HomeMy Public PortalAboutOrdinance No. 836-98 04-13-1998 ORDINANCE NO. 836_98
• AN ORDINANCE PROVIDING FOR THE ISSUANCE OF THREE HUNDRED
EIGHTY FIVE THOUSAND DOLLARS ($385,000) OF THE GENERAL
OBLIGATION BONDS, SERIES 1998, OF THE CITY OF RICHLAND
HILLS, TEXAS, BEARING INTEREST AT THE RATES HEREINAFTER
SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND
COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON
SAID BONDS AND TO CREATE A SINKING FUND FOR THE
REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES
IN CONFLICT HEREWITH; AND PROVIDING THAT THIS ORDINANCE
SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF
ITS PASSAGE.
WHEREAS, it is deemed advisable and to the best interest of
the City of Richland Hills (the "City" or the "Issuer") that all of
the general obligation bonds authorized at an election held in said
City on February 7, 1998, be sold at this time, pursuant to the
laws of the State of Texas.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
• OF RICH LAND HILLS, TEXAS:
1. That the bond or bonds of the City of Richland Hills,
Texas (the "City" or the "Issuer") to be called "General Obligation
Bonds, Series 1998" (the "Bonds" or the "Series 1998 Bonds"), be
issued under and by virtue of the Constitution and laws of the
State of Texas and the Charter of said City in the aggregate
principal amount of Three Hundred Eighty Five Thousand Dollars
($385,000), for the purpose of constructing and equipping an animal
shelter facility.
2. That the Series 1998 Bonds shall be dated March 15, 1998,
shall be in the denomination of $5,000 each, or any integral
multiple thereof, shall be numbered consecutively from R-1 upward,
and shall mature on the maturity date, in each of the years, and in
• the amounts, respectively, as set forth in the following schedule:
I
MATURITY DATE: AUGUST 15
• yE88~ AMOUNTS (51 YEBB~ AMOUNTS (51
1999 40,000 2003 60,000
2000 50,000 2004 60,000
2001 55,000 2005 65,000
2002 55,000
3. That the Series 1998 Bonds are not subject to redemption
at the option of the City prior to stated maturity.
4. That the Series 1998 Bonds scheduled to mature during the
years, respectively, set forth below shall bear interest at the
following rates per annum:
Bonds maturing in the year 1999, 4.10%
Bonds maturing in the year 2000, 4.20%
Bonds maturing in the year 2001, 4.35%
Bonds maturing in the year 2002, 4.45%
Bonds maturing in the year 2003, 4.55$
Bonds maturing in the year 2004, 4.60%
. Bonds maturing in the year 2005, 4.65%
Said interest shall be payable to the registered owner of any such
Series 1998 Bond in the manner provided and on the dates stated in
the FORM OF BOND set forth in this Ordinance.
5. (a) The City shall keep or cause to be kept at the
designated corporate trust office in Dallas, Texas (the "Designated
Trust Office") of Bank One, Texas, N.A. (the "Paying
Agent/Registrar"), or such other bank, trust company, financial
institution, or other agency named in accordance with the
provisions of (g) below, books or records of the registration and
transfer of the Series 1998 Bonds (the "Registration Books"), and
the City hereby appoints the Paying Agent/Registrar as its
registrar and transfer agent to keep such books or records and make
•
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such transfers and registrations under such reasonable regulations
• as the City and Paying Agent/Registrar may prescribe; and the
Paying Agent/Registrar shall make such transfers and registrations
as herein provided. It shall be the duty of the Paying
Agent/Registrar to obtain from the registered owner and record in
the Registration Books the address of such registered owner of each
bond to which payments with respect to the Series 1998 Bonds shall
be mailed, as herein provided. The City or its designee 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. Registration of each Series 1998 Bond may be
• transferred in the Registration Books only upon presentation and
surrender of such bond to the Paying Agent/Registrar for transfer
of registration and cancellation, together with proper written
instruments of assignment, in form and with guarantee of signatures
satisfactory to the Paying Agent/Registrar, evidencing the assign-
ment of such bond, or any portion thereof in any integral multiple
of $5,000, to the assignee or assignees thereof, and the right of
such assignee or assignees to have such bond or any such portion
thereof registered in the name of such assignee or assignees. Upon
the assignment and transfer of any Series 1998 Bond or any portion
thereof, a new substitute bond or bonds shall be issued in exchange
therefor in the manner herein provided.
(b) The entity in whose name any Series 1998 Bond shall be
• registered in the Registration Books at any time shall be treated
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as the absolute owner thereof for all purposes of this Ordinance,
• whether or not such bond shall be overdue, and the City and the
Paying Agent/Registrar shall not be affected by any notice to the
contrary; and payment of, or on account of, the principal of,
premium, if any, and interest on any such bond shall be made only
to such registered owner. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such bond to
the extent of the sum or sums so paid.
(c) The City hereby further appoints the Paying
Agent/Registrar to act as the paying agent for paying the principal
of and interest on the Series 1998 Bonds, and to act as its agent
to exchange or replace Series 1998 Bonds, all as provided in this
Ordinance. The Paying Agent/Registrar shall keep proper records of
• all payments made by the City and the Paying Agent/Registrar with
respect to the Series 1998 Bonds, and of all exchanges thereof, and
all replacements thereof, as provided in this Ordinance.
