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HomeMy WebLinkAboutOrdinance No. 733 ORDINANCE $480,000 CITY OF THE COLONY, TEXAS PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATIONS SERIES 1992 Adopted: January 20, 1992 TABLE OF CONTENTS Page Recitals 1 ARTICLE I Definitions and Other Preliminary Matters Section 1.01. Definitions 1 Section 1.02. Findings 3 Section 1.03. Table of Contents, Titles and Headings 3 Section 1.04. Interpretation 3 ARTICLE II Security for the Contractual Obligations; Debt Service Fund Section 2.01. Payment of the Contractual Obligations 4 Section 2.02. Debt Service Fund 4 ARTICLE III Authorization; General Terms and Provisions Regarding the Contractual Obligations Section 3.01. Authorization 5 Section 3.02. Date, Denomination, Maturities and Interest 5 Section 3.03. Medium, Method and Place of Payment 6 Section 3.04. Control, Execution and Initial Registration 7 Section 3.05. Ownership 8 Section 3.06. Registration, Transfer and Exchange 9 Section 3.07. Cancellation 10 Section 3.08. Temporary Contractual Obligations 10 Section 3.09. Replacement Contractual Obligations 11 Section 3.10. Contractual Obligations Equally and Ratably Secured 12 ARTICLE IV Redemption of Contractual Obligations Before Maturity Section 4.01. No Redemption 12 ARTICLE V Paying Agent/Registrar Section 5.01. Appointment of Initial Paying Agent/Registrar 12 Section 5.02. Qualifications 12 Section 5.03. Maintaining Paying Agent/Registrar 13 Section 5.04. Termination 13 Section 5.05. Notice of Change to Owners 13 (±) Section 5.06. Agreement to Perform Duties and Functions 13 Section 5.07. Delivery of Records to Successor 13 ARTICLE VI Form of the Contractual Obligations Section 6.01. Form Generally 14 Section 6.02. Form of the Contractual Obligations 14 Section 6.03. CUSIP Registration 19 Section 6.04. Legal Opinion 20 Section 6.05. Statement of Insurance 20 ARTICLE VII Sale and Delivery of Contractual Obligations; Deposit of Proceeds Section 7.01. Sale of Contractual Obligations; Limited Offering Memorandum 20 Section 7.02. Control and Delivery of Contractual Obligations 21 Section 7.03. Deposit of Proceeds 21 ARTICLE VIII Investments Section 8.01. Investments 22 Section 8.02. Investment Income 22 ARTICLE IX Particular Representations and Covenants Section 9.01. Payment of the Contractual Obligations 22 Section 9.02. Other Representations and Covenants 22 ARTICLE X Default and Remedies Section 10.01. Events of Default 24 Section 10.02. Remedies for Default 25 Section 10.03. Remedies Not Exclusive 25 ARTICLE XI Discharge Section 11.01. Discharge by Payment 25 Section 11.02. Discharge by Deposit 26 ARTICLE XII Emergency and Effectiveness Section 12.01. Emergency and Effectiveness 27 EXECUTION 28 SCHEDULE I Description of Property (ii) AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF CITY OF THE COLONY, TEXAS, PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATIONS, SERIES 1992, IN THE AGGREGATE PRINCIPAL AMOUNT OF $480,000; LEVYING A TAX IN PAYMENT THEREOF; ENACTING OTHER PROVISIONS RELATING THERETO; AND DECLARING AN EMERGENCY WHEREAS, the Public Property Finance Act, V.T.C.A., Local Government Code, Sections 271.001 through 271.009, inclusive, (the "Act") authorizes, among others, cities to execute, perform, and make payments under contracts with any person for the use, acquisition or purchase of personal property as described in the Act; WHEREAS, the Act permits the governing body of a city to execute contracts in any form deemed appropriate by said governing body in connection with the use, acquisition or purchase of personal property; WHEREAS, the City Council of the City of The Colony, Texas (the "City") has found and deems it necessary, useful and appropriate for its public purposes to acquire or purchase the personal property described in Schedule I to this Ordinance; WHEREAS, the City Council of the City deems it appropriate to adopt this Ordinance and issue the "Contractual Obligations" herein authorized as permitted by the Act; and WHEREAS, the meeting at which this Ordinance is considered is open to the public as required by law, and public notice of the time, place and purpose of said meeting was given as required by Article 6252-17, TEX. REV. CIV. STAT. ANN., as amended; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS: ARTICLE I DEFINITIONS AND OTHER PRELIMINARY MATTERS Section 1.01. Definitions. Unless otherwise expressly provided or unless the context clearly requires otherwise in this Ordinance, the following terms shall have the meanings specified below: "City" means the City of The Colony, Texas. "Closing Date" means the date of the initial delivery of and payment for the Contractual Obligations. "Code" means the Internal Revenue Code of 1986, as amended, including applicable regulations, published rulings and court decisions thereunder. "Contractual Obligation" means any of the Contractual Obligations. "Contractual Obligation Date" means the date designated as the date of the Contractual Obligations by Section 3.02(a) of this Ordinance. "Contractual Obligations" means the contractual obligations authorized to be issued by Section 3.01 of this Ordinance and designated as "City of The Colony, Texas, Public Property Finance Contractual Obligations, Series 1992," in the aggregate principal amount of $480,000. "Debt Service Fund" means the debt service fund established by Section 2.02 of this Ordinance. "Event of Default" means any event of default as defined in Section 10.01 of this Ordinance. "Fiscal Year" means such fiscal year as shall from time to time be set by the City Council. "Initial Contractual Obligation" means the initial contractual obligation authorized by Section 3.04(d) of this Ordinance. "Interest Payment Date" means the date or dates upon which interest on the Contractual Obligations is scheduled to be paid until their respective dates of maturity or prior redemption, such dates being February 15 and August 15 of each year, commencing August 15, 1992. "Owner" means the person who is the registered owner of a Contractual Obligation or Contractual Obligations, as shown in the Register. "Paying Agent/Registrar- means initially Ameritrust Texas National Association, Dallas, Texas, or any successor thereto as provided in this Ordinance. "Property" means the personal property listed in Schedule I to this Ordinance and such substitutions therefor made pursuant to Section 9.02(g) of this Ordinance. "Record Date" means the last day of the month next preceding an Interest Payment Date. "Register" means the Register specified in Section 3.06(a) of this Ordinance. "Special Record Date" means the Special Record Date as prescribed in Section 3.03(b) of this Ordinance. "State" means the State of Texas. "Unclaimed Payments" means money deposited with the Paying Agent/Registrar for the payment of principal of or interest on the Contractual Obligations as the same come due and payable and remaining unclaimed by the Owners of such Contractual Obligations for 90 days after the applicable payment or redemption date. Section 1.02. Findings. The declarations, determinations and findings declared, made and found in the preamble to this Ordinance are hereby adopted, restated and made a part of the operative provisions hereof. Section 1.03. Table of Contents, Titles and Headinqs. The table of contents, titles and headings of the Articles and Sections of this Ordinance have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof and shall never be considered or given any effect in construing this Ordinance or any provision hereof or in ascertaining intent, if any question of intent should arise. Section 1.04. Int__~retation. (a) Unless the context requires otherwise, words of the masculine gender shall be construed to include correlative words of the