HomeMy WebLinkAbout789 04-24-1984ORDINANCE NO. 789
AN ORDINANCE authorizing the issuance of
"City of Euless, Texas, General Obliga-
tion Bonds, Series 1984 "; prescribing
the terms, features and specifications
of said bonds; levying a continuing
direct annual ad valorem tax for the
payment of said bonds; and resolving
other matters incident and related to
the issuance, sale, payment and delivery
of said bonds, including the approval
and distribution of an Official
Statement pertaining thereto; and
declaring an emergency.
WHEREAS, the City Council of the City of Euless,
Texas hereby finds and determines that $2,500,000 in
principal amount of general obligation bonds approved and
authorized to be issued at an election held on May 21, 1983
should be issued and sold at this time; a summary of the
general obligation bonds authorized at said election, the
principal amounts and respective authorized purposes
therefor, amounts heretofore issued and being issued
pursuant to this ordinance and amounts remaining to be
issued subsequent hereto being as follows:
Authorized Purpose
Street Improvements
Drainage Improvements
Amounts
Amount Heretofore
Authorized Issued
$3,500,000
$1,500,000
AND WHEREAS, the City
retains the right to issue
approved at said election in
in the judgment of the City
accomplish the purposes for
now, therefore,
Amounts
Being Amounts
Issued Remaining
$1,500,000 $2,000,000
$1,000,000 $ 500,000
Council hereby reserves and
the balance of unissued bonds
one or more installments when,
Council, funds are needed to
which such bonds were voted;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
EULESS, TEXAS:
SECTION 1: Authorization- Designation- Principal
Amount- Purpose. General 761511gation bonds of the City shall
be and are hereby authorized to be issued in the aggregate
principal amount of $2,500,000, to be designated and bear
the title "City of Euless, Texas, General Obligation Bonds,
Series 1984" (hereinafter referred to as the "Bonds "), for
the purpose of making permanent public improvements, to wit:
$1,500,000 for street improvements, including drainage
improvements incident thereto and $1,000,000 for storm
drainage facilities, including the acquisition of necessary
land and rights -of -way therefor, pursuant to the authority
conferred at the aforesaid election and in conformity with
the Constitution and laws of the State of Texas.
SECTION 2: Fully Registered Obligations -
Authorized Denominations - Stated Maturities - Interest
Rates - Date. The Bonds are issuable in fully registered
form only; shall be dated May 1, 1984 (the "Bond Date ") and
shall be in denominations of $5,000 or any integral multiple
thereof (within a Stated Maturity) and the Bonds shall
become due and payable on May 1 in each of the years and in
principal amounts (the "Stated Maturities ") and bear
interest on the unpaid principal amounts from the Bond Date
at per annum rates in accordance with the following
schedule:
Year of Principal
Stated Maturitv Amount
1986
$ 50,000
1987
50,000
1988
50,000
1989
75,000
1990
75,000
1991
75,000
1992
75,000
1993
75,000
1994
75,000
1995
100,000
1996
125,000
1997
150,000
1998
175,000
1999
175,000
2000
200,000
2001
225,000
2002
225,000
2003
250,000
2004
275,000
ORDINANCE NO. 789 -2-
Interest
Rate
SECTION 3: Payment of Bonds - Paying Agent/
Registrar. The principal of, premium, if any, and
the interest on the Bonds shall be payable, without
exchange or collection charges to the owner or holder
thereof, in any coin or currency of the United States of
America which at the time of payment is legal tender for the
payment of public and private debts.
The Bonds shall bear interest at the per annum
rates shown above in Section 2 (computed on the basis of a
360 -day year of twelve 30 -day months), and interest thereon
shall be payable on November 1 and May 1 of each year,
commencing May 1, 1985.
The selection and appointment of Texas American
Bank /Fort Worth, N.A., Fort Worth, Texas to serve as Paying
Agent /Registrar for the Bonds is hereby approved and con-
firmed, and the City agrees and covenants to cause to be
kept and maintained at the principal office of the Paying
Agent /Registrar books and records (the "Security Register ")
for the registration, payment and transfer of the Bonds, all
as provided herein, in accordance with the terms and provi-
sions of a "Paying Agent /Registrar Agreement" and such
reasonable rules and regulations as the Paying
Agent /Registrar and City may prescribe. The City
covenants to maintain and provide a Paying Agent /Registrar
at all times until the Bonds are paid and discharged, and
any successor Paying Agent /Registrar shall be a bank, trust
company, financial institution or other entity duly quali-
fied and legally authorized to serve as and perform the
duties and services of Paying Agent /Registrar. Upon any
change in the Paying Agent /Registrar for the Bonds, the City
agrees to promptly cause a written notice thereof to be sent
to each registered owner of the Bonds by United States Mail,
first class postage prepaid, which notice shall also give
the address of the new Paying Agent /Registrar.
Both principal of, premium, if any, and interest
on the Bonds, due and payable by reason of maturity, redemp-
tion, or otherwise, shall be payable only to the registered
owner or holder of the Bonds (hereinafter referred to as the
"Bondholder" or "Bondholders ") appearing on the Security
Register, and, to the extent permitted by law, neither the
City nor the Paying Agent /Registrar, or any agent of either,
shall be affected by notice to the contrary.
Principal of and premium, if any, on the Bonds,
shall be payable only upon presentation and surrender of the
Bonds to the Paying Agent/ Registrar at its principal
office. Interest on the Bonds shall be paid to the
ORDINANCE NO. 789 -3-
Bondholder whose name appears in the Security Register at
the close of business on the "Record Date" (the 15th day of
the month next preceding each interest payment date) and
shall be paid (i) by check sent on or prior to the
appropriate date of payment by United States Mail, first
class postage prepaid, by the Paying Agent/ Registrar, to
the address of the Bondholder appearing in the Security
Register or (ii) by such other method, acceptable to the
Paying Agent /Registrar, requested in writing by, and at the
risk and expense of, the Bondholder.
