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1961-013THE STATE OF TE~L~S COUNTY OF DENTON CITY OF DENTON On th~s the ~ ~ day of June, 1961, the City Council of the City of Denton, Texas, convened in ~ meeting, at the regular meeting place, with the followmng members present, to-wit Frank R. Barrow, Mayor, Thomas E. Noel, George F. Spuller, Counc ilmen, W F. Brooks, G. Emery Taylor, W. D. Buttrmll, City Secretary, and with the following absent. ~~ , constituting a quorum, at which time the followzug proceedings were had Councilman ~/O~Z introduced an ordinance and moved that it be passed The motion was seconded by ~ounct~man ~ The motmon with it the of the ordinance carrying p~ssage prevailed by the following vote AYES Councf~men Noel, Spuller, Brooks and Taylor and M~yor Barrow NOES None The ordinance as passed ms as follows oRDINANCE NO. BY THE CITY COUNCIL OF THE CITM OF D~TON, TEXAS, PROVIDING FOR THE ISSUANCE OF CITY OF D~TON~ TEXAS~ R~.EOTRIC REVENUE BONDS~ SERIES lg61, IN THE AGGP~E- GATE AMOUNT OF $~,200,000 00, BEARING INTEREST AT THE RATES HEREINAFT---ER SET FORTH~ TO SECURE FUNDS FOR THE PURPOSE OF INPROVING AND EXTENDING THE CITY'S ~,EC~IRIC LIGHT AND POWER SYST~, PRESCRIBING THE FORM OF BOND, PLEDGING ~ REVENUES OF THE CITY'S E~.ECTRIC LIGRT AND POWER SYST~4 TO THE PAYMENT OF THE PRECIPAL OF AND INTEREST ON SAID BONDS, PRO- VIDING FOR THE EXPENSE OF OPERATING SAID MAKING 0ERTAIN COVENANTS OF TfiE CITY IN I~-~ERENCE TO THE BONDS AND THE BOND FUND FROM WHICH S~ID PRINCIPAL AND IlflEREST ARE TO BE PAID, PROVIDING THAT THE HOLDER OR HOLDERS OF SAID B~NDS SH~LL NEVER HAVE T~E RIGHT TO D~AND PAYMENT OF OBLIGATIONS OUT OF ANY FUNDS RAISND OR TO BE RAIS- ED BY TAXATION, AND REPEALING ALL ORDINANCES IN CON- FLICT EEI~-%rlTH. WHEREAS~ on October 12, 1954, the City Commission of the City of Denton, Texas, passed an ordinance, as amended on November 2, 1954, directing the issuance of $4,300,000 00 City of Denton, Texas, Electric Revenue Bonds, Series 1954, dated November l, 1954, (hereznafter called "Series 1954 Bonds"), and WHEREAS, on May 17, 1955, the City Commmssion of the City of Denton, Texas, passed an ordinance directing the issuance of $1,350,000.00 City of Denton, Texas, Electric Revenue Bonds, Series 1955, dated May l, 1955, (hereinafter called "Series 1955 Bonds'V), and WHEREAS~ on November 8, 1955, the City Commmssion of the City of Denton, Texas, passed an ordinance directing the mssuance of $1,387,000 O0 City of Denton, Texas, Electric Revenue Bonds, Sermes B, 1955, dated November l, 1955, (hereinafter called "Series B, 1955 Bonds"), and WHEREAS~ said bonds above described and said authorizing ordinances reserved to the City the right to issue Additional Parmty Revenue Bonds, under the conditions set forth in Section 21 of said 1954 authorizing erdinance, and ~EtEREAS, the conditions prescribed in Section 21 of said 1954 authorizing ordinance have been l~ulfllled and exist so that the City now has authority under said Section to mssue the Addmtlonal Bonds herein authorized, and WHEREAS, the City Council has heretofore determined that it is to the best interest of the City and of its citmzens that it issue additional revenue bonds of said City for the purpose of mmprovmng and ex- tending the City's Electric Light and Power System, and WHEREAS~ pursuant to such determination, the Cmty Council of the City of Denton, Texas, passed an ordmnance on January 7, 1960, calling an election on the following proposition "Shall the City Councml of the City of Denton, Texas, be authorized to issue the bonds of said City in the amount of $5,200,000.00, maturing sermally in such installments as may be fixed by the Cmty Councml, the maximum maturity being not more than Forty (40) years From their date, bearing interest at a rate not to exceed 5~ per annum, for the purpose of improving and extending the City's Electric Light and Power System, to be issued mn accor~_e~uce with and secured in the menner provided in Articles llll-lll8, both inclusive, of the Revised Civml Statutes of Tex~s, 1925, as amended, each bond to be con- dit~oned that the holder thereof sha&l never have the right to demand payment of said