(d) Each Series 1998 Bond may be exchanged for fully
registered bonds in the manner set forth herein. Each bond issued
and delivered pursuant to this Ordinance, to the extent of the
unredeemed principal amount thereof, may, upon surrender thereof at
the Designated Trust Office of the Paying Agent/Registrar, together
with a written request therefor duly executed by the registered
owner or the assignee or assignees thereof, or its or their duly
authorized attorneys or representatives, with guarantee of
signatures satisfactory to the Paying Agent/Registrar, at the
option of the registered owner or such assignee or assignees, as
• appropriate, be exchanged for fully registered bonds, without
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interest coupons, in the form prescribed in the FORM OF BOND set
• forth in this Ordinance, in the denomination of $5,000, or any
integral multiple thereof (subject to the requirement hereinafter
stated that each substitute bond shall have a single stated
maturity date), as requested in writing by such registered owner or
such assignee or assignees, in an aggregate principal amount equal
to the unredeemed principal amount of any Series 1998 Bond or
Series 1998 Bonds so surrendered, and payable to the appropriate
registered owner, assignee, or assignees, as the case may be. If
a portion of any Series 1998 Bond shall be redeemed prior to its
scheduled maturity as provided herein, a substitute bond or bonds
having the same maturity date, bearing interest at the same rate,
in the denomination or denominations of any integral multiple of
. $5,000 at the request of the registered owner, and in an aggregate
principal amount equal to the unredeemed portion thereof, will be
issued to the registered owner upon surrender thereof for
cancellation. If any Series 1998 Bond or portion thereof is
assigned and transferred, each bond issued in exchange therefor
shall have the same principal maturity date and bear interest at
the same rate as the bond for which it is being exchanged. Each
substitute bond shall bear a letter and/or number to distinguish it
from each other bond. The Paying Agent/Registrar shall exchange or
replace Series 1998 Bonds as provided herein, and each fully
registered bond or bonds delivered in exchange for or replacement
of any Series 1998 Bond or portion thereof as permitted or required
by any provision of this Ordinance shall constitute one of the
Series 1998 Bonds for all purposes of this Ordinance, and may again
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be exchanged or replaced. It is specifically provided, however,
• that any Series 1998 Bond delivered in exchange for or replacement
of another Series 1998 Bond prior to the first scheduled interest
payment date on the Series 1998 Bonds (as stated on the face
thereof) shall be dated the same date as such Series 1998 Bond, but
each substitute bond so delivered on or after such first scheduled
interest payment date shall be dated as of the interest payment
date preceding the date on which such substitute bond is delivered,
unless such substitute bond is delivered on an interest payment
date, in which case it shall be dated as of such date of delivery;
provided, however, that if at the time of delivery of any
substitute bond the interest on the bond for which it is being ex-
changed has not been paid, then such substitute bond shall be dated
• as of the date to which such interest has been paid in full. On
each substitute bond issued in exchange for or replacement of any
Series 1998 Bond or Series 1998 Bonds issued under this Ordinance
there shall be printed thereon a Paying Agent/Registrar's
Authentication Certificate, in the form hereinafter set forth in
the FORM OF BOND set forth in this Ordinance. An authorized
representative of the Paying Agent/Registrar shall, before the
delivery of any such substitute bond, date such substitute bond in
the manner set forth above, and manually sign and date such
Certificate, and no such substitute bond shall be deemed to be
issued or outstanding unless such Certificate is so executed. The
Paying Agent/Registrar promptly shall cancel all Series 1998 Bonds
surrendered for exchange or replacement. No additional ordinances,
. orders, or resolutions need be passed or adopted by the City
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Council or any other body or person so as to accomplish the fore-
, going exchange or replacement of any Series 1998 Bond or portion
hereof, and the Paying Agent/Registrar shall provide for the
printing, execution, and delivery of the substitute bonds in the
manner prescribed herein, and said bonds shall be of type
composition printed on paper with lithographed or steel engraved
borders of customary weight and strength. Pursuant to Article
717k-6, V.A.T.C.S., and particularly Section 6 thereof, the duty of
exchange or replacement of any Series 1998 Bond as aforesaid is
hereby imposed upon the Paying Agent/Registrar, and, upon the
execution of said Paying Agent/Registrar's Authentication
Certificate, the exchanged or replaced bond shall be valid,
incontestable, and enforceable in the same manner and with the same
• effect as the Series 1998 Bonds which originally were delivered
pursuant to this Ordinance, approved by the Attorney General, and
registered by the Comptroller of Public Accounts.
(e) All Series 1998 Bonds issued in exchange or replacement
of any other Series 1998 Bond or portion thereof, (i) shall be
issued in fully registered form, without interest coupons, with the
principal of and interest on such Series 1998 Bonds 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 exchanged for other Series 1998 Bonds, (v)
shall have the characteristics, (vi) shall be signed and sealed,
and (vii) the principal of and interest on the Series 1998 Bonds
shall be payable, all as provided, and in the manner required or
• indicated, in the FORM OF BOND set forth in this Ordinance.
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(f) The City shall pay the Paying Agent/Registrar's
• reasonable and customary fees and charges for making transfers of
Series 1998 Bonds, but the registered owner of any Series 1998 Bond
requesting such transfer shall pay any taxes or other governmental
charges required to be paid with respect thereto. The registered
owner of any Series 1998 Bond requesting any exchange shall pay the
Paying Agent/Registrar's reasonable and standard or customary fees
and charges for exchanging any such bond or portion thereof,
together with any taxes or governmental charges required to be paid
with respect thereto, all as a condition precedent to the exercise
of such privilege of exchange, except, however, that in the case of
the exchange of an assigned and transferred bond or bonds or any
portion or portions thereof in any integral multiple of $5,000, and
. in the case of the exchange of the unredeemed portion of a Series
1998 Bond which has been redeemed in part prior to maturity, as
provided in this Ordinance, such fees and charges will be paid by
the City. In addition, the City hereby covenants with the
registered owners of the Series 1998 Bonds that it will (i) pay the
reasonable and standard or customary fees and charges of the Paying
Agent/Registrar for its services with respect to the payment of the
principal of and interest on the Series 1998 Bonds, when due, and
(ii) pay the fees and charges of the Paying Agent/Registrar for
services with respect to the transfer or registration of Series
1998 Bonds solely to the extent above provided, and with respect to
the exchange of Series 1998 Bonds solely to the extent above pro-
vided.