feminine and neuter genders and vice versa, and words of the singular number shall be construed to include correlative words of the plural number and vice versa. (b) This Ordinance and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein. -3- 13968 ARTICLE II SECURITY FOR THE CONTRACTUAL OBLIGATIONS; DEBT SERVICE FUND Section 2.01. Payment of the Contractual Obligations. (a) Pursuant to the authority granted by the Constitution and laws of the State, there shall be levied and there is hereby levied for the current year and each succeeding year thereafter while any of the Contractual Obligations or any interest thereon is outstanding and unpaid, an ad valorem tax on each one hundred dollars' valuation of taxable property within the City, at a rate sufficient, within the limit prescribed by law, to pay the debt service requirements on the Contractual Obligations, being (i) the interest on the Contractual Obligations and (ii) a sinking fund for their payment at maturity or a sinking fund of two percent per annum (whichever amount is the greater), when due and payable, full allowance being made for delinquencies and costs of collection. (b) The ad valorem tax thus levied shall be assessed and collected each year against all property appearing on the tax rolls of the City most recently approved in accordance with law and the money thus collected shall be deposited as collected to the Debt Service Fund. (c) Said ad valorem tax, the collections therefrom, and all amounts on deposit in or required hereby to be deposited to the Debt Service Fund are hereby pledged and committed irrevocably to the payment of the principal of and interest on the Contractual Obligations when and as due and payable in accordance with their terms and this Ordinance. (d) If the liens and provisions of this Ordinance shall be released in a manner permitted by Article XI hereof, then the collection of such ad valorem tax may be suspended or appropriately reduced, as the facts may permit, and further deposits to the Debt Service Fund may be suspended or appropriately reduced, as the facts may permit. In determining the aggregate principal amount of outstanding Contractual Obligations, there shall be subtracted the amount of any Contractual Obligations that have been duly called for redemption and for which money has been deposited with the Paying Agent/Registrar for such redemption. Section 2.02. Debt Service Fund. (a) The City hereby establishes a special fund or account to be designated the "City of The Colony, Texas, Public Property Finance Contractual Obligations, Series 1992, Debt Service Fund," said fund to be maintained at an official -4- depository bank of the City separate and apart from all other funds and accounts of the City. (b) Money on deposit in or required by this Ordinance to be deposited to the Debt Service Fund shall be used solely for the purpose of paying the interest on and principal of the Contractual Obligations when and as due and payable in accordance with their terms and this Ordinance. ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE CONTRACTUAL OBLIGATIONS Section 3.01. Authorization. The City's contractual obligations to be designated "City of The Colony, Texas, Public Property Finance Contractual Obligations, Series 1992" (the "Contractual Obligations"), are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State, specifically the Public Property Finance Act, V.T.C.A., Local Government Code, Sections 271.001 through 271.009, inclusive, and the City's Home-Rule Charter. The Contractual Obligations shall be issued in the aggregate principal amount of $480,000 for the purpose of paying all or a portion of the City's contractual obligations to be incurred in connection with the acquisition or purchase of personal property for the City as described in Schedule I attached hereto, and for paying certain costs related to the issuance of the Contractual Obligations. Section 3.02. Date, Denomination, Maturities and Interest. (a) The Contractual Obligations shall be dated February 15, 1992. The Contractual Obligations shall be issued in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof and shall be numbered separately from R-1 and upward, except the Initial Contractual Obligation described in Section 3.04 ( d), which shall be numbered T-1. (b) The Contractual Obligations shall mature on February 15 in the years and in the principal amounts set forth in the following schedule: Year Principal Amount Interest Rate 1993 $120,000 8.15% 1994 130,000 4.25% 1995 135,000 4.50% 1996 45,000 4.70% 1997 50,000 4.90% (c) Interest shall accrue and be paid on each Contractual Obligation respectively until its maturity or prior redemption, from the later of the Contractual Obligation Date or the most recent Interest Payment Date to which interest has been paid or provided for, at the rates per annum for each respective maturity specified in the schedule contained in subsection (b) above. Such interest shall be payable semiannually on February 15 and August 15 of each year, commencing on August 15, 1992, computed on the basis of a 360-day year of twelve 30-day months. Section 3.03. Medium, Method and Place of Payment. (a) The principal of, redemption premium, if any, and interest on the Contractual Obligations shall be paid in lawful money of the United States of America. (b) Interest on the Contractual Obligations shall be payable to the Owners as shown in the Register at the close of business on the Record Date. (c) Interest shall be paid by check, dated as of the Interest Payment Date, and sent, first class United States mail, postage prepaid, by the Paying Agent/Registrar to each Owner at the address of each as such appears in the Register or by such other customary banking arrangement acceptable to the Paying Agent/Registrar and the Owner; provided, however, the Owner shall bear all risk and expense of such alternate banking arrangement. (d) The principal of each Contractual Obligation shall be paid to the Owner thereof on the due date, whether at the maturity date or the date of prior redemption thereof, upon presentation and surrender of such Contractual Obligation at the principal corporate office of the Paying Agent/Registrar. (e) If the date for the payment of the principal of or interest on the Contractual Obligations shall be a Saturday, Sunday, legal holiday, or day on which banking institutions in the city where the Paying Agent/Registrar is located are required or authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, a legal holiday, or day on which banking institutions are required or authorized to close, and payment on such date shall for all purposes be deemed to have been made on the due date thereof as specified in Section 3.02 of this Ordinance. (f) Unclaimed Payments shall be segregated in a special account and held in trust, uninvested by the Paying Agent/Registrar, for the account of the Owner of the Contractual Obligations to which the Unclaimed Payments pertain. Subject to any escheat, abandoned property or similar law, Unclaimed Payments remaining unclaimed by the Owners entitled thereto for two years after the applicable payment or redemption date shall be applied to the next payment or payments on the Contractual Obligations thereafter coming due and, to the extent any such money remains after the retirement of all outstanding Contractual Obligations, shall be paid to the City to be used for any lawful purpose. Thereafter, neither the City, the Paying Agent/Registrar nor any other person shall be liable or responsible to any holders of such Contractual Obligations for any further payment of such unclaimed moneys or on account of any such Contractual Obligations, subject to any applicable escheat law or similar law. Section 3.04. Control, Execution and Initial