obligations out of funds raised or to be raised by taxation, secured by a pledge of the net revenues from the operation of the City's Electric Light and Power System Thirty years is estimated as the probable period of useihalness of such improvements" WHEREAS, the election held in said City on the BOth day of January, 1960, a majority of the resident, qualified electors ownmng taxable property in said City and who had duly rendered the same for tax- ation voting at said election sustained the proposition to issue the bonds hereinafter described by the following vote "FOR THE ISSUANCE OF ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS" llS1 Votes~ "AGAINST THE ISSUANCE OF ELECTRIC LIGHT AND POWER SYSTEM P~ENUE BONDS" 476 Votes~ as is reflected mn the election returns heretofore filed with the City Secretary, and WHEREAS, it is now necessary and proper that the City Council proceed with the issuance of such revenue bonds, THE COUNCIL OF THE CITY OF D~NTON HEBw~y ORDAINS i That to provide funds for the purpose of improvmng and extending the City's Electric Light and Power System, pursuant to the Constitution and Statutes of the State of Texas, including partmcularly Articles llll to lll8, both inclusive, of 1925 Revised Cmvil Statutes of Texas, as amended, and the Charter of said City, there shall be mssued "City of Denton, Texas, Electric Revenue Bonds, Series 1961", aggregating Five Million T~o Hundred Thousand ($5,200,000 00) Dollars, numbered from One (1) to Five Thousand T~o Hundred (5,200), both mnclusmve, of the de- nomination of One Thousand ($1,000 00) Dollars each 2 That said bonds shall be dated January l, 1961, and shall bear interest from May l, 1961, at the rates as follows Bonds Nos i to ~, both mncl , y~ ~ per annum, Bonds Nos. to " per mum, Bonds Nos ~ to ~, " " per ~, Bon~ Nos. ~ to ~" '~ ~ per ~, Bonds Nos ~$ to ~, " " per ~, ~able November l, l~l, ~d semi-~u~ly thereafter on ~ 1st ~d ~ember 1st of each ye~, ~d sh~l bec~e due ~d payable seri~ly as follow BO~S ~ES ~I~ DATES ~O~S I to 15, both incl., November l, 196~ $ 15,000 00 16 to S0, " " November l, 1964, 15,000 00 31 to 85, " " November l, 1965, 55,000 00 86 to 155, " " November l, 1966, 70,000 O0 156 to 225, " " November l, 1967, 70,000 00 226 to ~00, " " November l, 1968, 75,000 00 B01 to B75, " " November l, 1969, 75,000 O0 S76 to 460, " " No.tuber l, 1970, 85~000 O0 461 to 545, " " November l, 19~, 85,0~ O0 5~ to 6~5, " " November l, 1972, 90,~0 00 6S6 to 730, " " November l, 1973, 95,000 00 7~1 to 825, " " November l, 1974, 95,000 00 826 to 925, " " November l, 1975, lO0,~0 00 926 to 10S0, " " No~er l, 1976, 105,000 O0 10~l to ll40, " " November l, 1977, llO, 000 00 ll41 to 1255, " " November l~ 1978, llS,000 O0 1256 to 1~75, " " November l, 1979, 120,000 00 1~76 to 1500, " " November l, 1980, 125,000 O0 1501 to 1625, " " November l, 1981, 125,000 O0 1626 to 1755, " " November l, 1982, 1SO,000 O0 1756 to 1890, " " Nov~ber l, 198B, 1SS,000 00 1891 to 20B5, " " No.tuber l, 1984, 145,000 00 20~6 to 2~90, " " November l, 1985, 355,~0 O0 2S91 to 2905, " " November l, 1986, 515,000 00 29~ to ~5, " " Nov~ber l, 1987, 540,000 00 ~6 to 4005, " " November l~ 1988, 560,000 O0 4006 to 4590, " " November l, 1989, 585,000 O0 4591 to 5200, " " November l, 1990, 610,000 O0 ~ ~t said bonds ~d coupons sh~l be p~able ~ law- ~ money of the United S~tes of ~erica at the Fi~t State ~k of ~nton, ~nton, Texas, or, at the option of the holder, at the Fi~t National ~ ~ ~las, Eas, ~xas, with~t exch~ge or collection charges to the oEer or holder thereof 4 ~ Bonds N~bers ~e ~ous~d ~irty ~e (1,OSl) to Five ~ous~d ~ H~ed (5,200), both Eclusmve, the Cmty rese~es the opti~ of c~l~g each such bond for rede~tion prmor to ~turity on ~y interest ~ent ~te on ~d after November l, 1976, at p~ ~d accrued E- terest to ~te so f~ed for redemption, plus the followm~ premiss if re- deemed at the follo~g t~s November l, 1976 or May l, 1977 - November l~ 1977 or Nay l, 1978 - November l, 1978 or May l, 1979 November l, 1~79 or May l, 1980 - November l, 1980 or May l, l~81 There shall be no premium on such bonds whmch may be redeemed November l, 1981, or on any interest payment date