. (g) The City covenants with the registered owners of the
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Series 1998 Bonds that at all times while the Series 1998 Bonds are
• outstanding the City 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
Series 1998 Bonds under this Ordinance, and that the Paying Agent/-
Registrar will be one entity. The City reserves the right to, and
may, at its option, change the Paying Agent/Registrar upon not less
than 60 days written notice to the Paying Agent/Registrar. In the
event that 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 City covenants that
promptly it will appoint a competent and legally qualified national
or state banking institution which shall be a corporation organized
and doing business under the laws of the United States of America
or of any state, authorized under such laws to exercise trust
powers, subject to supervision or examination by federal or state
authority, and whose qualifications substantially are similar to
the previous Paying Agent/Registrar 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
Series 1998 Bonds, to the new Paying Agent/Registrar designated and
appointed by the City. Upon any change in the Paying
Agent/Registrar, the City promptly will cause a written notice
thereof to be sent by the new Paying Agent/Registrar to each
. registered owner of the Series 1998 Bonds, by United States Mail,
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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.
6. The form of all Series 1998 Bonds, including the form of
the Comptroller's Registration Certificate to accompany the Series
1998 Bonds on the initial delivery thereof, the form of Paying
Agent/Registrar's Authentication Certificate, and the Form of
Assignment to be printed on each of the Series 1998 Bonds, shall
be, respectively, substantially as follows, with such appropriate
variations, omissions, or insertions as are permitted or required
by this Ordinance:
i
FORM OF BOND
NO. $
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF RICHLAND HILLS, TEXAS
GENERAL OBLIGATION BOND
SERIES 1998
MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP
March 15, 1998
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF RICHLAND
HILLS, TEXAS (the "Issuer"), being a political subdivision of the
State of Texas, hereby promises to pay to
or to the registered assignee
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hereof (either being hereinafter called the "registered owner") the
principal amount of:
DOLLARS
and to pay interest thereon, from the Original Issue Date specified
above, to the maturity date specified above, at the rate of
interest per annum specified above, with said interest being
payable on February 15, 1999, and semiannually on each August 15
and February 15 thereafter; except that if the Paying
Agent/Registrar's Authentication Certificate appearing on the face
of this Bond is dated later than February 15, 1999, such interest
is payable semiannually on each August 15 and February 15 following
such date.
THE PRINCIPAL OF AND INTEREST ON this Bond are payable in
lawful money of the United States of America, without exchange or
• collection charges. The principal of this Bond shall be paid to
the registered owner hereof upon presentation and surrender of this
Bond at maturity at the designated corporate trust office in
Dallas, Texas (the "Designated Trust Office"), of Bank One, Texas,
N.A., which is the "Paying Agent/Registrar" for this Bond. The
payment of interest on this Bond shall be made by the Paying
Agent/Registrar to the registered owner hereof as shown by the
Registration Books kept by the Paying Agent/Registrar at the close
of business on the last business day of the month next preceding
such interest payment date by check, dated as of such interest
payment date, drawn by the Paying Agent/Registrar on, and payable
solely from, funds of the Issuer required to be on deposit with the
• Paying Agent/Registrar for such purpose as hereinafter provided;
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and such check shall be sent by the Paying Agent/Registrar by
. United States mail, first-class postage prepaid, on each such in-
terest payment date, to the registered owner hereof at its address
as it appears on the Registration Books kept by the Paying
Agent/Registrar, as hereinafter described. Any accrued interest
due at maturity shall be paid to the registered owner upon
presentation and surrender of this Bond for redemption and payment
at the Designated Trust Office of the Paying Agent/Registrar. The
Issuer covenants with the registered owner of this Bond that no
later than each principal payment and/or interest payment date for
this Bond it will make available to the Paying Agent/Registrar from
the Interest and Sinking Fund as defined by the ordinance
authorizing the Bonds (the "Ordinance") the amounts required to
provide for the payment, in immediately available funds, of all
principal of and interest on the Bonds, when due.
IN THE EVENT OF A NON-PAYMENT of interest on a scheduled
payment date, and for 30 days thereafter, a new record date for
such interest payment (a "Special Record Date") will be established
by the Paying Agent/Registrar, if and when funds for the payment of
such interest have been received from the Issuer. Notice of the
Special Record Date and of the scheduled payment date of the past
due interest ("Special Payment Date", which shall be 15 days after
the Special Record Date) shall be sent at least five business days
prior to the Special Record Date by United States mail, first class
postage prepaid, to the address of each registered owner of a Bond
appearing on the registration books of the Paying Agent/Registrar
• at the close of business on the last business day next preceding
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the date of mailing of such notice.
. IF THE DATE for the payment of the principal of or interest on
this Bond shall be a Saturday, Sunday, a legal holiday, or a day on
which banking institutions in the city where the Paying
Agent/Registrar is located are authorized by law or executive order
to close, 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; and
payment on such date shall have the same force and effect as if
made on the original date payment was due. Notwithstanding the
foregoing, during any period in which ownership of the Bonds is
determined only by a book entry at a securities depository for the
Bonds, any payment to the securities depository, or its nominee or
. registered assigns, shall be made in accordance with existing
arrangements between the Issuer and the securities depository.
