HomeMy Public PortalAboutOrdinance No. 719-94 04-12-1994 ORDINANCE N0. 719-94
ORDINANCE AUTHORIZING THE ISSUANCE OF
PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATIONS
• WHEREAS, the Public Property Finance Act, Section 271.001
et seq., Texas Local Government Code (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; and
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; and
WHEREAS, the City Council of the City of Richland Hills
Texas (the "City" or the "Issuer") desires to acquire or
purchase personal property, to-wit: a radio system, police
tape logging system, police vehicles, pickup truck,
administrative vehicles, computer equipment, lawn mower,
backhoe loader, and police equipment (the "Property"); and
WHEREAS, the City Council of the Issuer deems it
appropriate to adopt this Ordinance and issue the "Contractual
Obligations" herein authorized as permitted by the Act.
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
RICHLAND HILLS, TEXAS:
Section 1. AMOUNT AND PURPOSE OF CONTRACTUAL OBLIGA-
TIONS: That the said Issuer's Public Property Finance
Contractual Obligations (hereinafter sometimes called
"Contractual Obligations") are hereby authorized to be issued
in the aggregate principal amount of $315,000, FOR THE PURPOSE
OF PAYING ALL OR A PORTION OF THE ISSUER'S CONTRACTUAL
OBLIGATIONS TO BE INCURRED IN CONNECTION WITH THE ACQUISITION
OR PURCHASE OF PERSONAL PROPERTY, IN ACCORDANCE WITH THE
PROVISIONS OF THE PUBLIC PROPERTY FINANCE ACT, SECTION 271.001
ET SEQ., TEXAS LOCAL GOVERNMENT CODE.
Section 2. DESIGNATION. That said Contractual Obliga-
tions shall be designated as the: CITY OF RICHLAND HILLS,
TEXAS PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATIONS, SERIES
1994.
Section 3. DATE, DENOMINATIONS, NUMBERS, AND MATURITIES
OF CONTRACTUAL OBLIGATIONS. That initially there shall be
issued, sold, and delivered hereunder fully registered
contractual obligations dated April i, 1994, in the respective
denominations and principal amounts hereinafter stated,
payable to the respective initial registered owners thereof
(as designated in Section 19 hereof), or to the registered
assignee or assignees of said contractual obligations or any
portion or portions thereof (in each case, the "registered
ORDINANCE N0. 719-94
owner"), and said contractual obligations shall mature and be
payable on the dates and in the aggregate principal amounts as
• follows:
MATURITY DATE PRINCIPAL AMOUNT
October 1, 1994 $ 75,000
October 1, 1995 75,000
October 1, 1996 75,000
October 1, 1997 20,000
October 1, 1998 20,000
October 1, 1999 20,000
October 1, 2000 30,000
The term "Contractual Obligations" as used in this
Ordinance shall mean and include collectively the contractual
obligations initially issued and delivered pursuant to this
Ordinance and all substitute contractual obligations exchanged
therefor, as well as all other substitute contractual
obligations and replacement contractual obligations issued
pursuant hereto, and the term "Contractual Obligation" shall
mean any of the Contractual Obligations.
Section 4. INTEREST. That the Contractual Obligations
shall bear interest from the dates specified in the FORM OF
CONTRACTUAL OBLIGATION set forth in this Ordinance to their
maturity dates at the following rates per annum:
MATURITY DATE INTEREST RATE
October 1, 1994 6.350°s
October 1, 1995 6.350%
October 1, 1996 4.350
October 1, 1997 4.700%
October 1, 1998 4.950
October 1, 1999 5.200
October 1, 2000 5.400
Said interest shall be payable in the manner provided and on
the dates stated in the FORM OF CONTRACTUAL OBLIGATION set
forth in this Ordinance.
Section 5. CHARACTERISTICS OF THE CONTRACTUAL OBLIGA-
TIONS. (a) Registration, Transfer, Conversion and Exchange;
Authentication; Book-Entry Only System. That the Issuer shall
keep or cause to be kept at the principal corporate trust
office of NationsBank of Texas, N.A., Dallas, Texas (the
"Paying Agent/Registrar") books or records for the
registration of the transfer, conversion and exchange of the
Contractual Obligations (the "Registration Books"), and the
Issuer hereby appoints the Paying Agent/Registrar as its
registrar and transfer agent to keep such books or records and
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ORDINANCE N0. 719-94
make such registrations of transfers, conversions and
exchanges under such reasonable regulations as the Issuer and
• the Paying Agent/Registrar may prescribe; and the Paying
Agent/Registrar shall make such registrations, transfers,
conversions and exchanges as herein provided. The Paying
Agent/Registrar shall obtain and record in the Registration
Books the address of the registered owner of each Contractual
Obligation to which payments with respect to the Contractual
Obligations shall be mailed, as herein provided; but it shall
be the duty of each registered owner to notify the Paying
Agent/Registrar in writing of the address to which payments
shall be mailed, and such interest payments shall not be
mailed unless such notice has been given. The Issuer shall
have the right to inspect the Registration Books during
regular business hours of the Paying Agent/Registrar, but
otherwise the Paying Agent/Registrar shall keep the
Registration Books confidential and, unless otherwise required
by law, shall not permit their inspection by any other entity.
The Issuer shall pay the Paying Agent/Registrar's standard or
customary fees and charges for making such registration,
transfer, conversion, exchange and delivery of a substitute
Contractual Obligation or Contractual Obligations.
Registration of assignments, transfers, conversions and
exchanges of Contractual Obligations shall be made in the
manner provided and with the effect stated in the FORM OF
CONTRACTUAL OBLIGATION set forth in this Ordinance. Each
substitute Contractual Obligation shall bear a letter and/or
• number to distinguish it from each other Contractual
Obligation.
Except as provided in Section 5(c) of this Ordinance, an
authorized representative of the Paying Agent/Registrar shall,
before the delivery of any such Contractual Obligation, date
and manually sign said Contractual Obligation, and no such
Contractual Obligation shall be deemed to be issued or
outstanding unless such Contractual Obligation is so executed.