In the event of a non - payment of interest on a
scheduled payment date, and for thirty (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 City. Notice of the
Special Record Date and of the scheduled payment date of the
past due interest (which shall be 15 days after the Special
Record Date) shall be sent at least five (5) business days
prior to the Special Record Date by United States Mail,
first class postage prepaid, to the address of each
Bondholder appearing on the Security Register at the close
of business on the last business day next preceding the date
of mailing of such notice.
SECTION 4: Redemption. (a) Optional Redemption.
The Bonds having Stated Maturities on and after May 1, 1997,
shall be subject to redemption prior to maturity, at the
option of the City, on May 1, 1996 or on any interest
payment date thereafter, in whole or in part in principal
amounts of $5,000 or any integral multiple thereof (and if
within a Stated Maturity at random and by lot by the Paying
Agent /Registrar), at the redemption price of par plus
accrued interest to the date of redemption.
(b) Exercise of Redemption Option. At least
forty -five (45) days prior to a date set for the redemption
of Bonds (unless a shorter notification period shall be
satisfactory to the Paying Agent /Registrar), the City shall
notify the Paying Agent /Registrar of its decision to
exercise the right to redeem Bonds, the principal amount of
each Stated Maturity to be redeemed and the date set for the
redemption thereof. The decision of the City to exercise
the right to redeem Bonds shall be entered in the minutes of
the governing body of the City.
(c) Selection of Bonds for Redemption. If less
than all Outstanding Bonds of the same Stated Maturity are
ORDINANCE NO. 789 -4-
to be redeemed on a redemption date, the Paying Agent/
Registrar shall select at random and by lot, the Bonds to be
redeemed, provided that if less than the entire principal
amount of a Bond is to be redeemed, the Paying Agent/
Registrar shall treat such Bond then subject to redemption
as representing the number of Bonds Outstanding which is
obtained by dividing the principal amount of such Bond by
$5,000.
(d) Notice of Redemption. Not less than thirty
(30) days prior to a redemption date for the Bonds, a notice
of redemption shall be sent by United States Mail, first
class postage prepaid, in the name of the City and at the
City's expense, to each Bondholder of a Bond to be redeemed
in whole or in part at the address of the Bondholder appear-
ing on the Security Register at the close of business on the
business day next preceding the date of mailing such notice,
and any notice of redemption so mailed shall be conclusively
presumed to have been duly given irrespective of whether
received by the Bondholder.
All notices of redemption shall (i) specify the
date of redemption for the Bonds, (ii) identify the Bonds to
be redeemed and, in the case of a portion of the principal
amount to be redeemed, the principal amount thereof to be
redeemed, (iii) the redemption price, (iv) state that the
Bonds, or the portion of the principal amount thereof to be
redeemed, shall become due and payable on the redemption
date specified, and the interest thereon, or on the portion
of the principal amount thereof to be redeemed, shall cease
to accrue from and after the redemption date, and (v) speci-
fy that payment of the redemption price for the Bonds, or
the principal amount thereof to be redeemed, shall be made
at the principal corporate office of the Paying Agent/
Registrar only upon presentation and surrender thereof by
the Bondholder. If a Bond is subject by its terms to prior
redemption and has been called for redemption and notice of
redemption thereof has been duly given or waived as herein
provided, such Bond (or the principal amount thereof to be
redeemed) shall become due and payable, and interest thereon
shall cease to accrue from and after the redemption date
therefor; provided moneys sufficient for the payment of such
Bonds (or of the principal amount thereof to be redeemed) at
the then applicable redemption price are held for the pur-
pose of such payment by the Paying Agent /Registrar.
SECTION 5: Registration - Transfer - Exchange
of Bonds - Predecessor Bonds. A Security Register relating
to the registration, payment, and transfer or exchange of
ORDINANCE NO. 789 -5-
the Bonds shall at all times be kept and maintained by the
City at the principal office of the Paying Agent /Registrar,
and the Paying Agent /Registrar shall obtain, record, and
maintain in the Security Register the name and address of
each registered owner of the Bonds issued under and pursuant
to the provisions of this Ordinance. Any Bond may, in
accordance with its terms and the terms hereof, be trans-
ferred or exchanged for Bonds of other authorized denomina-
tions upon the Security Register by the Bondholder, in
person or by his duly authorized agent, upon surrender of
such Bond to the Paying Agent /Registrar for cancellation,
accompanied by a written instrument of transfer or request
for exchange duly executed by the Bondholder or by his duly
authorized agent, in form satisfactory to the Paying Agent/
Registrar.
Upon surrender for transfer of any Bond at the
principal office of the Paying Agent /Registrar, the Paying
Agent /Registrar shall register and deliver, in the name of
the designated transferee or transferees, one or more new
Bonds executed on behalf of, and furnished by, the City of
authorized denominations and having the same Stated Maturity
and of a like aggregate principal amount as the Bond or
Bonds surrendered for transfer.
At the option of the Bondholder, Bonds may be
exchanged for other Bonds of authorized denominations and
having the same Stated Maturity, bearing the same rate of
interest and of like aggregate principal amount as the Bonds
surrendered for exchange, upon surrender of the Bonds to be
exchanged at the principal office of the Paying Agent/
Registrar. Whenever any Bonds are surrendered for
exchange, the Paying Agent /Registrar shall register and
deliver new Bonds executed on behalf of, and furnished by,
the City to the Bondholder requesting the exchange.