Reqistration. (a) The Contractual Obligations shall be executed on behalf of the City by the Mayor and the City Secretary, by their manual or facsimile signatures, and the official seal of the City shall be impressed or placed in facsimile thereon. Such facsimile signatures on the Contractual Obligations shall have the same effect as if each of the Contractual Obligations had been signed manually and in person by each of said officers, and such facsimile seal on the Contractual Obligations shall have the same effect as if the official seal of the City had been manually impressed upon each of the Contractual Obligations. (b) In the event that any officer of the City whose manual or facsimile signature appears on the Contractual Obligations ceases to be such officer before the authentication of such Contractual Obligations or before the delivery thereof, such manual or facsimile signature nevertheless shall be valid and sufficient for all purposes as if such officer had remained in such office. (c) Except as provided below, no Contractual Obligation shall be valid or obligatory for any purpose or be entitled to any security or benefit of this Ordinance unless and until there appears thereon the Certificate of Paying Agent/Registrar substantially in the form provided herein, duly authenticated by manual execution by an officer or duly authorized signatory of the Paying Agent/Registrar. It shall not be required that the same officer or authorized signatory of the Paying Agent/Registrar sign the Certificate of Paying Agent/Registrar on all of the Contractual Obligations. In lieu of the executed Certificate of Paying Agent/Registrar described above, the Initial Contractual Obligation referred to below and delivered on the Closing Date shall have attached thereto the Comptroller's Registration Certificate substantially in the form provided herein, manually executed by the Comptroller of Public Accounts of the State, or by his duly authorized agent, which Certificate shall be evidence that the Contractual Obligation has been duly approved by the Attorney General of the State, is a valid and binding obligation of the City, and has been registered by the Comptroller of Public Accounts of the State. (d) On the Closing Date, one initial Contractual Obligation (the "Initial Contractual Obligation") representing the entire principal amount of all Contractual Obligations, payable in stated installments to the initial purchaser, or its designee, executed with the manual or facsimile signatures of the Mayor and City Secretary of the City, approved by the Attorney General of the State, and registered and manually signed by the Comptroller of Public Accounts of the State, will be delivered to the initial purchaser or its designee. Upon payment for the Initial Contractual Obligation, the Paying Agent/Registrar shall cancel the Initial Contractual Obligation and deliver registered definitive Contractual Obligations, each definitive Contractual Obligation having a single, specified maturity and interest rate, in integral multiples of $5,000, in accordance with instructions received from the initial purchaser or its designee. It shall be the duty of the initial purchaser or its designee to furnish to the Paying Agent/Registrar, at least five (5) business days prior to the Closing Date, written instructions on forms which the purchaser or its designee must request and obtain from, and which shall be provided by, the Paying Agent/Registrar designating the names in which such definitive Contractual Obligations are to be registered, the addresses of the Owners, the respective maturities, interest rates and denominations. If such written instructions are not received within the specified time period, the cancellation of the Initial Contractual Obligation and delivery of definitive Contractual Obligations in exchange therefor may be delayed until such instructions are received. Section 3.05. Ownership. (a) The City, the Paying Agent/Registrar and any other person may treat the person in whose name any Contractual Obligation is registered as the absolute owner of such Contractual Obligation for the purpose of making and receiving payment of the principal thereof and redemption premium, if any, thereon, for the further purpose of making and receiving payment of the interest thereon (subject to the provisions herein that interest is to be paid to the person in whose name the Contractual Obligation is registered on the Record Date), and for all other purposes, whether or not such Contractual Obligation is overdue, and neither the City nor the Paying Agent/Registrar shall be bound by any notice or knowledge to the contrary. (b) Ail payments made to the Owner of a Contractual Obligation shall be valid and effectual and shall discharge the liability of the City and the Paying Agent/Registrar upon such Contractual Obligation to the extent of the sums paid. Section 3.06. Reqistration, Transfer and Exchanq~. (a) So long as any Contractual Obligations remain outstanding, the City shall cause the Paying Agent/Registrar to keep at its principal corporate office a register in which, subject to such reasonable regulations as it may prescribe, the Paying Agent/Registrar shall provide for the registration and transfer of Contractual Obligations in accordance with this Ordinance. (b) The ownership of a Contractual Obligation may be transferred only upon the presentation and surrender of the Contractual Obligation at the principal corporate office of the Paying Agent/Registrar with such endorsement or other evidence of transfer as is acceptable to the Paying Agent/Registrar. No transfer of any Contractual Obligation shall be effective until entered in the Register. (c) The Contractual Obligations shall be exchangeable upon the presentation and surrender thereof at the principal corporate office of the Paying Agent/Registrar for a Contractual Obligation or Contractual Obligations of the same maturity and interest rate and in a denomination or denominations of any integral multiple of $5,000, and in an aggregate principal amount equal to the unpaid principal amount of the Contractual Obligations presented for exchange. The Paying Agent/Registrar is hereby authorized to authenticate and deliver Contractual Obligations exchanged for other Contractual Obligations in accordance with this Section. (d) Each exchange Contractual Obligation delivered by the Paying Agent/Registrar in accordance with this Section shall constitute an original contractual obligation of the City and shall be entitled to the benefits and security of this Ordinance to the same extent as the Contractual Obligation or Contractual Obligations in lieu of which such exchange Contractual Obligation is delivered. (e) No service charge shall be made to the Owner for the initial registration, subsequent transfer, or exchange for a different denomination of any of the Contractual Obligations. The Paying Agent/Registrar, however, may require the Owner to pay a sum sufficient to cover any tax or other governmental charge that is authorized to be imposed in connection with the registration, transfer or exchange of a Contractual Obligation. Section 3.07. Cancellation. All Contractual Obligations paid or redeemed before scheduled maturity in accordance with this Ordinance, and all Contractual Obligations in lieu of which exchange Contractual Obligations or replacement Contractual Obligations are authenticated and delivered in accordance with this Ordinance, shall be cancelled and proper records made regarding such payment, redemption, exchange or replacement. The Paying Agent/Registrar shall then return such cancelled Contractual Obligations to the City or may in accordance with law destroy such cancelled Contractual Obligations and periodically furnish the City with certificates