The Paying Agent/Registrar promptly shall cancel all paid
Contractual Obligations surrendered for conversion and
exchange. No additional ordinances, orders, or resolutions
need be passed or adopted by the Issuer or any other body or
person so as to accomplish the foregoing conversion and
exchange of any Contractual Obligation or portion thereof, and
the Paying Agent/Registrar shall provide for the printing,
execution, and delivery of the substitute Contractual
Obligations in the manner prescribed herein. Pursuant to
Vernon's Ann. Tex. Civ. St. Art. 717k-6, and particularly
Section 6 thereof, the duty of conversion and exchange of
Contractual Obligations as aforesaid is hereby imposed upon
the Paying Agent/Registrar, and, upon the execution of said
Contractual Obligations, the converted and exchanged Con-
tractual Obligations shall be valid, incontestable, and
enforceable in the same manner and with the same effect as the
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ORDINANCE N0. 719-94
Contractual Obligations which initially were issued and
• delivered pursuant to this Ordinance, approved by the Attorney
General, and registered by the Comptroller of Public Accounts.
(b) Payment of Contractual Obligations and Interest.
The Issuer hereby further appoints the Paying Agent/Registrar
to act as the paying agent for paying the principal of and
interest on the Contractual Obligations, all as provided in
this Ordinance. The Paying Agent/Registrar shall keep proper
records of all .payments made by the Issuer and the Paying
Agent/Registrar with respect to the Contractual Obligations.
(c) In General. The Contractual Obligations (i) shall
be issued in fully registered form, without interest coupons,
with the principal of and interest on such Contractual
Obligations to be payable only to the registered owners
thereof, (ii) may be redeemed prior to their scheduled
maturities, (iii) may be transferred and assigned, (iv) may be
converted and exchanged for other Contractual Obligations, (v)
shall have the characteristics, (vi) shall be signed, sealed,
executed and authenticated, (vii) the principal of and
interest on the Contractual Obligations shall be payable, and
(viii) shall be administered and the Paying Agent/Registrar
and the Issuer shall have certain duties and responsibilities
with respect to the Contractual Obligations, all as provided,
and in the manner and to the effect as required or indicated,
in the FORM OF CONTRACTUAL OBLIGATION set forth in this
• Ordinance. The Contractual Obligations initially issued and
delivered pursuant to this Ordinance (to which Contractual
Obligations shall be attached the Registration Certificate of
the Comptroller of Public Accounts) are not required to be,
and shall not be, authenticated by the Paying Agent/Registrar,
but on each substitute Contractual Obligation issued in
conversion of and exchange for any Contractual Obligation or
Contractual Obligations issued under this Ordinance the Paying
Agent/Registrar shall execute the PAYING AGENT/REGISTRAR'S
AUTHENTICATION CERTIFICATE, in the form set forth in the FORM
OF CONTRACTUAL OBLIGATION.
(d) Substitute Paying Agent/Registrar. The Issuer
covenants with the registered owners of the Contractual
Obligations that at all times while the Contractual Obliga-
tions are outstanding the Issuer will provide a competent and
legally qualified bank, trust company, financial institution,
or other agency to act as and perform the services of Paying
Agent/Registrar for the Contractual Obligations under this
Ordinance, and that the Paying Agent/Registrar will be one
entity. The Issuer reserves the right to, and may, at its
option, change the Paying Agent/Registrar upon not less than
120 days written notice to the Paying Agent/Registrar, to be
effective not later than 60 days prior to the next principal
or interest payment date after such notice. In the event that
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ORDINANCE N0. 719-94
the entity at any time acting as Paying Agent/Registrar (or
its successor by merger, acquisition, or other method) should
• resign or otherwise cease to act as such, the Issuer covenants
that promptly it will appoint a competent and legally
qualified bank, trust company, financial institution, or other
agency to act as Paying Agent/Registrar under this Ordinance.
Upon any change in the Paying Agent/Registrar, the previous
Paying Agent/Registrar promptly shall transfer and deliver the
Registration Books (or a copy thereof), along with all other
pertinent books and records relating to the Contractual
Obligations, to the new Paying Agent/Registrar designated and
appointed by the Issuer. Upon any change in the Paying
Agent/Registrar, the Issuer promptly will cause a written
notice thereof to be sent by the new Paying Agent/Registrar to
each registered owner of the Contractual Obligations, by
United States Mail, first-class postage prepaid, which notice
also shall give the address of the new Paying/Agent Registrar.
By accepting the position and performing as such, each Paying
Agent/Registrar shall be deemed to have agreed to the
provisions of this Ordinance, and a certified copy of this
Ordinance shall be delivered to each Paying Agent/Registrar.
(e) Book-Entry Only System. The Contractual Obligations
issued in exchange for the Contractual Obligations initially
issued to the purchaser specified herein shall be initially
issued in the form of a separate single fully registered
Contractual Obligation for each of the maturities thereof.
• Upon initial issuance, the ownership of each such Contractual
Obligation shall be registered in the name of Cede & Co., as
nominee of Depository Trust Company of New York ("DTC"), and
except as provided in subsection (f) hereof, all of the
outstanding Contractual Obligations shall be registered in the
name of Cede & Co., as nominee of DTC.
With respect to Contractual Obligations registered in the
name of Cede & Co., as nominee of DTC, the Issuer and the
Paying Agent/Registrar shall have no responsibility or
obligation to any DTC Participant or to any person on behalf
of whom such a DTC Participant holds an interest on the
Contractual Obligations. Without limiting the immediately
preceding sentence, the Issuer and the Paying Agent/Registrar
shall have no responsibility or obligation with respect to (i)
the accuracy of the records of DTC, Cede & Co. or any DTC
Participant with respect to any ownership interest in the
Contractual Obligations, (ii) the delivery to any DTC
Participant or any other person, other than a Contractual
Obligation holder, as shown on the Registration Books, of any
notice with respect to the Contractual Obligations, including
any notice of redemption, or (iii) the payment to any DTC
Participant or any other person, other than a Contractual
Obligation holder, as shown in the Registration Books of any
amount with respect to principal of, premium, if any, or
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ORDINANCE N0. 719-94
interest on, as the case may be, the Contractual Obligations.
