HomeMy WebLinkAbout1902 01-25-2011 ORDINANCE NO. 1902
AN ORDINANCE authorizing the issuance of "CITY OF EULESS, TEXAS,
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2011";
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; establishing procedures for the
sale and delivery of the Bonds; and delegating matters relating to the sale
and issuance of the Bonds to an authorized City official.
WHEREAS, the City of Euless, Texas (the "City") currently has outstanding obligations
(hereinafter collectively called the "Refunded Obligations"), to wit:
(1) City of Euless, Texas, General Obligation Bonds, Series 2001,
dated April 1, 2001;
(2) City of Euless, Texas, Tax and Waterworks and Sewer System
Surplus Revenue Certificates of Obligation, Series 2001, dated April 1, 2001; and
(3) City of Euless, Texas, General Obligation Refunding Bonds, Series
2006, dated January 1, 2006;
AND WHEREAS, pursuant to the provisions of Chapter 1207 of the Texas Government
Code, as amended, the City Council of the City is authorized to issue refunding bonds and
deposit the proceeds of sale directly with any place of payment for the Refunded Obligations, or
other authorized depository, and such deposit, when made in accordance with said statute, shall
constitute the making of firm banking and financial arrangements for the discharge and final
payment of the Refunded Obligations; and
WHEREAS, the City shall by this Ordinance, in accordance with the provisions of
Section 1207.007, Texas Government Code, as amended, delegate to a Pricing Officer
(hereinafter designated) the authority to determine the principal amount of Bonds to be issued
and negotiate the terms of sale thereof and to select the specific maturities, in whole or in part, of
the Refunded Obligations to be refunded; and
WHEREAS, the City Council hereby finds and determines that it is a public purpose and
in the best interests of the City to refund the Refunded Obligations in order to achieve a present
value debt service savings, with such savings, among other information and terms to be included
in a pricing certificate (the "Pricing Certificate") to be executed by the Pricing Officer (hereafter
designated), all in accordance with the provisions of Section 1207.007, Texas Government Code,
as amended; now, therefore:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EULESS, TEXAS:
SECTION 1: Authorization - Series Designation - Principal Amount - Purpose - Bond
Date. General obligation refunding bonds of the City shall be and are hereby authorized to be
issued in the maximum aggregate principal amount hereinafter set forth to be designated and
bear the title "CITY OF EULESS, TEXAS GENERAL OBLIGATION REFUNDING BONDS,
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SERIES 2011" (herein referred to as the "Bonds"), for the purpose of providing funds for the
discharge and final payment of certain obligations of the City (described in the preamble hereof
[and finally identified in the Pricing Certificate] and referred to as the "Refunded Obligations")
and to pay the costs and expenses of issuance, in accordance with the authority conferred by and
in conformity with the Constitution and laws of the State of Texas, including Chapter 1207, as
amended. The Bonds shall be dated(the"Bond Date") as provided in the Pricing Certificate.
SECTION 2: Fully Registered Obligations - Terms. The Bonds shall be issued as fully
registered obligations, without coupons, and the Bonds (other than the Initial Bond(s) referenced
in Section 8 hereof) shall be in denominations of$5,000 or any integral multiple (within a Stated
Maturity) thereof, shall be lettered "R" and numbered consecutively from One (1) upward and
principal shall become due and payable on a date certain in each of the years and in amounts (the
"Stated Maturities") and bear interest at the rate(s) per annum in accordance with the details of
the Bonds as set forth in the Pricing Certificate.
The Bonds shall bear interest on the unpaid principal amounts from the date specified in
the Pricing Certificate at the rate(s) per annum shown in the Pricing Certificate (calculated on the
basis of a 360-day year consisting of twelve 30-day months). Interest on the Bonds shall be
payable in each year, on the dates, and commencing on the date, set forth in the Pricing
Certificate.
SECTION 3: Delegation of Authority to Pricing Officer. (a)As authorized by Section
1207.007, Texas Government Code, as amended, the City Manager or Director of Finance (each,
the "Pricing Officer") is each hereby authorized to act on behalf of the City in selling and
delivering the Bonds and carrying out the other procedures specified in this Ordinance, including
selection of the specific maturities or series in whole or in part of the Refunded Obligations to be
refunded, determining the aggregate principal amount of the Bonds, the date of the Bonds, any
additional or different designation or title by which the Bonds shall be known, the price at which
the Bonds will be sold, the years in which the Bonds will mature, the principal amount to mature
in each of such years, the rate of interest to be borne by each such maturity, the interest payment
dates, the record date, the price and terms upon and at which the Bonds shall be subject to
redemption prior to maturity at the option of the City, as well as any mandatory sinking fund
redemption provisions, the designation of a paying agent/registrar, the designation of an escrow
agent satisfying the requirements of Chapter 1207, Texas Government Code, as amended, the
t-inis of any bond insurance applicable to the Bonds, and all other matters relating to the
issuance, sale, and delivery of the Bonds all of which shall be specified in the Pricing Certificate,
provided that:
(i) the aggregate original principal amount of the Bonds shall not
exceed$7,700,000.
(ii) the refunding must produce a net present value debt service
savings of at least 3.00%, net of any contribution by the City.
(iii) the maximum maturity date for the Bonds shall not exceed
December 31, 2021.
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The execution of the Pricing Certificate shall evidence the sale date of the Bonds by the
City to the Purchasers (hereinafter defined).
(b) In establishing the aggregate principal amount of the Bonds, the Pricing Officer
shall establish an amount not exceeding the amount authorized in Subsection (a)(i) above, which
shall be sufficient in amount to provide for the purposes for which the Bonds are authorized and
to pay costs of issuing the Bonds. The delegation made hereby shall expire if not exercised by
the Pricing Officer within 180 days of the date hereof. The Bonds shall be sold by negotiated
sale to the underwriter(s) named in the Pricing Certificate (the "Purchasers"), at such price and
with and subject to such t-inis as set forth in the Pricing Certificate and the Purchase Contract
(hereinafter defined). The Pricing Officer is hereby delegated the authority to designate the
Purchasers, which delegation shall be evidenced by the execution of the Pricing Certificate.
SECTION 4: Terms of Payment - Paying Agent/Registrar. The principal of, premium, if
any, and the interest on the Bonds, due and payable by reason of maturity, redemption or
otherwise, shall be payable only to the registered owners or holders of the Bonds (hereinafter
called the "Holders") appearing on the registration and transfer books maintained by the Paying
Agent/Registrar, and the payment thereof 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 without exchange or collection charges to the Holders.
The selection and appointment of the Paying Agent/Registrar for the Bonds shall be as
provided in the Pricing Certificate. Books and records relating to the registration, payment,
exchange and transfer of the Bonds (the "Security Register") shall at all times be kept and
maintained on behalf of the City by the Paying Agent/Registrar, all as provided herein, in
accordance with the terms and provisions of a "Paying Agent/Registrar Agreement,"
substantially in the form attached to the Pricing Certificate and such reasonable rules and
regulations as the Paying Agent/Registrar and the City may prescribe. The Pricing Officer is
hereby authorized to execute and deliver such Agreement in connection with the delivery of the
Bonds. 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
commercial bank, trust company, financial institution, or other entity qualified and authorized to
serve in such capacity 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 Holder by United States Mail, first class postage prepaid, which
notice shall also give the address of the new Paying Agent/Registrar.
