HomeMy WebLinkAboutORD 84-41 - Issuance of Bonds-.;3/
ORDINANCE 84-41
CERTIFICATE FOR
ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS
THE STATE OF TEXAS :
COUNTY OF WILLIAMSON
CITY OF GEORGETOWN
We, the undersigned officers of said City, hereby certify as follows:
1. The City Council of said City convened in SPECIAL MEETING on the
17th DAY OF JULY, 1984, at the City Hall, and the roll was called of the
duly constituted officers and members of said City Council, to -wit:
Carl Doering, Mayor Jim Colbert
Pat Caballero, City Secretary William Connor
Joan King E. C. Girvin
W. C. Shell
and all of said persons were present, except the following absentees:
W. C. Shell, thus constituting a quorum. Whereupon, among other business,
the following was transacted at said Meeting: a written ORDINANCE AUTHORIZ-
ING THE ISSUANCE OF GENERAL OBLIGATION BONDS was duly introduced for the
consideration of said City Council and read in full. It was then duly moved
and seconded that said Ordinance be passed; and, after due discussion, said
motion carrying with it the passage of said Ordinance, prevailed and carried
by the following vote:
AYES: All members of said City Council shown present above voted "Aye".
NOES: None.
2. That a true, full and correct copy of the aforesaid Ordinance passed
at the Meeting described in the above and foregoing paragraph is attached to
and folls this certificate; thac said Ordinance has been duly recorded in said.
City Council's minutes of said Meeting; that the above and foregoing paragraph
Is a true, full and correct excerpt from said City Council's minutes of said
Meeting pertaining to the passage of said Ordinance; that the persons named in
the above and foregoing paragraph are the duly chosen, qualified and acting
officers and members of said City Council as indicated therein; that each of
the officers and members of said City Council was duly and sufficiently notified
officially and personally, in advance, of the time, place and purpose of the
aforesaid Meeting, and that said Ordinance would be introducod and considered
for passage at said Meeting, and each of said officers and members consented,
I-.% advance, to the holding of said Meeting for such purpose, and that said
Meeting was open to the public and public notice of the time, place and purpose
of said meeting was given, all as required by Vernon's Ann. Civ. St. Article
6252-17.
3. That the Mayor of said City has approved and hereby approves the
aforesaid Ordinance; that the Mayor and the City Secretary of said City
have duly signed said Ordinance; and that the Mayor and the City Secretary
of said City hereby declare that their signing of this Certificate shall
constitute the signing of the attached and following copy of said Ordinance
for all purposes.
SIGNED AND SEALED the 17th day of July, 1984.
MAYOR
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3A,
ORDINANCE
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS
THE STATE OF TEXAS
COUNTY OF WILLIAMSON'
(CITY OF GEORGETOWN
WHEREAS, the bonds hereinafter authorized were lawfully
and favorably voted at an election duly held in said City on
February 25, 1984; and
WHEREAS, out of the bonds voted at'said.election, none has
been issued, authorized or delivered; and
WHEREAS, it is necessary and advisable to'authorize, issue
and deliver an installment or series of said bonds; and
WHEREAS, the bonds hereinafter authorized and designated
were voted and are to be issued and delivered pursuant to Art.
11175 V.A.T.C.S.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
!GEORGETOWN:
Section 1. AMOUNT AND PURPOSE OF THE BONDS They bond or
lbonds of the City of Georgetown, Texas (the "Issuer'.') are here-
by authorized to be issued and delivered in the aggregate prin-
cipal amount of $1,785,000 for the purpose of providing
$1,000,000 for the purpose of constructing and improving the
City's streets and drainage in connection.. therewith; $535,000
for the purpose -of renovating a Fire Station and permanently
equipping same; and $250,000 for the purpose of renovating and
constructing a Police Station building,
Section 2. DESIGNATION OF THE BONDS. Each bond issued
pursuant to this Ordinance shall be designated: , "CITY OF
GEORGETOWN, TEXAS GENERAL OBLIGATION BOND, SERIES 1984", and
initially there shall be issued, sold, and -delivered hereunder
a single fully' -registered bond; without, interest coupons, pay-
able in installments of principal .(the "Initial Bond"), but the
Initial Bond may be assigned and transferred and/or converted
into and exchanged for a like aggregate principal amount of
fully registered bonds, without interest coupons, having serial
maturities, and in the denomination or denominations ,of $5,000
or any integral multiple of $5,000, all in the manner herein-
after provided. -The term "Bonds" as used in this Ordinance
sha1L mean and include collectively the Initial Bond and all
substitute bonds exchanged therefor, 'as well as all other sub-
stitute bonds and replacement bonds issued pursuanthereto, and
the term "Bond" shall mean any of the Bonds.
Section 3. INITIAL DATE, DENOMINATION, NUMBER,' MATURI-
TIES, -INITIAL REGISTERED OWNER, AND CHARACTERISTICS Or THE
INITIAL BOND. (a) The Initial Bond is hereby authorized to be
issued; sold, and delivered hereunder as a single fully regis-
tered Bond, without interest coupons, dated July 1, 1984, in
the denomination and aggregate principal amount of $1,785,000,
numbered R-1, payable in annual installments of principal to
the initial registered owner thereof, to -wits
„_Prudential ache 5 curities. Inc. ,
or to the registered assignee or assignees of said Bond or any
portion or portions thereof. (in each :case, the "registered
owner"), with the annual installments of principal of the
Initial. Bond to be payable on the dates, respectively; and in,
the principal amounts, respectively, stated in the FORM OF
INITIAL BOND set forth in this Ordinance.
(b) The Initial Bond (i) may be prepaid or redeemed prior
to the respective scheduled due dates of inutallmenta of
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principal thereof, (ii) may be assigned and transferred, (iii)
may be converted and exchanged for other Bonds, -(iv) shall have
the characteristics, and (v) shall be signed and sealed, and
the principal of and interest on the Initial Bond shall be
payable, all as provided, and in the manner required or indi-
cated, in the FORM OF INITIAL BOND set forth in this Ordinance.
