HomeMy WebLinkAboutOrdinances (O-91-854)-01/07/1991
ORDINANCE NO. ~-!~~
AN ORDINANCE authorizing the issuance of "CITY OF
COLLEYVILLE, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1992"; specifying the terms and features
of said bonds; levying a continuing di rect
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 Officia 1 Statement
pertaining thereto; and providing an effective
date.
WHEREAS, the City Council of the City of Colleyville,
Texas hereby finds and determines that $2,750,000 in principal
amount of general obligation bonds approved and authorized to
be issued at an election held on August 10, 1991 should be
issued and sold at this time; a schedule of the unissued
general obligation bonds approved at said election identifying
the purposes and the principal amounts authorized therefor,
amounts being issued pursuant to this Ordinance and amounts
remaining to be issued being as follows:
Purpose
Principal
Amount
Authorized
Amounts
Being
Issued
Amounts
Remaining
Street improvements
Park improvements
Public Safety
Municipal Libraryl
Community Center
$8,110,000
3,135,000
1,155,000
1,100,000
$1,750,000
1,000,000
-0-
-0-
$6,360,000
2,135,000
1,155,000
1,100,000
AND WHEREAS, the City Council hereby reserves and retains
the right to issue the balance of unissued bonds approved at
said elections in one or more installments when, in the
judgment of the Council, funds are needed to accomplish the
purposes for which such bonds were voted; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
SECTION 1: ~uthorization - Designation-PrIncipal Amount-
Purpose. General obligation bonds of the City shall be and are
hereby authorized to be issued in the aggregate principal
amount of $2,750,000, to be des ignated and bear the ti tIe "CITY
PAGE 2 OF 26 - ORDINANCE 0-91-854
OF COLLEYVILLE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1992"
(hereinafter referred to as the "Bonds"), for permanent public
improvements, to wit: $1,750,000 for street improvements,
including drainage necessary and incidental thereto, for
subdivisions within the City, including Chelsea Park, Oaks and
Briarwood, Oak Crest Hills, Colleyville Estates, Woodbriar and
Quailcrest and for Heritage Avenue and $1,000,000 for park
improvements, in accordance wi th authority conferred at the
aforesaid election and in conformity with the Constitution and
laws of the State of Texas.
SECTION 2: Fully Registered Obligations - Bond Date -
Authorized Denominations-Stated Maturities-Interest Rates. The
Bonds shall be issued as fully registered obligations only,
shall be dated January 15, 1992 (the "Bond Date"), shall be in
denominations of $5,000 or any integral multiple (within a
Stated Maturi ty) thereof, and shall become due and payable on
February 15 in each of the years and in principal amounts (the
"Stated Maturities") and bear interest at the rate(s) per annum
in accordance with the following schedule:
Year of Principal Interest
Stated Maturity Amount Rate(s)
1994 $ 80,000 8.00%
1995 85,000 8.00%
1996 90,000 8.00%
1997 95,000 8.00%
1998 105,000 8.00%
1999 110,000 8.00%
2000 120,000 8.00%
2001 130,000 8.00%
2002 140,000 5.50%
2003 150,000 5.60%
2004 160,000 5.70%
2005 170,000 5.80%
2006 185,000 5.90%
2007 195,000 6.00%
2008 210,000 6.10%
2009 225,000 6.10%
2010 240,000 5.70%
2011 260,000 5.00%
The Bonds shall bear interest on the unpaid principal
amounts from the Bond Date at the rate(s) per annum shown above
in this Section (calculated on the basis of a 360-day year of
twelve 30-day months). Interest on the Bonds shall be payable
on February 15 and August 15 in each year, commencing
February 15, 1993.
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PAGE 3 OF 26 - ORDINANCE 0-91-854
SECTION 3: Terms of Payment-Paying Agent/Registrar.
The principal of, premium, if any, and the interest on the
Bonds, due and payable by reason of maturi ty, 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 (the "Security
Register") 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 sha 11 be
without exchange or collection charges to the Holders.
The selection and appointment of NationsBank of Texas,
N.A., Dallas, Texas to serve as Paying Agent/Registrar for the
Bonds is hereby approved and confirmed. 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 qualified and authorized
to serve in such capaci ty 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.