The Bonds shall be payable at their Stated Maturities or upon their earlier redemption,
only upon the presentation and surrender of the Bonds to the Paying Agent/Registrar at its
designated offices provided in the Pricing Certificate (the "Designated Payment/Transfer
Office") provided, however, while a Bond is registered to Cede & Co., the payment of principal
upon a partial redemption of the principal amount thereof may be accomplished without
presentation and surrender of such Bond. Interest due on the Bonds shall be paid by the Paying
Agent/Registrar to the Holders whose names appears in the Security Register at the close of
business on the Record Date (which shall be set forth in the Pricing Certificate) and such interest
payments shall be made (i) by check sent United States Mail, first class postage prepaid, to the
address of the Holder recorded in the Security Register or (ii) by such other method, acceptable
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to the Paying Agent/Registrar, requested by, and at the risk and expense of, the Holder. If the
date for the payment of the principal of or interest on the Bonds shall be a Saturday, Sunday, a
legal holiday, or a day on which banking institutions in the city where the Designated
Payment/Transfer Office of the Paying Agent/Registrar is located are authorized by law or
executive order to be closed, 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 be closed; and payment on such date shall have the same force and effect as if
made on the original date payment was due.
In the event of a non-payment of interest on one or more maturities of the Bonds 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 past due 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 fifteen (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 Holder of the Bonds 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 5:Registration - Transfer - Exchange of Bonds - Predecessor Bonds. A
Security Register relating to the registration, payment, and transfer or exchange of the Bonds
shall at all times be kept and maintained by the City at the Designated Payment/Transfer Office
of the Paying Agent/Registrar, as provided herein and in accordance with the provisions of the
Paying Agent/Registrar Agreement and such rules and regulations as the Paying Agent/Registrar
and the City may prescribe. The Paying Agent/Registrar shall obtain, record, and maintain in the
Security Register the name and address of each and every Holder of the Bonds issued under and
pursuant to the provisions of this Ordinance, or if appropriate, the nominee thereof. Any Bond
may be transferred or exchanged for Bonds of like maturity, and amount and in authorized
denominations upon the Security Register by the Holder, in person or by his duly authorized
agent, upon surrender of such Bond to the Paying Agent/Registrar at its Designated
Payment/Transfer Office for cancellation, accompanied by a written instrument of transfer or
request for exchange duly executed by the Holder or by his duly authorized agent, in form
satisfactory to the Paying Agent/Registrar.
Upon surrender for assignment or transfer of any Bond (other than the Initial Bond(s)
authorized in Section 8 hereof) for transfer at the Designated Payment/Transfer Office of the
Paying Agent/Registrar, one or more new Bonds, executed on behalf of and furnished by the
City, shall be registered and issued to the assignee or transferee of the previous Holder; such
Bonds to be of authorized denominations, of like Stated Maturity, and of a like aggregate
principal amount as the Bond or Bonds surrendered for transfer.
At the option of the Holder, Bonds (other than the Initial Bond(s) authorized in Section 8
hereof) 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 Designated
Payment/Transfer Office of the Paying Agent/Registrar. Whenever any Bonds are surrendered
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for exchange, the Paying Agent/Registrar shall register and deliver new Bonds, executed on
behalf of and furnished by the City, to the Holder requesting the exchange.
All Bonds issued upon any such transfer or exchange of Bonds shall be delivered to the
Holders at the Designated Payment/Transfer Office of the Paying Agent/Registrar or sent by
United States Mail, first class postage prepaid, to the Holders, and, upon the registration and
delivery thereof, the same shall be the valid obligations of the City, evidencing the same
obligation to pay 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 Holder, except as otherwise herein provided, and except that the
Paying Agent/Registrar shall require payment by the Holder requesting such transfer or exchange
of any tax or other governmental charges required to be paid with respect to such transfer or
exchange.
Bonds canceled by reason of an exchange or transfer 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
mutilated, lost, destroyed, or stolen Bond for which a replacement Bond has been issued,
registered, and delivered in lieu thereof pursuant to the provisions of Section 11 hereof, and such
new replacement Bond 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 forty-five (45) days of the date fixed
for the redemption of such Bond; provided, however, such limitation on transferability shall not
be applicable to an exchange by the Holder of the unredeemed balance of a Bond called for
redemption in part.
SECTION 6: Book-Entry-Only Transfers and Transactions. Notwithstanding the
provisions contained in Sections 4 and 5 hereof relating to the payment and transfer/exchange of
the Bonds, the City hereby approves and authorizes the use of "Book-Entry-Only" securities
clearance, settlement, and transfer system provided by The Depository Trust Company("DTC"),
a limited purpose trust company organized under the laws of the State of New York, in
accordance with the requirements and procedures identified in the current DTC Operational
Arrangements memorandum, as amended, the Blanket Issuer Letter of Representation, by and
between the City and DTC, and the Letter of Representation from the Paying Agent/Registrar to
DTC (collectively, the "Depository Agreement")relating to the Bonds.
Pursuant to the Depository Agreement and the rules of DTC, the Bonds shall be
deposited with DTC who shall hold said Bonds for its participants (the "DTC Participants").
While the Bonds are held by DTC under the Depository Agreement, the Holder of the Bonds on
the Security Register for all purposes, including payment and notices, shall be Cede & Co., as
nominee of DTC, notwithstanding the ownership of each actual purchaser or owner of each Bond
(the"Beneficial Owners")being recorded in the records of DTC and DTC Participants.
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In the event DTC determines to discontinue serving as securities depository for the Bonds
or otherwise ceases to provide book-entry clearance and settlement of securities transactions in
general or the City determines that DTC is incapable of properly discharging its duties as
securities depository for the Bonds, the City covenants and agrees with the Holders of the Bonds
to cause Bonds to be printed in definitive form and provide for the Bond certificates to be issued
and delivered to DTC Participants and Beneficial Owners, as the case may be. Thereafter, the
Bonds in definitive form shall be assigned, transferred and exchanged on the Security Register
maintained by the Paying Agent/Registrar, and payment of such Bonds shall be made in
accordance with the provisions of Sections 4 and 5 hereof.
SECTION 7: Execution - Registration. The Bonds shall be executed on behalf of the
City by the Mayor under the City's seal reproduced or impressed thereon and countersigned by
the City Secretary. The signature of said officials on the Bonds may be manual or facsimile.
Bonds bearing the manual or facsimile signatures of individuals who are or were the proper
officials of the City on the date of the adoption of this Ordinance 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 Chapter 1201, Texas Government Code, 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 certificate of registration
substantially in the form provided in Section 9(c), manually executed by the Comptroller of
Public Accounts of the State of Texas, or his or her duly authorized agent, or a certificate of
registration substantially in the form provided in Section 9(d), manually executed by an
authorized officer, employee or representative of the Paying Agent/Registrar, and either such
certificate duly signed upon any Bond shall be conclusive evidence, and the only evidence, that
such Bond has been duly certified, registered, and delivered.
SECTION 8: Initial Bond(s). The Bonds herein authorized shall be initially issued either
(i) as a single fully registered bond in the aggregate principal amount of the Bonds with principal
installments to become due and payable as provided in the Pricing Certificate and numbered T-1,
or (ii) as multiple 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 Holders 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.
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SECTION 9: Forms.
(a) Forms Generally. The Bonds, the Registration Certificate of the Comptroller of
Public Accounts of the State of Texas, the Registration Certificate of Paying Agent/Registrar,
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 permitted or required by this Ordinance and, with the Bonds to be
completed and modified with the information set forth in the Pricing Certificate, may have such
letters, numbers, or other marks of identification (including identifying numbers and letters of
the Committee on Uniform Securities Identification Procedures of the American Bankers
Association) and such legends and endorsements (including insurance legends on insured Bonds
and any reproduction of an opinion of counsel) thereon as may, consistently herewith, be
established by the City or determined by the Pricing Officer. The Pricing Certificate shall set
forth the final and controlling forms and terms of the Bonds. Any portion of the 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 and the Initial Bonds shall be printed, lithographed, engraved,
typewritten, photocopied or otherwise reproduced in any other similar manner, all as determined
by the officers executing such Bonds as evidenced by their execution thereof.