Section 4. INTEREST. The unpaid principal balance of the
Initial Bond shall bear interest from the date of the Initial
Bond to the respective scheduled due dates, or to the respec-
tive dates of prepayment or redemption, of the installments of
principal of the ;Initial Bond,, and said interest shall be
payable, all in the manner provided and at the rates and on the
Nates stated in the FORM OF INITIAL BOND set forth in this
j Ordinance.- xI
Section S. FORM OF INITIAL BOND. The form of the Initial
Bond,• including the form of Registration Certificate of the
Comptroller of Public Accounts of the State of Texas to be
endorsed on the Initial Bond, shall be, substantially as fol-
lows:
NO. R-1
FORM OF INITIAL BOND
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF WILLIAMSON E
CITY OF GEORGETOWN, TEXAS
GENERAL OBLIGATION BOND
'SERIES 1984
$1,785,000
THE CITY OF GEORGETOWN, in Williamson County (the
"Issuer"), being a political subdivision of the -State of Texas,
hereby promises to pay to s
Prudential Bache Securities, Ince
or to the registered assignee or assignees of this Bond or any
portion or•portions hereof (in each case, the "registered
owner") the aggregate principal amount of
.ONE MILLION SEVEN HUNDRED EIGHTY FIVE THOUSAND DOLLARS
in annual installments of principal due and payable on August 1
in each -of the 'years, and in the respective principal amounts,
as set forth in the following schedule:
YEAR
AMOUNT
YEAR
AMOUNT
1986
$15,000
1994
$100,000
1987
2u,000
1995
115,000
1988
20,000
1996
170,000
1989
20,000
-1997
=185;000
1990
25,000
1998
200,000
1991
50,000
1999
220,000
1992
60,000
2000
240,000
1993
90,000
2001°
255,000
and to pay -interest, from the
stated, on -the balance of each
respectively, from time to time
as follows:
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date -of this Bond hereinafter
such installment of principal,
remaining unpaid, at the rates
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1L.40 per annum on the above installment of
principal due and payable on August 1, ' 1986;
1240 per annum on the above installment of
principal due and payable on August l,'1987,-,
12.40 per annum on the above installment of
principal due and payable on August 1, 1988;
12.40 % per annum on the above installment of
principal due and payable on August 1, 1989;
12.40 % per annum on the above installment of
principal due and payable on August 1, 1990;
120.per annum on the above installment of
principal due and payable on August 1, 1991;
12.40 per annum on the above installment of
principal due and payable on August 1, 1992;
12.-_40__,% per annum on the above installment of
principal due and payable on August 1, 1993;
12.40 % per annum on the above installment of
principal due and payable on August 1, 1994;
9.40 % per annum on the above installment of
principal due and payable on August 1, 1995;
9.55 !, per annum on the above installment of
principal due and payable on August 1, 1996;
9.70 % per annum on the above installment of
principal due and payable on August 1,,- 1997
.90 % per annum on the above installment of
principal due and payable on August 1, 1998;
10.00 per annum on the above installment of
principal due and payable on August 1, 1999;
X75 % per annum on the .above installment of
principal due and payable on August 1, ` 2000;
9.40 °; per annum on the above installment of
principal due and payable on August 1, 2001; t
with said interest being payable on February 1, 1985, and semi-
annually on each August 1 and February l thereafter while this
Bond or.any portion hereof is outstanding and unpaid.
THE INSTALLMENTS OF PRINCIPAL'OF AND THE INTEREST ON this
bond are payable in lawful money of - the United States of
America, without exchange or collection charges. The install-
ments of principal and the interest,on this Bond are payable to
the registeredowner hereof through the services of First City
National Bank of Austin, Austin, Texas," which is the "Paying
Agent/Registrar" for this Bond.- Payment of all principal of
and interest on this Bond shall be made by the Paying Agent/
Registrar to; the registered owner hereof on each principal
and/or interest payment date by check or draft, dated as of
such date, �,drawn by the, Paying Agent/Registrar on and payable
solely from, funds of the Issuer required by the Ordinance au-
thorizing the issuance of this Bond (the "Bond Ordinance") to
be on deposit with the Paying Agent/Registrar for such purpose
as hereinafter provided; and such check or draft shall be sent
by -the Paying Agent/Registrar-by United States mail, first
class -postage prepaid,. on each such- principal and/or interest
payment date, to the registered owner hereof, at the address of
the registered- owner,- as it appeared on the last business day
of the month next preceding each such date (the "Record Date")
on the Registration Books kept by the Paying Agent/Registrar,
as hereinafter described. The Issuer covenants with the regis-
tered owner of this Bond that onz or before each principal
and/or interest payment date for this Bond it will make avail-
able to the Paying Agent/Registrar, from- the "Interest and
Sinking Fund" created-by�the Bond Ordinance; the amounts re-
quired to provide for the payment, in immediately ,available
funds, of all principal of and interest on this Bond, -when due.
IF THE DATE for the payment of the principal of or inter-
est on this Bond shall be a Saturday,, Sunday, a legal holiday,
or a day on which banking' institutions in the City where the
Paying =Agent/Regi strar is located are authorized by law or
executive ordertoclose, 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
THIS BOND has been authorized in accordance with the
Constitution and laws of the State of Texas for the purpose of
iproviding $1,000,000 for the purpose of constructing and im-
proving the City's streets and drainage in connection there-
with; $535,000 for the purpose of renovating a Fire Station and
`permanently- equipping same; and $250,000 for the purpose of-
renovating and constructing a Police Station building.