Notwithstanding any other provision of this Order to the
• contrary, the Issuer and the Paying Agent/Registrar shall be
entitled to treat and consider the person in whose name each
Contractual Obligation is registered in the Registration Books
as the absolute owner of such Contractual Obligation for the
purpose of payment of principal, premium, if any, and
interest, as the case may be, with respect to such Contractual
Obligation, for the purpose of giving notices of redemption
and other matters with respect to such Contractual Obligation,
for the purpose of registering transfers with respect to such
Contractual Obligation, and for all other purposes whatsoever.
The Paying Agent/Registrar shall pay all principal of,
premium, if any, and interest on the Contractual Obligations
only to or upon the order of the respective owners, as shown
in the Registration Books as provided in this Order, or their
respective attorneys duly authorized in writing, and all such
payments shall be valid and effective to fully satisfy and
discharge the Issuer's obligations with respect to payment of
principal of, premium, if any, and interest on, or as the case
may be, the Contractual Obligations to the extent of the sum
or sums so paid. No person other than an owner, as shown in
the Registration Books, shall receive a Contractual Obligation
certificate evidencing the obligation of the Issuer to make
payments of principal, premium, if any, and interest, as the
case may be, pursuant to this Order. Upon delivery by DTC to
the Paying Agent/Registrar of written notice to the effect
• that DTC has determined to substitute a new nominee in place
of Cede & Co., and subject to the provisions in this Order
with respect to interest checks being mailed to the registered
owner at the close of business on the Record Date, the word
"Cede & Co." in this Order shall refer to such new nominee of
DTC.
(f) Successor Securities Depository; Transfers Outside
Book-Entry Only System. In the event that the Issuer or the
Paying Agent/Registrar determines that DTC is incapable of
discharging its responsibilities described herein and in the
representation letter of the Issuer to DTC and that it is in
the best interest of the beneficial owners of the Contractual
Obligations that they be able to obtain certificated
Contractual Obligations, the Issuer or the Paying
Agent/Registrar shall (i) appoint a successor securities
depository, qualified to act as such under Section 17 (a) of
the Securities and Exchange Act of 1934, as amended, notify
DTC and DTC Participants of the appointment of such successor
securities depository and transfer one or more separate
Contractual Obligations to such successor securities
depository or (ii) notify DTC and DTC Participants of the
availability through DTC of Contractual Obligations and
transfer one or more separate Contractual Obligations to DTC
Participants having Contractual Obligations credited to their
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ORDINANCE N0. 719-94
DTC accounts. In such event, the Contractual Obligations
shall no longer be restricted to being registered in the
• Registration Books in the name of Cede & Co., as nominee of
DTC, but may be registered in the name of the successor
securities depository, or its nominee, or in whatever name or
names Contractual Obligation holders transferring or
exchanging Contractual Obligations shall designate, in
accordance with the provisions of this Order.
(g) Payments to Cede & Co. Notwithstanding any other
provision of this Order to the contrary, so long as any
Contractual Obligation is registered in the name of Cede &
Co., as nominee of DTC, all payments with respect to principal
of, premium, if any, and interest on, or as the case may be,
such Contractual Obligation and all notices with respect to
such Contractual Obligation shall be made and given,
respectively, in the manner provided in the representation
letter of the Issuer to DTC.
Section 6. FORM OF CONTRACTUAL OBLIGATIONS. The form of
the Contractual Obligations, including the form of the Paying
Agent/Registrar's Authentication Certificate, the form of
Assignment and the form of the Registration Certificate of the
Comptroller of Public Accounts of the State of Texas to be
attached to the Contractual Obligations initially issued and
delivered pursuant to this Ordinance, shall be, respectively,
substantially as follows, with such appropriate variations,
• omissions, or insertions as are permitted or required by this
Ordinance.
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ORDINANCE N0. 719-94
FORM OF CONTRACTUAL OBLIGATION
• NO. R-_ UNITED STATES OF AMERICA PRINCIPAL
STATE OF TEXAS AMOUNT
CITY OF RICHLAND HILLS, TEXAS $ ,000
PUBLIC PROPERTY FINANCE
CONTRACTUAL OBLIGATION
SERIES 1994
ORIGINAL MATURITY INTEREST
ISSUE DATE DATE RATE CUSIP
April 1, 1994 $
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF
RICHLAND HILLS, IN TARRANT COUNTY, TEXAS (the "Issuer"),
hereby promises to pay to , or to the
registered assignee hereof (either being hereinafter called
the "registered owner") the principal amount of
and to pay interest thereon from the original issue date
specified above, on October 1, 1994 and on each April 1 and
October 1 thereafter while this Contractual Obligation is
outstanding at the interest rate per annum specified above;
except that if this Contractual Obligation is required to be
• authenticated and the date of its authentication is later than
October 1, 1994, such principal amount shall bear interest
from the interest payment date next preceding the date of
authentication, unless such date of authentication is after
any Record Date (hereinafter defined) but on or before the
next following interest payment date, in which case such
principal amount shall bear interest from such next following
interest payment date; provided, however, that if on the date
of authentication hereof the interest on the Contractual
Obligation or Contractual Obligations, if any, for which this
Contractual Obligation is being exchanged or converted from is
due but has not been paid, then this Contractual Obligation
shall bear interest from the date to which such interest has
been paid in full.
IN CONSIDERATION of the registered owner's acceptance
hereof, which acceptance shall constitute the registered
owner's assent hereto and to the terms and conditions of the
ordinance authorizing the issuance of this Contractual
Obligation (the "Ordinance"), the Issuer hereby unilaterally
contracts with such registered owner that it will utilize the
net available proceeds of the Contractual Obligations, after
payment of the costs of issuance related thereto, to acquire
or purchase personal property in accordance with the Ordinance
and the Issuer's plan of acquisition therefor.