THIS BOND is one of a Series of Bonds of like tenor and effect
except as to number, principal amount, interest rate, maturity and
option of redemption, authorized in accordance with the Constitu-
tion and laws of the State of Texas in the principal amount of
$385,000, for the purpose of constructing and equipping an animal
shelter facility within the City of Richland Hills, Texas.
ALL BONDS OF THIS SERIES are issuable solely as fully
registered bonds, without interest coupons, in the denomination of
any integral multiple of $5,000. As provided in the Ordinance,
this Bond may, at the request of the registered owner or the
assignee or assignees hereof, be assigned, transferred, and
. exchanged for a like aggregate principal amount of fully registered
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bonds, without interest coupons, payable to the appropriate
. registered owner, assignee, or assignees, as the case may be,
having the same maturity date, and bearing interest at the same
rate, in any denomination or denominations in any integral multiple
of $5,000 as requested in writing by the appropriate registered
owner, assignee, or assignees, as the case may be, upon surrender
of this Bond to the Paying Agent/Registrar at its Designated Trust
Office for cancellation, all in accordance with the form and
procedures set forth in the Ordinance. Among other requirements
for such assignment and transfer, this Bond must be presented and
surrendered to the Paying Agent/Registrar, together with proper
instruments of assignment, in form and with guarantee of signatures
satisfactory to the Paying Agent/Registrar, evidencing assignment
of this Bond or any portion or portions hereof in any integral
• multiple of $5,000 to the assignee or assignees in whose name or
names this Bond or any such portion or portions hereof is or are to
be transferred and registered. The form of Assignment printed or
endorsed on this Bond may be executed by the registered owner to
evidence the assignment hereof, but such method is not exclusive,
and other instruments of assignment satisfactory to the Paying
Agent/Registrar may be used to evidence the assignment of this Bond
or any portion or portions hereof from time to time by the
registered owner. The one requesting such exchange shall pay the
Paying Agent/Registrar's reasonable standard or customary fees and
charges for exchanging any Bond or portion thereof. The foregoing
notwithstanding, in the case of the exchange of an assigned and
• transferred Bond or Bonds or any portion or portions thereof, such
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fees and charges of the Paying Agent/Registrar will be paid by the
• Issuer. In any circumstance, any taxes or governmental charges
required to be paid with respect thereto shall be paid by the one
requesting such assignment, transfer, or exchange as a condition
precedent to the exercise of such privilege.
WHENEVER the beneficial ownership of this Bond is determined
by a book entry at a securities depository for the Bonds, the
foregoing requirements of holding, delivering or transferring this
Bond shall be modified to require the appropriate person or entity
to meet the requirements of the securities depository as to
registering or transferring the book entry to produce the same
effect.
IN THE EVENT any Paying Agent/Registrar for the Bonds 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
promptly will cause written notice thereof to be mailed to the
registered owners of the Bonds.
*IT IS HEREBY CERTIFIED AND RECITED that the issuance of this
Bond, and the series of which it is a part, is duly authorized by
law; that the bonds issued for the permanent improvements
heretofore described were approved by a vote of the resident,
qualified electors of the City of Richland Hills, Texas, voting at
elections held for that purpose within said City on February 7,
1998; that all acts, conditions and things required to be done
precedent to and in the issuance of this series of bonds, and of
• this Bond, have been properly done and performed and have happened
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in regular and due time, form and manner as required by law; that
. sufficient and proper provision for the levy and collection of
taxes has been made, which, when collected, shall be appropriated
exclusively to the payment of this Bond and the series of which it
is a part; and that the total indebtedness of said City of Richland
Hills, Texas, including the entire series of bonds of which this is
one, does not exceed any constitutional, statutory or charter
limitation.
BY BECOMING the registered owner of this Bond, the registered
owner thereby acknowledges all of the terms and provisions of the
Ordinance, agrees to be bound by such terms and provisions,
acknowledges that the Ordinance is duly recorded and available for
inspection in the official minutes and records of the governing
body of the Issuer, and agrees that the terms and provisions of
• this Bond and the Ordinance constitute a contract between each
registered owner hereof and the Issuer.
IN WITNESS WHEREOF, this Bond has been signed with the manual
or facsimile signature of the Mayor of said City, attested with the
manual or facsimile signature of the City Secretary, and the
official seal of the Issuer has been duly affixed to, or impressed,
or placed in facsimile, on this Bond.
ATTEST:
xxxxxxxxxxxxxx Kxxxxxxxxxxx
City Secretary Mayor
(SEAL)
•
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FnRM OF PAYING AGENT/REGISTR_AR!S AUTHENTICATION CERTIFICATE
S PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Bond has been issued under
the provisions of the proceedings adopted by the Issuer as
described in the text of this Bond; and that this Bond has been
issued in conversion of and exchange for or replacement of a bond,
bonds, or a portion of a bond or bonds of an issue 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: ,
Paying Agent/Registrar
• By
Authorized Representative
*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
i
_1~_
• (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 be NOTICE: The signature above
guaranteed by a member firm of must correspond with the name
the New York Stock Exchange or of the Registered Owner as it
a commercial bank or trust appears upon the front of this
company. Bond in every particular,
without alteration or enlarge-
. ment or any change whatsoever.
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FORM OF COMPTROLLER'S CERTIFICATE (ATTACHED TO
. THE BONDS UPON INITIAL DELIVERY THEREOF)
OFFICE OF COMPTROLLER
REGISTER N0.