(b) Form of Bonds.
REGISTERED PRINCIPAL AMOUNT
NO. R- $
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF EULESS
GENERAL OBLIGATION REFUNDING BOND
SERIES 2011
Bond Date: Interest Rate: Stated Maturity: CUSIP No.:
Registered Owner:
Principal Amount: DOLLARS
The City of Euless (hereinafter referred to as the "City"), a body corporate and political
subdivision 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 hereinabove
stated (or so much thereof as shall not have been paid upon prior redemption), and to pay interest
on the unpaid principal amount hereof from the interest payment date next preceding the
"Registration Date" of this Bond appearing below (unless this Bond bears a "Registration Date"
as of an interest payment date, in which case it shall bear interest from such date, or unless the
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"Registration Date" of this Bond is prior to the initial interest payment date in which case it shall
bear interest from the ) 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
and in each year, commencing ,until maturity or
prior redemption. Principal of this Bond is payable at its Stated Maturity or redemption to the
registered owner hereof, upon presentation and surrender, at the Designated Payment/Transfer
Office of the Paying Agent/Registrar executing the registration certificate appearing hereon, or
its successor; provided, however, while this Bond is registered to Cede & Co., the payment of
principal upon a partial redemption of the principal amount hereof may be accomplished without
presentation and surrender of this Bond. Interest is 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 "Security Register" maintained by the Paying Agent/Registrar at the close
of business on the "Record Date", which is the day of the month next preceding
each interest payment date, and interest shall be paid by the Paying Agent/Registrar by check
sent United States Mail, first class postage prepaid, to the address of the registered owner
recorded 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. If the date
for the payment of the principal of or interest on the Bonds shall be a Saturday, Sunday, a legal
holiday, or a day on which banking institutions in the city where the Designated
Payment/Transfer Office of 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. All payments of principal of, premium, if any, and interest
on this Bond shall be without exchange or collection charges to the owner hereof and 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.
This Bond is one of the series specified in its title issued in the aggregate principal
amount of $ (herein referred to as the "Bonds") for the purpose of providing
funds for the discharge and final payment of certain outstanding obligations of the City and to
pay the costs and expenses of issuance, under and in strict conformity with the Constitution and
laws of the State of Texas, including Chapter 1207, Texas Government Code, as amended, and
pursuant to an Ordinance adopted by the City Council of the City (herein referred to as the
"Ordinance").
[The Bonds maturing on the dates hereinafter identified (the "Term Bonds") are subject
to mandatory redemption prior to maturity with funds on deposit in the Interest and Sinking Fund
established and maintained for the payment thereof in the Ordinance, and shall be redeemed in
part prior to maturity at the price of par and accrued interest thereon to the date of redemption,
and without premium, on the dates and in the principal amounts as follows:
Term Bonds due Term Bonds due
Redemption Date Principal Amount Redemption Date Principal Amount
The particular Term Bonds of a Stated Maturity to be redeemed on each redemption date
shall be chosen by lot by the Paying Agent/Registrar; provided, however, that the principal
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amount of Term Bonds for a Stated Maturity required to be redeemed on a mandatory
redemption date may be reduced, at the option of the City, by the principal amount of Term
Bonds of like Stated Maturity which, at least fifty (50) days prior to a mandatory redemption
date, (1) shall have been acquired by the City at a price not exceeding the principal amount of
such Term Bonds plus accrued interest to the date of purchase thereof, and delivered to the
Paying Agent/Registrar for cancellation or(2) shall have been redeemed pursuant to the optional
redemption provisions appearing below and not theretofore credited against a mandatory
redemption requirement.]
The Bonds maturing on and after , may be redeemed prior to their Stated
Maturities, at the option of the City, in whole or in part in principal amounts of$5,000 or any
integral multiple thereof(and if within a Stated Maturity by lot by the Paying Agent/Registrar),
on , or on any date thereafter, at the redemption price of par, together with
accrued interest to the date of redemption.
At least thirty (30) days prior to the date fixed for any redemption of Bonds, the City
shall cause a written notice of such redemption to be sent by United States Mail, first class
postage prepaid, to the registered owners of each Bond to be redeemed, in whole or in part, at the
address shown on the Security Register and subject to the terms and provisions relating thereto
contained in the Ordinance. If a Bond (or any portion of its principal sum) shall have been duly
called for redemption and notice of such redemption duly given, then upon such redemption date
such Bond (or the portion of its principal sum 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.
In the event a portion of the principal amount of a Bond is to be redeemed and the
registered owner is someone other than Cede & Co., payment of the redemption price of such
principal amount shall be made to the registered owner only upon presentation and surrender of
such Bond to the Designated Payment/Transfer Office of the Paying Agent/Registrar, and a new
Bond or Bonds of like maturity and interest rate in any authorized denominations provided by
the Ordinance for the then unredeemed balance of the principal sum thereof will be issued to the
registered owner, without charge. If a Bond is selected for redemption, in whole or in part, the
City and the Paying Agent/Registrar shall not be required to transfer such Bond to an assignee of
the registered owner within forty-five (45) days of the redemption date therefor; provided,
however, such limitation on transferability shall not be applicable to an exchange by the
registered owner of the unredeemed balance of a Bond redeemed in part.
With respect to any optional redemption of the Bonds, unless certain prerequisites to such
redemption required by the Ordinance have been met and moneys sufficient to pay the
redemption price of the Bonds to be redeemed shall have been received by the Paying
Agent/Registrar prior to the giving of such notice of redemption, such notice may state that said
redemption is conditional upon the satisfaction of such prerequisites and receipt of such moneys
by the Paying Agent/Registrar on or prior to the date fixed for redemption, or upon any
prerequisite set fort in such notice of redemption. If a conditional notice of redemption is given
and such prerequisites to the redemption and sufficient moneys are not received, such notice
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shall be of no force and effect, the City shall not redeem such Bonds and the Paying
Agent/Registrar shall give notice, in the manner in which the notice of redemption was given, to
the effect that the Bonds have not been redeemed.
The Bonds are payable from the proceeds of an ad valorem tax levied, within the
limitations prescribed by law, upon all taxable property in the City. Reference is hereby made to
the Ordinance, a copy of which is on file in the Designated Payment/Transfer Office of the
Paying Agent/Registrar, and to all of the provisions of which the owner or holder of this Bond by
the 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 conditions relating to the
transfer or exchange of this Bond; the conditions upon which the Ordinance may be amended or
supplemented with or without the consent of the Holders; 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
thereunder; and for other terms and provisions contained therein. Capitalized terms used herein
and not otherwise defined have the meanings assigned in the Ordinance.
This Bond, subject to certain limitations contained in the Ordinance, may be transferred
on the Security Register only upon its presentation and surrender at the Designated
Payment/Transfer 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 duly executed by, the registered owner hereof, or his duly authorized
agent. When a transfer on the Security Register 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 by the Paying Agent/Registrar to the
designated transferee or transferees.
The City and the Paying Agent/Registrar, and any agent of either, shall treat the
registered owner 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 at the 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 nonpayment of interest on a Bond 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 fifteen (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 registered owner of a Bond
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 declared that the City is a body corporate
and political subdivision duly organized and legally existing under and by virtue of the
Constitution and laws of the State of Texas; that the issuance 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
90341069.2/11010647 10
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 limitation; 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 shall be invalid, illegal, or unenforceable, the
validity, legality, and enforceability of the remaining provisions 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.
CITY OF EULESS, TEXAS
COUNTERSIGNED: Mayor
City Secretary
(SEAL)
(c) Form of Registration Certificate of Comptroller of Public Accounts to appear on
Initial Bonds only.
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.
