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Home My WebLink About65-105 09-03-1965RESOLUTION NO, 105 RESOLUTION RELATING TO DEPOSIT OF REVENUE BOND PROCEEDS AND THE DISPOSITION THEREOF THE STATE OF TEXAS X CITY OF EULESS f COUNTY OF TARRANT X ON THIS, the 3rd day of September, 1965, the City Council of the City of Euless, Texas, convened in special session at the regular meeting place thereof in the City Hall, there being present and in attendance the following members, to wit: W. G. FULLER MAYOR BILL L. BYERS FRANK E. DOUGLASS BOBBY R. FULLER HAROLD D. SAMUELS DON R. WARREN COUNCILMEN (MRS.) VADA "'if =s CITY SECRETARY also being present; anci the following absent: Don R. Warren , constituting a quorum; at which time the following, among other business, was transacted: Mayor Fuller introduced a resolution which was read in full. Councilman Douglass moved its adoption. The motion was seconded by Councilman Fuller and carried by the following vote: AYES: Councilmen Byers, Douglass, Fuller, Samuels and Warren. NAYS: None. The RESOLUTION is as fo Lows: "A RESOLUTION by the CiLy Cour« it of the City of Euless, Texas, prov_aing fog disposition of proceeds from sale of $5,800,000 CITY OF EULESS, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, dated July 15, 1965; establishing a Capital Improvement Fund anc tae methods of its disburse- ment, and authorizin -he Mayor and City Secretary to enter into escrow :rangements for the receipt and disbursement the_:._." WHEREAS, by ordinance duly passed and adopted on the 29th day of July, 1965, the City Council of the City of Euless authorized the issuance and sale of $5,800,000 CITY OF EULESS, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, dated July 15, 1965, the sale of such bonds being confirmed to Eppler, Guerin & Turner, Inc., Dallas, Texas, and Associates, at the price of par and accrued interest to the date of delivery; and WHEREAS, the City Council considers it appropriate and advisable that in the, acquisition of the Waterworks and Sewer System properties and facilities being purchased by the City with certain proceeds of the aforementioned bonds'and in the interests of an orderly transition of such properties and facilities from private to municipal ownership, certain arrangements should be made for the application of such bond proceeds to authorized pur- poses and for the orderly disbursement thereof; therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EULESS: SECTION 1: That the purchasers of the aforementioned bonds having made arrangements to pay therefor at the Republic National Bank of Dallas, Dallas, Texas, provisions for the dis- position of the sale proceeds by said Bank are hereby approved: (a) Payment to Municipal Service Company of Texas, or its authorized representative, of the sum of $5,500,000 in the form of a cashier's check payable to such Company or its order, which sum represents the agreed purchase price and complete consideration for the conveyance of certain Company -owned Waterworks and Sewer System properties and facilities to the City for its ownership as a municipal utility. (b) Transfer to Bankers Trust Company, New York, New York, as Custodian of the bond interest'and sinking fund account and the Bond Reserve Fund account established for the payment and security of the aforementioned bonds pursu- ant to the terms of the aforementioned ordinance amounts to the indicated accounts as follows: 1. To the credit o2 the bond interest r and sinking fund account: The amount derived from the sale of the bonds as interest accruing thereon from their date (July 15, 1965) to date of their delivery to the purchasers thereof (September 3, 1965), being . . . $39,599.88 The difference between $49,500 (the amount required to be placed to the credit of the bond interest and sinking fund account on or before September 10, 1965) and the above provided $39,599.88, being 9,900.12 Total for interest and sinking fund account $49,500.00 to the credit of the bond interest and sinking fund on deposit with that Bank, reducing by such amount the sums otherwise required to be placed in said Bond Fund from the System Fund as con- templated by Section 16 of the ordinance passed July 29, 1965 authorizing the issuance of the bonds $200,000.00 Total to First State Bank, Euless $230,599.88 SECTION 2: A certified copy of this resolution shall serve as authority for the Republic National Bank of Dallas, Dallas, Texas, to make the payments and transfers of monies to the places and in the amounts herein authorized, and, upon having done so, said Bank shall stand absolved of any further responsi- bility in that connection. SECTION 3: The Mayor and City Secretary are hereby authorized to execute for and on behalf of the City an agreement with the First State Bank, Euless, Texas, for the escrow of the funds provided to be placed to the credit of the City of Euless Water and Sewer System Capital Improvement Fund as provided in subparagraph (d) 3 of Section 1 hereof. PASSED AND APPROVED, this the 3rd 1965. ATTEST: C Mayor, City .f Euless, Texas day of September, City Secretary, City of Euless, Texas (City Seal) 2. The amount required to be placed to the credit of the Bond Reserve Fund account on or before September 10, 1965, being $ 1,500.00 Total to Bankers Trust Company $51,000.00 (c) Payment of $58,000 to Eppler, Guerin & Turner, Inc., for services as advisers to the City in the financing and purchase of the Waterworks and Sewer System properties from Municipal Service Company and the conveyance thereof into City ownership. (d) Transfer to the First State Bank, Euless, Texas, for deposit to the credit of the indicated accounts as fol- lows: 1. City of Euless Water and Sewer System Operation and Maintenance Fund account. . $ 29,599.88 2. City of Euless Water and Sewer System Emergency Fund, being the amount required under the provisions of the bond author- izing ordinance to be placed to the credit of such Fund on or before Sep- tember 10, 1965 $ 1,000.00 3. City of Euless Water and Sewer System Capital Improvement Fund the balance of the bond proceeds to be held and disbursed under the terms and conditions of deposit and escrow as contained in an agreement between the City and such Bank and to pro- vide that such Fund may be disbursed upon proper checks, warrants or vouchers but only for the construction of necessary capital improvements including extensions of services which will enhance the value of the System and its income - earning abil- ities, and only upon estimates of work done and materials furnish;:,' in compliance with approved plans or speccations and which said estimates and disbursements shall have been duly approved by the City's Consulting Engineer and approved and ordered paid by resolution of the City Council. A certificate executed by the Mayor and City Secretary certifying the aforementioned approv..ls shall be tende : - ed the First State Bank as its authority to honor the checks, voucners cr warrants b� which disbursements from s._ Capital improvement Fund may be acc, fished. All amounts remaining in this Fu:.,. after twenty - four (24) months from the date of escrow shall be transferred to Bankers Trust Company, New York, New York, CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS X CITY OF EULESS COUNTY OF TARRANT I, the undersigned, City Secretary of the City of Euless, Texas, DO HEREBY CERTIFY that the above and foregoing is a true and correct copy of a resolution relating to deposit of revenue bond proceeds and the disposition thereof (and minutes pertaining to its adoption), passed by the City Council of said City on the , 3rd day of September, 1965, and which resolution is of record in Book 4 of the Minutes of said City Council. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 3rd day of September, 1965. (City Seal) z;& City Secretary, City of Euless, Texas