thereafter Thirty days' notice of such call shall be given mn writing to the places of payment and notmce shall be pub- lished in a financial publication published mn the City of New York, New York Said notmce shall appear in said publication mn at least one issue, the date of said issue being not less than thirty days prior to the date so fixed for re- demption. If any such bond is called for redemptmon in said manner and if funds sufficient to pay the redemption price shall have been duly placed mn the banks of payment by the date fixed for redemption, it shall not thereafter bear interest If fewer th-~u all of the optional bonds are called for re- demption, they shall be called in their ~nverse numerical order 5 That each of samd bonds and interest coupons shall be executed by the imprinted facsimmle signature of the Mayor and counter- signed by the imprinted facsmmmle signature of the City Secretary, and the corporate seal of the City of Denton, Texas, shall be impressed upon each of said bonds Such facsimile signatures shall have the same effect as manual s mgnatures 6 T hat said bonds shall constitute special obligatmons of said City of Denton and each of said bonds shall contamn the provision that the holder thereof shall never have the rmght to demand payment of said obli- gation out of funds raied or to be raised by taxation 7 The form of said bonds shall be substantially as follows NO. $1,000 00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF D~TON CITY OF D~NTON ELECTRIC REVENUE BOND SW. RIES 1961 The City of Denton, mn the County of Denton, State of Texas, a munmcipal corporation duly mncorporated under the laws of the State of Texas, for value received, hereby acknowledges mtself mndebted to and promises to pay to the bearer on the 1st day of November, 19 , the sum of ONE THOUSAND DOLLARS in lawik~l money of the United States of America, with interest thereon from May l, 1961, at the rate of ~.% per annum, evidenced by coupons payable November l, 1961, and semi-annually thereafter on Nay 1st and November 1st of each year, until the principal sum shall be pald~ which interest is pay- able in lawful money of the United States of America, upon presentation and surrender of proper coupons as they severally become due, both principal and interest being payable at the First State Bank of Denton, Denton, Texas~ at the option of the holder~ at the First National Bank in Dallas, Dallas, Texas, without exchange or collection charges to the owner or holder hereof This bond ~s one of a series oF bonds of l~ke tenor and effect, except as to number, interest rate, maturity and right of prior re- demption, numbered One (1) to Five Thousand Two Hundred (5,200), both in- clustve, of the denomination of One Thousand ($1,000 00) Dollars each, aggre- gating Five Million Two Hundred Thousand (~5, 200, 000 00) Dollars, issued by the City of Denton, Texas, for the purpose of improving and extending the City's Electric Light and Power System, in accorM~uce with the Constitution and laws of the State of Texas and the Charter of said City, and pursuant to an ordinance passed by the City Council, duly recorded ~n the minutes of said City Council The date of this bond ~n conformity with the ordinance above mentioned is January l, 1961 *(The City reserves the option of calling Bonds Numbers One Thousand Thirty One (1,031) to F~ve Thousand Two Hundred (5,200), both inclusive, of the issue of which th~s ~s one, for redemption prior to matur- ity on any ~nterest payment date on and after November l, 1976, at par and accrued lnterest~ plus the following premiums if redeemed at the following times November l, 1976 or Nay l, 1977 - November l, 1977 or Nay l, 1978 November l, 1978 or Nay l, 1979 l~ November 1, 1979 or May 1, 1980 1~ November l, 1980 or Nay l, 1981 There shell be no premium on such bonds which may be redeemed November l, 1981, or on any interest payment date thereafter Thirty days' notice of such call shell be given in writing to the places of payment and said notice shal~l be published in a financial publication published in the City of New York~ New York Said notice shall appear in said publication mu at least one issue~ the date of said ~ssue bezug not less than thirty days prior to the date so fixed for redemption If such bond is called for redemption in said manner and if funds sufficient to pay the redemption price shall have been duly placed in the banks of payment by the date fixed for redemption, it shall not thereafter bear interest If fewer than all of the optional bonds are called for redemption~ they shall be called ~n their inverse numerical order ) The City reserves the right to issue additional parity revenue bonds for electric l~ght and power system, waterworks and sewer systeE improvements and extensions~ under the conditions stated ~n the ordinance authorizing this bond~ said bonds being payable from the same source as are the Bonds of this issu% the Series B~ 1955 Bonds~ the Ser~es 1955 B~ds and the Series 1954 Bonds and secured by the same revenues~ and shall be on a parity with this issue of bc~ds, the Serzes B~ 1955 Bonds, the Ser~es 1955 Bonds and the Series 1954 Bonds In the event the City later exercises the r~ght to combine the operations of its electric light~ waterworks and sanitary sewer systems reserved to it in Section 2S of the ordinance authorizing the Series 1954 Bonds, the bonds of this issue, the Series B, 1955 Bonds~ the Ser~es 1955 Bonds and the Series 1954 Bonds, together with any additional electric light and power system revenue bonds subsequently issued and any revenue bonds theretofore or thereafter issued for waterworks and sanitary sewer pur- poses~ to the extent and in the mauner permitted by law at such time~ will be payable from the revenues of the combined systems~ including all sxlditions, extensions and ~mprovements thereafter made to sa~d combined systems Each successive holder of this bond and each successive holder of each of the coupons hereto attached, is conclusively presumed to forego and renounce his equities in favor of subsequent holders for value without notice, a~d to agree that this bond and each of the coupons hereto attached, may be negotiated by delivery by ~ person having possession hereof, howsoever such possession may have been acquired, and that any holder who shall have taken this bond or auy of the coupons From any person for value and with- out notice, thereby has ac~ired absolute title thereto, free from any defense~ enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder The City of Denton and its officials and the paying agents hereinabove n~med shall not be affected by a~y notice to the contrary This bond and the series of which it ~s a part, together w~th City of Denton, Texas, Electric Revenue Bonds, Series B, 1955, dated November l, 1955, ~ssued in the amount of ~1,387,000 00, City of Denton, Texas, E~ectric Revenue Bonds, Ser~es 1955, dated ~y l, 1955, issued in the a~ount of $1,350,000 00, and City of Denton, Texas, Electric Revenue Bonds, Series 1954, dated November l~ 1954, issued in the amount of $4,300,000 00, constitute special obligations of the City of Denton, Texas, payable both as to principal and interest from and secured by a first lien on ~ud pledge of the net revenues of the City's Electric Light and Power System, and the holder hereof shall never have the right to demand payment of this obligation out of any Funds raised or to be raised by taxation AND IT IS HEEEBY CERTIFIED AND RECITED that the issuance of this bond and the series of which ~t is a part, is duly authorized by law and by a majority c~ the resident, qualified electors owning taxable property · n said City, and who have duly rendered the s~me for taxation, voting at an election held for that purpose within said C~ty, that all acts, conditions and things required to exist precedent to and in the issuance of this bond to render the same lawi~l and valid have been properly done, have happened and been performed in regular and due tzme, form and manner as required by the Constitution and laws of the State of Texas, and the ordinance hereinabove mentioned and that this series of revenue bonds does not exceed any consti- tutional or statutory l~m~tations, and that provision has been made for the payment of the principal and interest of this bond and the series of which it is a