1962-011TNE STATE OF TEXAS
COU~ OF
CIT~ OF DE~TON
On this the 27th day of March, 1962, the City Council of
the City of Denton, Texas, convened in Regular meeting, at the regular meet-
ing place, with the following members present, to-wit
George F Sp,,ller, Mayor pro tern
Councilmen,
G E Taylor,
W D Buttrill, City Secretary,
and with the following absent Frank R Barrow, Mayor, Don Robznson,
constituting a quorum, at which time the following proceedings were hszl
Councilman Taylor introduced an ordinance and
moved that it be passed The motion w~s seconded by Councilman Brooks
The motion carrying with it the passage of the ordinance prevailed by the
following vote
AloES Councilmen Brooks, Spuller, -R=b~nm~n and Taylor
NOES None
The ordinance as passed is as follows
ORDINANCE NO 62-11
BY THE CITY COUNCIL OF ~ CITY OF D~TON,
TEXAS~ PROVIDING FOR T~IE ISSUANCE OF
$500,000 O0 CITY OF DENTON, TEXAS, STREET
I]~:RO~ BONDS, SERIES 1962, BEARING IN-
','""~mST AT TEE RATES HEREINA~-zt,:H SET FORTH,
AND PROVIDING FOR THE LEVY, ASSESSMENT AND
COLLECTION OF A TAX SUFFICIENT TO PAY THE
IBTaa~EST 0~ SAID BONDS AND TO CREATE A SINK-
ING ~JND FOR THE RED~fION 1T!~AEOF AT
MATUltITY AND REPEALING ALL O~DINANCES IN
CONFLICT HEREWITH
WHERFAS~ heretofore on the 30th day of January, 1960, an
election was held in the City of Denton, Texas, resulting favorably to the
issuance of $2,400,000 O0 of bonds for the purpose of improving the streets
and constructing necessary permanent drainage facilities, and
WHEREAS, on July 12, 1960, an ordinance was passed by the
City Council authorizing the issuance of $600,000 O0 City of Denton, Texas,
Street Improvement Bonds, Series 1960, dated J~ly 15, 1960, and
~EAS, it is deemed advisable and to the best interest
of the City that $500,000 O0 of said authorized bonds be issued ~ sold at
this time,
THE COUNCIL OF THE CITY OF D~NTON HER~Y ORDAINS
1 That the bonds of said City to be called "City of
Denton, Texas, Street Improvement Bonds, Series 1962", be issued under and
by virtue of the Constitution and laws of the State of Texas, and the Charter
of said City, for the purpose of improving the streets and constructing
necessary permanent d~ainage facilities, in the principal amount of Five
Hundred Thousand ($500,000 00) Dollars
2 That said bonds shall be numbered from One (1) to One
Hundred (100), both inclusive, of the denomination of Five Thousand
($5,000 00) Dollars each, aggregating Five Hundred Thousand ($500,000 00)
Dollars
3 That said bonds shall be dated M~rch 15, 1962, and
shall become due and payable serially as follows
March 15, 1963, $ 20,000 O0
March 15, 1964, 20,000 00
March 15, 1965, 20,000 O0
March 15, 1966, 20,000 O0
March 15, 1967, 20,000 OO
March 15, 1968, 20,000 O0
March 15, 1969, 20,000 O0
March 15, 1970, 20,000 O0
March 15, 1971, 20,000 O0
March 15, 1972, 20,000 O0
March 15, 1973, 20,000 OO
March 15, 1974, 20,000 OO
March 15, 1975, 20,000 O0
March 15, 1976, 20,000 OO
March 15, 1977, 20,000 OO
March 15, 1978, 20,000 O0
M~rch 15, 1979, 20,000 CO
March 15, 1980, 20,000 OO
March 15, 1981, 20,000 OO
March 15, 1982, 20,000 OO
March 15, 1983, 20,000 O0
March 15, 1984, 20,000 O0
March 15, 1985, 20,000 O0
March 15, 1986, 20,000 O0
March 15, 1987, 20,000 O0
4 That said bonds shall bear interest at the rates as
follows
Beads maturing 1963 to 1969, b,o, th incl , 3~1~ per annum,
Beads maturing 1970 to 1974, " 2 3/ % per annum,
Bonds maturing 1975 to 1978, " " B% per annum,
Bonds maturing 1979 to 198B, " " B-1/8~ per annum,
Bonds maturing 1984 to 1987, " " 3 20% per annum,
payable M~rch 15, 1963, amd semi-annually thereafter on September 15th and
March 15th of each year
5 That the principal of and interest on said bonds
shall be payable upon presentation and surrender of bond or proper coupons
at T~e First National City Bank of New York, New York, New York, or, 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 thereof
6 That each of said bonds and interest coupons shall be