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 Bond has been examined by him as required
by law, and that he finds that it has been issued in conformity
with the Constitution and laws of the State of Texas, and that it
is a valid and binding obligation of the City of Richland Hills,
Texas, payable in the manner provided by and in the ordinance
authorizing same, and said Bond 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)
The printer of the Series 1998 Bonds is hereby authorized to
print on the Series 1998 Bonds (i) the form of bond counsel's
opinion relating to the Series 1998 Bonds, and (ii) an appropriate
statement of insurance furnished by a municipal bond insurance
company providing municipal bond insurance, if any, covering all or
any part of the Series 1998 Bonds.
7. That a special fund or account, to be designated the "City
of Richland Hills, Texas Series 1998 General Obligation Bonds
Interest and Sinking Fund" is hereby created and shall be
established and maintained by said City at its official depository
•
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bank. Said Interest and Sinking Fund shall be kept separate and
• apart from all other funds and accounts of said City, and shall be
used only for paying the interest on and principal of the Series
1998 Bonds. All taxes levied and collected for and on account of
the Series 1998 Bonds shall be deposited, as collected, to the
credit of said Interest and Sinking Fund. During each year while
any of the Series 1998 Bonds is outstanding and unpaid, the City
Council of said City shall compute and ascertain the rate and
amount of ad valorem tax, based on the latest approved tax rolls of
said City, with full allowances being made for tax delinquencies
and costs of tax collections, which will be sufficient to raise and
produce the money required to pay the interest on the Series 1998
Bonds as such interest comes due, and to provide a sinking fund to
pay the principal of the Series 1998 Bonds as such principal
• matures, but never less than 20 of the original principal amount of
the Series 1998 Bonds as a sinking fund each year. Said rate and
amount of ad valorem tax is hereby ordered to be levied and is
hereby levied against all taxable property in said City for each
year while any of the Series 1998 Bonds is outstanding and unpaid,
and said ad valorem 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 necessary to pay the interest
on and principal of the Series 1998 Bonds, as such interest comes
due, and such principal matures, are hereby pledged for such
purpose, within the limit prescribed by law. There shall be
appropriated from the General Fund of the City for deposit into the
• Interest and Sinking Fund moneys as may be necessary to pay the
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first scheduled interest payment on the Series 1998 Bonds.
• 8. (a) In the event any outstanding Series 1998 Bond is
damaged, mutilated, lost, stolen, or destroyed, the Paying
Agent/Registrar shall cause to be printed, executed, and delivered,
a new bond of the same principal amount, maturity, and interest
rate, as the damaged, mutilated, lost, stolen, or destroyed Series
1998 Bond, in replacement for such Series 1998 Bond in the manner
hereinafter provided.
(b) Application for replacement of damaged, mutilated, lost,
stolen, or destroyed Series 1998 Bonds shall be made to the Paying
Agent/Registrar. In every case of loss, theft, or destruction of
a Series 1998 Bond, the applicant for a replacement bond shall
furnish to the City 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 Series 1998 Bond,
the applicant shall furnish to the City and to the Paying
Agent/Registrar evidence to their satisfaction of the loss, theft,
or destruction of such Series 1998 Bond, as the case may be. In
every case of damage or mutilation of a Series 1998 Bond, the
applicant shall surrender to the Paying Agent/Registrar for
cancellation the Series 1998 Bond so damaged or mutilated.
(c) Notwithstanding the foregoing provisions of this Section,
in the event any such Series 1998 Bond 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 the Series
• 1998 Bond, the City may authorize the payment of the same (without
-21-
surrender thereof except in the case of a damaged or mutilated
• Series 1998 Bond) instead of issuing a replacement Series 1998
Bond, provided security or indemnity is furnished as above provided
in this Section.
(d) Prior to the issuance of any replacement bond, the Paying
Agent/Registrar shall charge the owner of such Series 1998 Bond
with all legal, printing, and other expenses in connection
therewith. Every replacement bond issued pursuant to the
provisions of this Section by virtue of the fact that any Series
1998 Bond is lost, stolen, or destroyed shall constitute a
contractual obligation of the City whether or not the lost, stolen,
or destroyed Series 1998 Bond 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
Series 1998 Bonds duly issued under this Ordinance.
(e) In accordance with Section 6 of Vernon's Ann. Tex. Civ.
St. Art. 717k-6, this Section of this Ordinance shall constitute
authority for the issuance of any such replacement bond without
necessity of further action by the governing body of the City or
any other body or person, and the duty of the replacement of such
bonds is hereby authorized and imposed upon the Paying
Agent/Registrar, subject to the conditions imposed by this Section
8 of this Ordinance, and the Paying Agent/Registrar shall
authenticate and deliver such bonds in the form and manner and with
the effect, as provided in Section 5(d) of this Ordinance for
Series 1998 Bonds issued in exchange for other Series 1998 Bonds.
• 9. That the City Manager of the City is hereby authorized to
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have control of the Series 1998 Bonds and all necessary records and
• proceedings pertaining to the Series 1998 Bonds 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 Series 1998 Bonds, said Comptroller of Public
Accounts (or a deputy designated in writing to act for said
Comptroller) shall manually sign the Comptroller's Registration
Certificate accompanying the Series 1998 Bonds, and the seal of
said Comptroller shall be impressed, or placed in facsimile, on
each such certificate.