All Bonds issued upon any transfer or exchange of
Bonds shall be delivered at the principal office of the
Paying Agent /Registrar, or sent by United States registered
mail to the Bondholder at his request, risk, and expense
and, upon the delivery thereof, the same shall be valid
obligations of the City, evidencing the same debt, and
entitled to the same benefits under this Ordinance, as the
Bonds surrendered in such transfer or exchange.
All transfers or exchanges of Bonds pursuant to
this Section shall be made without expense or service charge
to the Bondholder, except as otherwise herein provided, and
except that the Paying Agent/Registrar shall require payment
ORDINANCE NO. 789 -6-
by the Bondholder requesting such transfer or exchange of
any tax or other governmental charges required to be paid
with respect to such transfer or exchange.
Bonds cancelled by reason of an exchange or trans-
fer pursuant to the provisions hereof are hereby defined to
be "Predecessor Bonds," evidencing all or a portion, as the
case may be, of the same obligation to pay evidenced by the
new Bond or Bonds registered and delivered in the exchange
or transfer therefor. Additionally, the term "Predecessor
Bonds" shall include any Bond registered and delivered
pursuant to Section 12 hereof in lieu of a mutilated, lost,
destroyed, or stolen Bond which shall be deemed to evidence
the same obligation as the mutilated, lost, destroyed, or
stolen Bond.
Neither the City nor the Paying Agent /Registrar
shall be required to transfer or exchange any Bond called
for redemption, in whole or in part, within 45 days of the
date fixed for redemption of such Bond; provided, however,
such limitation of transfer shall not be applicable to an
exchange by the Bondholder of an unredeemed balance of a
Bond called for redemption in part.
SECTION 6: Execution - Registration. The
Bonds shall be executed on behalf of the City by the Mayor
under its seal reproduced or impressed thereon and
countersigned by the City Secretary. The signature of said
officers on the Bonds may be manual or facsimile. Bonds
bearing the manual or facsimile signatures of individuals
who are or were the proper officers of the City on the Bond
Date shall be deemed to be duly executed on behalf of the
City, notwithstanding that such individuals or either of
them shall cease to hold such offices at the time of
delivery of the Bonds to the initial purchaser(s) and with
respect to Bonds delivered in subsequent exchanges and
transfers, all as authorized and provided in the Bond
Procedures Act of 1981, as amended.
No Bond shall be entitled to any right or benefit
under this Ordinance, or be valid or obligatory for any
purpose, unless there appears on such Bond either a certifi-
cate of registration substantially in the form provided in
Section 8C, manually executed by the Comptroller of Public
Accounts of the State of Texas or his duly authorized agent,
or a certificate of registration substantially in the form
provided in Section 8D, manually executed by an authorized
officer or employer of the Paying Agent/Registrar, and
ORDINANCE NO. 789 -7-
either such certificate upon any Bond duly signed shall be
conclusive evidence, and the only evidence, that such Bond
has been duly certified, registered and delivered.
SECTION 7: Initial Bond(s). The Bonds herein
authorized shall be initially issued either (i) as a single
fully registered bond in the total principal amount of
$2,500,000 with principal installments to become due and
payable as provided in Section 2 hereof and numbered T -1, or
(ii) as 19 fully registered bonds, being one bond for each
year of maturity in the applicable principal amount and
denomination and to be numbered consecutively from T -1 and
upward (hereinafter called the "Initial Bond(s)") and, in
either case, the Initial Bond(s) shall be registered in the
name of the initial purchaser(s) or the designee thereof.
The Initial Bond(s) shall be the Bonds submitted to the
Office of the Attorney General of the State of Texas for
approval, certified and registered by the Office of the
Comptroller of Public Accounts of the State of Texas and
delivered to the initial purchaser(s). Any time after the
delivery of the Initial Bond(s), the Paying Agent /Registrar,
pursuant to written instructions from the initial
purchaser(s), or the designee thereof, shall cancel the
Initial Bond(s) delivered hereunder and exchange therefor
definitive Bonds of authorized denominations, Stated
Maturities, principal amounts and bearing applicable
interest rates for transfer and delivery to the Bondholders
named at the addresses identified therefor; all pursuant to
and in accordance with such written instructions from the
initial purchaser(s), or the designee thereof, and such
other information and documentation as the Paying
Agent /Registrar may reasonably require.
SECTION 8: Forms. A. Forms Generally. The
Bonds, the Registration Certificate of the Comptroller of
Public Accounts of the State of Texas, the Certificate of
Registration, and the form of Assignment to be printed on
each of the Bonds, shall be substantially in the forms set
forth in this Section with such appropriate insertions,
omissions, substitutions, and other variations as are per-
mitted or required by this Ordinance and may have such
letters, numbers, or other marks of identification (includ-
ing identifying numbers and letters of the Committee on
Uniform Securities Identification Procedures of the American
Bankers Association) and such legends and endorsements
(including any reproduction of an opinion of counsel) there-
on as may, consistently herewith, be established by the City
or determined by the officers executing such Bonds as
evidenced by their execution thereof. Any portion of the
ORDINANCE NO. 789 -8-
text of any Bonds may be set forth on the reverse thereof,
with an appropriate reference thereto on the face of the
Bond.
The definitive Bonds shall be printed, litho-
graphed, or engraved or produced in any other similar
manner, all as determined by the officers executing such
Bonds as evidenced by their execution thereof, but the
Initial Bond(s) submitted to the Attorney General of Texas
may be typewritten or photocopied or otherwise reproduced.