ONAUGUST 1, 1994, or on any interest payment date there-
after, the unpaid installments of principal of this Bond may be
prepaid or redeemed prior to their scheduled due dates, at the
option of the Issuer, with'.funds derived from any available
source, as a whole, or .in part, and, if in part, the Issuer
shall select and designate the maturity, or maturities, and the
amount that is to be redeemed, and if less than a whole matur-
ity,is to be called, the Issuer shall direct the Paying Agent/
Registrar to call by lot (provided that a portion of this Bond
may be redeemed only in an integral multiple of $5,000),`at the
prepayment or redemption price of the principal amountthereof,
plus accrued interest to the date fixed for prepayment or re-
demption. At least 30 days prior to -.the date fixed for any
such prepayment or redemption a written notice of such prepay-
ment or redemption shall be mailed by the Paying Agent/Regis-
trar to the registered owner hereof. By the date fixed for any
such prepayment or redemption due provision shall be. made by
the Issuer with the Paying Agent/Registrar for the payment of
the required prepayment or redemption price for this Bond or
the portion hereof which is to be so prepaid or -redeemed, plus
accrued interest thereon to the date fixed for prepayment or
redemption. If such written notice of prepayment or redemption
is -given, and if due provision for such payment is made, all as
provided above, -this Bond, or the portion thereof which is to
be so prepaid or redeemed,• thereby automatically shall be
treated as prepaid or redeemed prior to its scheduled due date,'
andshall not bear interest after the date fixed for its pre-
payment or redemption, and shall not be regarded as .being out-
standing except, for the right of the registered owner to re-
ceive the prepayment or redemption price plus accrued interest;
to the date fixed for prepayment oro redemption from the Paying
Agent/Registrar out of the funds provided for such 'payment.
The Paying Agent/Registrar shall record in the Registration':
Books all such prepayments or redemptions of principal of this
Bond or any portion hereof.
TH.L3 BOND, to the extent of the unpaid or unredeemed prin
cipal balance hereof,- or any unpaid and unredeemed portion
hereof .in any .integral multiple of $5,000,_. may-be.assiyned by
the initial registered owner,,.hereof and, shall be transferred
only in the Registration Books of the Issuer kept by the Paying
Agent/.Registrar; acting in the capacity of registrar for the
Bonds, upon the terms and conditions set forth in the Bond
Ordinance. , Among . other •requirements for such -transfer, this
Bond must be presented and surrendered to the Paying Agent/Reg-
istrar- for.-, cancellation,
gent/Registrar=-forcancellation., together with proper instruments of
assignment,. -in form and with guarantee of signatures satisfac-
tory to the Paying Agent/Registrar, evidencing assignment by
the initial-* registered owner of this Bond, or any portion or
portions hereof in any integral multiple }of $5,000,' to the
assignee ,or assignees in whose name or names this Bond or any
such portion -or portions hereof is or are to be transferred and
registered., Any instrument or instruments of assignment
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t�'
354,.
satisfactory to the Paying Agent/Registrar may be used to
evidence the assignment of this Bond or any such portion or
Portions hereof by the initial registered owner hereof. A new
bond or bonds payable to such assigned or assignees (which then
willbethe new registered owner or owners of such new Bond or
Bonds) or to the initial registered owner as to any portion of
this Bond which is not being assigned and transferred by the
initial registered owner, shall 'be delivered by the Paying
Agent/Registrar in conversion of and exchange for this Bond or
any portion or portions hereof, but solely in the form and
manner as provided in the next paragraph hereof for the conver-
sion and exchange of this Bond or any portion hereof. The
registered owner of this Bond shall be deemed and treated by
the Issuer and the Paying Agent/Registrar as the,absolute owner
hereof for all purposes, including payment and discharge of
liability upon this Bond to the extent of such payment and the
Issuer and the Paying Agent/Registrar shall not be affected by
any notice to the contrary.
AS PROVIDED above and in the Bond Ordinance, this Bond, to
the extent of the unpaid or unredeemed principal balance
hereof, may be converted into and exchanged for a like aggre-
gate principal amount of fully registered bonds, without
interest coupons, payable to the assignee or assignees duly
designated in writing by the initial registered owner hereof,
or to the initial registered owner as -to any portion of this
Bond which is not being assigned and transferred by the initial
registered owner, in any denomination or denominations in any.
integral -multiple of $5,000 (subject to the requirement here-
inafter stated.that each substitute bond issued in exchange for
any portion of this Bond shall have a single stated principal
maturity, date), upon surrender of this Bond to .'the Paying
Agent/Registrar. for cancellation, all in accordance with the
form and procedures set forth in the Bond Ordinance. °If this
Bond or any portion hereof is assigned and transferred or
converted each bond issued in exchange for any portion hereof
shall have a single stated principal maturity date correspond-
ing to the due date of the installment of principal of this
Bond or portion hereof for which the substitute bond is being
exchanged, and shall bear interest at the rate .applicable .to
and borne by such installment of principal or.portion thereof.
Such bonds, respectively, shall be subject to redemption prior
to maturity -on the same dates and for the same prices as the
corresponding installment of principal of this Bond or portion
hereof for which they are being exchanged.' No - such bond shall
be payable in installments, but shall have only one stated
principal -maturity date. AS PROVIDED IN THE, BOND ORDINANCE,
THIS B014D IN ITS PRESENT FORM MAY BE ASSIGNED AND TRANSFERRED
ORa CONVERTED ONCE ONLY, and to one or more assignees, but the
bonds issued and delivered in exchange for this Bond or any
portion hereof may be assigned and transferred, and converted,
subsequently, as provided in the Bond Ordinance. The Issuer
shall pay the Paying Agent/Registrar's standard or customary
Mees and charges for transferring, converting, and exchanging
this. Bond or any portion thereof, but the one requesting such
transfer, conversion, and exchange shall pay any taxes or
governmental charges required to be paid with respect, thereto.
The Paying Agent/Registrar shall not be required to 'make any
such assignment, conversion, or exchange (i) during the period
commencing with the close of business on any Record Date and
ending with the opening of business on the next following
principal or interest payment date, or, (ii) with respect to
any Bond or portion thereof called for prepayment or redemption
prior to maturity, within 45 days prior to its prepayment or,
redemption date.
