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HomeMy WebLinkAboutOrdinance No. 194 CERTIFICATE FOR ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS THE STATE OF TEXAS : COUNTY OF DENTON : CITY OF THE COLONY : We, the undersigned officers of said City, hereby certify as follows: 1. The City Council of said City convened in REGULAR MEETING ON THE 16TH DAY OF FEBRUARY, 1982, at the City Hall, and the roll was called of the duly constituted officers and members of said City Council to-wit: Vacancy - Mayor Norman Adeler Scott North, Mayor Pro Tem Charlie E. Parker Janice Carroll, City Secretary Charles Dodds Larry D. Sample and all of said~ersons were present, except the following absentees: DO ~,2~' thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS was duly introduced for the consideration of said City Council and read in full. It was then duly moved and seconded that said Ordinance be passed; and, after due discussion, said motion carrying with it the passage of said Ordinance prevailed and carried by the following vote: AYES:All members of said City Council sho%~ present above voted "Aye". ._ NOES: None. 2. That a true, full and correct copy of the aforesaid Ordinance passed at the Meeting described in the above and foregoing paragraph is attached to and follows this Certifi- cate; that said Ordinance has been duly recorded in said City Council's minutes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said City Council's minutes of said Meeting pertain- ing to the passage of said Ordinance that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said City Council as indicated therein; that each of the officers and members of said City Council was duly and sufficient- ly notified officially and personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said Ordinance would be introduced and considered for passage at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose, and that said Meeting was open to the public and public notice of the time, place and purpose of said meeting was giveh, all as required by Vernon's Ann. Civ. St. Article 6252-17. 3. That the Mayor of said City has approved and hereby approves the aforesaid Ordinance; that the Mayor and the City Secretary of said City have duly signed said Ordinance and that the Mayor and the City Secretary of said City hereby declare that their signing of this Cer- tificate shall constitute the signing of the attached and following copy of said Ordinance for all purposes. ~qIG~ED ~~the 16th day o f~ary~ ~y Secretary ! '~ayor Pro ~em ~ SEAL ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS THE STATE OF TEXAS COUNTY OF DENTON : : CITY OF THE COLONY WHEREAS, the bonds hereinafter authorized were lawfully and favorably voted at an election duly held in said City on May 9, 1981; and WHEREAS, none of the bonds voted at said election has been authorized, issued, or delivered; and WHEREAS, it is necessary and advisable to authorize, issue and deliver all of said bonds; and WHEREAS, the bonds hereinafter authorized and designated were voted and are to be issued and delivered pursuant to Art 1175 V.A.T.C.S. · BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY: Section 1. That said City's bonds are hereby authorized to be issued in the aggregate principal amount of $290,000 for the purpose of improving the City's Streets. Section 2. That said bonds shall be designated as the CITY OF THE COLONY, TEXAS GENERAL OBLIGATION BONDS, SERIES 1982. Section 3. That said bonds shall be dated February 1, 1982, shall be in the denomination of $5,000 each, shall be numbered consecutively from one upward, and shall mature serially on the maturity date, in each of the years, and in the amounts, respectively, as set forth in the following schedule: MATURITY DATE: AUGUST 1 YEARS AMOUNTS 1983 $20,000 1984 25,000 1985 30,000 1986 25,000 1987 30,000 1988 35,000 1989 40,000 1990 40,000 1991 45,000 Section 4. That the bonds scheduled to mature during the years, respectively, set forth below shall bear interest at the followinq rates per annum: maturities 1982 through 19 , % maturities 19 through 19 , --% maturities 19 through 19 , % maturities 19-- through 19 , % maturities 19z through 19~ , --% said interest shall be evidenced by interest coupons which shall appertain to said bonds, and which shall be payable in the manner provided and on the dates stated in the FORM OF BOND set forth in the Ordinance. Section 5. That said bonds and interest coupons shall be issued, shall be payable, shall have the characteristics, and shall be signed and executed (and said bonds shall be sealed), all as provided, and in the manner indicated, in the FORM OF BOND set forth in this Ordinance. Section 6. That the form of said bonds, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each of said bonds, and the form of the aforesaid interest coupons which shall appertain and be attached initially to each of said bonds, shall be, respectively, substantially as follows: FORM OF BOND NO. $5,O00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF THE COLONY, TEXAS GENERAL OBLIGATION BOND SERIES 1982 ON AUGUST 1, ~, THE CITY OF THE COLONY, COUNTY OF DENTON, STATE OF TEXAS, hereby promises to pay to bearer hereof the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from date hereof, at the rate of % per annum, evidenced by interest coupons payable on Fe--~ary 1, 1983, and semiannually thereafter while this bond is outstanding. THE PRINCIPAL of this bond and the interest coupons appertaining hereto shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper interest coupon, at the following, which shall constitute and be defined as the "Paying Agent", for this Series of bonds: MERCANTILE NATIONAL BANK AT DALLAS, DALLAS, TEXAS THIS BOND is one of a Series dated as of February !, 1982, authorized, issued and delivered in the principal amount of $290,000, for the purpose of improving the City's streets. IT IS HEREBY certified, recited, and covenanted that this bond has been duly and validly voted, authorized, issued and delivered; that all acts, conditions and things required or proper to