Principal of and premium, if any, on the Bonds shall be
payable at the Stated Maturities or the redemption thereof,
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 Holders whose name appears in the Security
Register at the close of business on the Record Date (the last
business day of the month next preceding each interest payment
date) and shall be paid by the Paying Agent/Registrar (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 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 lega 1
holiday, or a day when banking institutions in the City where
the Paying Agent/Registrar is located are authorized by law or
executive order to close, then the date for such payment shall
be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day when banking insti tutions are
authorized to close i and payment on such date sha 11 have the
same force and effect as if made on the original date payment
was due.
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PAGE 4 OF 26 - ORDINANCE 0-91-854
In the event of a nonpayment 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 Holder 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 February 15, 2002,
shall be subject to redemption prior to maturity, 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 February 15,
2001 or on any date thereafter 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 redemption date for the Bonds (unless a
shorter notification period shall be satisfactory to the Paying
Agent/Registrar), the City shall notify the Paying
Agent/Registrar of the decision to redeem Bonds, the principal
amount of each Stated Maturity to be redeemed, and the date of
redemption therefor. 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 to be
redeemed on a redemption date, the Paying Agent/Registrar shall
treat such Bonds as representing the number of Bonds
Outstanding which is obtained by dividing the principal amount
of such Bonds by $5,000 and shall select the Bonds, or
principal amount thereof, to be redeemed wi thin such Stated
Maturity by lot.
(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 Holder of a Bond to be redeemed in whole or in
part at the address of the Holder appearing on the Security
Register at the close of business on the business day next
preceding the date of mai ling such notice, and any notice of
redemption so mailed shall be conclusively presumed to have
been duly given irrespective of whether received by the Holder.
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PAGE 5 OF 26 - ORDINANCE 0-91-854
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) state 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) specify that
payment of the redemption price for the Bonds, or the principal
amount thereof to be redeemed, shall be made at the principal
office of the Paying Agent/Registrar only upon presentation and
surrender thereof by the Holder. I f a Bond is subj ect by its
terms to prior redemption, and has been called for redemption,
and notice of redemption thereof has been duly given as
hereinabove 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 Bond (or of the principal amount thereof to be
redeemed) at the then applicable redemption price are held for
the purpose 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 the Bonds
shall at all times be kept and maintained by the City at the
principal office of the Paying Agent/Registrar, as provided
herein and in accordance with the provisions of an agreement
with the Paying Agent/Registrar 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 Securi ty Register the name and address of each and every
owner 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 other
authorized denominations by the Holder, in person or by his
duly authorized agent, upon surrender of such Bond to the
Paying Agent/Registrar for cancellation, accompanied by a
wri tten 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 of any Bond for transfer 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 of
authorized denominations and having the same Stated Maturity
and of a like aggregate principal amount as the Bond or Bonds
surrendered for transfer.
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PAGE 6 OF 26 - ORDINANCE 0-91-854
At the option of the Holder, 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 to the Holder requesting
the exchange.
All Bonds issued in any transfer or exchange of Bonds
shall be delivered to the Holders at the principal 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 cancelled 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.
Nei ther the City nor the Paying Agent/Registrar shall be
requfred to issue or transfer to an assignee of a Holder any
Bond called for redemption, in whole or in part, within 45 days
of the date fixed for the redemption of such Bondi 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.
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PAGE 7 OF 26 - ORDINANCE 0-91-854
SECTION 6: Book-Entry Only Transfe~s and Transactions.
Notwithstanding the provisions contained In Sections 3 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
I imi ted purpose t rust company organized under the laws of the
State of New York, in accordance with the requirements and
procedures identified in the Letter of Representation, by and
between the City, the Paying Agent/Registrar and DTC (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 Deposi tory 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.
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 defini ti ve 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 3 and 5 hereof.
SECTION 7: Execution - Registration. The Bonds shall
be executed on behalf of the City by the Mayor or Mayor Pro Tern
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.