part by irrevocably pledging to the payment thereof net revenues of the Electric L~ght and Power System of the C~ty of Denton IN TESTIMONY WHEREOF, the City Council of the C~ty of Denton, Texas, has caused the seal of said City to be impressed hereon and this bond and the annexed coupons to be executed by the facszm~le s~gnature of the M~yor and countersigned by the facsmmile s~gnature of the City Secretary Mayor, City of Denton, Texas' COUNTERSIGNED City Secretary, City of Denton, Texas *(This paragraph should be omitted from Bonds Nos I to 1030, both incl ) 8 The form of said coupons shall be substantially as follows NO. ON THE 1ST DAY OF ,, , 19 The City of Denton, Texas, out of the revenues specified in the bond to which this coupon is attached, will pay to the bearer *(unless the bond to which this coupon is attached shall have been called for previous redemption as therein provided and provision for the redemptmon thereof made), at the First State Bank of Denton, Denton, Texas, or, at the option of the holder, at the First National Bank mu Dallas, Dallas, Texas, wmthout exchange or collection charges to the owner or holder hereof, the sum of .... ($ ) Dollars, mn lawl~l money of the United States of America, said sum being __ months' interest due that day on "City of Denton, Texas, Electric Revenue Bond, Series 1961", bearing the number hereinafter specified, dated January 1, 1961 The holder hereof shall never have the right to demaud payment of this obligation out of funds raised or to be raised by taxation Bond No City Secretary Mayor *(This parenthetical expression shall be printed only in coupons maturing May 1, 1977~ and subsequent ) 9 The form of Comptroller's certificate, which shall be printed on the back of each bond shall be substantially as follows OFFICE OF COMPTROLLER STATE OF TEXAS I HEREBY CERTIFY that there is on file and of record ~n m~ office a certificate of the Attorney General of the State of Texas to the effect that this bond has been exammned by him as required by law, and that he finds that it has been issued in conformity with the Constmtution and laws of the State of Te~s~ and that ~t ~s a valid and binding special oblmgation of the City of Denton~ Texas, payable from the revenues pledged to its payment by smd in the ordinance authorizing same, and said bond has this day been registered by me. WITNESS MY HAND and seal of off~ce at Austin, Texas, Comptroller of P~bl~c Accounts of the State of Texas l0 All of the covenants, provismons~ powers and con- ditions contained in the ordinance passed on October 12, 1954~ as amended November 2, 1954, authorizing the Series 1954 Bonds, securing such bonds, shall secure said Sermes 1961 Bonds, and apply to and govern the rights of the holders thereof, as fully and effectually and to the same extent and ~n the same manner as if all of said covenants, provisions, powers and conditions have been here fully set forth. The said Series 1954 Bonds, the Series 1955 Bonds, the Series B, 1955 Bonds and the Series 1961 Bonds shall be on a parity in all respects so that no bond of any series shall be entitled to any preference or ~riority over any bond of the other series ll Without limiting the generality of the provisions of Section l0 above, the City specmfically covenants~ as follows A RATES. The City will charge and collect for services rendered by the System rates sufficient to p~y all operating, m~lntenance, depreciation, replacement and betterment expenses, and other costs deductible in determining Net Revenues, and to pay the ~nterest on and principal of Bonds and the Reserve Fund payments, as they becGme due Net Revenues mean the gross revenues of the System less the expense of operation and maintenance, including all salaries, labor, materials, repairs and extensions necessary to render efficient service, provided, however, that only such repairs and extensions, as in the Judgment of the City Council are necessary to keep the System in operation and render adequate service, or such as m~ght be neces- sexy to meet some physical accident, shall be deducted ~n determining Net Revenues. No free service shall be allowed B SYST~ FUND. All revenues received