IN THE:EVENT,any Paying Agent/Registraz for this Bond is
changed by the Issuer,, resigns, or otherwise ceases to act as
such, the Issuer has covenanted in the Band Ordinance that it
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promptly will" appoint a competent :and legally''qualified sub-
stitute, therefor,,..and promptly will cause written notice
thereof to be mailed to the registered owner of this Bond.;
IT IS HEREBY certified, recited, and covenanted that this
Bond has been; duly: and validly voted, 'authorized, issued,
sold, and• delivered;; that all acts, conditions, and things
required or proper to be performed, exist, and he done preced-
ent to or in the authorization issuance,` and delivery of this
Bond have been performed, existed,, and been done in accordance
with law; that this Bond is a general obligation of the Issuer,
issued on the ,full 1 faith and credit thereof; and that ad
valorem 'taxes . sufficient to provide for the payment of the
interest= on and=principal of this Bond, as such interestand
principal, come due, have been levied and ordered to be levied
against, -,all taxable property in the Issuer, and have been
pledged for such payment, within the limit prescribed by law.
BY BECOMING the registered owner of this Bond, the regis-
tered.owner thereby acknowledges all of *the terms rand provi-
sions of theBondOrdinance,• agrees to be bound by such terms
and, provisions;; acknowledges that the Bond Ordinance,is duly
recorded and available for inspection in the official minutes
and>records of the governing body of' the Issuer, and agrees
that -the terms and provisions .of this Bond and the Bond Ordi-
nance constitute a contract between the registered owner hereof
and the Issuer.:
IN WITNESS WHEREOF,- the. Issuer has caused this Bond to be
signed with the manual signature of the Mayor of the Issuer and
countersigned. with he manual signature of the City Secretary
lof the Issuer, ha c sed the official seal of the Issuer to be
duly impressed n is Bond, and has caused this Bond to be
date
ty Secretary Mayor
(CITY SEAL)
FORM OF REGISTRATION CERTIFICATE OF THE
COMPTROLLER OF PUBLIC ACCOUNTS:
COMPTROLLER'S REGISTRATION CERTIFICATE:' REGISTER NO.
I hereby. certify that this Bond has been examined,certi-
fied.as'to validity, '.and approved by the Attorney General of
the State of Texas, and that this Bond has been registered by.
the Comptroller of Public Accounts of the State of Texas:`
Witness my signature and seal this
xxxxxxxx
Comptroller of Public Accounts
of the State of Texas
(COMPTROLLER'S SEAL)
Section_' 6. ADDITIONAL CHARACTERISTICS OF THE BONDS.
Registration and Transfer. (a) The Issuer shall keep or cause
to be kept at the principal corporate, trust office of First
CityNational Bank of Austin, Austin," Texas (the "Paying
Agent/Registrar") books or records of the registration and
transfer of the Bonds (the "Registration Books"), and the
Issuer: hereby appoints the Paying Agent/Registrar as its
registrar and transfer agent to keep such books or records.and
make such..transfers and registry tions► under such reasonable
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regulations as the Issuer and Paying Agent/Registrar may
prescribe; and the °Paying Agent/Registrar shall make such
transfers and registrations as herein provided. The Paying
Agent/Registrar shall obtain and record in the Registration
Books the address of the registered owner of each Band to which
payments with respect to the Bonds shall be mailed, as herein
provided; but it shall be the duty of each registered owner to
notify the Paying Agent/Registrar in writing of the address to
which payments shall be mailed, and such interest payments
shall not be mailed unless such notice has been given. The
Issuer shall have the right to inspect the Registration Books
during regular business hours of the Paying Agent/Registrar,
but otherwise the Paying Agent/Registrar shall keep the Regis-
tration Books confidential and, unless otherwise required by
law, shall not permit their inspection -by any other entity.
Registration of each Bond may be transferred in the Registra-
tion Books only upon presentation and surrender of such Bond to
the Paying Agent/Registrar for transfer of registration and,
cancellation, together with proper, written instruments of'
assignment, in form and with guarantee of signatures satis-
factory to the Paying Agent/Registrar, (i) evidencing the
assignment of the Bond, or. any portion thereof in any integral
multiple of $5,000, to the assignee or assignees thereof, and
(ii) the right of such assignee or assignees to have the Bond
or any such portion -thereof registered in the name - of such
assignee or assignees. Upon the assignment and transfer of any
Bond or, any portion thereof, *a new substitute Bond or Bonds
shall be issued in conversion and exchange therefor in the
manner herein provided. The Initial Bond, to the extent of the
unpaid -or unredeemed principal balance thereof, may be assigned
and .transferred by the initial registered owner thereof once
only,,and to one or more assignees designated in writing by the
initial registered owner thereof. All Bonds issued and de-
livered in conversion of and exchange for the Initial Bond
shall be in any denomination or denominations of any integral
multiple— of $5',000 (subject to the requirement hereinafter
stated that each substitute Bond shall have a single stated
principal maturity date), shall be in the. form prescribed in
the FORM-OF`SUBSTITUTE BOND set.'forth in this Ordinance, and
shall`have. the characteristics, and may be assigned, trans-
ferred;,,.and converted 'as hereinafter' provided. If the Initial
Bond or any portion thereof is assigned and transferred or
converted the Initial `Bond must be surrendered to the Paying;
Agent/Registrar for cancellation, and each Bond issued in
exchange , for any, portion of. -the Initial . Bond - shall have a
single stated principal maturity date, and shall not be payable
in installments;,and each such Bond shall' hav3 a principal`
maturity date coresponding to the due date of the installment
of principal or portion thereof for which the substitute Bond
is being exchanged; and each such Bond shall bear interest at
the single rate applicable to and borne by such installment of
principal or portion thereof for which it is being_ exchanged.