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PAGE 8 OF 26 - ORDINANCE 0-91-854
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 9C,
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 9D, 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 total principal amount of
$2,750,000 with principal installments to become due and
payable as provided in Section 2 hereof and numbered T-I, or
(ii) as eighteen (18) 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-I 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 defini ti ve 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 wi th 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 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, subst i tut ions, and other vari ations as
are permi tted or requi red by this Ordinance and may have such
letters, numbers, or other marks of identification (including
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PAGE 9 OF 26 - ORDINANCE 0-91-854
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 in the event the Bonds, or any maturties
thereof, are purchased wi th insurance and any reproduction of
an opinion of counsel) thereon as may, consistently herewith,
be established by the City or determined by the officers
executing such Bonds as evidenced by their execution. 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 Bond(s) shall be
printed, lithographed, or 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 Definitive Bond.
REGISTERED
NO.
REGISTERED
$
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF COLLEYVILLE, TEXAS
GENERAL OBLIGATION BOND, SERIES 1992
Bond Date: Interest Rate:
January 15, 1992
Stated Maturity:
CUSIP NO:
Registered Owner:
Principal Amount:
DOLLARS
The City of Co lleyvi lIe (hereinafter refer red 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 order of 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)
-9-
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PAGE 10 OF 26 - ORDINANCE 0-91-854
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 February 15 and
August 15 in each year, commencing February 15, 1993.
Principal of this Bond is payable at its Stated Maturity or
redemption 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 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 last business 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 Securi ty 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 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 $2,750,000 (herein
referred to as the "Bonds") for permanent public improvements,
to wit: $1,750,000 for street improvements, including drainage
necessary and incidental thereto, for subdivisions within the
Ci ty, including Chelsea Park, Oaks and Briarwood, Oak Crest
Hills, Colleyville Estates, Woodbriar and Quailcrest and for
Heritage Avenue and $1,000,000 for park improvements, under and
in strict conformity with the Constitution and laws of the
State of Texas and pursuant to an Ordinance adopted by the City
Council of the City (herein referred to as the "Ordinance").
The Bonds maturing on and after February 15, 2002, 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 Febraury 15, 2001, or on
any date thereafter, at the redemption price of par, together
with accrued interest to the date of redemption and upon
30 days prior written notice being sent by United States Mail,
first class postage prepaid, to the registered owners of the
Bonds to be redeemed, and subject to the terms and provisions
relating thereto contained in the Ordinance. 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,
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PAGE 11 OF 26 - ORDINANCE 0-91-854
then upon such redemption 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.
In the event of a partial redemption of the principal
amount of this Bond, payment of the redemption price of such
principal amount shall be made to the registered owner only
upon presentation and surrender of this Bond to the Paying
Agent/Registrar at its principal office, and there shall be
issued to the registered owner hereof, without charge, 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 hereof. If this Bond is
selected 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 registered owner within 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
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 in 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 owner or holder of this Bond by the acceptance hereof
hereby assents, for defini tions 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 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 principal office of
the Paying Agent/Registrar, with the Assignment hereon duly
endorsed by, or accompanied by a written instrument of transfer
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PAGE 12 OF 26 - ORDINANCE 0-91-854
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 agg reg ate principa 1 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 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 ei ther, shall be affected by
notice to the contrary. In the event of nonpayment 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 Holder 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,
condi tions and things requi red to exi st 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 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.
-12-
PAGE 13 OF 26 - ORDINANCE 0-91-854
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.
CITY OF COLLEYVILLE, TEXAS
COUNTERSIGNED:
~~~~
gl-~tl;}~
(SEAL)
C. *Form of Registration Certificate of Comptroller
of Public Accounts to appear on Initial Bond(s) only.
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
THE STATE OF TEXAS
(
(
(
(
REGISTER NO.
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS
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
~r of Public Accounts
of the State of Texas
(SEAL)
-13-
PAGE 14 OF 26 - ORDINANCE 0-91-854
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 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.
NATIONSBANK OF TEXAS, N.A.
Dallas, Texas,
as Paying Agent/Registrar
Registration Date:
By
Authorized Signature
*NOTE TO PRINTER:
Do Not Print on Definitive Bonds
E. Form of Assignment.
ASSIGNMENT
FOR
assigns,
address,
VALUE RECEIVED
and transfers
and zip code of
the undersigned hereby sells,
unto (Print or typewrite name,
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, wi th full power of substitution in the
premises.