from the operation of the System shall be deposited in this Fund, and shall first be expended to pay all operation and maintenance expenses C INTERWn~T AND RED--ION FUND (1) The C~ty ~s presently making monthly deposits mu this Fund to the credit of the outstand- ing bonds an amount equal to 1/6th of the next maturing sem~-annual zuterest and 1/12th of the next maturing principal. These deposits shall be increased to an amount necessary for the payment of maturing interest and principal on these $5,200,000 00 (2) Bond Ordinances authorizing outstanding Electric Revenue Bonds recite that the aggregate amount to be accumulated in the Reserve Fund shall be $38?, 000 00, which amount was on deposit therein and accruing thereto, on M~y l, 1961 The City deposited in the Reserve Fund from available funds on Nay 9, 1961, the sum of $3?,620 00, as an additional Reserve in anticipation of the issuance of these bonds This amount repre- sents a monthly deposit of $4,180.00 from January lO, 1961, through September 10, 1961 The same shall thereafter be supplemented on the 10th d~y of each month, con~nencing October 10, 1961, by the amount of $4,180 00 until such time as the Reserve Fund totals $637,800 O0 Whenever Additional Bonds are issued, the aggregate amount to be accumulated and maintained in the Reserve Fund sBa!l be increased to an amount which will be not less than ~he m~xmmum principal and interest requirements on all bonds to be outstand- ing after the issuance of said Additional Bonds D EXTENSION AND IMPROV~2~ENT FUND Under existing Bond Ordinances, the City is required, after the above requirements have been met, to deposit in this Fund on or before the 10th d~y of ea~ month, a sum equal to not less than 12~ of the gross revenues of the System during the preceding month Monies in said Fund can be used only for the purpose of paying the cost of extensions and improvements to the System, or to retire prior to maturity Revenue Bonds outstanding against the System except that to the extent that menies in the Interest and Redemption Fund and Reserve Account are Insufficient therefor, said monies must be used for the payment of maturing principal and interest on Bonds E. EXCESS REVENUES Any revenues in excess of those ~equired to maintamn the Funds as above requmred may be used for the re- demption of Bonds then eligible for prior redemption, or for the payment of any lawfully issued subordinate lien bonds, or for extensions of the System to the extent nor or hereafter permmtted by law, and mr, in the opinmor of a competent and generally recognized engineer, such extensions will pro- duce sufficient revenues to pay for their maintenance and operatmon and will impose no additional expense on the then existing system, or for any other lawful purpose F. ADDITIONAL BONDS The City reserves the right to issue Additional Bonds of equal dignity wroth the outstanding Bonds and these $5,200,000.00 Bonds, under the followmug condmtmons (1) Each of the Funds contains the amount of money then r,equired to be on deposit therein, (2) The Net Earnings of the System for any consecutmve twelve months out of the fifteen months next preceding the date of the bonds then to be issued, or for the fiscal year next preceding the d~te of the bonds then to be issued, are equal to at least I 50 tames the combined prin- cipal and interest requirements of all bonds to be outstanding after the issuance of the Additional Bonds when such requirements are the greatest, as such Net Earnings are shown by a report of a Certified Public Accountant, (3) A certificate by an independent engineer or engineer- lng firm of national reputation shows that the annual Net Earnings of the System for each of the years from the date of such certificate until the final maturity date of the last maturing bond will be equal to at least I 50 times the maximum ~mount required in any year to p~y principal of and inter- est on all bonds to be outstanding after the mssuance of the Additional Bonds, (4) That the proceeds of such bonds shall be used solely for the making of improvements and extensions of the electric light, water- works and sewer system which may be determined by the