WITNESS my signature and seal of office this
(SEAL)
Comptroller of Public Accounts
of the State of Texas
90341069.2/11010647 11
(d) Form of Certificate of Paying Agent/Registrar to appear on Definitive Bonds
only.
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
This Bond has been duly issued and registered in the name of the Registered Owner
shown above 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.
The designated office of the Paying Agent/Registrar in is the
Designated Payment/Transfer Office for this Bond.
as Paying Agent/Registrar
Registration 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 assignment
Signature guaranteed: must correspond with the name of the
registered owner as it appears on the face of
the within Bond in every particular.
90341069.2/11010647 12
•
(f) The Initial Bond(s) shall be in the form set forth therefor in paragraph (b) of this
Section, except the form of a single registered Initial Bond shall be modified as follows:
Heading and paragraph one shall be amended to read as follows:
NO. T-1 $
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF EULESS
GENERAL OBLIGATION REFUNDING BOND
SERIES 2011
Bond Date:
Registered Owner:
Principal Amount: DOLLARS
The City of Euless (hereinafter referred to as the "City"), a body corporate and political
subdivision 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, the Principal Amount hereinabove stated on in the years
and in principal installments in accordance with the following schedule:
Stated Principal Interest
Maturity Amount Rate(s)
(Information to be inserted from Pricing Certificate).
(or so much principal thereof as shall not have been redeemed prior to maturity) and to pay
interest on the unpaid principal installments hereof from the at the per annum rates of
interest specified above computed on the basis of a 360-day year of twelve 30-day months; such
interest being payable on , and each and
thereafter, until maturity or prior redemption. Principal installments of this
Bond are payable in the year of maturity or on a redemption date to the registered owner hereof
by (the "Paying Agent/Registrar"), upon presentation and
surrender, at its designated offices in (the "Designated Payment/Transfer
Office"). Interest is payable to the registered owner of this Bond whose name appears on the
"Security Register" maintained by the Paying Agent/Registrar at the close of business on the
"Record Date," which is the day of the month next preceding each interest
payment date, and interest shall be paid by the Paying Agent/Registrar by check sent United
States Mail, first class postage prepaid, to the address of the registered owner recorded 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. All payments of principal of, premium,
if any, and interest on this Bond shall be without exchange or collection charges to the registered
90341069.2/11010647 13
•
owner hereof and 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. If the date for the payment
of the principal of or interest on the Bonds shall be a Saturday, Sunday, a legal holiday, or a day
on which banking institutions in the city where the Designated Payment/Transfer Office of the
Paying Agent/Registrar is located are authorized by law or executive order to be closed, 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 be closed; and payment on
such date shall have the same force and effect as if made on the original date payment was due.
SECTION 10: 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 by law prescribed, sufficient to pay the
principal of and interest on the Bonds as the same becomes due and payable; and such tax hereby
levied on each one hundred dollars' valuation of taxable property in the City for the payment of
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 delinquencies 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 2011
GENERAL OBLIGATION REFUNDING 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.
PROVIDED, however, in regard to the payment to become due on the Bonds prior to the
tax delinquency date next following the annual assessment of taxes levied which next follows the
Bond Date, if any, sufficient current funds will be available and are hereby appropriated to make
such payments; and the Mayor, Mayor Pro Tem, City Manager, Deputy City Manager, Director
of Finance, and City Secretary of the City, individually or jointly, are hereby authorized and
directed to transfer and deposit in the Interest and Sinking Fund such current funds which,
together with the accrued interest received from the initial purchasers, will be sufficient to pay
the payments due on the Bonds prior to the tax delinquency date next following the annual
assessment of taxes levied which next follows the Bond Date.
The Mayor, Mayor Pro Tem, City Manager, Deputy City Manager, Director of Finance
and City Secretary of the City, individually or jointly, 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 11: Mutilated — Destroyed - Lost and Stolen Bonds. In case any Bond shall
be mutilated, or destroyed, lost, or stolen, the Paying Agent/Registrar may execute and deliver a
replacement Bond of like form and tenor, and in the same denomination and bearing a number
90341069.2/11010647 14
not contemporaneously outstanding, in exchange and substitution for such mutilated Bond; and
with respect to a lost, destroyed, or stolen Bond, a replacement Bond may be issued only upon
the approval of the City and after (i) the filing by the Holder with the Paying Agent/Registrar of
evidence satisfactory to the Paying Agent/Registrar of the destruction, loss, or theft of such
Bond, and of the authenticity of the ownership thereof and (ii) the furnishing to the Paying
Agent/Registrar of indemnification in an amount satisfactory to hold the City and the Paying
Agent/Registrar harmless. All expenses and charges associated with such indemnity and with
the preparation, execution and delivery of a replacement Bond shall be borne by the Holder of
the Bond mutilated, or destroyed, lost, or stolen.
Every replacement Bond issued pursuant to this Section shall be a valid and binding
obligation of the City, and shall be entitled to all the benefits of this Ordinance equally and
ratably with all other Outstanding Bonds; notwithstanding the enforceability of payment by
anyone of the destroyed, lost, or stolen 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 12: Satisfaction of Obligation of City. If the City shall pay or cause to be
paid, or there shall otherwise be paid to the Holders, 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 taxes levied under this Ordinance and all covenants, agreements, and other obligations of the
City to the Holders shall thereupon cease,terminate, 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 sufficient 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 certified 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 sufficient 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 148 of the Internal Revenue Code of 1986, 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
90341069.2/11010647 15
•
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 three(3) years after the Stated
Maturity, or applicable redemption date, of the Bonds such moneys were deposited and are held
in trust to pay shall upon the request of the City be remitted to the City against a written receipt
therefor. Notwithstanding the above and foregoing, any remittance of funds from the Paying
Agent/Registrar to the City shall be subject to any applicable unclaimed property laws of the
State of Texas.
The term "Government Securities" shall mean (i) direct noncallable obligations of the
United States of America, including obligations the principal of and interest on which are
unconditionally guaranteed by the United States of America, (ii) noncallable obligations of an
agency or instrumentality of the United States of America, including obligations unconditionally
guaranteed or insured by the agency or instrumentality and, on the date of their acquisition or
purchase by the City, are rated as to investment quality by a nationally recognized investment
rating firm not less than AAA or its equivalent and (iii) noncallable obligations of a state or an
agency or a county, municipality, or other political subdivision of a state that have been refunded
and that, on the date of their acquisition or purchase by the City, are rated as to investment
quality by a nationally recognized investment rating firm not less than AAA or its equivalent.
The City reserves the right, subject to satisfying the requirements of(i) and (ii) above, to
substitute other Government Securities for the Government Securities originally deposited, to
reinvest the uninvested moneys on deposit for such defeasance and to withdraw for the benefit of
the City moneys in excess of the amount required for such defeasance.
Upon such deposit as described above, such Bonds shall no longer be regarded to be
outstanding or unpaid. Provided, however, the City has reserved the option, to be exercised at
the time of the defeasance of the Bonds, to call for redemption, at an earlier date, those Bonds
which have been defeased to their maturity date, if the City: (i) in the proceedings providing for
the firm banking and financial arrangements, expressly reserves the right to call the Bonds for
redemption; (ii) gives notice of the reservation of that right to the Holders of the Bonds
immediately following the making of the firm banking and financial arrangements; and (iii)
directs that notice of the reservation be included in any redemption notices that it authorizes.