B. Form of Definitive Bond.
REGISTERED REGISTERED
NO. $
United States of America
State of Texas
City of Euless, Texas, General Obligation Bond
Series 1984
Bond Date:
May 1, 1984
Interest Rate: Stated Maturity: CUSIP NO:
Registered Owner:
Principal Amount:
The City of Euless, Texas (hereinafter referred to
as the "City "), a body corporate and municipal corporation
in the County of Tarrant, State of Texas, for value
received, acknowledges itself indebted to and hereby
promises to pay to the Registered Owner named above, or the
registered assigns thereof, on the Stated Maturity date
specified above, the Principal Amount stated above (or so
much thereof as shall not have been paid upon prior redemp-
tion) and to pay interest on the unpaid Principal Amount
hereof from the Bond Date at the per annum rate of interest
specified above computed on the basis of a 360 -day year of
twelve 30 -day months; such interest being payable on
November 1 and May 1 of each year, commencing May 1, 1985.
Principal of this Bond shall be payable to the registered
owner hereof, upon presentation and surrender, at the
principal office of the Paying Agent /Registrar executing the
registration certificate appearing hereon, or its successor.
Interest shall be payable to the registered owner of this
Bond (or one or more Predecessor Bonds, as defined in the
Ordinance hereinafter referenced) whose name appears on the
ORDINANCE NO. 789 -9-
"Security Register" maintained by the Paying Agent /Registrar
at the close of business on the "Record Date ", which is the
15th day of the month next preceding each interest payment
date. All payments of principal of, premium, if any, and
interest on this Bond shall be in any coin or currency of
the United States of America which at the time of payment
is legal tender for the payment of public and private debts
and shall be made by the Paying Agent/ Registrar by check
sent on or prior to the appropriate date of payment by
United States Mail, first class postage prepaid, to the
registered owner hereof at the address appearing in the
Security Register or by such other method, acceptable to the
Paying Agent /Registrar, requested by, and at the risk and
expense of, the registered owner hereof.
This Bond is one of the series specified in its
title issued in the aggregate principal amount of $2,500,000
(herein referred to as the "Bonds ") for the purpose of
making permanent public improvements, to wit: $1,500,000 for
street improvements, including drainage improvements
incident thereto and $1,000,000 for storm drainage
facilities, including the acquisition of necessary land and
rights -of -way therefor, under and in strict conformity with
the Constitution and laws of the State of Texas and pursuant
to an Ordinance adopted by the governing body of the City
(herein referred to as the "Ordinance ").
The Bonds maturing on and after May 1, 1997, may
be redeemed prior to their Stated Maturities, at the option
of the City, on May 1, 1996, or on any interest payment date
thereafter, in whole or in part in principal amounts of
$5,000 or any integral multiple thereof (and if within a
Stated Maturity at random and by lot by the Paying
Agent /Registrar), at the redemption price of par, together
with accrued interest to the date of redemption, and upon
30 days prior written notice being given by United States
Mail, first class postage prepaid, to registered owners of
the Bonds to be redeemed, and subject to the terms and
provisions relating thereto contained in the Ordinance. If
this Bond be of a denomination in excess of $5,000, portions
of the principal sum hereof in installments of $5,000 or any
integral multiple thereof may be redeemed, and if less than
all of the principal sum hereof is to be redeemed, there
shall be issued, without charge therefor, to the registered
owner hereof, upon the surrender of this Bond to the Paying
Agent /Registrar at its principal office, a new Bond or Bonds
ORDINANCE NO. 789
-10-
of like maturity and interest rate in any authorized
denominations provided in the Ordinance for the then
unredeemed balance of the principal sum hereof.
If this Bond (or any portion of the principal sum
hereof) shall have been duly called for redemption and
notice of such redemption duly given, then upon such redemp-
tion date this Bond (or the portion of the principal sum
hereof to be redeemed) shall become due and payable, and
interest thereon shall cease to accrue from and after the
redemption date therefor; provided moneys for the payment of
the redemption price and the interest on the principal
amount to be redeemed to the date of redemption are held for
the purpose of such payment by the Paying Agent /Registrar.
If this Bond is called for redemption, in whole or in part,
the City and the Paying Agent /Registrar shall not be
required to transfer this Bond to an assignee of the
Bondholder within 45 days of the redemption date therefor;
provided, however, such limitation on transferability shall
not be applicable to an exchange by the Bondholder of the
unredeemed balance hereof in the event of its redemption in
part.
The Bonds are payable from the proceeds of an ad
valorem tax levied, within the limitations prescribed by
law, upon all taxable property within the City. Reference
is hereby made to the Ordinance, a copy of which is on file
in the principal office of the Paying Agent /Registrar, and
to all of the provisions of which the Bondholder by his
acceptance hereof hereby assents, for definitions of terms;
the description of and the nature and extent of the tax
levied for the payment of the Bonds; the terms and condi-
tions relating to the transfer or exchange of this Bond; the
conditions upon which the Ordinance may be amended or sup-
plemented with or without the consent of the Bondholders;
the rights, duties, and obligations of the City and the
Paying Agent /Registrar; the terms and provisions upon which
this Bond may be discharged at or prior to its maturity or
redemption, and deemed to be no longer Outstanding there-
under; and for the other terms and provisions thereof.
Capitalized terms used herein have the meanings assigned in
the Ordinance.
This Bond, subject to certain limitations con-
tained in the Ordinance, may be transferred only upon its
presentation and surrender at the principal office of the
Paying Agent/ Registrar, with the Assignment hereon duly
endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Paying Agent /Registrar
ORDINANCE NO. 789 -11-
duly executed by, the registered owner hereof, or his duly
authorized agent, and such transfer is noted on the Security
Register by the Paying Agent /Registrar. When a transfer
occurs, one or more new fully registered Bonds of the same
Stated Maturity, of authorized denominations, bearing the
same rate of interest, and of the same aggregate principal
amount will be issued to the designated transferee or
transferees.