City Council to be necessary and economically feasible, (5) The Additional Bonds are made to mature on November l, (6) The Additional Bonds previously shall have been voted by the qualified property taxpaying voters of the City G ACCOUNTS AND ~CCOUNTING REPORTS The City shall keep proper books of records and accounts (separate and apart from all other records and accounts of the Cmty) in whmch complete and correct entries shall be m~ie of all transactions relating to the System, and shall have said books audited once each fiscal year by an independent certified public accountant H INSURANCE The City wall mamntain for the benefit of the holders of the bonds insurance mn the amounts and of the kmnds which are usually carried by private companmes operating smmilar properties I COMBINED SYST~2~S In the event the City later obtains statutory authority it may combine the operations of its Electric, Water and Sewer Systems If and when such an event occurs these bonds, together wmth ~uy revenue bonds issued for water or sewer purposes then outstanding and any ~iditional revenue bonds thereafter issued for electric, water or sewer pur- poses, will be payable from and secured by an mrrevocable pledge of and lien on the revenues of such combined systems, provided, however, that the systems will not be combined unless a report of an mudependent firm of certified public accountants shows that the aggregate net revenues of the Electric, Water and Sewer Systems for the precedmng fiscal year are not less than 1-3/4 times the maximum aggregate total amount of principal and mnterest to become due in any future twelve-month period on all revenue obligatmons then out- standing which were issued for electric, water and sewer purposes l~ APPROVAL BY ATTORNEY GENERAL. This issue of bonds and the record relating thereto shall be submitted to the Attorney General of Texas~ for his approval~ and after he shall have approved the same~ they shall be forwarded to the Comptroller of Public Accounts of the State of Texas, who shall promptly register thom and he shall deliver the Bonds in accordance with instructions to be given by the Nayor The Comptroller~ or a deputy designat- ed in writing to act for the Comptroller~ shall ~auually sign the Comptroller's certificate of registration prescribed heremu to be przuted on the back of each bond, and the seal of said Comptroller shall be affixed to each of said bonds l~. The sale of the bonds herein authorized to at a price of p~r and accrued Lnterest to date of delivery plus a premium of ~ ~/t~/~ ,.~0 , is hereby confirmed Delivery of such bonds shall be msde to such p~rchaser as soon as may be after the passage of this ordinance upon payment therefor in accor~?~uce with the terms of sale 14 All ordmuances and resolutions, and parts thereof in conflict herewith are hereby expressly repesled insofar as they conflict herewith PASSED AND APPROV~his the ~day of June, 1961 i~yo~, City of 'lJenton~ Texas ATTEST City Secretary, C£ty of Denton," TeXas APPROVED ~AS TO LF~ALITY ~r~J~o passage ~rit~torne~ C~t~y oT ~nton, Texas THE STATE OF TEXAS COUNTY OF DENTON CITY OF D~TON I, the undersigned, City Secretary of the City of Denton, Texas, do hereby certify that the above and foregoing is a true and correct copy of an ordinance (and o£ the mmnutes pertaiuing thereto) passed by the City Council of the City of Denton, Texas, on the ~ d~y of June, 1961, authorizing the issuance of $5,200,000 00 City of Denton, Texas, Electric Revenue Bonds, Series 1961, whmch ordinance ms duly of record mn the minutes of said City Council EXECUTED UNDER MY HAND and seal of sazd City, this the ~ dray of June, 1961 CmtY SeCretary,~ Ciby- of 'Denton, Texas (sm ) TO TH]~ HONORABLE CITY COUNCIL OF THE CITY 0I~ DIe'TON, TEXAS~ The bids having been opened and read by the fiscal agent for the City and the tabulation thereof made and in compliance with Section 9.0~ of the Oity 0hatter, I ~eoo~aend that the bid made by Smith, Barney and Company, New York, and Associates be accepted for the City of Denton electric revenue bonds, Series 1961, in the aggregate amount of $5,200,000. TO 0ERTIFY WHIOH, witness my hand this 13th day of June, A D 1961.