If only a portion of the -Initial Bond is assigned and trans-
ferred, there
ransferred,`there shall be delivered to and registered in the name
of thej'�initial`registered owner substitute Bonds in exchange
for the unassigned balance of the Initial Bond Iin the- same
manner as if the initial- registered owner were the assignee
thereof. If,any Bond or portion thereof other than the Initial
Bond is assigned and transferred or converted each Bond issued
in exchange therefor, -shall have the same principal maturity
date - and bear interest at the same rate --as the Bond for which
it is exchanged._A form of assignment shall be printed or en-
dorsed -on each'Bond, excepting the Initial Bond, which shall be
executed by the registered owner or its duly authorized attor-
ney or representative to evidence `an' assignment thereof. Upon
surrender., of any Bonds or any portion or, portions thereof for
transfer` of registration,ean,_authorized representative of the
Paying Agent/Registrar shall make such ,transfer in, the Regis-
tration books, and shall deliver a new fully registered
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substitute Bond or Bonds, having the characteristics, herein
described, payable to such assignee or assignees (which then
will be the registered owner°or owners of such new Bond .or
Bonds),, or tor the previous registered owner, in case only a
portion of .a Bond is being assigned and transferred,' all in
conversion of and exchange for said assigned Bond or Bonds or
any portion" or portions thereof, in the same form and manner,,
and ,with the same effect, as provided in Section 6(d), below,
for., theconversion and exchange of Bonds by,any registered
owner of a Bond.: The Issuer. shall pay the Paying
Agent/Registrar's standard or customary fees and charges for
making»such transfer and delivery of a substitute Bond or
Bonds, but the one requesting such transfer shall pay any taxes
or other governmental charges required to be paid with respect
thereto. --'The Paying Agent/Registrar shall not be required to
make transfers of registration of any Bond or any'portion
thereof, (i)" during the period commencing with the close of
business on any Record Date and ending- with the opening of
business on the next following principal or, .interest >payment
date,'or, (ii) with respect to any Bond or any portion thereof
called for redemption prior to maturity, within 45 days prior
to its redemption date..,
(b) Ownership of Bonds. The entity in whose: name any
Bond shall be registered in_ the, Registration Books at, any time
shall be deemed and treated as the absolute owner thereof for
all purposes of this Ordinance, whether or not suchBond shall
be overdue, and the Issuer and the Paying Agent/Registrar shall
not be affected by any notice to the contrary; and -payment of,
or on account of, the principal of, premium,. if, any, and
interest on any such Bond -shall be made .only to such registered
owner.`, All such payments shall be valid Land effectual to
satisfy and: discharge the liability upon °such nBond to the
extent of the sum or sums so paid.
4 (c) Payment of Bonds and Interest.} The, Issuer hereby
further appoints the Paying Agent/Registrar to act., as the
paying agent for. paying the principal of and interest on the
Bonds, and to 'act, as-, its agent - to convert and, exchangers or
replace Bonds, all as provided in this Ordinance. The Paying
Agent/Registrar, shall keep proper records of .all payments?made
by the Issuer and the,Paying Agent/Registrar with respect to
the Bonds„ and of all conversions and -exchanges, of Bonds,- and
all replacements of Bonds, as provided in this Ordinance. How-
ever, in the event of a nonpayment of interestona 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
District. Notice 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. Late by United ,
States mail,,: first class postage prepaid, to the address of
each Bondholder apperaring on the, Security Register. at the
close of business on the last business day next -=.preceding the_
date of mailing of such notice.
(d)_ Conversion and Exchange or Replacement; Authentica-
tion.**. Each Bond issued and delivered pursuant to this Ordin-
ance,_ to the extent of the unpaid -,or unredeemed principal
balance or principal amount thereof, may, upon surrender of.
such.Bond at the principal corporate trust office of the Paying
Agent/Registrar, together with ,a written request therefor duly
executed,by the. registered owner or the, assignee. or assignees ,
thereof,,or.its or their duly authorized attorneys -or represen-
tatives,_' with guarantee of signatures 'satisfactory. to the
Paying Agent/Registrar, may, at the option of the, registered
owner or such assignee or assignees, as appropriate,.be conver-
ted into and exchanged., for ,fully' registered 'y bonds,' without
8
interest coupons, in the form prescribed in the FORM OF SUB-
STITUTE BOND set forth in this Ordinance, in the denomination
of $5,000, or any integral multiple of $5,000 (subject to the
requirement hereinafter stated that each substitute Bond shall
have a single stated maturity date), as requested in writing by
such registered owner or such assignee or assignees, in an
aggregate principal amount equal to the unpaid or unredeemed
principal balance or principal amount of any Bond or Bonds so
surrendered, and payable to the appropriate registered owner,
assignee, or assignees, as the case may be. If the Initial
Bond is assigned and transferred or converted each substitute
Bond issued in exchange for any portion of,the Initial Bond
shall have a single stated principal maturity date, and shall
not be payable in installments; and each such Bond shall have a
principal maturity date corresponding to the due date of the
installment of principal or portion' thereof for which the
substitute Bond is being exchanged; and each such Bond shall
bear interest at the single rate applicable to and borne by
such installment of principal or portion thereof for which it
is being exchanged. If a portion of any Bond (other than the
Initial Bond) shall be redeemed prior to its scheduled maturity
as provided herein, a substitute Bond or Bonds having the same
maturity- date, bearing interest at the same rate,' in the
denomination or` denominations of any integralmultiple of
$5,000 at the request of the registered owner, and in aggregate
principal amount equal to the unredeemed portion thereof, will
be issued, to the registered' owner upon surrender thereof for
cancellation. If any Bond or portion thereof (other than the
Initial'Bond) is assigned and transferred or converted, each
Bond issued in`exchange therefor shall have the same principal
maturity date and bear interest 'at the same rate as the Bond
for which It is being exchanged. Each substitute Bond shall
bear"a letter and/or number to distinguish it from each other
Bond. -The Paying Agent/Registrar shall convert and exchange 'or
replace Bonds as provided herein, and each fully registered
bond delivered in conversion of and exchange for or replacement
of°any Bond or portion thereof as permitted or required by any
provision of this Ordinance shall constitute one of the Bonds•
for all purposes of this Ordinance, and may again be converted
and exchanged or replaced. It is specifically provided that
any' -Bond authenticated in conversion of, and exchange for or
replacement of, another Bond on or prior to the first scheduled
Record Date for the Initial Bond shall bear interest from the
date,of the Initial Bond, but each substitute Bond so authenti-
cated after such first... scheduled Record Date shall bear inter-
est from the interest payment date next preceding the date on
which such substitute Bond was so authenticated, unless such
Bond is authenticated after any Record Date but on or before
the next following interest payment date, .in which case it
shall bear interest from such next following interest payment
date; provided, however, that if at the time of delivery of any
substitute Bond the interest on the Bond for which itis being
exchanged is due but has not been paid,.then such Bond shall
bear interest from the date to which such interest has been
paid in full. THE INITIAL BOND issued and delivered pursuant
to this. Ordinance: isjnot required to be, i*nd shall. not be,
authenticated by the: Paying Agent/Registrar, but on each
substituteBondissued in conversion of and exchange for or
replacement of any Bond or Bonds issued under this Ordinance
;there shall be printed a_certificate, in the form substantially
as follows: _.
"PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It his hereby certified that this Bond has been issued
under the provisions of the Bond Ordinance described on the
face of this Bond and `that this Bond has been issued in
conversion of and exchange for or replacement of a bond, bonds,
or a portion'of a bond or bonds of an issue which originally
9
was approved by the Attorney General of the State,of Texas and
registered by the Comptroller of Public.Accounts of the State
of Texas.
Paying Agent/Registrar
Dated
By
,Authorized Representative
An authorized representative of the Paying Agent/Registrar
shall, before the delivery of ,any such Bond, date and manually'
sign the above Certificate, and no such Bond shall be deemed to
be issued or outstanding unless such Certificate is so ex-
ecuted. The Paying Agent/Registrar promptly shall cancel all
Bonds surrendered for conversion and exchange or replacement.
No additional ordinances, orders, or resolutions need be passed,
or adopted by,the governing body of the•Issuer or any other
body or person so as to accomplish the foregoing conversion and
exchange or replacement of any Bond or portion thereof, and the
Paying Agent/ Registrar shall provide for the printing, execu-
tion, and delivery of ,the substitute Bonds in .the manner
prescribed herein, and said Bonds shall be of type composition
!printed on paper with litheorRohaal or stool o+naraystd hordors 69
customary weight and strength. Pursuant to Vernon'a Ann. Tex.
Civ. St. Art. 717k-6, and particularly Section 6 thereof, the
duty of conversion and exchange or replacement of Bonds as
aforesaid is hereby imposed upon the Paying,Agent/Registrar,
and, upon the execution of the above, Paying Agent/Registrar's
Authentication Certificate, the converted and exchanged or
replaced Bond shall be valid, incontestable, and enforceable in
the same manner and with the same effect as the Initial Bond
which originally was issued pursuant to this Ordinance, '`ap-
proved by, the Attorney General, •..and registered, by the
Comptroller of Public Accounts. The :;Issuer .1 shall pay the
Paying Agent/Registrar's standard or customary fees and charges
for transferring, converting, and exchanging any Bond or any
portion thereof, but the one requesting any such transfer,"
conversion, and exchange shall pay any taxes or governmental
charges required to be paid with respect thereto as a condition
precedent. to the exercise of such privilege of conversion and
exchange, The Paying Agent/Registrar shall not be ,required to
make any such conversion and exchange or replacement,. -of Bonds'
or any portion thereof (i) during the. period, commencing with
the close of business on any Record Date and ending with the
opening of business on the next following principal or interest,
payment date, or, (ii) with respect to any Bond or, portion
thereof called for redemption prior to maturity, within 45 days
prior to its redemption date.
(e) In` General. All Bonds issued in' conversion- and
exchange or replacement of any other Bond or portion thereof-,`
(i) shall be,issued in fully registered form, without intRrest
coupons,, with_the principal of and interest on such Bonds to be
payable only to the registered owners thereof, (ii) may be
redee:,eed prior to their scheduled maturities, (ii!) may be
transferred and assigned,' (iv) may., be converted and exchanged
for other Bonds, (v) shall have the characteristics, (vi) shall
be signed and sealed, and (vii) the principal of and interest
on the Bonds shall be payable, all as provided, and in the
manner required or indicated, in'the FORM OF SUBSTITUTE BOND
set forth in this Ordinance.
(f) Payment of Fees and Charges The Issuer hereby
covenants with the registered owners of the Bonds that it will
(i) pay the standard or.customary fees and charges of the.
Paying Agent/Registrar for its services with respect to the
payment of the principal of and interest on the Bonds, when
1p
74
due,. anu tiil pay the fees and charges of the Paying
Agent/Registrar for services. with respect to the transfer of
registration .of Bonds, and with respect to the conversion, and.
exchange of Bonds solely to the extent above provided in this
Ordinance.
(g) Substitute_ Paying Agent R_tjistrar. The Issuer
covenants with the registered owners,, of the Bonds that at all
times while the Bonds are -outstanding the Issuer will provide a
competent and legally- qualified'bank,'trust company, financial
institution,°or'other agency to act as and perform the servicer
of Paying Agent/Registrar for the Solids under, this Ordinance,
and that the Paying Agent/Registrar will be one entity.. The
Issuer 'reserves the right to, and may, at. its option, change
the Paying Agent/Registrar upon not, less than 120 days written
notice to the Paying Agent/Registrar,.to be effective not later
than 60 days prior to the next principal• or interest payment
date after such notice. .,In the event that the entity, at any,
time acting as Paying Agent/Registrar (or its successor by
merger, acquisition, or other method) should resign or other-
wise cease to act- as such, the Issuer covenants that promptly
it wild. appoint a competent and legally qualified bank, trust
company, financial, institution, or other agency`to; act, as
Paying Agent/Registrar under, this Ordinance. Upon any change,
in the Paying Agent/Registrar, the previous Paying Agent/Regis-.
trar promptly shall transfer and deliver the Registration BooXes
(or a copy -thereof);, alone with all other pertinent books and
records relating: to the 'Bonds, to the new Paying Agent/Re.gis
tray designated and appointed by the Issuer. Upon any chance
in.the Paying A.gent/Registrar;',the Issuer promptly will,cause a
written notice thereof to, be- sent by the new Paying
Agent/Registrar- to each 'registered owner of the. Bonds, by
United States Mail, first-class postage prepaid, which notice
also shall give the address of the new Paying Agent -/Registrar:
By accepting the position and performing as such, -'each Paying:
Agent/Registrar shall be deemed to have agreed to the provi-
signs of this Crdinance, and a certified copy of this Ordinancer
shall be delivered to each Paying Agent/Registrar.