of destruction of such Contractual Obligations. Section 3.08. Temporary Contractual Obligations. (a) Following the delivery and registration of the Initial Contractual Obligation and pending the preparation of definitive Contractual Obligations, the City may execute and, upon the City's request, the Paying Agent/Registrar shall authenticate and deliver, one or more temporary Contractual Obligations that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any denomination, substantially of the tenor of the definitive Contractual Obligations in lieu of which they are delivered, without coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers of the City executing such temporary Contractual Obligations may determine, as evidenced by their signing of such temporary Contractual Obligations. (b) Until exchanged for Contractual Obligations in definitive form, such Contractual Obligations in temporary form shall be entitled to the benefit and security of this Ordinance. (c) The City, without unreasonable delay, shall prepare, execute and deliver to the Paying Agent/Registrar, and thereupon, upon the presentation and surrender of the Contractual Obligation or Contractual Obligations in temporary form to the Paying Agent/Registrar, the Paying Agent/Registrar shall authenticate and deliver in exchange therefor a Contractual Obligation or Contractual Obligations of the same maturity and series, in definitive form, in the authorized denomination, and in the same aggregate principal amount, as the Contractual Obligation or Contractual Obligations in temporary form surrendered. Such exchange shall be made without the making of any charge therefor to any Owner. -10- Section 3.09. Replacement Contractual Obliqations. (a) Upon the presentation and surrender to the Paying Agent/Registrar of a mutilated Contractual Obligation, the Paying Agent/Registrar shall authenticate and deliver in exchange therefor a replacement Contractual Obligation of like tenor and principal amount, bearing a number not contemporaneously outstanding. The City or the Paying Agent/ Registrar may require the Owner of such Contractual Obligation to pay a sum sufficient to cover any tax or other governmental charge that is authorized to be imposed in connection therewith and any other expenses connected therewith. (b) In the event that any Contractual Obligation is lost, apparently destroyed or wrongfully taken, the Paying Agent/Registrar, pursuant to the applicable laws of the State and in the absence of notice or knowledge that such Contractual Obligation has been acquired by a bona fide purchaser, shall authenticate and deliver a replacement Contractual Obligation of like tenor and principal amount, bearing a number not contemporaneously outstanding, provided that the Owner first complies with the following requirements: (i) furnishes to the Paying Agent/Registrar satisfactory evidence of his or her ownership of and the circumstances of the loss, destruction or theft of such Contractual Obligation; (ii) furnishes such security or indemnity as may be required by the Paying Agent/Registrar to save the Paying Agent/Registrar and the City harmless; (iii) pays all expenses and charges in connection therewith, including, but not limited to, printing costs, legal fees, fees of the Paying Agent/Registrar and any tax or other governmental charge that is authorized to be imposed; and (iv) satisfies any other reasonable requirements imposed by the City and the Paying Agent/Registrar. (c) After the delivery of such replacement Contractual Obligation, if a bona fide purchaser of the original Contractual Obligation in lieu of which such replacement Contractual Obligation was issued presents for payment such original Contractual Obligation, the City and the Paying Agent/ Registrar shall be entitled to recover such replacement Contractual Obligation from the person to whom it was delivered or any person taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the City or the Paying Agent/Registrar in connection therewith. (d) In the event that any such mutilated, lost, apparently destroyed or wrongfully taken Contractual Obligation has become or is about to become due and payable, the Paying Agent/Registrar, in its discretion, instead of issuing a replacement Contractual Obligation, may pay such Contractual Obligation. (e) Each replacement Contractual Obligation delivered in accordance with this Section shall constitute an original additional contractual obligation of the City and shall be entitled to the benefits and security of this Ordinance to the same extent as the Contractual Obligation or Contractual Obligations in lieu of which such replacement Contractual Obligation is delivered. Section 3.10. Contractual Obliqations Equally and Rata_~blSecure__~d. All Contractual Obligations from time to time authenticated and delivered shall be equally and ratably secured by and under this Ordinance and any additional security as to the payment of any Contractual Obligations. ARTICLE IV REDEMPTION OF CONTRACTUAL OBLIGATIONS BEFORE MATURITY Section 4.01. No Redemption. The Contractual Obligations shall not be subject to redemption before their scheduled maturity. ARTICLE V PAYING AGENT/REGISTRAR Section 5.01. Appointment of Initial Payinq Agent/ Reqistrar. Ameritrust Texas National Association, Dallas, Texas, is hereby appointed as the initial Paying Agent/Registrar for the Contractual Obligations. Section 5.02. Qualifications_. Each Paying Agent/Registrar shall be a commercial bank, trust company organized under the laws of the State or other entity duly qualified and legally authorized to serve as and -12- 1396B perform the duties and services of paying agent and registrar for the Contractual Obligations. Section 5.03. Maintaining Payin~ A~ent/Reaistrar. (a) At all times while any Contractual Obligations are outstanding, the City will maintain a Paying Agent/Registrar that is qualified under Section 5.02 of this Ordinance. The Mayor is hereby authorized and directed to execute an agreement with the Paying Agent/Registrar specifying the duties and responsibilities of the City and the Paying Agent/Registrar. The signature of the Mayor shall be attested by the City Secretary. (b) If the Paying Agent/Registrar resigns or otherwise ceases to serve as such, the City will promptly appoint a replacement. Section 5.04. Termination. The City, upon not less than 60 days notice, reserves the right to terminate the appointment of any Paying Agent/ Registrar by delivering to the entity whose appointment is to be terminated written notice of such termination. Section 5.05. Notice of Change to Owners. Promptly upon each change in the entity serving as Paying Agent/Registrar, the City will cause notice of the change to be sent to each Owner by first class United States mail, postage prepaid, at the address in the Register, stating the effective date of the change and the name and mailing address of the replacement Paying Agent/Registrar. Section 5.06. Agreement to Perform Duties and Functions. By accepting the appointment as Paying Agent/Registrar, the Paying Agent/Registrar is deemed to have agreed to the provisions of this Ordinance and that it will perform the duties and functions of Paying Agent/Registrar prescribed thereby. Section 5.07. Delivery of Records to Successor. If a Paying Agent/Registrar is replaced, such Paying Agent, promptly upon the appointment of a successor, will deliver the Register (or a copy thereof) and all other pertinent books and records relating to the Contractual Obligations to the successor Paying Agent/Registrar. -13- 1396B ARTICLE VI FORM OF THE CONTRACTUAL OBLIGATIONS Section 6.01. Form Generall . (a) The Contractual Obligations, including the Registration Certificate of the Comptroller of Public Accounts of the State, the