10. (a) That the sale of the Bonds to Southwest Securities,
Inc. (the "Underwriter"), at the purchase price described in the
Bond Purchase Agreement, is hereby authorized, ratified and
• confirmed. One Bond in the principal amount maturing on each
maturity date as set forth in Section 2 hereof shall be delivered
to the Underwriter, and the Underwriter shall have the right to
exchange such bonds as provided in Section 5 hereof without cost.
(b) That the Bond Purchase Agreement setting forth the terms
of the sale of the Bonds to the Underwriter, in substantially the
form attached to this Ordinance, is hereby accepted, approved and
authorized to be delivered in executed form to the Underwriter.
(c) That the offering documents prepared in connection with
the sale of the Bonds, in substantially the form attached to this
Ordinance, are hereby accepted, approved and authorized to be
delivered in executed form to the Underwriter. The use of the
• "Preliminary Official Statement" prepared in connection with the
-23-
sale of the Bonds is hereby ratified.
• 11. That the Issuer covenants to take any action to assure,
or refrain from any action which would adversely affect, the
treatment of the Series 1998 Bonds as obligations described in
section 103 of the Internal Revenue Code of 1986 (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 10
percent of the proceeds of the Series 1998 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
10 percent of the proceeds are so used, that amounts, whether
• or not received by the Issuer, with respect to such private
business use, do not, under the teens of this Ordinance or any
underlying arrangement, directly or indirectly, secure or
provide for the payment of more than 10 percent of the debt
service on the Series 1998 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 5 percent of the proceeds of the Series 1998 Bonds or
the projects financed therewith (less amounts deposited into
a reserve fund, if any) then the amount in excess of 5 percent
is used for a "private business use" which is "related" and
• not "disproportionate," within the meaning of section
-24-
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 5 percent of the
proceeds of the Series 1998 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 Series 1998 Bonds being treated as
"private activity bonds" within the meaning of section 141 (b)
of the Code;
(e) to ref rain from taking any action that would result
• in the Series 1998 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 Series 1998 Bonds, directly or indirectly, to acquire or
to replace funds which were used, directly or indirectly, 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 Series 1998 Bonds, other than investment property
acquired with
(1) proceeds of the Series 1998 Bonds invested for
a reasonable temporary period of 3 years or less until
such proceeds are needed for the purpose for which the
bonds are issued,
• (2) amounts invested in a bona fide debt service
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fund, within the meaning of section 1.148-1(b) of the
• Treasury Regulations, and
(3) amounts deposited in any reasonably required
reserve or replacement fund to the extent such amounts do
not exceed 10 percent of the proceeds of the Series 1998
Bonds;
(g) to otherwise restrict the use of the proceeds of the
Series 1998 Bonds or amounts treated as proceeds of the Series
1998 Bonds, as may be necessary, so that the Series 1998 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) ; and
• (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 Series 1998 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 Series
1998 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.
For purposes of the foregoing clauses (a) and (b) above, the Issuer
understands that the term "proceeds" includes "disposition
proceeds" as defined in the Treasury Regulations and, in the case
of a refunding bond, transferred proceeds (if any) and proceeds of
• the refunded bonds expended prior to the date of the issuance of
-26-
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 the foregoing,
the Mayor and the City Manager each may execute any certificates or
other 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 clause (h),
a "Rebate Fund" is hereby established by the City for the sole
benefit of the United States of America, and such Rebate Fund shall
not be subject to the claim of any other person, including without
limitation the registered owners of the Bonds. The Rebate Fund is
• established for the additional purpose of compliance with section
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148 of the Code.
• The City hereby designates the Bonds as "qualified tax-exempt
bonds" as defined in section 265(b)(3) of the Code. In furtherance
of such designation, the City represents, covenants and warrants
the following: (1) that during the calendar year in which the
Bonds are issued, the City (including any subordinate entities) has
not designated nor will designate bonds, which when aggregated with
the Bonds, will result in more than $10,000,000 of "qualified tax-
exempt bonds" being issued; (2) that the City reasonably
anticipates that the amount of tax-exempt obligations issued during
the calendar year in which the Bonds are issued by the City (or any
subordinate entities) will not exceed $10,000,000; and (3) that
the City will take such action or refrain from such action as
• necessary, and as more particularly set forth in'this Section, in
order that the Bonds will not be considered private activity
bonds" within the meaning of section 142 of the Code.
12. That the Issuer covenants to account for the expenditure
of proceeds from the sale of the Series 1998 Bonds and any
investment earnings thereon to be used for the purposes described
in Section 1 of this Ordinance (each such purpose referred to
herein and Section 13 hereof as a "Project") on its books and
records by allocating proceeds to expenditures within 18 months of
the later of the date that (a) the expenditure on a Project is made
or (b) each such Project is completed. The foregoing
notwithstanding, the Issuer shall not expend such proceeds or
investment earnings more than 60 days after the later of (a) the
•
-28-
fifth anniversary of the date of delivery of the Series 1998 Bonds
• or (b) the date the Series 1998 Bonds are retired, unless the
Issuer obtains an opinion of nationally-recognized bond counsel
substantially to the effect that such expenditure will not
adversely affect the tax-exempt status of the Series 1998 Bonds.
13. That the Issuer covenants that the property constituting
a Project will not be sold or otherwise disposed in a transaction
resulting in the receipt by the Issuer of cash or other
compensation, unless the Issuer obtains an opinion of nationally-
recognized bond counsel substantially to the effect that such sale
or other disposition will not adversely affect the tax-exempt
status of the Series 1998 Bonds.
14. (a) Definitions. That as used in this Section, the
• following terms have the meanings ascribed to such terms below:
"MSRB" means the Municipal Securities Rulemaking Board.