SECTION 13: Ordinance a Contract - Amendments - Outstanding Bonds. This
Ordinance, together with the Pricing Certificate, shall constitute a contract with the Holders 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 and in Section 31 hereof. The
City may, without the consent of or notice to any Holders, from time to time and at any time,
amend this Ordinance or any provision in the Pricing Certificate in any manner not detrimental
to the interests of the Holders, including the curing of any ambiguity, inconsistency, or formal
defect or omission herein. In addition, the City may, with the consent of Holders who own a
majority of the aggregate of the principal amount of the Bonds then Outstanding, amend, add to,
or rescind any of the provisions of this Ordinance or any provision in the Pricing Certificate;
provided that, without the consent of all Holders of Outstanding Bonds, no such amendment,
addition, or rescission shall (1) extend the time or times of payment of the principal of and
interest on the Bonds, reduce the principal amount thereof, the redemption price, or the rate of
90341069.2111010647 16
•
interest thereon, or in any other way modify the terms of payment of the principal of 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 to be held by Holders 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 determination, all Bonds theretofore issued and delivered under this Ordinance,
except:
(1) those Bonds cancelled by the Paying Agent/Registrar or delivered to the
Paying Agent/Registrar for cancellation;
(2) those Bonds deemed to be duly paid by the City in accordance with the
provisions of Section 12 hereof; and
(3) those mutilated, destroyed, lost, or stolen Bonds which have been replaced
with Bonds registered and delivered in lieu thereof as provided in Section 11 hereof
SECTION 14: Covenants to Maintain Tax-Exempt Status.
(a) Definitions. When used in this Section, the following terms have the following
meanings:
"Closing Date" means the date on which the Bonds are first authenticated
and delivered to the initial purchasers against payment therefor.
"Code" means the Internal Revenue Code of 1986, as amended by all
legislation, if any, effective on or before the Closing Date.
"Computation Date"has the meaning set forth in Section 1.148-1(b) of the
Regulations.
"Gross Proceeds" means any proceeds as defined in Section 1.148-1(b) of
the Regulations, and any replacement proceeds as defined in Section 1.148-1(c) of
the Regulations, of the Bonds.
"Investment" has the meaning set forth in Section 1.148-1(b) of the
Regulations.
"Nonpurpose Investment" means any investment property, as defined in
Section 148(b) of the Code, in which Gross Proceeds of the Bonds are invested
and which is not acquired to carry out the governmental purposes of the Bonds.
"Rebate Amount" has the meaning set forth in Section 1.148-1(b) of the
Regulations.
"Regulations" means any proposed, temporary, or final Income Tax
Regulations issued pursuant to Sections 103 and 141 through 150 of the Code,
90341069.2/11010647 17
and 103 of the Internal Revenue Code of 1954, which are applicable to the Bonds.
Any reference to any specific Regulation shall also mean, as appropriate, any
proposed, temporary or final Income Tax Regulation designed to supplement,
amend or replace the specific Regulation referenced.
"Yield" of(1) any Investment has the meaning set forth in Section 1.148-5
of the Regulations and (2) the Bonds has the meaning set forth in Section 1.148-4
of the Regulations.
(b) Not to Cause Interest to Become Taxable. The City shall not use, permit the use
of, or omit to use Gross Proceeds or any other amounts (or any property the acquisition,
construction, or improvement of which is to be financed (or refinanced) directly or indirectly
with Gross Proceeds) in a manner which if made or omitted, respectively, would cause the
interest on any Bond to become includable in the gross income, as defined in Section 61 of the
Code, of the owner thereof for federal income tax purposes. Without limiting the generality of
the foregoing, unless and until the City receives a written opinion of counsel nationally
recognized in the field of municipal bond law to the effect that failure to comply with such
covenant will not adversely affect the exemption from federal income tax of the interest on any
Bond, the City shall comply with each of the specific covenants in this Section.
(c) No Private Use or Private Payments. Except as permitted by Section 141 of the
Code and the Regulations and rulings thereunder, the City shall at all times prior to the last
Stated Maturity of Bonds:
(1) exclusively own, operate, and possess all property the acquisition,
construction, or improvement of which is to be financed or refinanced directly or
indirectly with Gross Proceeds of the Bonds (including property financed with Gross
Proceeds of the Refunded Obligations), and not use or permit the use of such Gross
Proceeds (including all contractual arrangements with terms different than those
applicable to the general public) or any property acquired, constructed, or improved with
such Gross Proceeds in any activity carried on by any person or entity (including the
United States or any agency, department, and instrumentality thereof) other than a state
or local government, unless such use is solely as a member of the general public; and
(2) not directly or indirectly impose or accept any charge or other payment by
any person or entity who is treated as using Gross Proceeds of the Bonds or any property
the acquisition, construction, or improvement of which is to be financed or refinanced
directly or indirectly with such Gross Proceeds (including property financed with Gross
Proceeds of the Refunded Obligations), other than taxes of general application within the
City or interest earned on investments acquired with such Gross Proceeds pending
application for their intended purposes.
(d) No Private Loan. Except to the extent permitted by Section 141 of the Code and
the Regulations and rulings thereunder, the City shall not use Gross Proceeds of the Bonds to
make or finance loans to any person or entity other than a state or local government. For
purposes of the foregoing covenant, such Gross Proceeds are considered to be "loaned" to a
person or entity if: (1) property acquired, constructed, or improved with such Gross Proceeds is
90341069.2/11010647 18
sold or leased to such person or entity in a transaction which creates a debt for federal income tax
purposes; (2) capacity in or service from such property is committed to such person or entity
under a take-or-pay, output, or similar contract or arrangement; or (3) indirect benefits, or
burdens and benefits of ownership, of such Gross Proceeds or any property acquired,
constructed, or improved with such Gross Proceeds are otherwise transferred in a transaction
which is the economic equivalent of a loan.
(e) Not to Invest at Higher Yield. Except to the extent permitted by Section 148 of
the Code and the Regulations and rulings thereunder, the City shall not at any time prior to the
final Stated Maturity of the Bonds directly or indirectly invest Gross Proceeds in any Investment
(or use Gross Proceeds to replace money so invested), if as a result of such investment the Yield
from the Closing Date of all Investments acquired with Gross Proceeds (or with money replaced
thereby), whether then held or previously disposed of, exceeds the Yield of the Bonds.
(f) Not Federally Guaranteed. Except to the extent permitted by Section 149(b) of
the Code and the Regulations and rulings thereunder, the City shall not take or omit to take any
action which would cause the Bonds to be federally guaranteed within the meaning of Section
149(b) of the Code and the Regulations and rulings thereunder.
(g) Information Report. The City shall timely file the information required by
Section 149(e) of the Code with the Secretary of the Treasury on Form 8038-G or such other
form and in such place as the Secretary may prescribe.
(h) Rebate of Arbitrage Profits. Except to the extent otherwise provided in Section
148(f) of the Code and the Regulations and rulings thereunder:
(1) The City shall account for all Gross Proceeds (including all receipts,
expenditures and investments thereof) on its books of account separately and apart from
all other funds (and receipts, expenditures and investments thereof) and shall retain all
records of accounting for at least six (6) years after the day on which the last outstanding
Bond is discharged. However, to the extent permitted by law, the City may commingle
Gross Proceeds of the Bonds with other money of the City, provided that the City
separately accounts for each receipt and expenditure of Gross Proceeds and the
obligations acquired therewith.
(2) Not less frequently than each Computation Date, the City shall calculate
the Rebate Amount in accordance with rules set forth in Section 148(f) of the Code and
the Regulations and rulings thereunder. The City shall maintain such calculations with its
official transcript of proceedings relating to the issuance of the Bonds until six years after
the final Computation Date.