Certificate of the Paying Agent/Registrar, and the Assignment form to appear on each of the Contractual Obligations, (i) shall be substantially in the form set forth in this Article, with such appropriate insertions, omissions, substitutions, and other variations as are permitted or required by this Ordinance, and (ii) may have such letters, numbers, or other marks of identification (including identifying numbers and letters of the Committee on Uniform Securities Identification Procedures of the American Bankers Association) and such legends and endorsements (including any reproduction of an opinion of counsel) thereon as, consistently herewith, may be determined by the City or by the officers executing such Contractual Obligations, as evidenced by their execution thereof. (b) Any portion of the text of any Contractual Obligations may be set forth on the reverse side thereof, with an appropriate reference thereto on the face of the Contractual Obligations. (c) The definitive Contractual Obligations, if any, shall be printed, lithographed, or engraved, and may be produced by any combination of these methods or produced in any other similar manner, all as determined by the officers executing such Contractual Obligations, as evidenced by their execution thereof. (d) The Initial Contractual Obligation submitted to the Attorney General of the State may be typewritten and photocopied or otherwise reproduced. Section 6.02. Form of the Contractual Obliqations. The form of the Contractual Obligations, including the form of the Registration Certificate of the Comptroller of Public Accounts of the State, the form of Certificate of the Paying Agent/Registrar and the form of Assignment appearing on the Contractual Obligations, shall be substantially as follows: -14- (a) Form of Contractual Obliaation. REGISTERED REGISTERED No. $ United States of America State of Texas COUNTY OF DENTON CITY OF THE COLONY, TEXAS PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATION SERIES 1992 INTEREST RATE: MATURITY DATE: DATED DATE: CUSIP NUMBER: % February 15, 1992 The City of The Colony (the "City"), in the County of Denton, State of Texas, for value received, hereby promises to pay to or registered assigns, on the Maturity Date specified above, the sum of DOLLARS without the right of prior redemption, and to pay interest on such principal amount from the later of the Dated Date specified above or the most recent interest payment date to which interest has been paid or provided for until payment of such principal amount has been paid or provided for, at the per annum rate of interest specified above, computed on the basis of a 360-day year of twelve 30-day months, such interest to be paid semiannually on February 15 and August 15 of each year, commencing August 15, 1992. The principal of this Contractual Obligation shall be payable without exchange or collection charges in lawful money of the United States of America upon presentation and surrender of this Contractual Obligation at the principal corporate office of the Paying Agent/Registrar executing the registration certificate appearing hereon. Interest on this Contractual Obligation is payable by check dated as of the interest payment date, and will be mailed by the Paying Agent/Registrar to the registered owner at the address shown on the registration books kept by the Paying Agent/Registrar or by such other customary banking arrangement acceptable to the Paying Agent/Registrar and the registered owner; provided, however, such registered owner shall bear all risk and expense of such alternate banking arrangement. For the purpose of the payment of interest on -15- this Contractual Obligation, the registered owner shall be the person in whose name this Contractual Obligation is registered at the close of business on the "Record Date," which shall be the last day of the month next preceding such interest payment date. If the date for the payment of the principal of or interest on this Contractual Obligation shall be a Saturday, Sunday, legal holiday, or day on which banking institutions in the city where the Paying Agent/Registrar is located are required or authorized by law or executive order to close, the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which banking institutions are required or authorized to close, and payment on such date shall for all purposes be deemed to have been made on the original date payment was due. This Contractual Obligation is one of a series of fully registered contractual obligations specified in the title hereof issued in the aggregate principal amount of $480,000 (herein referred to as the "Contractual Obligations"), issued pursuant to a certain ordinance of the City (the "Ordinance") for the purpose of paying all or a portion of the City's contractual obligations to be incurred in connection with the acquisition or purchase of personal property for the City and to pay the costs incurred in connection with the issuance of the Contractual Obligations. This Contractual Obligation is not subject to redemption prior to maturity. As provided in the Ordinance, and subject to certain limitations therein set forth, this Contractual Obligation is transferable upon surrender of this Contractual Obligation for transfer at the principal corporate office of the Paying Agent/ Registrar with such endorsement or other evidence of transfer as is acceptable to the Paying Agent/Registrar; thereupon, one or more new fully registered Contractual Obligations of the same stated maturity, of authorized denominations, bearing the same rate of interest, and for the same aggregate principal amount will be issued to the designated transferee or transferees. The City, the Paying Agent/Registrar, and any other person may treat the person in whose name this Contractual Obligation is registered as the owner hereof for the purpose of receiving payment as herein provided (except interest shall be paid to the person in whose name {his Contractual Obligation is registered on the Record Date), and for all other purposes, whether or not this Contractual Obligation be overdue, and -16- neither the City nor the Paying Agent/Registrar shall be affected by notice to the contrary. IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Contractual Obligation and the series of which it is part is duly authorized by law; that all acts, conditions, and things to be done precedent to and in the issuance of this Contractual Obligation and the series of which it is a part, have been properly done, have happened, and have been performed in regular and due time, form, and manner as required by law; that proper provisions have been made for the levy and collection annually of taxes upon all taxable property in said City sufficient within the limits prescribed by law to pay the interest on this Contractual Obligation and the series of which it is a part as due and to provide for the payment of the principal as the same matures; that when so collected, such taxes shall be appropriated to such purpose; and that the total indebtedness of the City, including the Contractual Obligations, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City has caused this Contractual Obligation to be executed by the manual or facsimile signature of the Mayor of the City and countersigned by the manual or facsimile signature of the City Secretary, and the official seal of the City has been duly impressed or placed in facsimile on this Contractual Obligation. City Secretary Mayor, City of The Colony, Texas City of The Colony, Texas [SEAL] (b) Form of Comptroller's Reqistration Certificate. The following Comptroller's Registration Certificate may be deleted from the definitive Contractual Obligations if such certificate on the Initial Contractual Obligation is fully executed. OFFICE OF