $ 20,000 O0 21 to 40, " " July 15, 1962, 20,000 O0 41 to 60, " " July 15, 1963, 20,000 O0 61 to 80, " " July 15, 1964, 20,000 O0 81 to 100, " " July 15, 1965, 20,000 O0 101 to 125, " " July 15, 1966,_ 25,000 O0 126 to 150, " " July 15, 1967, 25,000 O0 151 to 175, " " July 15, 1968, 25,000 O0 176 to 200, " " July 15, 1969, 25,000 O0 201 to 225, " " July 15, 1970, 25,000 O0 226 to 250, " " July 15, 1971, 25,000 O0 251 to 275, " " July 15, 1972, 25,000 O0 276 to 300, " " July 15, 1973, 25,000 O0 301 to 325, " " July 15, 1974, 25,000 O0 326 to 350, " " July 15, 1975, 25,000 O0 351 to 375, " " July 15, 1976, 25,000 OO 376 to 400, " " July 15, 1977, 25,000 O0 401 to 425, " " July 15, 1978, 25,000 O0 426 to 450, " " July 15, 1979, 25,000 O0 451 to 475, " " July 15, 1980, 25,000 O0 476 to 500, " " July 15, 1981, 25,000 00 501 to 525, " " July 15, 1982, 25,000 O0 526 to 550~ " " July 15, 1983, 25,000 O0 551 to 575, " " July 15, 1984, 25,000 O0 576 to 600, " " July 15, 1985, 25,009 O0 4 That sazd bonds shall bear mnterest at the rates as follows Bonds Nos i to /.~8--, b~th i~cl , ~'--~ per annum, Bonds Nos. j~ to~?~--, 35-~ per annum, Bonds Nos ~.7~ to~24~, " " 3-7~'~ per annum, Bonds Nos ~ to ~ ," " j~ per annum, Bonds Nos to , " " per annum, payable January 15, 1961~ and semi-annually thereafter on July 15th and January 15th of each year. 5 That the prlncmpal of and ~nterest on said bonds shall be payable upon presentation and surrender of bond or proper coupons at The Fmrst National City Bank of New York, New York, New York, or, at the option of the holder, at First National Bank ~n Dallas, Dallas, Texas, w~th- out exchange or collection charges to the owner or holder thereof 6 That each of said bonds and mnterest coupons shall be executed by the mmprmnted facsimmle s±gnature of the Mayor and counter- slgned by the imprmnted facsmmile smgnature of the C~ty ~ecretary, and the corporate seal of the City of Denton, Texas, shall be ~mpressed upon each of said bonds Such facsimmle signatures shall have thc same effect as manual signatures '~ The form of samd bonds shall be substantzally as follows NO $1,000 O0 UNITED STATES O~ AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON STREET IMPROVEMENT BOND SERIES 1960 The C~ty of Denton, mn the County of Denton, State of Texas, a munmclpal corporation duly incorporated under the laws of the State of Texas, for value received, hereby prommseo to pay to the bearer hereof~ on the 15th day of July, 19, , the sum of ONE THOUSAND DOLLARS mn lawiul money of the United States of America, w±th mnterest thereon from date hereof at the rate of ( %) per cent per annum, evidenced by coupons payable January 15, 1961, and semm-annually there- after on July 15th and January 15th of each year, both prmnclpal and interest payable upon presentatmon and sorrender of bond or proper coupon at The Fmrst National City Bank of New York, New York, N~w York, or, at the optmon of the holder, at the First National Bank mn Dallas, Dalla% Texas, without exchange or collection charges to the owner or holder hereof, and the City of Denton, Texas, ms hereby held and firmly bound and mts fazth and credmt and all tax- able property in said Cmty are hereby pledged ior the prompt payment oi the princmpal of thms bond at maturity and the mnterest thereon as mt accrues This bond ms one of a series oi S~x Hundred (600) bonds of like tenor and effect~ except as to number, interest rate and maturmty, numbered from One (1) to Slx Hundred (600)~ both znclusmve, of the denommnat~o of One Thousand ($1,000 00) Dollars each, aggregatzng Six Hundred Thousand ($600,000 00) Dollars, issued lor the purpose oi ~mprovzng the streets and constructing necessary permanent draznsge facil~tzes, under and by v~rtue of the Constitution and laws of the State of Texas and the Charter of said C~ty, and pursuant to an ordinance passed by the City Council of the C~ty of Denton, Texas, which ordznance is duly of record zn the m~nutc~ of s~ld City Council The date of this bond in conformity w~th the ordinance above mentioned is July 15, 1960 AND IT IS HEREBY CERTIFIED AND RECITED that the ~ssuance of th~s bond, and the series of whzch ~t zs a part, is duly authorzzed by law and by a vote of the resident, qual~fzed electors who own taxable property ~n said City and who had duly rendered the same Ior taxatzon ~n the C~ty oF Denton, Texas, votzng at an electzon held for that purpose within sa~d Czty on the 30th day of January, 1960, that all acts, conditions and th~ngs re- quired t~ be done precedent to and zn the zssuance of th~s ser~es of bonds, and of this bond, have been properly done and periormed and have happened · n regular and due t~me, form and manner as required by law, that sufficzent and proper proviszon for the levy and collection of taxes has been made, whzch when collected shall be approprzated ezclus~vely to the payment of this bond and the ser~es of which ~t ~s a part, and to the payment of the ~nterest coupons hereto annexed as the same shall become duc, and that tht total zn- debtedness of sa~d City of Denton, Texas, including the entzre series of bonds