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ORDINANCE N0. 719-94
THE PRINCIPAL OF AND INTEREST ON this Contractual
Obligation are payable in lawful money of the United States of
America, without exchange or collection charges. The payment
of interest on this Contractual Obligation shall be made by
NationsBank of Texas, N.A., Dallas, Texas, which is the
"Paying Agent/Registrar" for this Contractual Obligation, to
the registered owner hereof on each interest payment date by
check or draft, dated as of such payment date, drawn by the
Paying Agent/Registrar on, and payable solely from, funds of
the Issuer required by the Ordinance to be on deposit with the
Paying Agent/Registrar for such purpose as hereinafter
provided; and such check or draft shall be sent by the Paying
Agent/Registrar by United States mail, first-class postage
prepaid, on each such payment date, to the registered owner
hereof, at its address as it appeared on the last business day
of the month next preceding each such payment date (the
"Record Date") on the Registration Books kept by the Paying
Agent/Registrar, as hereinafter described. The payment of the
principal of this Contractual Obligation shall be paid only
upon surrender of this Contractual Obligation to the Paying
Agent/Registrar for cancellation. The Issuer covenants with
the registered owner of this Contractual Obligation that on or
before each principal payment date and interest payment date
for this Contractual Obligation it will make available to the
Paying Agent/Registrar, from the "Interest and Sinking Fund"
created by the Ordinance, the amounts required to provide for
the payment, in immediately available funds, of all principal
• of and interest on the Contractual Obligations, when due.
IF THE DATE for the payment of the principal of or
interest on this Contractual Obligation shall be a Saturday,
Sunday, a legal holiday, or a day on which banking institu-
tions in the city where the principal corporate trust office
of the Paying Agent/Registrar is located are authorized by law
or executive order to close, or the United States Postal
Service is not open for business, then the date for such
payment shall be the next succeeding day which is not such a
Saturday, Sunday, legal holiday, or day on which banking
institutions are authorized to close, or the United States
Postal Service is not open for business; and payment on such
date shall have the same force and effect as if made on the
original date payment was due.
THIS CONTRACTUAL OBLIGATION is one of a Series of PUBLIC
PROPERTY FINANCE CONTRACTUAL OBLIGATIONS dated as of April 1,
1994, authorized in accordance with the Constitution and laws
of the State of Texas in the principal amount of $315,000, FOR
THE PURPOSE OF PAYING ALL OR A PORTION OF THE ISSUER'S
CONTRACTUAL OBLIGATIONS TO BE INCURRED IN CONNECTION WITH THE
ACQUISITION OR PURCHASE OF PERSONAL PROPERTY, IN ACCORDANCE
WITH THE PROVISIONS OF THE PUBLIC PROPERTY FINANCE ACT,
SECTION 271.001 ET SEQ., TEXAS LOCAL GOVERNMENT CODE.
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ORDINANCE N0. 719-94
THIS CONTRACTUAL OBLIGATION OR ANY PORTION OR PORTIONS
HEREOF IN ANY INTEGRAL MULTIPLE OF $5,000 may be assigned and
. shall be transferred only in the Registration Books kept by
the Paying Agent/Registrar acting in the capacity of registrar
for the Contractual Obligations, upon the terms and conditions
set forth herein and in the Ordinance. This Contractual
Obligation may only be assigned and transferred upon
presentation and surrender to the Paying Agent/Registrar for
transfer of registration and cancellation, together with
proper instruments of assignment, in form and with guarantee
of signatures satisfactory to the Paying Agent/Registrar,
evidencing assignment of this Contractual Obligation or any
portion or portions hereof to the assignee or assignees in
whose name or names this Contractual Obligation or any such
portion or portions hereof is or are to be transferred and
registered. The form of Assignment printed or endorsed on
this Contractual Obligation shall be executed by the regis-
tered owner, or its duly authorized attorney or representa-
tive, and shall conclusively evidence the assignment hereof.
Upon surrender of this Contractual Obligation or any portion
or portions hereof for transfer of registration, an authorized
representative of the Paying Agent/Registrar shall make such
transfer in the Registration Books, and shall deliver a new
Contractual Obligation or Contractual Obligations payable to
such assignee or assignees, or to the registered owner hereof
in the case of the assignment and transfer of only a portion
of this Contractual Obligation, in exchange for this
• Contractual Obligation, all in the form and manner as provided
in the next paragraph hereof for the conversion and exchange
of Contractual Obligations. The registered owner of this
Contractual Obligation shall be deemed and treated by the
Issuer and the Payinq Agent/Registrar as the absolute owner
hereof for all purposes, including payment and discharge of
liability upon this Contractual Obligation to the extent of
such payment, and the Issuer and the Paying Agent/Registrar
shall not be affected by any notice to the contrary.
ALL CONTRACTUAL OBLIGATIONS OF THIS SERIES issued as a
result of a transfer, conversion or exchange are issuable
solely as fully registered certificates, without interest
coupons, in the denomination of any integral multiple of
$5,000. In accordance with the form and procedures set forth
in the Ordinance, this Contractual Obligation, or any unpaid
portion hereof, may, at the written request of the registered
owner or the assignee or assignees hereof, or its or their
duly authorized attorneys or representatives, with guarantee
of signatures satisfactory to the Paying Agent/Registrar, be
converted into and exchanged for a Contractual Obligation or
Contractual Obligations of like aggregate principal amount,
payable to the appropriate registered owner, assignee, or
assignees, as the case may be, maturing on the same dates, and
bearing interest at the same rate, in any denomination or
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ORDINANCE N0. 719-94
denominations in any integral multiple of $5,000, upon
surrender of this Contractual Obligation to the Paying
• Agent/Registrar at its principal corporate trust office for
cancellation. The one requesting a transfer, conversion, or
exchange shall pay any taxes or governmental charges required
to be paid with respect thereto as a condition precedent to
the exercise of such privilege of transfer, conversion or
exchange. The Paying Agent/Registrar shall not be required to
make any such transfer, conversion, or exchange during the
period commencing with the close of business on any Record
Date and ending with the opening of business on the next
following principal or interest payment date.