(3) As additional consideration for the purchase of the Bonds by the
Purchasers and the loan of the money represented thereby and in order to induce such
purchase by measures designed to insure the excludability of the interest thereon from the
gross income of the Holders thereof for federal income tax purposes, the City shall pay to
the United States from an appropriate fund, or if permitted by applicable Texas statute,
regulation, or opinion of the Attorney General of the State of Texas, the Interest and
90341069.2/11010647 19
•
Sinking Fund, the amount that when added to the future value of previous rebate
payments made for the Bonds equals (i) in the case of a Final Computation Date as
defined in Section 1.148-3(e)(2) of the Regulations, one hundred percent (100%) of the
Rebate Amount on such date; and (ii) in the case of any other Computation Date, ninety
percent (90%) of the Rebate Amount on such date. In all cases,the rebate payments shall
be made at the times, in the installments, to the place, and in the manner as is or may be
required by Section 148(f) of the Code and the Regulations and rulings thereunder, and
shall be accompanied by Form 8038-T or such other forms and information as is or may
be required by Section 148(f) of the Code and the Regulations and rulings thereunder.
(4) The City shall exercise reasonable diligence to assure that no errors are
made in the calculations and payments required by paragraphs (2) and (3), and if an error
is made, to discover and promptly correct such error within a reasonable amount of time
thereafter (and in all events within one hundred eighty (180) days after discovery of the
error), including payment to the United States of any additional Rebate Amount owed to
it, interest thereon, and any penalty imposed under Section 1.148-3(h) of the Regulations.
(i) Not to Divert Arbitrage Profits. Except to the extent permitted by Section 148 of
the Code and the Regulations and rulings thereunder, the City shall not, at any time prior to the
earlier of the Stated Maturity or final payment of the Bonds, enter into any transaction that
reduces the amount required to be paid to the United States pursuant to subsection (h) of this
Section because such transaction results in a smaller profit or a larger loss than would have
resulted if the transaction had been at arm's length and had the Yield of the Bonds not been
relevant to either party.
(j) Elections. The City hereby directs and authorizes the Mayor, Mayor Pro Tern,
City Manager, Deputy City Manager, Director of Finance and City Secretary, of the City,
individually or jointly, to make elections permitted or required pursuant to the provisions of the
Code or the Regulations, as one or more of such persons deems necessary or appropriate in
connection with the Bonds, in the Certificate as to Tax Exemption, or similar or other
appropriate certificate, form, or document.
(k) Bonds Not Hedge Bonds. At the time the original obligations refunded by the
Bonds were issued, the City reasonably expected to spend at least 85% of the spendable proceeds
of such bonds within three years after such bonds were issued, and (2) not more than 50% of the
proceeds of the original obligations refunded by the Bonds were invested in Nonpurpose
Investments having a substantially guaranteed Yield for a period of 4 years or more.
(1) Current Refunding. The Bonds are a current refunding of the Refunded
Obligations in that the Bonds will be issued less than 90 days before the redemption of the
Refunded Obligations.
(m) Qualified Tax-Exempt Obligations. The Pricing Officer is hereby authorized to
designate in the Pricing Certificate the designation of the Bonds as "qualified tax-exempt
obligations" in accordance with the provisions of the paragraph (3) of subsection (b) of Section
265 of the Code in the event the Bonds qualify for such designation and confirm that the Bonds
are not "private activity bonds" as defined in the Code and confirm the amount of"tax-exempt
90341069.2/11010647 20
obligations" to be issued by the City (including all subordinate entities of the City) for the
calendar year in which the Bonds are issued will not exceed the applicable limitation.
SECTION 15: Sale of Bonds — Official Statement. The Bonds authorized by this
Ordinance are to be sold by the City to the Purchasers in accordance with a bond purchase
agreement (the "Purchase Contract"), the terms and provisions of which Purchase Contract are to
be determined by the Pricing Officer, in accordance with Section 3 hereof.
The Pricing Officer is hereby authorized and directed to execute said Purchase Contract
for and on behalf of the City and as the act and deed of this City Council.
The Mayor and City Secretary of the City are further authorized and directed to manually
or electronically execute and deliver for and on behalf of the City copies of a Preliminary
Official Statement and Official Statement, prepared in connection with the offering of the Bonds
by the Purchasers, in final form as may be required by the Purchasers, and such final Official
Statement in the form and content as approved by the Pricing Officer or as manually or
electronically executed by said officials shall be deemed to be approved by the City Council of
the City and constitute the Official Statement authorized for distribution and use by the
Purchasers.
SECTION 16: Escrow Agreement. A "Escrow Agreement" (the "Escrow Agreement")
by and between the City and an authorized escrow agent (the "Escrow Agent"), if any such
agreement is required in connection with the issuance of the Bonds, shall be attached to the
Pricing Certificate. Such Escrow Agreement is hereby authorized to be finalized and executed
by the Pricing Officer for and on behalf of the City and as the act and deed of this Council; and
such Escrow Agreement as executed by said Pricing Officer shall be deemed approved by the
City Council and constitute the Escrow Agreement herein approved. With regard to the
finalization of certain terms and provisions of any Escrow Agreement, a Pricing Officer is
hereby authorized to come to an agreement with the Escrow Agent on the following details,
among other matters:
1. The identification of the Refunded Obligations;
2. The creation and funding of the Escrow Fund or Funds; and
3. The Escrow Agent's compensation, administration of the Escrow Fund or Funds,
and the settlement of any paying agents' charges relating to the Refunded Obligations.
Furthermore, appropriate officials of the City in cooperation with the Escrow Agent are
hereby authorized and directed to make the necessary arrangements for the purchase of the
escrowed securities referenced in the Escrow Agreement, if any, and the delivery thereof to the
Escrow Agent on the day of delivery of the Bonds to the Purchasers for deposit to the credit of
the "CITY OF EULESS, TEXAS, GENERAL OBLIGATION REFUNDING BONDS SERIES
2011 ESCROW FUND" (referred to herein as the "Escrow Fund"), or such other designation as
specified in the Pricing Certificate; all as contemplated and provided in Chapter 1207, V.T.C.A.,
Government Code, as amended, this Ordinance, the Pricing Certificate, and the Escrow
Agreement.
90341069.2/11010647 21
SECTION 17: Refunded Obligations. (a) In order to provide for the refunding,
discharge, and retirement of the Refunded Obligations, the Refunded Obligations, identified,
described, and in the amounts set forth in the Pricing Certificate, are called for redemption on the
first date(s) such Refunded Obligations are subject to redemption or such other date specified by
the Pricing Officer in the Pricing Certificate at the price of par plus accrued interest to the
redemption dates, and notice of such redemption shall be given in accordance with the applicable
provisions of the ordinance(s) adopted by the City Council of the City, which authorized the
issuance of the Refunded Obligations. The Pricing Officer is hereby authorized and directed to
issue or cause to be issued a Notice of Redemption for each series of the Refunded Obligations
in substantially the form(s) set forth as (an) Exhibit(s) to the Pricing Certificate, to each and
every paying agent/registrar for Refunded Obligations, in accordance with the redemption
provisions applicable to each series of the Refunded Obligations.
(b) Each paying agent/registrar for Refunded Obligations is hereby directed to
provide the appropriate notice(s) of redemption as required by the respective ordinances
authorizing the Refunded Obligations and is hereby directed to make appropriate arrangements
so that the Refunded Obligations may be redeemed on the redemption date.
(c) The source of funds for payment of the principal of and interest on the Refunded
Obligations on their respective maturity or redemption dates shall be from the funds deposited
with the Escrow Agent, pursuant to the Escrow Agreement, if any, or with the paying
agent/registrar for the Refunded Obligations pursuant the provisions of V.T.C.A., Government
Code, Chapter 1207, as amended, this Ordinance and the Pricing Certificate finalized by the
Pricing Officer.
SECTION 18: Control and Custody of Bonds. The Mayor shall be and is hereby
authorized to take and have charge of all necessary ordinances, resolutions, orders and records,
including the definitive Bonds and the Initial Bonds, pending the investigation and approval of
the Initial Bonds by the Attorney General of the State of Texas, and the registration of the Initial
Bonds to the Comptroller of Public Accounts and the delivery thereof to the Purchasers.