The City and the Paying Agent /Registrar, and any
agent of either, may treat the registered owner hereof whose
name appears on the Security Register (i) on the Record Date
as the owner entitled to payment of interest hereon, (ii) on
the date of surrender of this Bond as the owner entitled to
payment of principal hereof at its Stated Maturity or its
redemption, in whole or in part, and (iii) on any other date
as the owner for all other purposes, and neither the City
nor the Paying Agent/ Registrar, or any agent of either,
shall be affected by notice to the contrary. In the event
of non - payment of interest on a scheduled payment date and
for thirty (30) days thereafter, a new record date for such
interest payment (a "Special Record Date ") will be estab-
lished by the Paying Agent/ Registrar, if and when funds for
the payment of such interest have been received from the
City. Notice of the Special Record Date and of the
scheduled payment date of the past due interest (which shall
be 15 days after the Special Record Date) shall be sent at
least five (5) business days prior to the Special Record
Date by United States Mail, first class postage prepaid, to
the address of each Bondholder appearing on the Security
Register at the close of business on the last business day
next preceding the date of mailing of such notice.
It is hereby certified, recited, represented and
covenanted that the City is a duly organized and legally
existing municipal corporation under and by virtue of the
Constitution and laws of the State of Texas; that the is-
suance of the Bonds is duly authorized by law; that all
acts, conditions and things required to exist and be done
precedent to and in the issuance of the Bonds to render the
same lawful and valid obligations of the City have been
properly done, have happened and have been performed in
regular and due time, form and manner as required by the
Constitution and laws of the State of Texas, and the
Ordinance; that the Bonds do not exceed any constitutional
or statutory limitations; and that due provision has been
made for the payment of the principal of and interest on the
Bonds by the levy of a tax as aforestated. In case any
provision in this Bond or any application thereof shall be
ORDINANCE NO. 789 -12-
invalid, illegal, or unenforceable, the validity, legality,
and enforceability of the remaining provisions and applica-
tions shall not in any way be affected or impaired thereby.
The terms and provisions of this Bond and the Ordinance
shall be construed in accordance with and shall be governed
by the laws of the State of Texas.
IN WITNESS WHEREOF, the City Council of the City
has caused this Bond to be duly executed under the official
seal of the City as of the Bond Date.
ATTEST:
City Secretary
(SEAL)
C. * F
0
CITY OF EULESS, TEXAS
Mayor
on
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER ¢
OF PUBLIC ACCOUNTS
} REGISTER NO.
THE STATE OF TEXAS
I HEREBY CERTIFY that this Bond has been examined,
certified as to validity and approved by the Attorney
General of the State of Texas, and duly registered by the
Comptroller of Public Accounts of the State of Texas.
(SEAL)
WITNESS my signature and seal of office this
Comptroller of Public Accounts
of the State of Texas
*NOTE TO PRINTER: Do not print on Definitive Bonds
ORDINANCE NO. 789 -13-
D. Form of Certificate of
REGISTRATION CERTIFICATE OF PAYING AGENT /REGISTRAR
This Bond has been duly issued and registered
under the provisions of the within- mentioned Ordinance; the
bond or bonds of the above entitled and designated series
originally delivered having been approved by the Attorney
General of the State of Texas and registered by the
Comptroller of Public Accounts, as shown by the records of
the Paying Agent /Registrar.
TEXAS AMERICAN BANK /FORT
WORTH, N.A.,
Fort Worth, Texas,
as Paying Agent /Registrar
Registered this date:
By
Authorized Signature
E. Form of Assignment.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns, and transfers unto (Print or typewrite name,
address, and zip code of transferee:) .....................
............................. ...............................
............................. ...............................
(Social Security or other identifying number: .............
) the within Bond and all rights thereunder,
and hereby irrevocably constitutes and appoints ...........
............................. ...............................
attorney to transfer the within Bond on the books kept for
registration thereof, with full power of substitution in the
premises.
DATED: ..................
NOTICE: The signature on this
Signature guaranteed: assignment must correspond with
the name of the registered owner
.......................... as it appears on the face of the
within Bond in every particular.
ORDINANCE NO. 789 -14-
(i) immediately under the name of the bond the head-
ings "Interest Rate " and "Stated Maturity
" shall both be completed "as shown
below;"
(ii) Paragraph one shall read as follows:
The City of Euless, Texas (hereinafter referred to
as the "City "), a body corporate and municipal corporation
in the County of Tarrant, State of Texas, for value
received, acknowledges itself indebted to and hereby
promises to pay to the Registered Owner named above, or the
registered assigns thereof, on the 1st day of May in each of
the years and in principal amounts and bearing interest at
per annum rates in accordance with the following schedule:
PRINCIPAL INTEREST
YEAR INSTALLMENTS RATE
(Information to be inserted from
schedule in Section 2 hereof).