Section 7.w FORM OF SUBSTITUTE, BONDS,, The form' of.. all
Bonds issued in conversion and exchange or• replacement of any,
other Bond or portion thereof,. including the form 'o£ Paying
Agent/Registrar's Certificate to be printed on each 'of such
Bands, and the Form of Assignment to be printed on each of the .
Bonds, shall be, respectively, substantially as follows, with
such appropriate variations, omissions, or .insertions as are
permitted or required by this Ordinance
FORM OF SUBSTITUTE BOND
NO. PRINCIPAL
AMOUNT
UNITED STATP'S OF AMERICA
STATE OE TEXAS
COUNTY OF WILLIAMSON
CITY OF GEORGETOWN, TEXAS
GENERAL OBLIGATION BOND
SERIES 1984
INTEREST RATE MATURITY DATE CUSIP NO.
ON THE MATURITY DATE specified above, 'THE CITY OF GEORGE-
TOWN, in Williamson County (the "Issuer"), being a political:
subdivision of the State of Texas, hereby promises to pay to
,: •, 1+.;:M-W.bwlA?`e'°"S'i �`wr....:.-W.T.<'^-mm.tM"nYY''Tr!.rM�`f*.e^.^.'-Tk!iM�J�tllei.6'..mrr.R"'9.4n1a`:'.�.,.
r, f
or to the registered assignee hereof-(eitlier being hereinafter
called the "registered ownex"),the, principal amount of
and to pay interest thereon from July 1, 1984,.. to the maturity
date'specified above, or the date of redemption prior to matur-
ity,, with interest being payable on February 1, 1985, and semi-
annually on eachi.August 1 and February 1 thereafter, at the
interest rate per annum., specified above; except' that if the
date of authentication of,this'Bond is later than January 31,
1985, the first scheduled Record-, Date for the Initial - Bond,"
sucli",.principal amount shall bear interest from the ;interest
payment .,date next. preceding -the date of authentication-, unless
such 'date 'of authentication is after any =Record. Date .(herein-
after defined) but' on or before the ,next following interest
payment date, in which case.such principal amount shall bear
interest from such next following interest payment date.
THE PRINCIPAL'OF AND'INTEREST ON this Bond are payable in
lawful money of the United States of America, without exchange
or collection charges. The principal of this Bond -shall be
paid `'to the registered owner".hereof upon presentation. and
surrender of this Bond at maturity or. upon the date fixed for
its redemption prior to maturity, at the principal. Corporate
trust office of First City,. National Bank of Austin,:° Austin,
Texas, which is the "Payi.ngAgent/Registrar" for •this.": Bond.
"The payment of interest orr this Bond shall be made by the
Paying Agent/Registrar ',to. the registered owner hereof ""on each
.interest payment date ,by check or draft, ..dated as of ";such in-
terest payment.date,".drawn by the Paying Agent/Registrar,on,
and payable ' solely, from, -:, funds of the Issuer , required by the
Ordinance authorizing the - issuance of the Bonds (the "Bond
Ordinance")to be -on deposit with the Paying Agent/Registrar
for',such purpose as hereinafter provided and such check or
draft "shall be sent by the Paying Agent/Registrar- by,United
States mail, first class postage prepaid, on each such interest
payment date,'to"the registered owner hereof,at•the address of
the registered owner, as it appeared on the last business day
of the month next preceding each such date (the' "Record Date")
.on the Registration Books kept by:the Paying Agent/Registrar,
as hereinafier.described,', Any accrued interest due upon the'
redemption -:of -this Bond prior to maturity as provided herein
shall be.paid,to-the registered :owner at the principal corpor-
ate trust"office of the Paying Agent/Registrar: upon presenta
tion. and .,.surrender. of this Bond for:. redemption :and payment at
the principal corporate trust office of the Paying Agent/Regis-
trar. The Issuer covenants with the registered owner' of this
Bond that on or before each principal payment date, interest
payment date, and accrued, interest payment date for this Bond
it will make available to, the Paying Agent/Registrar, from the
"Interest and Sinking Fund" created by the Bond Ordinlance, the
amounts required to provide for the payment,, in immediately
available funds,. of all principal of and interest on the Bonds,
when due.
IF TEE DATE for the payment of the principal of ox`inter.
est on this Bond shall bt: a Saturday, Sunday, a legal -holiday,
or a day on which banking institutions it! the City where the
Paying Agent/Registrar ,is located are authorized by law or
executive order to close, then. the date for such payment shall
be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day on which banking institutions are
authorized to close; and payment on such. date shall have the
same force and effect as if made on the original date payment
was due
-THIS BOND is one of an ;issue of Bonds initially dated July
1 1984, authorized in accordance with the Constitution and
laws"; of the State of Texas in the principal" amount of
$1,785,000 for: the purpose of providing $1,000,000 for the
12
.3-001
purpose of constructing and improving the City's streets and
drainage in connection therewith; .$535,000 for the purpose of
renovating a Fire Station and permanently equipping same; and
$250,000 for the purpose of renovating and constructing a
IPolice Station building.