IN THE EVENT any Paying Agent/Registrar for the Contrac-
tual Obligations is changed by the Issuer, resigns, or
otherwise ceases to act as such, the Issuer has covenanted in
the Ordinance that it promptly will appoint a competent and
legally qualified substitute therefor, and cause written
notice thereof to be mailed to the registered owners of the
Contractual Obligations.
IT IS HEREBY certified, recited and covenanted that this
Contractual Obligation has been duly and validly 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 authorization, issuance, and delivery
of this Contractual Obligation have been performed, existed,
• and been done in accordance with law; that this Contractual
Obligation is a direct obligation of the Issuer, 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 Contractual Obligation, as such interest
comes due and such principal matures, have been levied and
ordered to be levied against all taxable property in the
Issuer, and have been pledged for such payment, within the
limit prescribed by law.
BY HIS ACCEPTANCE the registered owner assents to the
terms and provisions of the Ordinance, a copy of which is on
file in the official records of the Issuer, and this Contrac-
tual Obligation, agrees to be bound by such terms and
provisions, and agrees that the terms and provisions of this
Contractual Obligation and the Ordinance constitute a contract
between each registered owner hereof and the Issuer.
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ORDINANCE N0. 719-94
IN WITNESS WHEREOF, the Issuer has caused this Contrac-
tual Obligation to be signed with the manual or facsimile
• signature of the Mayor of the Issuer and countersigned with
the manual or facsimile signature of the City Secretary of the
Issuer, and has caused the official seal of the Issuer to be
duly impressed, or placed in facsimile, on this Contractual
Obligation.
(signature) (signature)
City Secretary Mayor
(SEAL)
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
(To be executed if this Contractual Obligation
is not accompanied by an executed
Registration Certificate of the
Comptroller of Public Accounts
of the State of Texas)
• It is hereby certified that this Contractual Obligation
has been issued under the provisions of the Ordinance
described in the text of this Contractual Obligation; and that
this Contractual Obligation has been issued in conversion or
replacement of, or in exchange for, a contractual obligation,
contractual obligations, or a portion of a contractual
obligation or contractual obligations of a Series which
originally was approved by the Attorney General of the State
of Texas and registered by the Comptroller of Public Accounts
of the State of Texas.
Dated:
NationsBank of Texas, N.A., Dallas, Texas
Paying Agent/Registrar
By
Authorized Representative
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ORDINANCE N0. 719-94
FORM OF ASSIGNMENT:
• ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto
Please insert Social Security or Taxpayer
Identification Number of Transferee
/ /
(Please print or typewrite name and address, including zip
code of Transferee)
the within Bond and all rights thereunder, and hereby
irrevocably constitutes and appoints
attorney to register the transfer of the within Bond on the
• books kept for registration thereof, with full power of
substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: Signature(s) must NOTICE: The signature above
be guaranteed by a member must correspond with the
firm of the New York Stock name of .the Registered Owner
Exchange or a commercial as it appears upon the front
bank or trust company. of this Contractual Obligation
Bond in every particular,
without alteration or enlarge-
ment or any change whatsoever.
• -13-
ORDINANCE N0. 719-94
• (For Initial Delivery only)
FORM OF REGISTRATION CERTIFICATE OF
THE COMPTROLLER OF PUBLIC ACCOUNTS.
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Contractual Obligation has
been examined, certified as to validity, and approved by the
Attorney General of the State of Texas, and that this
Contractual Obligation 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
(COMPTROLLER'S SEAL)
The Bond printer is hereby authorized to print on the
Contractual Obligations a legend describing any municipal bond
insurance policy obtained in connection with the sale of the
• Contractual Obligations.
Section 7. DEFINITIONS. That the terms defined in this
Section for all purposes of this Ordinance, except where the
context by clear implication shall otherwise require, shall
have the respective meanings as follows, to-wit:
(a) The term "Code" shall mean the Internal Revenue Code
of 1986, as amended.
(b) The terms "Contractual Obligation", "Contractual
Obligations" shall mean the Public Property Finance Contrac-
tual Obligations, Series 1994 authorized to be issued and
delivered by this Ordinance.
(c) The term "Paying Agent/Registrar" shall mean
initially NationsBank of Texas, N.A., Dallas, Texas, or any
successor named by the Issuer in accordance with the pro-
visions of Section 5 of this Ordinance.
Section 8. INTEREST AND SINKING FUND. The City of
Richland Hills, Texas, Series 1994 Contractual Obligation
Interest and Sinking Fund, hereinafter called the "Interest
and Sinking Fund", is hereby authorized and shall be estab-
lished and maintained in a depository bank of the Issuer, so
• -14-
ORDINANCE N0. 719-94
long as the Contractual Obligations, or interest thereon, are
outstanding and unpaid.
Section 9. USE OF INTEREST AND SINKING FUND. Upon the
initial delivery of the Contractual Obligations to the
purchasers thereof, any accrued interest received by the
Issuer shall be deposited in the Interest and Sinking Fund.
In addition, on or before the 25th day of September, 1994, and
on or before the 25th day of each March and September there-
after so long as any of the Contractual Obligations remain
outstanding, there shall be deposited in the Interest and
Sinking Fund an amount, together with other amounts in the
Interest and Sinking Fund, not less than the amount of the
principal and interest coming due on the Contractual Obliga-
tions on the next succeeding payment date. The Interest and
Sinking Fund shall be used to pay the principal of and
interest on the Contractual Obligations as such principal and
interest come due.