DATED:
................................ ................... ....
.... ......... ....... .......
NOTICE: The signature on this
assignment must correspond with
the name of the registered owner
as it appears on the face of the
within Bond in every particular.
Signature guaranteed:
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PAGE 15 OF 26 - ORDINANCE 0-91-854
F. The Initial Bond(s) shall be in the form set forth in
paragraph B of this Section, except that the form of the single
fully registered Initial Bond shall be modified as follows:
(i) immediately under the name of the bond the
headings "Interest Rate "and
Maturity " shall both be omitted.
"Stated
(ii) Paragraph one shall read as follows:
Registered Owner:
Principal Amount:
Dollars
The City of Colleyville (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 order of the Registered Owner named above, or the
registered assigns thereof, the Principal Amount hereinabove
stated on February 15 in each of the years and in principal
installments in accordance with the following schedule:
YEAR OF
MATURITY
PRINCIPAL
INSTALLMENTS
INTEREST
RATE
(Information to be inserted from
schedule in Section 2 hereof).
(or so much principal thereof as shall not have been prepaid
prior to maturity) and to pay interest on the unpaid Principal
Amount hereof from the Bond Date 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 February 15 and August 15 in each year, commencing
February 15, 1993. Principal installments of this Bond are
payable in the year of maturity or on a prepayment date to the
registered owner hereof, upon its presentation and surrender,
at the principal office of NationsBank of Texas, N.A., Dallas,
Texas (the "Paying Agent/Registrar"). 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 last
business 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
-15-
PAGE 16 OF 26 - ORDINANCE 0 91-854
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 owner hereof and in any coin or
currency of the Uni ted States of America which at the time of
payment is legal tender for the payment of public and private
debts.
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
limi tations prescribed by law, and such tax hereby levied on
each one hundred dollars' valuation 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
delinquencies and costs of collection; separate books and
records relating to the receipt and disbursement of taxes
levied, assessed and collected for and on account of the Bonds
shall be kept and maintained by the City at all times while the
Bonds are Outstanding, and the taxes collected for the payment
of the Debt Service Requirements on the Bonds shall be
deposited to the credit of a "Special 1992 Bond Account" (the
.. Interest and Sinking Fund") maintained on the records of the
City and deposited in a special fund 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 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 not contemporaneously
-16-
PAGE 17 OF 26 - ORDINANCE 0-91-854
outstanding, in exchange and substi tution for such muti lated
Bond, or in lieu of and in substi tution for such destroyed,
lost or stolen Bond, only upon the approval of the Ci ty and
after (i) the filing by the Holder thereof with the Paying
Agent/Registrar of evidence satisfactory to the Paying
Agent/Registrar of the destruction, loss or theft of such BondJ
and of the authenticity of the ownership thereof and (i i) 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, 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 payor 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
wi th 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,
wi thout reinvestment, of suff icient money, together with any
moneys deposited therewith, if any, to pay when due the
principal of and interest on such Bonds, or the principal
-17-
PAGE 18 OF 26 - ORDINANCE 0-91-854
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 deposi t which would cause the Bonds to be treated as
"arbitrage bonds" within the meaning of Section l03(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 depos i ted sha 11 be remi tted 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 are held in trust to pay shall upon the request
of the City be remitted to the City against a written receipt
therefor. Notwi thstanding 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", as used herein, means
direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United
States of America, which are non-callable prior to the
respective Stated Maturi ties of the Bonds and may be Uni ted
States Treasury Obligations such as the State and Local
Government Series and may be in book-entry form.
SECTION 13: Ordinance a Contract - Amendments - Outstanding
Bonds. This Ordinance 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. The
City may, without the consent of or notice to any Holders, from
time to time and at any time, amend this Ordinance 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 holding a majority in aggregate principal
amount of the Bonds then Outstanding affected thereby, amend,
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PAGE 19 OF 26 - ORDINANCE 0-91-854
add to, or rescind any of the provisions of this Ordinance;
provided that, without the consent of all Holders of
Outstanding Bonds, no such amendment, addi tion, 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 redemption 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 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
Agent/Registrar or delivered
Agent/Registrar for cancellation;
by
to
the
the
Paying
Paying
(2) those Bonds deemed to be
the City in accordance with the
Section 12 hereof; and
duly paid
provisions
by
of
(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 14, the
fOllowing terms have the following meanings:
"Code" means the Internal Revenue Code of 1986,
as amended by all legislation, if any, enacted on or
before the Issue Date.