SECTION 19: Proceeds of Sale. Immediately following the delivery of the Bonds, the
proceeds of sale (less those proceeds of sale designated to pay costs of issuance and any accrued
interest received from the Purchasers of the Bonds) shall be deposited with the Escrow Agent for
application and disbursement in accordance with the provisions of the Escrow Agreement. The
proceeds of sale of the Bonds not so deposited with the Escrow Agent for the refunding of the
Refunded Obligations shall be disbursed for payment of costs of issuance, or deposited in the
Interest and Sinking Fund for the Bonds, all in accordance with written instructions from the City
or its Financial Advisor. Such proceeds of sale may be invested in authorized investments and
any investment earnings realized may be (with respect to the accrued interest received from the
Purchasers) deposited in the Interest and Sinking Fund as shall be determined by the City
Council of the City.
Additionally, the Pricing Officer shall determine the amount of any City contribution to
the refunding from moneys on deposit in the interest and sinking fund and/or reserve fund
maintained for the payment of the Refunded Obligations.
90341069.2/11010647 22
SECTION 20: Notices to Holders-Waiver. Wherever this Ordinance or the Pricing
Certificate provides for notice to Holders 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 Holder appearing in the Security Register at the
close of business on the business day next preceding the mailing of such notice.
In any case in which notice to Holders is given by mail, neither the failure to mail such
notice to any particular Holders, nor any defect in any notice so mailed, shall affect the
sufficiency of such notice with respect to all other Bonds. Where this Ordinance or the Pricing
Certificate provides for notice in any manner, such notice may be waived in writing by the
Holder 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
Holders 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 21: 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
previously 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 returned to
the City.
SECTION 22: Bond Counsel Opinion. The obligation of the Purchasers to accept
delivery of the Bonds is subject to being furnished a final opinion of Fulbright & Jaworski
L.L.P., Attorneys, Dallas, Texas, approving the Bonds as to their validity, said opinion to be
dated and delivered as of the date of delivery and payment for the Bonds. A true and correct
reproduction of said opinion is hereby authorized to be printed on the Bonds, or an executed
counterpart thereof is hereby authorized to be either printed on definitive printed obligations or
deposited with DTC along with the global certificates for the implementation and use of the
Book-Entry-Only System used in the settlement and transfer of the Bonds.
SECTION 23: CUSIP Numbers. CUSIP numbers may be printed or typed on the
definitive Bonds. It is expressly provided, however, that the presence or absence of CUSIP
numbers on the definitive Bonds shall be of no significance or effect as regards the legality
thereof, and neither the City nor attorneys approving the Bonds as to legality are to be held
responsible for CUSIP numbers incorrectly printed or typed on the definitive Bonds.
SECTION 24: Benefits of Ordinance. Nothing in this Ordinance or the Pricing
Certificate, expressed or implied, is intended or shall be construed to confer upon any person
other than the City, the Paying Agent/Registrar and the Holders, any right, remedy, or claim,
legal or equitable, under or by reason of this Ordinance or any provision hereof or the Pricing
Certificate, this Ordinance and all of its provisions and the Pricing Certificate being intended to
be and being for the sole and exclusive benefit of the City, the Paying Agent/Registrar, and the
Holders.
90341069.2/11010647 23
SECTION 25: Inconsistent Provisions. All ordinances 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 26: 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 27: Effect of Headings. The Section headings herein are for convenience of
reference only and shall not affect the construction hereof.
SECTION 28: Construction of Terms. If appropriate in the context of this Ordinance,
words of the singular number shall be considered to include the plural, words of the plural
number shall be considered to include the singular, and words of the masculine, feminine, or
neuter gender shall be considered to include the other genders.
SECTION 29: Severability. If any provision of this Ordinance or the Pricing Certificate
or the application thereof to any circumstance shall be held to be invalid, the remainder of this
Ordinance and the Pricing Certificate and the application thereof to other circumstances shall
nevertheless be valid, and the City Council of the City hereby declares that this Ordinance would
have been enacted without such invalid provision.
SECTION 30: Incorporation of Findings and Determinations. The findings and
determinations of the City Council of the City contained in the preamble hereof are hereby
incorporated by reference and made a part of this Ordinance for all purposes as if the same were
restated in full in this Section.
SECTION 31: Continuing Disclosure Undertaking.
(a) Definitions. As used in this Section, the following terms have the meanings
ascribed to such terms below:
"MSRB"means the Municipal Securities Rulemaking Board.
"Rule" means SEC Rule 15c2-12, as amended from time to time or
officially interpreted by the SEC.
"SEC"means the United States Securities and Exchange Council.
(b) Annual Reports. The City shall provide annually to the MSRB: (1) within six
months after the end of each fiscal year (beginning with the fiscal year stated in the Pricing
Certificate) financial information and operating data with respect to the City of the general type
included in the final Official Statement approved by the Pricing Officer and described in the
Pricing Certificate and (2) if not provided as part of such financial information and operating
data, audited financial statements of the City, when and if available. Financial statements to be
provided shall be (1) prepared in accordance with the accounting principles described in the
Pricing Certificate, 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
90341069.2/11010647 24
audit of such statements and the audit is completed within the period during which they must be
provided. If audited financial statements are not available at the time the financial information
and operating data must be provided, then the City shall provide unaudited financial information
for the applicable fiscal year and shall provide audited financial statements, when and if the same
become available.
If the City changes its fiscal year, it will notify the MSRB 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
documents available to the public on the MSRB's Internet web site or filed with the SEC.
(c) Material Events Notices. The City shall provide notice of any of the following
events with respect to the Bonds to the MSRB in a timely manner and not more than 10 business
days after occurrence of the event:
1. Principal and interest payment delinquencies;
2. Non-payment related defaults, if material;
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, the issuance by the Internal Revenue Service of proposed
or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB), or other
material notices or determinations with respect to the tax status of the Bonds, or other material
events affecting the tax status of the Bonds;
7. Modifications to rights of holders of the Bonds, if material;
8. Bond calls, if material, and tender offers;
9. Defeasances;
10. Release, substitution, or sale of property securing repayment of the Bonds, if
material;
11. Rating changes;
12. Bankruptcy, insolvency, receivership, or similar event of the City, which shall
occur as described below;
13. The consummation of a merger, consolidation, or acquisition involving the City
or the sale of all or substantially all of its assets, other than in the ordinary course of business, the
entry into of a definitive agreement to undertake such an action or the termination of a definitive
agreement relating to any such actions, other than pursuant to its terms, if material; and
14. Appointment of a successor or additional trustee or the change of name of a
trustee, if material.
90341069.2/11010647 25
For these purposes, any event described in the immediately preceding subsection(c)12 is
considered to occur when any of the following occur: the appointment of a receiver, fiscal agent,
or similar officer for the City in a proceeding under the United States Bankruptcy Code or in any
other proceeding under state or federal law in which a court or governmental authority has
assumed jurisdiction over substantially all of the assets or business of the City, or if such
jurisdiction has been assumed by leaving the existing governing body and officials or officers in
possession but subject to the supervision and orders of a court or governmental authority, or the
entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or
governmental authority having supervision or jurisdiction over substantially all of the assets or
business of the City.
The City shall notify the MSRB, in a timely manner, of any failure by the City to provide
the financial information or operating data in accordance with subsection (b) of this Section by
the time required by such Section.
(d) Filings with the MSRB. All financial information, operating data, financial
statements, notices and other documents provided to the MSRB in accordance with this Section
shall be provided in an electronic format prescribed by the MSRB and shall be accompanied by
identifying information as prescribed by the MSRB.