Section 10. TAX LEVY. All ad valorem taxes levied and
collected for and on account of said Contractual Obligations
shall be deposited, as collected, to the credit of the
Interest and Sinking Fund. During each year while any of said
Contractual Obligations are outstanding and unpaid, the City
Council of said Issuer 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
• Contractual Obligations as such interest comes due, and to
provide and maintain a sinking fund adequate to pay the
principal of such Contractual Obligations as such principal
matures (but never less than 2~ of the original principal
amount of said Contractual Obligations as a sinking fund each
year); and said tax shall be based on the latest approved tax
rolls of said Issuer, 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
Issuer for each year while any of said Contractual Obligations
are outstanding and unpaid; and said tax shall be assessed and
collected each such year and deposited to the credit of the
aforesaid Interest and Sinking Fund. Said ad valorem taxes
sufficient to provide for the payment of the interest on and
principal of said Contractual Obligations, as such interest
comes due and such principal matures, are hereby pledged for
such payment, within the limit prescribed by law.
Section 11. SECURITY FOR FUNDS. All Funds created by
this Ordinance shall be secured in the manner and to the
fullest extent permitted or required by law for the security
of public funds, and such Funds shall be used only for the
purposes and in the manner permitted or required by this
Ordinance.
. -15-
ORDINANCE N0. 719-94
Section 12. DEFEASANCE OF CONTRACTUAL OBLIGATIONS. (a)
Any Contractual Obligation and the interest thereon shall be
• deemed to be paid, retired, and no longer outstanding (a
"Defeased Contractual Obligation") within the meaning of this
Ordinance, except to the extent provided in subsection (d) of
this Section 12, when payment of the principal of such
Contractual Obligation, plus interest thereon to the due date
(whether such due date be by reason of maturity or otherwise)
either (i) shall have been made or caused to be made in
accordance with the terms thereof, or (ii) shall have been
provided for on or before such due date by irrevocably
depositing with or making available to the Paying
Agent/Registrar for such payment (1) lawful money of the
United States of America sufficient to make such payment or
(2) Government Obligations which mature as to principal and
interest in such amounts and at such times as will insure the
availability, without reinvestment, or sufficient money to
provide for such payment, and when proper arrangements have
been made by the Issuer with the Paying Agent/Registrar for
the payment of its services until all Defeased Contractual
Obligations shall have become due and payable. At such time
as a Contractual Obligation shall be deemed to be a Defeased
Contractual Obligation hereunder, as aforesaid, such
Contractual Obligation and the interest thereon shall no
longer be secured by, payable from, or entitled to the
benefits of, the ad valorem taxes herein levied as provided in
this Ordinance, and such principal and interest shall be
• payable solely from such money or Government Obligations.
(b) Any moneys so deposited with the Paying Agent/
Registrar may at the written direction of the Issuer also be
invested in Government Obligations, maturing in the amounts
and times as hereinbefore set forth, and all income from such
Government Obligations received by the Paying Agent/ Registrar
which is not required for the payment of the Contractual
Obligations and interest thereon, with respect to which such
money has been so deposited, shall be turned over to the
Issuer, or deposited as directed in writing by the Issuer.
(c) The term "Government Obligations" as used in this
Section 12, shall mean direct, non-callable 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, which may be United States Treasury
obligations such as its State and Local Government Series,
which may be in book-entry form.
(d) Until all Defeased Contractual Obligations shall
have become due and payable, the Paying Agent/Registrar shall
perform the services of Paying Agent/Registrar for such
Defeased Contractual Obligations the same as if they had not
been defeased, and the Issuer shall make proper arrangements
• -16-
ORDINANCE N0. 719-94
to provide and pay for such services as required by this
Ordinance.
• Section 13. DAMAGED, MUTILATED, LOST, STOLEN, OR
DESTROYED CONTRACTUAL OBLIGATIONS. (a) Replacement Con-
tractual Obligations. In the event any outstanding Contrac-
tual Obligation is damaged, mutilated, lost, stolen, or
destroyed, the Paying Agent/Registrar shall cause to be
printed, executed, and delivered, a new contractual obligation
of the same principal amount, maturity, and interest rate as
the damaged, mutilated, lost, stolen, or destroyed Contractual
Obligation, in replacement for such Contractual Obligation in
the manner hereinafter provided.
(b) Application for Replacement Contractual Obligations.
Application for replacement of damaged, mutilated, lost,
stolen, or destroyed Contractual Obligations shall be made by
the registered owner thereof to the Paying Agent/Registrar.
In every case of loss, theft, or destruction of a Contractual
Obligation, the registered owner applying for a replacement
contractual obligation shall furnish to the Issuer and to the
Paying Agent/Registrar such security or indemnity as may be
required by them to save each of them harmless from any loss
or damage with respect thereto. Also, in every case of loss,
theft, or destruction of a Contractual Obligation, the
registered owner shall furnish to the Issuer and to the Paying
Agent/Registrar evidence to their satisfaction of the loss,
• theft, or destruction of such Contractual Obligation, as the
case may be. In every case of damage or mutilation of a
Contractual Obligation, the registered owner shall surrender
to the Paying Agent/Registrar for cancellation the Contractual
Obligation so damaged or mutilated.
(c) No Default Occurred. Notwithstanding the foregoing
provisions of this Section 13, in the event any such
Contractual Obligation shall have matured, and no default has
occurred which is then continuing in the payment of the
principal of, redemption premium, if any, or interest on such
Contractual Obligation, the Issuer may authorize the payment
of the same (without surrender thereof except in the case of
a damaged or mutilated Contractual Obligation) instead of
issuing a replacement contractual obligation, provided
security or indemnity is furnished as above provided in this
Section 13.
(d) Charge for Issuing Replacement Contractual Obliga-
tions. Prior to the issuance of any replacement contractual
obligation, the Paying Agent/Registrar shall charge the
registered owner of such Contractual Obligation with all
legal, printing, and other expenses in connection therewith.
Every replacement contractual obligation issued pursuant to
the provisions of this Section 13 by virtue of the fact that
• -17-
ORDINANCE N0. 719-94
any Contractual Obligation is lost, stolen, or destroyed shall
constitute an obligation of the Issuer whether or not the
• lost, stolen, or destroyed Contractual Obligation shall be
found at any time, or be enforceable by anyone, and shall be
entitled to all the benefits of this Ordinance equally and
proportionately with any and all other Contractual Obligations
duly issued under this Ordinance.