"Computation Date" has the' meaning stated in
Treas. Reg. S 1.148-8T(b)(1).
"Gross Proceeds" has the meaning stated in
Treas. Reg. S 1.148-8T(d).
"Investment" has the meaning stated in Treas.
Reg. S 1.148-8T(e).
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PAGE 20 OF 26 - ORDINANCE 0-91-854
"Issue Date" means the date on which the Bonds
are first authenticated and delivered to the initial
purchasers against payment therefor.
"Nonpurpose Investment" means any Investment in
which Gross Proceeds of the Bonds are invested and
which is not acquired to carry out the governmental
purpose of the Bonds.
"Yield of"
(l) any Investment shall be computed
in accordance with Treas. Reg. Sl.148-2T,
and
(2) the Bonds has the meaning stated
in Treas. Reg. S 1.148-3T.
(b) Not to Cause Interest to Become Taxable. The Ci ty
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
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 sect ion 61 of the Code J of the owner thereof for federa 1
income tax purposes. Without limiting the generality of the
foregoing, unless and until the City shall have received 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 exclusion of
interest on any Bond from gross income for federal income tax
purposes pursuant to Section 103 of the Code, the Ci ty sha 11
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, at all times prior to the last
Stated Maturity of BondSJ
(1) shall exclusively own, operate, and possess
all property acquired, constructed or improved
directly or indirectly with Gross Proceeds of the
Bonds and shall not use or permi t the use of such
Gross Proceeds or any property acquired, constructed,
or improved with such Gross Proceeds in any activity
carried on by any person or entity other than a state
or local government, unless such use is solely as a
member of the general public, or
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PAGF 21 OF 26 - ORDINANCE 0-91-854
(2) shall not directly or indirectly impose or
accept any charge or other payment for use of Gross
Proceeds of the Bonds or for any property acquired,
constructed or improved indirectly with such Gross
Proceeds, 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 enti ty if (1) property acqui red, constructed, or
improved wi th such Gross Proceeds is so ld 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 enti ty 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 of the Bonds in any Investment (or use
such Gross Proceeds to replace money so invested), if as a
result of such investment the Yield of all Investments
allocated to such Gross Proceeds 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 with
the Secretary of the Treasury the information required by
section 149(e) of the Code with respect to the Bonds on such
form and in such place as such Secretary may prescribe.
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PAGE 22 OF 26 - ORDINANCE 0-91-854
(h) Rebate. The City warrants and represents that it
satisfies the requirements of paragraph (2) and (3) of section
148(f) of the Code with respect to the Bonds without making the
payments for the united states described in such section.
Specifically, the City warrants and represents that
(1) the City is a governmental unit with
general taxing powers;
(2) at least 95\ of the Gross Proceeds of the
Bonds will be used for the local governmental
activities of the City;
(3) the aggregate face amount of all tax-exempt
obligations issued or expected to be issued by the
City (and all subordinate entities thereof) in the
calendar year in which the Bonds are issued is not
reasonably expected to exceed $5,000,000.
PROVIDED, HOWEVER, should additional tax exempt
obligations be issued or incurred, including lease purchase
financings, in the 1992 calendar year which would cause the
total face amount of tax exempt obligations issued and incurred
in such calendar year to exceed $5,000,000, the City agrees and
covenants that it will maintain complete records regarding the
investments of the proceeds of sale of the Bonds and rebate any
"arbitrage profits" to the United States as required by Section
148(f) of the Code.
SECTION 15: Sale of the Bonds. The sale of the Bonds
to Rauscher Pierce Refsnes, Inc. and associates (herein
referred to as the "Purchasers") at the price of par and
accrued interest to the date of deli very, plus a premium of
$498.25, is hereby approved and confirmed. Delivery of the
Bonds to the Purchasers shall occur as soon as possible upon
payment being made therefor in accordance with the terms of
sale.