(e) Limitations, Disclaimers, and Amendments. The City shall be obligated to
observe and perform the covenants specified in this Section while, but only while, the City
remains an "obligated person" with respect to the Bonds within the meaning of the Rule, except
that the City in any event will give the notice required by subsection(c)hereof of any Bond calls
and defeasance that cause the City to be no longer such an"obligated person."
The provisions of this Section are for the sole benefit of the Holders and beneficial
owners of the 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 that may be relevant or material to a complete
presentation of the City's financial results, condition, or prospects or hereby undertake 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 Bonds at any future date.
UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER
OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER 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.
90341069.2/11010647 26
No default by the City in observing or performing its obligations under this Section shall
constitute a breach of or default under this 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.
Notwithstanding anything to the contrary in this Ordinance, the provisions of this Section
may be amended by the City from time to time to adapt to changed circumstances resulting 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 Bonds in the primary offering of the Bonds in
compliance with the Rule, taking into account any amendments or interpretations of the Rule to
the date of such amendment, 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 Bonds
consent to such amendment or (b) a Person that is unaffiliated with the City (such as nationally
recognized bond counsel) determines that such amendment will not materially impair the
interests of the Holders and beneficial owners of the Bonds. The provisions of this Section may
also be amended from time to time or repealed by the City if the SEC amends or repeals the
applicable provisions of the Rule or a court of final jurisdiction determines that such provisions
are invalid, but only if and to the extent that reservation of the City's right to do so would not
prevent underwriters of the initial public offering of the Bonds from lawfully purchasing or
selling Bonds in such offering. If the City so amends the provisions of this Section, it shall
include with any amended financial information or operating data next provided pursuant to
subsection (b) hereof an explanation, in narrative form, of the reasons for the amendment and of
the impact of any change in the type of financial information or operating data so provided.
SECTION 32: Municipal Bond Insurance. The Bonds may be sold with the principal of
and interest thereon being insured by a municipal bond insurance provider authorized to transact
business in the State of Texas. The Pricing Officer is hereby authorized to make the selection of
municipal bond insurance (if any) for the Bonds and make the determination of the provisions of
any commitment therefor.
SECTION 33: Further Procedures. Any one or more of the Mayor, Mayor Pro Tern,
City Manager, Deputy City Manager, Director of Finance and City Secretary are hereby
expressly authorized, empowered and directed from time to time and at any time to do and
perform all such acts and things and to execute, acknowledge and deliver in the name and on
behalf of the City all agreements, instruments, certificates or other documents, whether
mentioned herein or not, as may be necessary or desirable in order to carry out the terms and
provisions of this Ordinance and the issuance of the Bonds. In addition, prior to the initial
delivery of the Bonds, the Mayor, Mayor Pro Tern, City Manager, Deputy City Manager,
Director of Finance or City Secretary of the City or Bond Counsel to the City are each hereby
authorized and directed to approve any technical changes or corrections to this Ordinance or to
any of the documents authorized and approved by this Ordinance, including the Pricing
Certificate: (i) in order to cure any technical ambiguity, formal defect, or omission in the
Ordinance or such other document; or (ii) as requested by the Attorney General of the State of
90341069.2/11010647 27
Texas or his representative to obtain the approval of the Bonds by the Attorney General and if
such officer or counsel determines that such ministerial changes are consistent with the intent
and purpose of the Ordinance, which determination shall be final. In the event that any officer of
the City whose signature shall appear on any document shall cease to be such officer before the
delivery of such document, such signature nevertheless shall be valid and sufficient for all
purposes the same as if such officer had remained in office until such delivery.
SECTION 34: 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 Chapter 551 of the Government Code, as amended.
SECTION 35: Effective Date. In accordance with the provisions of V.T.C.A.,
Government Code, Section 1201.028, as amended, this Ordinance shall be in force and effect
from and after its passage on the date shown below and it is so ordained.
[The Remainder of the Page Intentionally Left Blank]
90341069.2/11010647 28
PASSED AND ADOPTED, this January 25, 2011.
CITY OF EULESS, TEXAS
L, LL�LIiA-
Mayor
ATTEST:
1 y Secret.
(City Seal)
APPROVED AS TO FORM:
City Attorney
90341069.2/11010647 S-1
INVOICE
Star-Telegram Customer ID: CITO9
400 W.7TH STREET Invoice Number: 314138331
FORT WORTH,TX 76102
(817)390-7761 Invoice Date: 1/29/2011
Federal Tax ID 26-2674582 Terms: Net due in 21 days
Bill To:
Due Date: 1/31/2011
PO Number:
CITY OF EULESS ACCOUNTS PAYABL
201-N ECTOR DR Order Number: 31413833
EULESS, TX 76039-3543 Sales Rep: 073
Description: CITY OF EULESS 0
Attn: ACCOUNTS .PAYABLE Publication Dates: 1/28/2011 -1/29/2011
1 �4)e ' PS ; - a§ ' '' , m li 011 g01
CITY OF giiii% _ Legal Notices
CITY O NCEMI 1%Z
AN ORDINANCE AUTHORIZING THE 1 40 40 LINE $3.09 $247.40
ISSUANCE OF bCITY OF EULESS PRESENTED AND APPROVED ON
EXAS GENERAL OBLIGATION FOIST AND FINAL READING at a
Sates I
REFUNDING BONDS, SERIES \ regular meeting of the Euless City
2011ö; LEVYING A CONTINUING Council on the 25th day of January ($230.40)
DIRECT ANNUAL AD VALOREM 2011,by a vote of 7 ayes,0 nays,
Mise " TAX FOR THE PAYMENT OF SAID gnd 0 abstentions.
BONDS; AND RESOLVING OTHER APPROVED: $1 0.00
MATTERS INCIDENT AND RELAT- /s/Mary Lib Saleh,Mayor
ED TO THE ISSUANCE, SALE /A�TTEST:�rI��,
PAYMENT AND DELIVERY OF AVID ASTRf1 th Secretary
SAID BONDS; ESTABLISHING
PROCEDURES FOR THE SALE AND /s/Wayne K.Oben,Oty Attorney
DELIVERY OF THE BONDS; AND Net Amount: $27.00
DELEGATING MATTERS RELATING
TO THE SALE AND ISSUANCE OF
THE BONDS TO AN AUTHORIZED tHIIIIIiN/
CITY OFFICIAL. ``‘�\1 //�7j�
EFFECTIVE DATE.In accordance with �� L. ti
the ntrCode nsectionT12901:2186,11 Govern- n n ``Q��••.. A(�O '�
amended,this F 1-h3 -I k 1 L.U I i Z`: �A 6 .
fun face and effect from and after .V: O ���'•O
Euless City Chart the laws C .` .Y =*; �-'
of the State of Texas. F F" > • 0T / Pco
r,
.q�OF S
THE STATE OF TEXAS FIRE`?.••••
County of Tarrant ' �� ft1311t11� `````
Before me,a Notary Public in and for said County and State,this day personally appeared Deborah Baylor Norwood,Bid and Legal Coordinator for
the Star-Telegram,published by the Star-Telegram,Inc.at Fort Worth,in Tarrant County,Texas;and who,after being duly sworn,did depose and say
that the attached clipping of an advertisement was published i the above named paper on the listed dates:BIDS&LEGAL DEPT. STAR TELEGRAM
(817)215-2323 ((''����
Signed \ OP .\ZgOCC., _
SUBSCRIBED AND SWORN TO BEFORE ME,THIS Monday,Janua• ,r 11.
■
Notary Public ` `..�I_</ d
Thank You For Your Payment
Remit To: Star-Telegram Customer ID: CIT09
P.O. BOX 901051 Customer Name: CITY OF EULESS ACCOUN
FORT WORTH, TX 76101-2051 Invoice Number: 314138331
Invoice Amount: $27.00
PO Number:
Amount Enclosed: $ ,.--7, 0 d 1