(e) Authority for Issuing Replacement Contractual
Obligations. In accordance with Section 6 of Vernon's Ann.
Tex. Civ. St. Art. 717k-6, this Section 13 of this Ordinance
shall constitute authority for the issuance of any such
replacement contractual obligation without necessity of
further action by the Issuer or any other body or person, and
the duty of the replacement of such contractual obligations is
hereby authorized and imposed upon the Paying Agent/Registrar,
and the Paying Agent/Registrar shall authenticate and deliver
such Contractual Obligations in the form and manner and with
the effect, as provided in Section 5(a) of this Ordinance for
Contractual Obligations issued in conversion and exchange of
other Contractual Obligations.
Section 14. CUSTODY, APPROVAL, AND REGISTRATION OF
CONTRACTUAL OBLIGATIONS. The Mayor of the Issuer is hereby
authorized to have control of the Contractual Obligations
initially issued and delivered hereunder and all necessary
records and proceedings pertaining to the Contractual
• obligations pending their delivery and their investigation,
examination, and approval by the Attorney General of the State
of Texas, and their registration by the Comptroller of Public
Accounts of the State of Texas. Upon registration of the
Contractual Obligations said Comptroller of Public Accounts
(or a deputy designated in writing to act for said
Comptroller) shall manually sign the Comptroller's Registra-
tion Certificate attached to such Contractual Obligations, and
the seal of said Comptroller shall be impressed, or placed in
facsimile, on such Registration Certificate.
Section 15. CONTRACTUAL UNDERTAKING WITH REGISTERED
OWNER. The Issuer hereby, and by the acceptance of each of
the Contractual Obligations, contractually obligates and
commits itself to utilize the net proceeds available from the
issuance and delivery of the Contractual Obligations, after
payment of costs of issuance related thereto, for the
acquisition or purchase of the Property as soon as practicable
after the date of initial delivery of the Contractual
Obligations, in accordance with this Ordinance and the
Issuer's plan of acquisition therefor.
Section 16. REMEDIES IN EVENT OF DEFAULT. In addition
to all of the rights and remedies provided by the laws of the
State of Texas, the Issuer covenants and agrees that in the
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ORDINANCE N0. 719-94
event of default in payment of principal or interest on any of
the Contractual Obligations when due, or, in the event it
• fails to make the payments required to be made into the
Interest and Sinking Fund or defaults in the observance of
performance of any other of the contracts, covenants,
conditions or obligations set forth in this Ordinance or in
the Contractual Obligations, the following remedies shall be
available:
(a) the registered owners shall be entitled to seek a
writ of mandamus issued by a court of competent
jurisdiction compelling and requiring the Issuer
and the officials thereof to observe and perform
the contracts, covenants, obligations or conditions
prescribed in this Ordinance; and
(b) any delay or omission to exercise any right or
power accruing upon any default shall not impair
any such right or power nor be construed to be a
waiver of any such default or acquiescence therein,
and every such right and power may be exercised
from time to time and as often as may be deemed
expedient.
Section 17. TAX COVENANTS. That the Issuer covenants to
take any action to assure, or refrain from any action which
would adversely affect, the treatment of the Bonds as
• obligations described in section 103 of the Code, the interest
on which is not includable in the "gross income" of the holder
for purposes of federal income taxation. In furtherance
thereof, the Issuer covenants as follows:
(a) to take any action to assure that no more than
ten percent of the proceeds of the Bonds or the projects
financed therewith (less amounts deposited to a reserve
fund, if any) are used for any "private business use", as
defined in section 141(b) (6) of the Code or, if more than
ten percent of the proceeds are so used, that amounts,
whether received by the Issuer, with respect to such
private business use, do not, under the terms of this
Ordinance or any underlying arrangement, directly or
indirectly, secure or provide for the payment of more
than ten percent of the debt service on the Bonds, in
contravention of section 141(b)(2) of the Code;
(b) to take any action to assure that in the event
that the "private business use" described in subsection
(a) hereof exceeds five percent of the proceeds of the
Bonds or the projects financed therewith (less amounts
deposited into a reserve fund, if any) then the amount in
excess of five percent is used for a "private business
use" which is "related" and not "disproportionate",
• -19-
ORDINANCE N0. 719-94
within the meaning of section 141(b)(3) of the Code, to
the governmental use;
• (c) to take any action to assure that no amount
which is greater than the lesser of $5,000,000, or five
percent of the proceeds of the Bonds (less amounts
deposited into a reserve fund, if any) is directly or
indirectly used to finance loans to persons, other than
state or local governmental units, in contravention of
section 141(c) of the Code;
(d) to refrain from taking any action which would
otherwise result in the Bonds being treated as "private
activity bonds" within the meaning of section 141(b) of
the Code;
(e) to refrain from taking any action that would
result in the Bonds being "federally guaranteed" within
the meaning of section 149 (b) of the Code;
(f) to refrain from using any portion of the
proceeds of the Bonds, directly or indirectly, to acquire
or to replace funds which were used, directly or indi-
rectly, to acquire investment property (as defined in
section 148(b)(2) of the Code) which produces a
materially higher yield over the term of the Bonds, other
than investment property acquired with
• (1) proceeds of the Bonds invested for a
reasonable temporary period of three years or less
(or thirty days or less, in the case of a refunding
bond) until such proceeds are needed for the
purpose for which the bonds are issued,
(2) amounts invested in a bona fide debt
service fund, within the meaning of section 1.103-
13(b)(12) of the Treasury Regulations, and
(3) amounts deposited in any reasonably
required reserve or replacement fund to the extent
such amounts do not exceed ten percent of the
proceeds of the Bonds;
(g) to otherwise restrict the use of the proceeds
of the Bonds or amounts treated as proceeds of the Bonds,
as may be necessary, so that the Bonds do not otherwise
contravene the requirements of section 148 of the Code
(relating to arbitrage) and, to the extent applicable,
section 149(d) of the Code (relating to advance
refundings) ;
• -20-
ORDINANCE N0. 719-94
(h) to pay to the United States of America at least
once during each five-year period (beginning on the date
of delivery of the Bonds) an amount that is at least
equal to 90 percent of the "Excess Earnings", within the
meaning of section 148(f) of the Code and to pay to the
United States of America, not later than 60 days after
the Bonds have been paid in full, 100 percent of the
amount then required to be paid as a result of Excess
Earnings under section 148(f) of the Code; and
(i) to maintain such records as will enable the
Issuer to fulfill its responsibilities under this section
and section 148 of the Code and to retain such records
for at least six years following the final payment of
principal and interest on the Bonds.