of which th~s ~s one, does not exceed any constitutional, statutory or charter lzmitat~on IN WITNESS WHEREOF, the C~ty of Denton, Texas, by 1ts Cmty Council has caused the seal of samd Czty to be mmpressed hereon and this bond and the annexed coupons to be executed by the 1acslmile smgnature of the Mayor and countersigned by the ~acsmmlle szgnature of the Cmty Secretary Mayor, C~ty of Denton, Texas COUNTERSIGNED Cmty Secretary, City of Denton, Texas 8 The form of coupon shall be substantmally as follows NO ON THE 15TH DAY OF , 19 ,, The Cmty of Denton~ Texas~ will pay to bearer, at The First Natmonal Cmty Bank of New York, New York, New York, or, at the option of the holder, at the Fmrst National Bank mn Dallas, Dallas, Texas, without exchange or collectmon charges to the owner or holder hereof, the sum of ($,, ) Dollars, mn lawful money of the United States of America, being months' interest due that day on "City of Denton, Texas, Street Improvement Bond, Series 1960"~ dated July 15, 1960, No Cmty Secretary Mayor 9 Substantially the following certmficate shall be prmnted on the back of each bond OFFICE OF COMPTROLLER STATE OF TEXAS I HEREBY CERTIFY that there ms on fmle and of record in my office a certificate of the Attorney General of the State of Texas, to the effect that thms bond has been examined by him as requmred by law, and that he fmnds that it has been issued mn conformity with the Constitutmon and laws of the State of Texas and the Charter of samd City, and that mt is a valid and bmnding obligation upon samd City of Denton, Texas, and said bond has thms day been registered by me WITNESS MY HAND and seal of off~ce at Austin, Texas~ Comptroller of Public Accounts of the State of Texas l0 That a special fund shall be created and ms hereby created to be designated "City of Denton, Texas, Street Improvement Bonds, Series 1960 Fund" The proceeds from all taxes collected for and on account of this series of bonds shall be credited to said fund for the purpose of paying the interest as mt accrues and to provide a slnkmng fund for the pur- pose of paying each mnstallment of prmncipal as mt becomes due, and said fund shall be used for no other purpose For the current year and each year there- after while any of said bonds, or interest thereon, are outstanding and unpaid there shall be computed and ascertamned, at the time other taxes are levied, the rate of tax based on the latest approved rolls of samd Cmty as will be requisite and sufficient to make, raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund suffi- cient to pay the principal as mt matures, or at least 2% of the outstandmng principal as a sinking fund~ whmchever is greater, full allowances being made for delinquencies and costs of collection A tax at the rate as heremnabove determined is hereby ordered to be levmed and is hereby levied agamnst all of the taxable property in said City for the current year and each year respect- ively while any of said bonds, or interest thereon, are outstanding and unpamd, i and the said tax each year shall be assessed and collected and placed in the Fund ~reby created and the Treasurer shall honor warrants against said Fund for the purpose of paying the znterest maturing and prmnc~psl of samd bond~ and for no other purpose i1 Be it further ordained that the Mdyor shall be authormzed to take and have charge of all necessary records pendmng investm- gation by the Attorney General, and shall take and have charge end control of the bonds herein authorized pending themr approval by the Attorney General and regmstration by the Comptroller of Public Accounts Upon regzstratzon of said bonds, the Comptroller of Public Accounts (or a deputy deszgnated in writing to act for the Comptroller) shall manually smgn the Comptroller's certmficate of regzstratmon prescrmbed herezn to be prmnted on the back of each bond, and the seal of samd Comptroller shall be affmxed to each of sa~d bonds 12 The sale of the bonds heremn authormzed to at a price of par and accrued interest to date of delivery~ plus a premium of $ , is hereby confmrmed Delmvery of such bonds shall be made to such purchasers as soon as may be after the passage of this ordinance upon payment therefor in accordance with the terms of sale 13 That all ordinances and resolutions or parts thereof · n conflict herewith are hereby repealed PASSED AND APPROVE~D~ the 12th day of J/~y, 1960 M~0r~ ~ty of Denton,' Texas C~ty Secretary~ City of Denton~ Texas ~assage C~ty Attorney THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON I~ the undersigned~ C~ty Secretary of the City of Denton~ Texas~ do hereby certify that the above and foregoing is a tru% full snd correct copy of an ordinance passed by the C~ty Council of the City of Denton~ Texas~ (and of the minutes pertaining thereto) on the 12th day of July~ 1960~ authorizing the issuance of $600,000 00 C~ty of Denton~ Texas~ Street Improvement Bonds~ Ser~es 1960, which ordinance is duly of record ~n the minutes of said C~tyCouncil EXECUTED UNDER MY HAND and seal of sa~d City th~s the ~ day of July~ 1960. City Secretary~ C~ty of Denton, Texas (SEAL)