(or so much thereof as
redemption) and to pa
amounts hereof from the
interest specified abov
year of twelve 30 -day m
November 1 and May 1 o
Principal of this Bond
owner hereof, upon p
principal office of Te
Fort Worth, Texas (the
shall be payable to the
name appears on the ":
Paying Agent/ Registra
"Record Date ", which
shall not have been paid upon prior
t interest on the unpaid principal
Bond Date at the per annum rates of
e computed on the basis of a 360 -day
)nths; such interest being payable on
E each year, commencing May 1, 1985.
shall be payable to the registered
= esentation and surrender, at the
xas American Bank /Fort Worth, N.A.,
"Paying Agent /Registrar "). Interest
registered owner of this Bond whose
�ecurity Register" maintained by the
r at the close of business on the
Ls the 15th day of the month next
preceding each interest payment date. All payments of
principal of, premium, if any, and interest on this Bond
shall be in any coin or currency of the United States of
America which at the time of payment is legal tender for the
payment of public and private debts and shall be made by the
Paying Agent /Registrar by check sent on or prior to the
appropriate date of payment by United States Mail, first
class postage prepaid, to the registered owner hereof at the
address appearing in the Security Register or by such other
ORDINANCE NO. 789 -15-
method, acceptable to the Paying Agent /Registrar, requested
by, and at the risk and expense of, the registered owner
hereof.
SECTION 9: Levy of Taxes. To provide for the
payment of the "Debt Service Requirements" of the Bonds,
being (i) the interest on the Bonds and (ii) a sinking fund
for their redemption at maturity or a sinking fund
of 2% (whichever amount is the greater), there is hereby
levied, and there shall be annually assessed and collected
in due time, form, and manner, a tax on all taxable property
in the City, within the limitations prescribed by law, and
such tax hereby levied on each one hundred dollars' valua-
tion of taxable property in the City for the Debt Service
Requirements of the Bonds shall be at a rate from year to
year as will be ample and sufficient to provide funds each
year to pay the principal of and interest on said Bonds
while Outstanding; full allowance being made for delin-
quencies and costs of collection; the taxes levied,
assessed, and collected for and on account of the Bonds
shall be accounted for separate and apart from all other
funds of the City and shall be deposited in the "Special
Series 1984 Bond Fund" (the "Interest and Sinking Fund ") to
be maintained at an official depository of the City's funds;
and such tax hereby levied, and to be assessed and collected
annually, is hereby pledged to the payment of the Bonds.
Proper officers of the City are hereby authorized
and directed to cause to be transferred to the Paying Agent/
Registrar for the Bonds, from funds on deposit in the
Interest and Sinking Fund, amounts sufficient to fully pay
and discharge promptly each installment of interest and
principal of the Bonds as the same accrues or matures or
comes due by reason of redemption prior to maturity; such
transfers of funds to be made in such manner as will cause
collected funds to be deposited with the Paying Agent/
Registrar on or before each principal and interest payment
date for the Bonds.
SECTION 10: Notices to Holders - Waiver. Wherever
this Ordinance provides for notice to Bondholders of any
event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and sent
by United States Mail, first class postage prepaid, to the
address of each Bondholder appearing in the Security
Register at the close of business on the business day next
preceding the mailing of such notice.
ORDINANCE NO. 789 -16-
In any case where notice to Bondholders is given
by mail, neither the failure to mail such notice to any
particular Bondholders, nor any defect in any notice so
mailed, shall affect the sufficiency of such notice with
respect to all other Bonds. Where this Ordinance provides
for notice in any manner, such notice may be waived in
writing by the Bondholder entitled to receive such
notice, either before or after the event with respect to
which such notice is given, and such waiver shall be the
equivalent of such notice. Waivers of notice by Bondholders
shall be filed with the Paying Agent /Registrar, but such
filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.
SECTION 11: Cancellation. All Bonds
surrendered for payment, redemption, transfer, exchange, or
replacement, if surrendered to the Paying Agent /Registrar,
shall be promptly cancelled by it and, if surrendered to the
City, shall be delivered to the Paying Agent /Registrar and,
if not already cancelled, shall be promptly cancelled by the
Paying Agent /Registrar. The City may at any time deliver to
the Paying Agent /Registrar for cancellation any Bonds pre-
viously certified or registered and delivered which the City
may have acquired in any manner whatsoever, and all Bonds so
delivered shall be promptly cancelled by the Paying Agent/
Registrar. All cancelled Bonds held by the Paying Agent/
Registrar shall be destroyed as directed by the City.
SECTION 12: Mutilated - Destroyed - Lost and
Stolen Bonds. If (1) any mutilated Bond is surrendered to
the Paying Agent /Registrar, or the City and the Paying
Agent /Registrar receive evidence to their satisfaction of
the destruction, loss, or theft of any Bond, and (2) there
is delivered to the City and the Paying Agent /Registrar such
security or indemnity as may be required to save each of
them harmless, then, in the absence of notice to the City or
the Paying Agent /Registrar that such Bond has been acquired
by a bona fide purchaser, the City shall execute and, upon
its request, the Paying Agent /Registrar shall register and
deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost, or stolen Bond, a new Bond of the same
Stated Maturity and of like tenor and principal amount,
bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost, or
stolen Bond has become or is about to become due and pay-
able, the City in its discretion may, instead of issuing a
new Bond, pay such Bond.
ORDINANCE NO. 789 -17-
Upon the issuance of any new Bond under this
Section, the City may require payment by the Bondholder of a
sum sufficient to cover any tax or other governmental charge
imposed in relation thereto and any other expenses (includ-
ing the fees and expenses of the Paying Agent /Registrar)
connected therewith.
Every new Bond issued pursuant to this Section in
lieu of any mutilated, destroyed, lost, or stolen Bond shall
constitute a replacement of the prior obligation of the
City, whether or not the mutilated, destroyed, lost, or
stolen Bond shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Ordinance
equally and ratably with all other Outstanding Bonds.
The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement and payment of
mutilated, destroyed, lost, or stolen Bonds.