THE COMPTROLLER ~ OF PUBLIC ACCOUNTS ~ REGISTER NO. OF THE STATE OF TEXAS ~ I hereby certify that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this Contractual Obligation has been examined by him as required by law, that he finds that it has been issued in conformity with the Constitution and laws of the -17- 13968 State of Texas, and that it is a valid and binding obligation of the City of The Colony, Texas; and that this Contractual Obligation has this day been registered by me. Witness my hand and seal of office at Austin, Texas, Comptroller of Public Accounts of the State of Texas [SEAL] (c) Form of Certificate of Pa¥in~ A~ent/Reqistrar. The following Certificate of Paying Agent/Registrar may be deleted from the Initial Contractual Obligation if the Comptroller's Registration Certificate appears thereon. CERTIFICATE OF PAYING AGENT/REGISTRAR The records of the Paying Agent/Registrar show that the Initial Contractual Obligation of this series of contractual obligations was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas, and that this is one of the Contractual Obligations referred to in the within-mentioned Ordinance. Ameritrust Texas National Association, Dallas, Texas, as Paying Agent/Registrar Dated: By: Authorized Signatory (d) Form of Assiqnment. ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto (Print or typewrite name, address and Zip Code of transferee) (Social Security or other identifying number: ) the within Contractual Obligation and all rights hereunder and hereby irrevocably constitutes and appoints attorney to transfer the within Contractual Obligation on the books kept for registration hereof, with full power of substitution in the premises. Dated: NOTICE: The signature on this Assignment must correspond with Signature Guaranteed By: the name of the registered owner as it appears on the face. of the within Contractual Obligation in every particular and must be guaranteed by an officer of a federal or state bank or a member of the Authorized Signatory National Association of Securities Dealers. (e) The Initial Contractual Obligation shall be substantially in the form set forth in subsections (a) through (d) of this Section, except for the following alterations: (i) immediately under the name of the Contractual Obligation, the headings "INTEREST RATE" and "MATURITY DATE" shall be completed with the words "As shown below"; (ii) in the first paragraph of the Contractual Obligation, the words "on the Maturity Date specified above," shall be deleted and the following will be inserted: "on February 15 in the years, in the principal installments and bearing interest at the per annum rates set forth in the following schedule: Principal Years Installment~ Interest Rates" (Information to be inserted from schedule in Section 3.02(b) of this Ordinance) (iii) in the second paragraph, the words "executing the registration certificate appearing hereon" shall be deleted and an additional sentence shall be added to the paragraph as follows: "The initial Paying Agent/Registrar is Ameritrust Texas National Association, Dallas, Texas."; and (iv) the Initial Contractual Obligation shall be numbered T-1. Section 6.03. CUSIP Reqistration. The City may secure identification numbers through the CUSIP Service Bureau Division of Standard & Poor's Corporation, New York, New York, and may authorize the printing of such numbers on the face of the Contractual Obligations. It is expressly provided, however, that the presence or absence of -19- 13968 CUSIP numbers on the Contractual Obligations shall be of no significance or effect as regards the legality thereof and neither the City nor the attorneys approving said Contractual Obligations as to legality are to be held responsible for CUSIP numbers incorrectly printed on the Contractual Obligations. Section 6.04. Lea__~_~inion. The approving legal opinion of Hutchison Boyle Brooks & Fisher, A Professional Corporation, Dallas, Texas, Bond Counsel, may be printed on the reverse side of or attached to each Contractual Obligation over the certification of the City Secretary of the City, which may be executed in facsimile. Section 6.05. Statement of Insurance. A statement relating to a municipal bond insurance policy, if any, to be issued for the Contractual Obligations may be printed on or attached to each Contractual Obligation. ARTICLE VII SALE AND DELIVERY OF CONTRACTUAL OBLIGATIONS; DEPOSIT OF PROCEEDS Section 7.01. Sale of Contractual Obliqations; 0fficia] Statement. (a) The Contractual Obligations are hereby sold and shall be delivered to Prudential Securities Incorporated (the "Purchaser"), for a price of par plus accrued interest to the Closing Date, being the best bid submitted at said public sale. (b) The Official Notice of Sale and the Official Bid Form prepared and distributed in connection with the sale of the Contractual Obligations are hereby approved, confirmed and adopted as official documents of the City. The form and substance of the Official Statement, and any addenda, supplement or amendment thereto (the "Official Statement), prepared and distributed in connection with the offering and sale of the Contractual Obligations, is hereby approved, confirmed, and adopted and is hereby deemed final as of its date (except for the omission of pricing and related information) within the meaning and for purposes of paragraph (b)(1) of Rule 15c2-12 under the Securities Exchange Age of 1934, as amended. (c) The use of the Official Statement in the offering and sale of the Contractual Obligations, is hereby approved, authorized, and ratified. -20- 1396B (d) The signing of the Official Statement by the Mayor and the City Secretary is hereby approved, authorized, and ratified. (e) All officers of the City are hereby authorized to. execute such documents, certificates, and receipts, and to make suchy elections with respect to the tax-exempt status thereof, as they may deem appropriate in order to consummate the delivery of the Contractual Obligations in accordance with the terms of sale therefor. (f) The obligation of the purchaser identified in subsection (a) of this Section to accept delivery of the Contractual Obligations is subject to such purchaser being furnished with the final, approving opinion of Hutchison Boyle Brooks & Fisher, A Professional Corporation, Dallas, Texas, Bond Counsel for the City, which opinion shall be dated and delivered the Closing Date. Section 7.02. Control and Delivery of Contractual Obliqations. (a) The Mayor of the City is hereby authorized to have control of the Initial Contractual Obligation and all necessary records and proceedings pertaining thereto pending investigation, examination and approval of the Attorney General of the State, registration by the Comptroller of Public Accounts of the State, and registration with, and initial exchange or transfer by, the Paying Agent/Registrar. (b) After registration by the Comptroller of Public Accounts of the State, delivery of the Contractual Obligations shall be made to the initial purchaser thereof under and subject to the general supervision and direction of the Mayor, against receipt by the City of all amounts due to the City under the terms of sale. Section 7.03. DeDosit of Proceeds. The proceeds of the sale of the Contractual Obligations shall be deposited to a special acquisition fund, such moneys to be dedicated and used solely for the purposes of paying the costs of acquiring or purchasing the Property and the costs of issuance with respect to the Contractual Obligations. Until disbursed for the acquisition of property, the Contractual Obligations are secured and payable from amounts held in such special acquisition fund. Moneys remaining in such special acquisition fund following the completion of the acquisition of the Property shall