It is the understanding of the Issuer that the covenants
contained herein are intended to assure compliance with the
Code and any regulations or rulings promulgated by the U.S.
Department of the Treasury pursuant thereto. In the event
that regulations or rulings are hereafter promulgated which
modify or expand provisions of the Code, as applicable to the
Bonds, the Issuer will not be required to comply with any
covenant contained herein to the extent that such failure to
comply, in the opinion of nationally-recognized bond counsel,
will not adversely affect the exemption from federal income
taxation of interest on the Bonds under section 103 of the
• Code. In the event that regulations or rulings are hereafter
promulgated which impose additional requirements which are
applicable to the Bonds, the Issuer agrees to comply with the
additional requirements to the extent necessary, in the
opinion of nationally-recognized bond counsel, to preserve the
exemption from federal income taxation of interest on the
Bonds under section 103 of the Code. In furtherance of such
intention, the City hereby authorizes and directs the Mayor
and the City Manager to execute any documents, certificates or
reports required by the Code and to make such elections, on
behalf of the City, which may be permitted by the Code as are
consistent with the purpose for the issuance of the Bonds.
In order to facilitate compliance with the above
covenants (h) and (i), a "Rebate Fund" is hereby established
by the City for the sole benefit of the United States of
America, and such Fund shall not be subject to the claim of
any other person, including without limitation the
bondholders. The Rebate Fund is established for the
additional purpose of compliance with section 148 of the Code.
Section 18. DESIGNATION AS QUALIFIED TAX-EXEMPT BONDS.
The Issuer hereby designates the Contractual Obligations as
"qualified tax-exempt bonds" as defined in section 265(b)(3)
of the Code. In furtherance of such designation, the Issuer
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ORDINANCE N0. 719-94
represents, covenants and warrants the following: (a) that
during the calendar year in which the Contractual Obligations
are issued, the Issuer (including any subordinate entities)
has not designated nor will designate bonds, which when
aggregated with the Contractual Obligations, will result in
more than $10,000,000 of "qualified tax-exempt bonds" being
issued; (b) that the Issuer reasonably anticipates that the
amount of tax-exempt obligations issued during the calendar
year in which the Contractual Obligations are issued, by the
Issuer (or any subordinate entities) will not exceed
$10,000,000; and (c) that the Issuer will take such action or
refrain from such action as necessary, and as more
particularly set forth in Section 17 of this Ordinance, in
order that the Contractual Obligations will not be considered
"private activity bonds" within the meaning of section 142 of
the Code.
Section 19. SALE OF CONTRACTUAL OBLIGATIONS. (a) That
said Contractual Obligations are hereby sold and shall be del-
ivered in the amounts and to Service Asset Management for the
par value thereof and any accrued interest to date of
delivery, and any such accrued interest shall be deposited
into the Interest and Sinking Fund. The use of the Official
Statement dated April 7, 1994, prepared in connection with the
sale of the Contractual Obligations, in the form attached
hereto, is hereby approved.
• (b) Upon the final acquisition of the Property, any
remaining proceeds (including interest earnings thereon) from
the sale of the Contractual Obligations shall be transferred
to the Interest and Sinking Fund and used, together with other
moneys therein on deposit, to pay interest on and principal of
the Contractual Obligations.
Section 20. APPROPRIATION. The Issuer hereby
appropriates from current funds on hand and directs the
transfer to the Interest and Sinking Fund for the Bonds of an
amount of money sufficient, when added to the accrued interest
received from the sale of the Bonds, to pay the principal and
interest scheduled to come due on the Bonds on October 1,
1994.
Section 21. EFFECTIVE DATE. That this Ordinance shall
take effect and be in full force and effect from and after the
date of its passage, and it is so ordained.
• -22-
ORDINANCE N0. 719-94
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
Richland Hills, TEXAS, this 12th day of April, 1994, at which
meeting a quorum was present.
Ma z,
City of Richland Hills, Texa
ATTEST:
C
' se retary,
City of~Richland Hills, Texas
-24-
ti
ORDINANCE N0. 719-94
r
CERTIFICATE FOR ORDINANCE AUTHORIZING THE
ISSUANCE OF PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATIONS
THE STATE OF TEXAS .
COUNTY OF TARRANT
CITY OF RICHLAND HILLS .
We, the undersigned officers of said City, hereby
certify as follows:
1. The City Council of said City convened in REGULAR
MEETING ON THE 12TH DAY OF APRIL, 1994, at the designated
meeting place, and the roll was called of the duly
constituted officers and members of said City Council, to-
wit:
C. F. Kelley, Mayor Terri Willis,
Roy Maberry, Mayor City Secretary
Pro Term Nelda Stroder
Jerry Wright Cary Hocker
Curtis Whitfield
and all of said persons were present, except the following
absentees: ~bn~. thus constituting a quorum. Whereupon,
among other business, the following was transacted at said
Meeting: a written
ORDINANCE AUTHORIZING THE ISSUANCE OF
PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATIONS
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 shown
present above voted "Aye".
NAYS: 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 Certificate; 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
pertaining 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 suf-
ORDINANCE N0. 719-94
ficiently 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 given, all as required by Chapter 551 of
the Government Code.
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 Certificate
shall constitute the signing of the attached and following
copy of said Ordinance for all purposes.
SIGNED AND SEALED the 12th day of April, 1994.
~ C_.._,~, _
ecr tary Mayor
(SEAL)
•