"NRMSIR" means each person whom the SEC or its staff has
determined to be a nationally recognized municipal securities
information repository within the meaning of the Rule from time to
time.
"Rule" means SEC Rule 15c2-12, as amended from time to
time.
"SEC" means the United States Securities and Exchange
Commission.
"SID" means any person designated by the State of Texas
or an authorized department, officer, or agency thereof as, and
determined by the SEC or its staff to be, a state information
depository within the meaning of the Rule from time to time.
(b) Annual Reports. (i) The City shall provide annually to
• each NRMSIR and any SID, within six months after the end of each
-29-
fiscal year ending in or after 1998, financial information and
• operating data with respect to the City of the general type
included in the final Official Statement authorized by Section 10
of this Ordinance, being the information described in Exhibit A
hereto. Any financial statements so to be provided shall be (1)
prepared in accordance with the accounting principles described in
Exhibit A hereto, or such other accounting principles as the City
may be required to employ from time to time pursuant to state law
or regulation, and (2) audited, if the City commissions an audit of
such statements and the audit is completed within the period during
which they must be provided. If the audit of such financial
statements is not complete within such period, then the City shall
provide unaudited financial statements by the required time, and
• shall provide audited financial statements for the applicable
fiscal year to each NRMSIR and any SID, when and if the audit
report on such statements becomes available.
(ii) If the City changes its fiscal year, it will notify each
NRMSIR and any SID of the change (and of the date of the new fiscal
year end) prior to the next date by which the City otherwise would
be required to provide financial information and operating data
pursuant to this Section. The financial information and operating
data to be provided pursuant to this Section may be set forth in
full in one or more documents or may be included by specific
reference to any document (including an official statement or other
offering document, if it is available from the MSRB) that
•
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theretofore has been provided to each NRMSIR and any SID or filed
• with the SEC.
(c) Material Event Notices. The City shall notify any SID
and either each NRMSIR or the MSRB, in a timely manner, of any of
the following events with respect to the Series 1998 Bonds, if such
event is material within the meaning of the federal securities
laws:
1. Principal and interest payment delinquencies;
2. Non-payment related defaults;
3. Unscheduled draws on debt service reserves
reflecting financial difficulties;
4. Unscheduled draws on credit enhancements reflecting
financial difficulties;
5. Substitution of credit or liquidity providers, or
. their failure to perform;
6. Adverse tax opinions or events affecting the tax-
exempt status of the Series 1998 Bonds;
7. Modifications to rights of holders of the Series
1998 Bonds;
8. Series 1998 Bond calls;
9. Defeasances;
10. Release, substitution, or sale of property securing
repayment of the Series 1998 Bonds; and
11. Rating changes.
The City shall notify any SID and either each NRMSIR or the MSRB,
in a timely manner, of any failure by the City to provide financial
information or operating data in accordance with subsection (b) of
• this Section by the time required by such subsection.
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(d) Limitations, Disclaimers, and Amendments. (i) The City
• shall be obligated to observe and perform the covenants specified
in this Section for so long as, but only for so long as, the City
remains an "obligated person" with respect to the Series 1998 Bonds
within the meaning of the Rule, except that the City in any event
will give notice of any deposit made in accordance with this
Ordinance or applicable law that causes any Series 1998 Bonds no
longer to be outstanding.
(ii) The provisions of this Section are for the sole benefit
of the holders and beneficial owners of the Series 1998 Bonds, and
nothing in this Section, express or implied, shall give any benefit
or any legal or equitable right, remedy, or claim hereunder to any
other person. The City undertakes to provide only the financial
information, operating data, financial statements, and notices
which it has expressly agreed to provide pursuant to this Section
and does not hereby undertake to provide any other information what
may be relevant or material to a complete presentation of the
City's financial results, condition, or prospects or to update any
information provided in accordance with this Section or otherwise,
except as expressly provided herein. The City does not make any
representation or warranty concerning such information or its
usefulness to a decision to invest in or sell Series 1998 Bonds at
any future date.
(iii) UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE
• HOLDER OR BENEFICIAL OWNER OF ANY SERIES 1998 BOND OR ANY OTHER
-32-
PERSON, IN CONTRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN
• PART FROM ANY BREACH BY THE CITY, WHETHER NEGLIGENT OR WITHOUT
FAULT ON ITS PART, OF ANY COVENANT SPECIFIED IN THIS SECTION, BUT
EVERY RIGHT AND REMEDY OF ANY SUCH PERSON, IN CONTRACT OR TORT, FOR
OR ON ACCOUNT OF ANY SUCH BREACH SHALL BE LIMITED TO AN ACTION FOR
MANDAMUS OR SPECIFIC PERFORMANCE.
(iv) No default by the City in observing or performing its
obligations under this Section shall comprise a breach of or
default under the Ordinance for purposes of any other provision of
this Ordinance. Nothing in this Section is intended or shall act
to disclaim, waive, or otherwise limit the duties of the City under
federal and state securities laws.
(v) The provisions of this Section may be amended by the City
• from time to time to adapt to changed circumstances that arise from
a change in legal requirements, a change in law, or a change in the
identity, nature, status, or type of operations of the City, but
only if (1) the provisions of this Section, as so amended, would
have permitted an underwriter to purchase or sell Series 1998 Bonds
in the primary offering of the Series 1998 Bonds in compliance with
the Rule, taking into account any amendments or interpretations of
the Rule since such offering as well as such changed circumstances
and (2) either (a) the holders of a majority in aggregate principal
amount (or any greater amount required by any other provision of
this Ordinance that authorizes such an amendment) of the
outstanding Series 1998 Bonds consent to such amendment or (b) a
-33-
person that is unaffiliated with the City (such as nationally
• recognized bond counsel) determines that such amendment will not
materially impair the interest of the holders and beneficial owners
of the Series 1998 Bonds. If the City so amends the provisions of
this Section, it shall include with any amended financial
information or operating data next provided in accordance with
subsection (b) of this Section an explanation, in narrative form,
of the reason for the amendment and of the impact of any change in
the type of financial information or operating data so provided.