be deposited to the Debt Service Fund. -21- ARTICLE VIII INVESTMENTS Section 8.01. Investments. (a) Money in the Debt Service Fund, created by this Ordinance, at the option of the City, may be invested in such securities or obligations as are permitted under applicable law. (b) Any securities or obligations in which money is so invested in the Debt Service Fund shall be kept and held in trust for the benefit of the Owners and shall be sold and the proceeds of sale shall be timely applied to the making of all payments required to be made from the fund from which the investment was made. Section 8.02. ~nvestment Income. Interest and income derived from investment of the Debt Service Fund shall be credited to such Fund. ARTICLE IX PARTICULAR REPRESENTATIONS AND COVENANTS Section 9.01. Payment of the Contractual Obliqations. On or before each Interest Payment Date of the Contractual Obligations and while any of the Contractual Obligations are outstanding and unpaid, there shall be made available to the Paying Agent/Registrar, out of the Debt Service Fund, money sufficient to pay such interest on and principal of the Contractual Obligations as will accrue or mature on the applicable Interest Payment Date or date of prior redemption. Section 9.02. Other Representations and Covenants. (a) The City will faithfully perform, at all times, any and all covenants, undertakings, stipulations, and provisions contained in this Ordinance and in each Contractual Obligation; the City will promptly pay or cause to be paid the principal of and interest on each Contractual Obligation on the dates and at the places and manner prescribed in such Contractual Obligation; and the City will, at the times and in the manner prescribed by this Ordinance, deposit or cause to be deposited the amounts of money specified by this Ordinance. (b) The City is duly authorized under the laws of the State to issue the Contractual Obligations; all action on its -22- part for the creation and issuance of the Contractual Obligations has been duly and effectively taken; and the Contractual Obligations in the hands of the Owners thereof are and will be valid and enforceable obligations of the City in accordance with their terms. (c) The City hereby represents that the proceeds of the Contractual Obligations are needed at this time to provide funds for the City's purchase of the property for which the Contractual Obligations were issued, as specified in this Ordinance; that based on current facts, estimates, and circumstances, it is reasonably expected that final disbursement of the proceeds of the Contractual Obligations will occur within three years after the Closing Date, that substantial binding obligations to purchase such property will be incurred within six months after such date, and that the acquisition of the property will proceed with due diligence to completion; that it is not reasonably expected that the proceeds of the Contractual Obligations or money deposited in the Debt Service Fund will be used or invested in a manner that would cause the Contractual Obligations to be or become "arbitrage bonds," within the meaning of Section 148 of the Code; and that, except for the Debt Service Fund, no other funds or accounts have been established or pledged to the payment of the Contractual Obligations. (d) The City will not take any action or fail to take any action with respect to the investment of the proceeds of the Contractual Obligations or any other funds of the City, including amounts received from the investment of any of the foregoing, that, based upon the facts, estimates, and circumstances known on the Closing Date, would result in constituting the Contractual Obligations "arbitrage bonds," within the meaning of such Section 148(f) of the Code, and the City will not take any deliberate action motivated by arbitrage that would have such result. (e) Proper officers of the City charged with the responsibility of issuing the Contractual Obligations are hereby directed to make, execute, and deliver certifications as to facts, estimates, and circumstances in existence as of the Closing Date and stating whether there are any facts, estimates, or circumstances that would materially change the City's current expectations. (f) The City will comply with the provisions of Section 148(f) of the Code, and the regulations promulgated thereunder, relating to paying certain excess earnings of investments of proceeds of the Contractual Obligations to the United States of America. -23- (g) The City may make any changes in the description of the Property listed on Schedule I to this Ordinance or of any component thereof whenever the City deems such changes to be necessary and appropriate and provided that the nature of the Property after such changes will constitute qualified~ property eligible for financing under the Act and such changes shall not adversely affect the tax-exempt status of the Contractual Obligations. (h) The Certificates are hereby designated "qualified tax exempt obligatons" for purposes of Section 265 of the Code. The Certificates are not "private activity bonds" as defined in the Code and neither the City nor any of its subordinate entities, if any, reasonably expect to issue in excess of $10,000,000 aggregate amount of qualified tax exempt obligations during the calendar year in which the Certificates are issued. The City hereby covenants not to designate more than $10,000,000 aggregate amount of qualified tax exempt obligations during the calendar year in which the Certificates are issued. (i) The covenants and representations made or required by this Section are for the benefit of the Owners and may be relied upon by the Owners and Bond Counsel for the City. ARTICLE X DEFAULT AND REMEDIES Section 10.01. Events of Default. Each of the following occurrences or events for the purpose of this Ordinance is hereby declared to be an Event of Default: (i) the failure to make payment of the principal of, redemption premium, if any, or interest on any of the Contractual Obligations when the same becomes due and payable; or (ii) default in the performance or observance of any other covenant, agreement, or obligation of the City, which default materially, adversely affects the rights of the Owners, including but not limited to, their prospect or ability to be repaid in accordance with this Ordinance, and the continuation thereof for a period of 60 days after notice of such default is given by any Owner to the City. -24- 1396B Section 10.02. Remedies for Default. (a) Upon the happening of any Event of Default, then and in every case any Owner or an authorized representative thereof, including but not limited to, a trustee therefor, may. proceed against the City for the purpose of protecting and enforcing the rights of the Owners under this Ordinance, by mandamus or other suit, action or special proceeding in equity or at law, in any court of competent Jurisdiction, for any relief permitted by law, including the specific performance of any covenant or agreement contained herein, or thereby to enjoin any act or thing that may be unlawful or in violation of any right of the Owners hereunder or any combination of such remedies. (b) It is provided that all such proceedings shall be instituted and maintained for the equal benefit of all Owners of Contractual Obligations then outstanding. Section 10.03. Remedies Not Exclusive. (a) No remedy herein conferred or reserved is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or under the Contractual Obligations or now or hereafter existing at law or in equity; provided, however, that notwithstanding any other provision of this Ordinance, the right to accelerate the debt evidenced by the Contractual Obligations shall not be available as a remedy under this Ordinance. (b) The