signed by the imprinted or lithographed facsimile signature of the Mayor of
the City and countersigmed by the imprinted or lithographed facsimile signature
of the City Secretary, and the official seal of the City shall be impressed,
or printed, or lithogr~phed on each of said bonds
7 The form of said bonds shall be substantially as
follows
No $5,ooo 0o
UN2E~D STATES OF AMERICA
STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
STREET IMPROVEMENT BOND
mm .s 1962
The City of Denton, mn the County of Denton, State of
Texas, a municipal corporation duly incorporated under the laws of the State
of Texas, for value received, hereby promises to pay to the bearer hereof, on
the 15th day of March, 19 , the sum of
in lawful money of the U~ited States of America, with interest thereon from
~te hereof at the r~te of , % per annum, evidenced by coupons payable
F~rch 15~ 1963, and semi-annually thereafter on September 15th and March 15th
of each year, both principal and interest payable upon presentation and
surrender of bond or proper coupon at The First National Cmty Bank of New York
New york, New York, or, at the option of the holder, at the First National Banl
in Dallas, DaLlas, Texas, without exchange or collection charges to the owner
or holder hereof, and the City of Denton, Texas, is hereby held and firmly
bound and its faith and credit and all taxable property in said City are here-
by pledged for the prompt payment of the principal of this bond at maturity ant
the interest thereon as it accrues
This boreal is one of a series of One Hundred (100) bonds of
like tenor and effect, except as to number, interest rate and maturity, number-
ed frc~ One (1) to One Hundred (100), both inclusive, of the denomination of
Five Thousand ($5,000 00) Dollars each, aggregating Five Hundred Thousand
($500,000 00) Dollars, issued for the purpose of improving the streets and
constructing necessary permanent drainage facilities, under and by virtue of
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 of the City of Denton,
Texas, which ordinance is duly of record in the minutes of said City Council
The date of this bond in conformity with the ordinance
above mentioned is M~rch 15, 1962
AND IT IS HEREBY CERTIFIED AND RECI','~o that the issuance
of this bond~ and the series of which it is a part, is duly authorized by law
amd by a vote of the resident, qualified electors who own taxable property
in said City and who had duly rendered the same for taxation in the City of
Denton, Texas, voting at an election held for that purpose within said City
on the 30th day of January, 1960, that all acts, conditions and things re-
quired to be done precedent to and in the issuance of this series of bonds,
and of this bond, have been properly done and performed and have happened
in regular and due time, form and manner as required by law, that sufficient ~
proper provision for the levy and collection of taxes has been made, which when
collected sh..11 be appropriated exclusively to the payment of this bond and the
series of which it is a part, and to the payment of the interest coupons heretc
annexed as the same shall become due, and that the total indebtedness of said
City of Denton, Texas, including the entire series of bonds of which this is
one, does not exceed any constitutional, statutory or charter limitation
~N WA'£gESS W~F, this bond and the interest coupons
attached hereto have been signed by the imprinted or lithographed facsimile
signature of the Mayor of said City and countersigned by the imprinted or
lithographed facsimile signature of the City Secretary, and the official seal
of said City has been ~uly impressed, or printed, or lithographed on this bond
Mayor, City of Denton, Texas
C0~,£m~SIGNED
City Secretary, City of Denton, Texas
8 The form of coupon shall be substantially as follows
ON TEE 15TH DAY OF
, 19
The City of Denton, Texas, will pay to bearer, at The
First National City Bank of New York, New York, New York, or, 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, the s~ of