SECTION 13: No- Arbitrage Certification. The
City certifies that based on facts, estimates, and circum-
stances expected to exist on the date of the issue of the
Bonds it is not reasonable to anticipate that the proceeds
thereof will be used in a manner which would cause them to
be "arbitrage bonds" within the meaning of Section 103(c) of
the Internal Revenue Code of 1954, as amended, or regula-
tions thereunder applicable thereto, and the City covenants
not to make any use of the proceeds of the Bonds or invest-
ment income therefrom which would cause the Bonds to become
"arbitrage bonds" within the meaning of Section 103(c) of
such Code. The officers of the City charged with responsi-
bilities in the issuance of Bonds are authorized and
directed to make, execute, and deliver certifications as to
facts, estimates, and circumstances in existence as of the
date of the issuance of said Bonds and stating whether there
are any facts, estimates, or circumstances which would
materially change the City's present expectations. The
covenants herein made and the certifications herein autho-
rized are for the benefit of the holders from time to time
of said Bonds and may be relied upon by said holders and
bond counsel for the City.
SECTION 14: Satisfaction of Obligation of
City. If the City shall pay or cause to be paid, or there
shall otherwise be paid to the Bondholders, the principal
of, premium, if any, and interest on the Bonds, at the times
and in the manner stipulated in this Ordinance, then the
pledge of any taxes under this Ordinance and all other
ORDINANCE NO. 789 -18-
obligations of the City to the Bondholders shall thereupon
cease, terminate, and become void and be discharged and
satisfied.
Bonds or any principal amount(s) thereof shall be
deemed to have been paid within the meaning and with the
effect expressed above in this Section when (i) money suf-
ficient to pay in full such Bonds or the principal amount(s)
thereof at maturity or to the redemption date therefor,
together with all interest due thereon, shall have been
irrevocably deposited with and held in trust by the Paying
Agent /Registrar, or an authorized escrow agent, or (ii)
Government Securities shall have been irrevocably deposited
in trust with the Paying Agent/ Registrar, or an authorized
escrow agent, which Government Securities have been certi-
fied by an independent accounting firm to mature as to
principal and interest in such amounts and at such times as
will insure the availability, without reinvestment, of suf-
ficient money, together with any moneys deposited therewith,
if any, to pay when due the principal of and interest on
such Bonds, or the principal amount(s) thereof, on and prior
to the Stated Maturity thereof or (if notice of redemption
has been duly given or waived or if irrevocable arrangements
therefor acceptable to the Paying Agent /Registrar have been
made) the redemption date thereof. The City covenants that
no deposit of moneys or Government Securities will be made
under this Section and no use made of any such deposit which
would cause the Bonds to be treated as "arbitrage bonds"
within the meaning of Section 103(c) of the Internal Revenue
Code of 1954, as amended, or regulations adopted pursuant
thereto.
Any moneys so deposited with the Paying Agent/
Registrar, or an authorized escrow agent, and all income
from Government Securities held in trust by the Paying
Agent /Registrar, or an authorized escrow agent, pursuant to
this Section which is not required for the payment of the
Bonds, or any principal amount(s) thereof, or interest
thereon with respect to which such moneys have been so
deposited shall be remitted to the City or deposited as
directed by the City. Furthermore, any money held by the
Paying Agent /Registrar for the payment of the principal of
and interest on the Bonds and remaining unclaimed for a
period of four (4) years after the Stated Maturity, or
applicable redemption date, of the Bonds such moneys were
deposited and being held in trust to pay shall, upon the
request of the City, be remitted to the City against a
written receipt therefor.
The term "Government Securities ", as used herein,
means direct obligations of, or obligations the principal of
and interest on which are unconditionally guaranteed by, the
ORDINANCE NO. 789 -19-
United States of America, which are non - callable prior to
the respective Stated Maturities of the Bonds and may be
United States Treasury Obligations such as the State and
Local Government Series and may be in book -entry form.
SECTION 15: Ordinance a Contract - Amendments -
Outstanding Bonds. This Ordinance shall constitute a con-
tract with the Bondholders from time to time, be binding on
the City, and shall not be amended or repealed by the City
so long as any Bond remains Outstanding except as permitted
in this Section. The City, may, without the consent of or
notice to any Bondholders, from time to time and at any
time, amend this Ordinance in any manner not detrimental to
the interests of the Bondholders, including the curing of
any ambiguity, inconsistency, or formal defect or omission
herein. In addition, the City may, with the written consent
of Bondholders holding a majority in aggregate principal
amount of the Bonds then Outstanding affected thereby,
amend, add to, or rescind any of the provisions of this
Ordinance; provided that, without the consent of all Bond-
holders of Outstanding Bonds, no such amendment, addition,
or rescission shall (1) extend the time or times of payment
of the principal of, premium, if any, and interest on
the Bonds, reduce the principal amount thereof, the redemp-
tion price therefor, or the rate of interest thereon, or in
any other way modify the terms of payment of the principal
of, premium, if any, or interest on the Bonds, (2) give any
preference to any Bond over any other Bond, or (3) reduce
the aggregate principal amount of Bonds required for consent
to any such amendment, addition, or rescission.
The term "Outstanding" when used in this Ordinance
with respect to Bonds means, as of the date of determina-
tion, all Bonds theretofore issued and delivered under this
Ordinance, except:
(1) those Bonds theretofore cancelled by the
Paying Agent /Registrar or delivered to the Paying
Agent /Registrar for cancellation;
(2) those Bonds for which payment has been
duly provided by the City in accordance with the
provisions of Section 14 hereof by the irrevocable
deposit with the Paying Agent /Registrar, or an
authorized escrow agent, of money or Government
Securities, or both, in the amount necessary
to fully pay the principal of, premium, if any,
and interest thereon to maturity or redemption,
as the case may be, provided that, if such
Bonds are to be redeemed, notice of redemption
thereof shall have been duly given pursuant
to this Ordinance or irrevocably provided to be
ORDINANCE NO. 789 -20-
given to the satisfaction of the Paying Agent/
Registrar, or waived; and
(3) those Bonds that have been mutilated,
destroyed, lost, or stolen and replacement Bonds
have been registered and delivered in lieu thereof
as provided in Section 12 hereof.