exercise of any remedy herein conferred or reserved shall not be deemed a waiver of any other available remedy. ARTICLE XI DISCHARGE Section 11.01. Discharge by Payment. When all or any portion of the Contractual Obligations have been paid in full as to principal and as to interest and redemption premium, if any, or when all or any portion of the Contractual Obligations have become due and payable, whether at maturity or by prior redemption or otherwise, and the City shall have provided for the payment of the whole amount due or to become due on such Contractual Obligations then outstanding, including such interest that has accrued thereon or that may accrue to the date of maturity or prior redemption, and any -25- 13968 premium due or that may become due at maturity or prior redemption, by depositing with the Paying Agent/Registrar, for payment of the principal of such outstanding Contractual Obligations and the interest accrued thereon and any redemption premium due thereon, the entire amount due or to become due thereon, and the City shall also have paid or caused to be paid all sums, other than debt service, due and payable under this Ordinance by the City, including the compensation due or to become due the Paying Agent/Registrar, then the Paying Agent/Registrar, upon receipt of a letter of instructions from the City requesting the same, shall discharge and release the lien of this Ordinance as it relates to such Contractual Obligations and execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof. Section 11.02. Discharqe by Deposit. (a) The City may discharge its obligation to pay the principal of, redemption premium, if any, and interest on all or any portion of the Contractual Obligations and its obligation to pay other sums payable or to become payable under this Ordinance by the City, including the compensation due or to become due the Paying Agent/Registrar, in accordance with the following provisions: (i) depositing or causing to be deposited with the Paying Agent/Registrar an amount of money that, together with the interest earned on or capital gains or profits to be realized from the investment of such money, will be sufficient to pay the principal of, redemption premium, if any, and accrued interest on such Contractual Obligations to maturity or to the date fixed for prior redemption of such Contractual Obligations, and to pay such other amounts as may be reasonably estimated by the Paying Agent/Registrar to become payable under this Ordinance with respect to the Contractual Obligations being provided for, including the compensation due or to become due the Paying Agent/Registrar; and (ii) providing the Paying Agent/Registrar with an opinion of nationally recognized bond counsel acceptable to the Paying Agent/Registrar to the effect that the deposit specified in subdivision (i) of this subsection (a) will not cause the interest on any of the Contractual Obligations to become subject to federal income taxation. (b) Subject to subsection (c) of this Section, upon compliance with subsection (a) of this Section, the Contractual Obligations for the payment of which provision is thus made shall no longer be regarded as outstanding and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of instructions from the City requesting the same, shall discharge -26- and release the lien of this Ordinance as to such Contractual Obligations and shall execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof. (c) Before the discharge and release of any portion of the lien of this Ordinance pursuant to this Section, the City shall make the following provisions with the Paying Agent/ Registrar: (i) the establishment of a separate escrow account fund with the Paying Agent/Registrar for the deposit pursuant to subsection (a)(i) of this Section; (ii) the payment to the Owners at the date of maturity or at the date fixed for prior redemption, as applicable, of the full amount to which the Owners of the appropriate Contractual Obligations would be entitled by way of principal, redemption premium, if any, and interest to the date of such maturity or prior redemption; (iii) the investment of such moneys by the Paying Agent/Registrar in direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, and which may be in book entry form, maturing and/or bearing interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payments and/or redemption of such Contractual Obligations; (iv) the sending of written notice by registered or certified United States mail to the Owner of each appropriate Contractual Obligation then outstanding within 30 days following the date of such deposit that such moneys are so available for such payment; and (v) the payment to the City, periodically or following final payment of the principal of, redemption premium, if any, and interest on the appropriate Contractual Obligations, of any moneys, interest earnings, profits or capital gains over and above the amounts necessary for such purposes. ARTICLE XII EMERGENCY AND EFFECTIVENESS Section 12.01. The public importance of this measure and the fact that it is in the best interest of the City to provide funds for the purchase of the property listed on Schedule I hereto creates an emergency which requires that this Ordinance shall take effect and be in force from and after its passage and approval. -27- 1396B //F~NALLY PASSED, APPROVED AND EFFECTIVE this c~ TMday °f~'1992. Mayor, j~ City of The Colony, T~ ATTEST: City Secretary, City of The Colony, Texas [SEAL] -28- 1396B Schedule I Initial Description of Personal Prooertv to be Purchase, t General Fund General Administration Cost Check Imprinter $ 1,S00 Computer System 30,000 Records Management Software Package 680 Telephone Calculator 400 80 Parks & Recreation Aluminum Player Benches 1,100 1S Foot Equipment Trailer 1 950 Front Deck Mower ' Weed-Eater 9,000 4O0 Folding Chairs 250 Hand Mower 300 Commercial ~eed-Eater 400 12' x 18' Storage Building 1,600 Picnic Tables 500 Rolling Equipment Baskets 300 Dri-Deck Surface Covering 900 1/2 Ton Pick-up Truck 14,850 Top Mount Box for Animal Control Vehicle 3,500 S-10 Lock Boxes 300 Typewriter 480 Heart Monitor/Defibrillators 19,460 Outdoor Early Warning Siren 7,000 Chris Clean CPR Manikins 1,690 14' x 18' Salvage Covers 1,540 SCBA Facepieces 2,160 IBM Wheelwriter Typewriter ~ 630 SCBA Bottles 3,150 Complete "MSA" SCBA 3,200 New Air Compressor System 14,000 Police DePartment Police Vehicles $ 37,000 Set of Anatomical Dolls 230 File Cabinet 250 3/8" Reversible Drill 250 I Ton Chain Hoist 150 Pistol Locker 250 Set of Evidence Lockers 130 35mm Cameras 400 Radar Units 3,400 Acoustical Panels 2,200 Audio Visual Carts 260 TV/VCR Combination 500 File Server/Novell 6,000 Opaque Projector 1,000 Public Works Base & Remote Radio Hook-up 1,840 Front End Loader 26,000 Arrow Sticks 940 Hydrostatic 72" Front Mount Riding Mower 8,400 3/4 Ton Pick-up Truck 15,000 Tailgate Sand Spreader 2,300 65HP Concrete Saw 7.000 General Fund Total $235,120 Utility Fund ate a tment Desk Chair $ 180 i 1/2" Drive Variable Speed Drill 200 20" Push Type Mowers 210 Gasoline Powered Weed-Eater 480 Set of 3/4" Sockets 600 Small Tractor with 4' Mower 11,000 Wastewater Field Probe 220 Cycle-tired Mower 1,000 Repetitive Dispensers 300 Stirring Plate 180 1992 Chevrolet S-10 Pick-up Truck 11,000 2800 Watt Portable Engine Generator 700 Automatic Sampler 3,000 Balance: Top Loading 350 Utility Administration Calculator 110 Uninterruptible Power System for NCR Tower Computer System 800 Telephone Headsets 180 Fleet MainteDance Freon Recycling Machine $ 2,250 Calculator 110 1/2" H.D. Electric Drill Motor 230 Four Wheeled Drum Truck 220 Total Utility Fund $ 33,320 TOTAL CAPITAL OUTLAY $268,440 RADIO SYSTEM 200,000 COST OF ISSUANCE 11,000 MISCEL~NEOUS 560 TOTAL ~MOUNT TO BE IBBUED $480~000