SECTION 16: Qualified Tax Exempt Obligations. That in
accordance with the provisions of paragraph (3) of subsection
(b) of Section 265 of the Code, the City hereby designates the
Bonds to be "qualified tax exempt obligations" in that the
Bonds are not "private activity bonds" as defined in the Code
and the reasonably anticipated amount of "qualified tax exempt
obligations" to be issued by the City (including all
subordinate enti ties of the Ci ty) for the calendar year 1992
will not exceed $10,000,000.
SECTION 17: Control and Custody of Bonds. The Mayor
Pro Tem of the City shall be and is hereby authorized to take
and have charge of all necessary orders and records pending
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PAGE 23 OF 26 - ORDINANCE 0-91-854
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, Mayor Pro Tern, City Secretary,
Ci ty Manager, Assistant Ci ty Manager and Oi rector of Finance,
anyone or more of said officials, are hereby authorized and
directed to furnish and execute such documents and
certifications relating to the City and the issuance of the
Bonds, including certifications as to facts, estimates,
circumstances and reasonable expectations pertaining to the
use, expenditure, and investment of the proceeds of the Bonds,
as may be necessary for the approval of the Attorney General,
the registration by the Comptroller of Public Accounts and the
delivery of the Bonds to the Purchasers, 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 Official
Statement prepared in the initial offering and sale of the
Bonds by the City, together with all addendas, supplements, and
amendments thereto issued on behalf of the City, is hereby
approved as to form and content, and the Ci ty Counci 1 hereby
finds that the information and data contained in said Official
Statement pertaining to the City and its financial affairs is
true and correct in all material respects and no material facts
have been omi tted therefrom which are necessary to make the
statements therein, in light of the circumstances under which
they were made, not misleading. The use of such Official
Statement in the reoffering of the Bonds by the Purchasers is
hereby approved and authorized.
SECTION 19: Proceeds of Sa Ie. The proceeds of sa Ie of
the Bonds, excluding the accrued interest and premium, if any,
recei ved from the Purchasers, shall be deposi ted in a
construction fund maintained at the City's depository bank.
Pending expenditure for authorized projects and purposes, such
proceeds of sale may be invested in authorized investments and
any investment earnings realized shall be expended for such
authorized proj ects and purposes or deposited in the Interest
and Sinking Fund as shall be determined by the Ci ty Counci 1.
All surplus proceeds of sale of the Bonds, including investment
earnings, remaining after completion of all authorized projects
or purposes shall be deposi ted to the credi t of the Interest
and Sinking Fund.
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PAGE 24 OF 26 - ORDINANCE 0-91-854
SECTION 20: Notices to Holders-Waiver. Wherever this
Ordinance 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 where notice to Holders is given by mai I,
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 provides for notice in any manner,
such notice may be waived in wri ting 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: Printed Opinion. The Purchasers'
obligation to accept delivery of the Bonds is subject to being
furnished a final opinion of Fulbright & Jaworski, Attorneys,
Dallas, Texas, approving the Bonds as to their validitYJ 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 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
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PAGE 25 OF 26 - ORDINANCE 0-91-854
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, 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, 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 Holders.
SECTION 25: 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 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.
herein are for convenience only and
construction hereof.
The
shall
Section headings
not affect the
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 singularJ 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 application thereof to any circumstance shall
be held to be invalid, the remainder of this Ordinance and the
application thereof to other circumstances shall nevertheless
be valid, and the City Council hereby declares that this
Ordinance would have been enacted without such invalid
provision.
SECTION 30: 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.
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PAGE 26 OF 26 - ORDINANCE 0-91-854
SECTION 31: Effective Date. This Ordinance shall take
effect and be in force immediately from and after its third
reading and final passage, and it is so ordained.
FIRST READING, December 17, 1991.
SECOND READING, January 7, 1992.
THIRD AND FINAL READING, PASSED AND ADOPTED January 21,
1992.
CITY OF COLLEYVILLE, TEXAS
ct~dY//!~~
Mayor P 0 Tern - . -.
(City Seal)
APPROVED AS TO FORM:
.-, M
-..~.T/ V .-
City Attorney
7976C
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