be performed, exist, and be done precedent to or in the voting, authorizaton, issuance and delivery of this bond have been performed, existed, and been done in accordance with law; that this bond is a general obligation of said City, issued on the full faith and credit thereof; and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this bond, as such interest comes due and such principal matures, have been levied and ordered to be levied against all taxable property in said City, and have been pledged irrevocably for such payment, within the limit prescribed by law. IN WITNESS WHEREOF, this bond and the interest coupons app~er~a_nlng hereto have been signed with the facsimile signature of the Mayor Pro Tem of said City and countersigned with the facsimile signature of the City Secretary of said City, and the official seal of said City has been duly im- pressed, or placed in facsimile, on this bond. XXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXX City Secretary Mayor Pro Tem 2 FOR~! OF REGISTRATION CERTIFICATE COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this bond has been examined, certified as to validity, and approved by the Attorney General of the State of Texas, and that this bond has been registered by the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas FORM OF INTEREST COUPON NO. ON THE CITY OF THE COLONY, COUNTY ~-~'DENTON, STATE OF TE¥~S, promises to pay to bearer hereof the amount shown of this interest coupon, in lawful money of the United States of America, without exchange or collection charges to the bearer hereof, upon presentation and surrender of this interest coupon, at the MERCANTILE NATIONAL BANK AT DALLAS, DALLAS, TEXAS, said amount being interest coming due that day on the bond, bearing the number hereinafter designated, of that issue of CITY OF THE COLONY, TEXAS GENERAL OBLIGATION BONDS, SERIES 1982, dated February 1, 1981. Bond No. ~xxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxx City Secretary Mayor Pro Tem Section 7. That a special "Interest and Sinking Fund" is hereby created solely for the benefit of said bonds, and said Interest and Sinking Fund shall be established and maintained by said City at an official depository bank of said City. Said Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of said City, and shall be used only for paying the interest on and principal of said bonds. All ad valorem taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund. During each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, the governing body of said City shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of such bonds as such principal matures (but never less than 2% of the original amcunt of said bonds as a sinking fund each year); and said tax shall be based on the latest approved tax rolls of said City, with full allowance being made for tax delinquencies and the cost of tax collection. Said rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in said City for each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid; and said tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Inter- est and Sinking Fund. Said ad valorem taxes sufficient to provide for the payment of the interest on and principal of said bonds, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit prescribed by law. 3 Section 8. That the Mayor Pro Tem of said City is hereby authorized to have control of said bonds and all necessary records and proceedings pertaining to said bonds pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their regis- tration by the Comptroller of Public Accounts of the State of Texas. Upon registraton of said bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller,s Registration Certificate printed and endorsed on each of said bonds, and the seal of said Comptroller shall be placed in facsimile, on each of said bonds. Section 9. That the City covenants to and with the purchasers of the bonds that it will make no use of the proceeds of the bonds at any time throughout the term of this issue of bonds which, if such use had been reasonably expected on the date of delivery of the bonds to and payment for the bonds by the purchasers, would have caused the bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(c) and all applicable and pertinent Department of the Treasury requlations relating to arbitrage bonds. The City further covenants that the proceeds of the bonds will not otherwise be used directly or indirectly so as to cause all or any part of the bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c), or any regula- tions or ruling pertaining thereto. Section 10. That it is hereby officially found and determined that a case of emergency or urgent public necessity exists which requires the holding of the meeting at which this Ordinance is passed, such emergency or urgent public necessity being that the proceeds from the sale of said bonds are required as soon as possible and without delay for necessary and urgently needed public improvements; and that said meeting was open to the public, and public notice of the time, place, and purpose of said meeting was given, all as required by Vernon's Ann. Civ. St. Article 6252-17, as amended. Section 11. That said bonds are hereby sold and shall be delivered to for cash for the par value thereof and accrued interest thereon to the date of delivery, plus a premium of $ It is hereby officially found, determined and d~clared that said purchaser is the highest and best bidder for said bonds and that said bonds have been sold at public sale to the bidder offering the lowest net interest cost after receiving bids pursuant to a Notice of Sale and Official Statement dated January 18, 1981, prepared and distributed in connection with the sale of the bonds. Said Notice of Sale and Official Statement have been and are hereby approved by the City Council. It is further officially found, determined and declared that the statements and representations contained in said Notice of Sale and Official Statement are true and correct in all material respects, to the best knowledae and belief of the City Council. ~