($ ) Dollars, in lawTul money of
the United States of America, being months' interest due that day on
"City of Denton, Texas, Street Improvement Bond, Series 1962", dated March 15,
1962, No
City Secretary Mayor
9 Substantially the following certificate shall be
printed on the back of each bond
Oi~FICE OF COMPTROLLER
STATE OF TEXAS
I HEREBY CERTIFY that there is on file and of record in
my office a certificate of the Attorney Gem~ral of the State of Texas, to the
effect that this bond has been examined by him as required by law, and that
he finds that it has been issued in conformity with the Constitution and laws
of the State of Tex~s and the Charter of said City, and that it is a valid and
binding obligation upon said City of Denton, Texas, and said bond has this day
been registered by me
WITNESS M~ HAND and seal of office at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas
l0 That a special fund shall be created and is hereby
created to be designated "City of Denton, Texas, Street Improvement Bonds,
Series 1962 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 it accrues and to provide a sinking lh~ud for the pur-
pose of paying each installment of principal as it 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 ascertained, at the time other taxes are levied,
the rate of tax based on the latest approved rolls of said City 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 it m~tures, or at least 2~ of the outstanding
princil~ul as a sinking fund, whichever is greater, full allowances being made
for delinquencies and costs of collection A tax at the rate as hereinabove
determined is hereby ordered to be levied and is hereby levied against 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
and the said tax each year shall be assessed and collected and placed in the
Fuad hereby created and the Treasurer shall honor warrants against said Fund
for the purls)se of paying the interest maturing and principal of said bonds
and for no other purpose
ll Be it further ordained that the Mayor of the City
be authorized to take and have charge of all necessary records pertaining to
the bonds pending investigation by the Attorney General, and shall take and
have charge and control of the bonds herein authormzed pending their approval
by the Attorney General and registration by the Comptroller of Public Accounts
Ul~m registration of sai~ bon~s, the Comptroller of Public Accounts (or a
~eputy ~esignate~ in ~riting to act for the Comptroller) shall manually sign
the Comptroller's certifioate of registration prescribe~ herein to be printe~
on the back of each bon~, an~ the seal of the Comptroller shall be impresse~,
or printe~, or lithographe~ on each of sai~ bon~s
12 ~e sale of the bond~ herein authorize~ to First
National Bank of Memphis, ~eunessee, at a price of par an~ accrue~ interest
to date of ~elivery, plus a premium of $~5 00, is hereby confirme~ Delivery
of such bon~s s~ll be maple to such purchaser as soon as may be after the
passage of this ordinance upon payment therefor in accordance with the terms
of sale
lB ~hat all ordinances an~ resolutions or parts thereof
in conflict herewith are hereby repeale~
PASSED AND APPROVED this the 27th day of March, 1962
Mayor~ City/pr Denton, Texas p~o ~m~
AT~ES~
C~l~y 8ecreta~,~ ~iSy of Denton, Texas
APPROVED AS ~0 LE~AL~ ~pri~r to passage
~-~ Oity ~t~o~ney
~HE SIM~TE OF TEXAS
COUNTY OF D~ITON
CITY OF D~TON
I, the undersigned, City Secretary of the City of Denton,
Te~s, do hereby certify that the above and foregoing is a true, full and
correct copy of an ordinance passed by the City Council of the City of
Denton, Texas, (and of the minutes pertaining thereto) on the 27th day of
March~ 1962~ authorizing the issuance of $500,000 OO City of Denton, Texas,
SSreet Improvement Bonds, Series 1962, which ordinance is duly of record in
the mt,nutes of said City Council
EXE~J'~ DIIDER MY HAND and seal of said City this the
27th dray ofM~rch, 1962 ~~ ~t
on Texas
City Secretary, City ,