The City may also amend or repeal the provisions of this continuing
disclosure agreement if the SEC amends or repeals the applicable
provision of the Rule or a court of final jurisdiction enters
judgment that such provisions of the Rule are invalid, but only if
and to the extent that the provisions of this sentence would not
prevent an underwriter from lawfully purchasing or selling Series
1998 Bonds in the primary offering of the Series 1998 Bonds.
15. That interest earnings derived from the investment of
proceeds from the sale of the Series 1998 Bonds shall be used along
with other available bond proceeds for the construction of the
permanent improvements set forth in Section 1 hereof for which a
portion of the Series 1998 Bonds are issued; provided that after
completion of such permanent improvements, if any of such interest
earnings remain on hand, such interest earnings shall be deposited
in the Interest and Sinking Fund. It is further provided, however,
that any interest earnings on bond proceeds which are required to
• be rebated to the United States of America pursuant to Section 11
-34-
hereof in order to prevent the Series 1998 Bonds from being
• arbitrage bonds shall be so rebated and not considered as interest
earnings for the purposes of this Section.
16. That the Series 1998 Bonds initially shall be issued and
delivered in such manner that no physical distribution of the
Series 1998 Bonds will be made to the public, and The Depository
Trust Company ("DTC"), New York, New York, initially will act as
depository for the Series 1998 Bonds. DTC has represented that it
is a limited purpose trust company incorporated under the laws of
the State of New York, a member of the Federal Reserve System, a
"clearing corporation" within the meaning of the New York Uniform
Commercial Code, and a "clearing agency" registered under Section
17A of the Securities Exchange Act of 1934, as amended, and the
• City accepts, but in no way verifies, such representations. The
Series 1998 Bonds initially authorized by this Ordinance shall be
delivered to and registered in the name of CEDE & CO., the nominee
of DTC. It is expected that DTC will hold the Series 1998 Bonds on
behalf of the Purchaser and its participants. So long as each
Series 1998 Bonds is registered in the name of CEDE & CO., the
Paying Agent/Registrar shall treat and deal with DTC the same in
all respects as if it were the actual and beneficial owner thereof.
It is expected that DTC will maintain a book-entry system which
will identify ownership of the Series 1998 Bonds in integral
amounts of $5,000, with transfers of ownership being effected on
the records of DTC and its participants pursuant to rules and
regulations established by them, and that the Series 1998 Bonds
• initially deposited with DTC shall be immobilized and not be
-35-
further exchanged for substitute Series 1998 Bonds except as
• hereinafter provided. The City is not responsible or liable for
any functions of DTC, will not be responsible for paying any fees
or charges with respect to its services, will not be responsible or
liable for maintaining, supervising, or reviewing the records of
DTC or its participants, or protecting any interests or rights of
the beneficial owners of the Series 1998 Bonds. It shall be the
duty of the DTC Participants, as defined in the Official Statement
herein approved, to make all arrangements with DTC to establish
this book-entry system, the beneficial ownership of the Series 1998
Bonds, and the method of paying the fees and charges of DTC. The
City does not represent, nor does it in any way covenant that the
initial book-entry system established with DTC will be maintained
• in the future. Notwithstanding the initial establishment of the
foregoing book-entry system with DTC, if for any reason any of the
originally delivered Series 1998 Bonds is duly filed with the
Paying Agent/Registrar with proper request for transfer and
substitution, as provided for in this Ordinance, substitute Series
1998 Bonds will be duly delivered as provided in this Ordinance,
and there will be no assurance or representation that any book-
entry system will be maintained for such Series 1998 Bonds. The
City heretofore has executed a "Blanket Letter of Representations"
prepared by DTC in order to implement the book-entry system
described above.
17. That the findings set forth in the preamble to this
Ordinance are hereby incorporated into the body of this Ordinance
• and made a part hereof for all purposes.
-36-
18. That all ordinances and resolutions or parts thereof in
• conflict herewith are hereby repealed.
19. That it is hereby officially found and determined that
the meeting at which this Ordinance was passed 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, Texas Government
Code, as amended.
APPROVED AS TO FORM:
City Attorney, City of
Richland Hills, Texas
•
•
I
• CERTIFICATE FOR ORDINANCE
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 13TH DAY OF APRIL, 1998, 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
Pat Watkins, Mayor Pro-Tem
Jim McKnight
H~ race Hamilton
Pnil Heinze
Wayne Erickson
Terri Willis, City Secretary
and all of said persons were present, except phil Heinze, thus
constituting a quorum. Whereupon, among other business, the
following was transacted at said Meeting: a written
ORDZNP~TCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS
was duly introduced for the consideration of said City Council
and read in full. It was then duly moved and seconded that said
Ordinance be passed; and, after due discussion, said motion
carrying with it the passage of said Ordinance, prevailed and
carried by the following vote:
AYES: All members of the City Council shown present
above voted "Aye", except n/a
NOES: n/a
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
sufficiently 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, Texas Government Code, as amended.
SIGNED AND SEALED the 13th day of April, 1998.
G ,
Mayor
~ ~ ~
ty ecretary
(SEAL)
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