SECTION 16: Sale of the Bonds. The sale of the
Bonds to
(herein referred to as the "Purchasers ") at the price of par
and accrued interest to the date of delivery plus a premium
of $ o o 0, is hereby approved and confirmed. Delivery
of the Bonds to the Purchasers shall occur as soon as pos-
sible upon payment being made therefor in accordance with
the terms of sale.
SECTION 17: Control and Custody of Bonds. The
Mayor of the City shall be and is hereby authorized to take
and have charge of all necessary orders and records pending
investigation by the Attorney General of the State of Texas,
including the printing and supply of definitive Bonds, and
shall take and have charge and control of the Initial
Bond(s) pending the approval thereof by the Attorney
General, the registration thereof by the Comptroller of
Public Accounts and the delivery thereof to the Purchasers.
Furthermore, the Mayor and City Secretary of the
City and the Director of Finance, any one of the foregoing
officials or all, are hereby authorized and directed to
furnish and execute such documents relating to the City and
its financial affairs as may be necessary for the issuance
of the Bonds, the approval of the Attorney General and
registration by the Comptroller of Public Accounts and,
together with the City's financial advisor, bond counsel and
the Paying Agent /Registrar, make the necessary arrangements
for the delivery of the Initial Bond(s) to the Purchasers
and the initial exchange thereof for definitive Bonds.
SECTION 18: Official Statement. The City Council
ratifies and confirms its prior approval of the form and
content of the Official Statement prepared in the initial
offering and sale of the Bonds and hereby approves the form
and content of any addenda, supplement, or amendment
thereto. The use of such Official Statement in the reoffer-
ing of the Bonds by the Purchaser is hereby approved and
authorized. The proper officials of the City are hereby
ORDINANCE NO. 789 -21-
authorized to execute and deliver a certificate pertaining
to such Official Statement as prescribed therein, dated as
of the date of payment for and delivery of the Bonds.
SECTION 19: Printed Opinion. The Purchaser's
obligation to accept delivery of the Bonds is subject to
being furnished a final opinion of Dumas, Huguenin, Boothman
& Morrow, Attorneys, Dallas, Texas, approving such Bonds as
to their validity, said opinion to be dated and delivered as
of the date of delivery and payment for the Bonds. Printing
of a true and correct reproduction of said opinion on the
reverse side of each of the definitive Bonds is hereby
approved and authorized.
SECTION 20: CUSIP Numbers. CUSIP numbers may
be printed or typed on the definitive Bonds. It is ex-
pressly provided, however, that the presence or absence of
CUSIP numbers on the definitive Bonds shall be of no signi-
ficance or effect as regards the legality thereof and
neither the City nor attorneys approving said Bonds as to
legality are to be held responsible for CUSIP numbers incor-
rectly printed or typed on the definitive Bonds.
SECTION 21: Benefits of Ordinance. Nothing in
this Ordinance, expressed or implied, is intended or shall
be construed to confer upon any person other than the City,
the Paying Agent /Registrar and the Bondholders, any right,
remedy, or claim, legal or equitable, under or by reason
of this Ordinance or any provision hereof, this Ordinance
and all its provisions being intended to be and being for
the sole and exclusive benefit of the City, the Paying
Agent /Registrar and the Bondholders.
SECTION 22: Inconsistent Provisions. All
ordinances, orders or resolutions, or parts thereof, which
are in conflict or inconsistent with any provision of this
Ordinance are hereby repealed to the extent of such conflict
and the provisions of this Ordinance shall be and remain
controlling as to the matters contained herein.
SECTION 23: Governing Law. This Ordinance
shall be construed and enforced in accordance with the laws
of the State of Texas and the United States of America.
SECTION 24: Effect of Headings. The Section
headings herein are for convenience only and shall not
affect the construction hereof.
ORDINANCE NO. 789 -22-
SECTION 25: Severability. If any provision of
this Ordinance or the application thereof to any
circumstance shall be held to be invalid, the remainder of
this Ordinance and the application thereof to other circum-
stances shall nevertheless be valid, and the City Council
hereby declares that this Ordinance would have been enacted
without such invalid provision.
SECTION 26: Public Meeting. It is officially
found, determined, and declared that the meeting at which
this Ordinance is adopted was open to the public and public
notice of the time, place, and subject matter of the public
business to be considered at such meeting, including this
Ordinance, was given, all as required by Article 6252 -17,
Vernon's Texas Civil Statutes, as amended.
SECTION 27. Emergency: That the public
importance of this measure and the fact that the street and
drainage improvements to be financed by the bonds herein
authorized are urgently needed and should be completed at
the earliest possible date to preserve the health and safety
of the City and its citizens constitutes and creates an
emergency relating to the immediate preservation of the
public peace, health and safety of the City and its
citizens, requiring that the Charter provision that all
ordinances shall be read at two regular Council meetings be
suspended and requiring that this ordinance be passed and
take effect as an emergency measure, and such rule is
accordingly suspended and this ordinance is passed as an
emergency measure and shall take effect and be in full force
from and after its passage.
PASSED AND ADOPTED, this April 24, 1984.
ATTEST
l_
City � cretary
(City Seal)
CITY OF EULESS,,TEXAS
rl� ✓�a�C.J�•
Mayor
Euless, Texas
ORDINANCE NO. 789 -23-