ON AUGUST 1, 1994, or on any interest payment date there-
after, the Bonds of this Series may be redeemed prior to their
scheduled maturities, at the option of the Issuer, with funds
derived from any available and lawful source, as a whole, or in
!part, and, if in part, the Issuer shall select and designate
the maturity or maturities and thex amount that is to be re-
deemed, and if less than a whole maturity is to be called, the
Issuer shall direct the Paying Agent/Registrar to call by lot
(provided that a portion of a Bond may be redeemed only in an
'integral multiple of $5,000), at the redemption price of the
principal amount thereof,, plus accrued interest to the date
fixed for prepayment or redemption. At least 30 days prior to
the date fixed for any redemption of Bonds or portions thereof
prior to maturity a written notice of such redemption shall be
published once in a financial publication, journal, or reporter
of general circulation among securities dealers in The City of
New York, New York (including, but not limited to, The Bond
;Buyer and The Wall Street Journal), or in the State of Texas
((including, but not limited to, The Texas Bond Reporter). Such
notice also shall be sent by the Paying Agent/Registrar by
United States mail, first class postage prepaid, not less than
30 days prior to the date fixed for any such redemption, to the
registered owner of each Bond to be redeemed at its address as
it appearedon the 45th day prior to such redemption date;
provided, however, that the failure to send, mail, or receive
such notice,- or any defect therein or in the sending or mailing
thereof,- shall not affect the validity or effectiveness of the
proceedings for the redemption of any Bond, and it is hereby
specifically provided that the publication of such notice as
required above shall be the only notice actually required in
connection with or as a prerequisite to the redemption of any
Bonds or portions thereof.By the date fixed for any such
redemption due provision shall be made with the Paying Agent/
Registrar for the payment of the required redemption price for
the Bonds or portions thereof which are to be so redeemed, plus
accrued interest thereon to the date fixed for redemption. If
such written notice of redemption is published and if due
provision for such payment is made, all as provided above, the
Bonds -or -,portions thereof which are to be so redeemed thereby
automatically shall be treated as redeemed prior to their
scheduled maturities, and they shall -not bear interest after
the date fixed for redemption, and they shall not be regarded
as being outstanding except for the right of the registered
owner; to receive thex redemption price plus. accrued -interest
from the Paying Agent/Registrar out of the funds provided for
such payment. If a portion of any Bond shall be redeemed a
su;.)stitute Bond or Bonds having the.same.maturity date, bearing
interest at the same rate, in any denomination or denominations
.in -any integral multiple of -,$5,000, at the writteLi request of
the registered owner, and in aggregate principal amount equal
to the unredeemed portion thereof, will be issued to the
registered owner upon the surrender thereof for cancellation,
at the expense of the Issuer, all "as provided "in,the Bond
Ordinance,
THIS BOND OR ANY PORTION OR PORTIONS HEREOF IN ANY INTE-
GRAL MULTIPLE OF $5,000 may be assigned and shall be trans-
ferred only in the Registration Books of the Issuer kept by the
Paying Agent/Registrar acting in the capacity of registrar for
the Bonds, upon the terms and conditions set forth in the Bond
Ordinance. Among other- requirements for such assignment and
transfer, this Bond must be presented and surrendered to the
Fatying Agent, Regietra.t together with proper instruments of
13
assignment,. in form and with- guarantee of, signatures' --satisfac-
tory to -the Paying Agent/Registrar, evidencing assignment of
this Bond or any 1 portion or portions hereof in any integral
multiple of $5,000 to the assignee or"'assignees in whose name
or names this Bond or any such portion or portions hereof is or
are to be transferred and registered.' The form of Assignment
printed or endorsed on this Bond shall be executed by the
registered owner -or its duly authorized attorney or representa-
tive,to evidence the., assignment. hereof.- A new Bond or Bonds
payable to such assignee or assignees (which then will be the
new. registered, owner or owners of such new Bond or Bonds), or
to the previous registered owner in ,the case -of the assignment
and transfer of only a portion of this Bond," may be- delivered
by the Paying Agent/Registrar in conversion of and exchange for
this Bond,, all in.the form and manner as provided in the next
paragraph .hereof .for the conversion• and exchange of other
Bonds. ; The Issuer shall pay the Paying Agent/Registrar's
standard=or customary fees and charges for making such trans-
fer, but.the one requesting such transfer shall pay any taxes
or other governmental charges required to be paid with respect
thereto. The Paying Agent/Registrar shall not be required to
make transfers of registration of this Bond or any, portion
hereof (i) during the period commencing with -the close of
business on any Record Date> and ending with the .opening of
business on the next following principal or interest: payment
date, or, (ii) with respect to any Bond or any portion thereof
called for redemption prior to maturity, within 45 days prior
to,- its redemption date... - The registered ',owner , of this Bond
`shall be.deemed. and treated by the:=Issuer and - the Paying
Agent/Registrar as the absolute owner. hereof for all purposes,
including payment and discharge of liability upon this Bond to
the extent of ,such payment, and the. Issuer and °the Paying
Agent/Registrar- shall not be affected byf any notice' to the
contrary. .
ALL BONDS OF THIS SERIES are issuable"solely - as fully
registered bonds,.without interest coupons, in the°denomination
of any integral multiple of $5, 000.., As�provided" in, the Bond
Ordinance; this Bond, or, any unredeemed portion_hereof may, at
the request of -the registered owner ; or- the- � assignee or as-
.signees. hereof,.- be converted into and °exchanged i,for'; a like
aggregate, principal amount of fully registered bonds,°without
interest,co.upons, payable to the .appropriate registered owner,
assignee,, or assignees, as the case may be,: having- the same`
maturity -date, and bearing interest. at the: same rate; in any
denomination or denominations .. in any integral multiple of
$5,000" as requested, in writing by the appropriate registered
owner,;. assignee, or assignees,., as the case may: be,.upon sur-
render of this Bond to the Paying Agent/Registrar-for cancella-
tion, -,.all in
ancellation,-all.in accordance with the form and procedures set forth
in ,the Bond Ordinance.. The Issuer shall pay the Paying
Agent/Registrar's standard or customary fees and charges for
transferring ,.converting, and exchanging any. Boiid or any
portion thereof, but -the -one requesting such transfer, -,.conver-
sion, and exchange shall pay any taxes or, governmental --charges
required to be paid with respect thereto as =a condition prece-
dentto the exercise of such privilege of conversion and
exchange.,„The Paying.Agent/Registrar -shall not be.required to
make any -such conversion and exchange, (i) during the period
commencing with the close of business on any Record Date and
ending with the opening of business on the next following
principal;,or interest -payment^ date, or, (ii) with respect to
any. Bond...a.or portion thereof called-for'redemption prior to
maturity, within 45 days prior to its redemption date.
IN.`THE +EVENT any Paying Agent/Registrar for the Bonds is
changed by..the,Issuer, resigns, or otherwise ceases to act as
such,,, the Issuer,has covenanted•in,,the Bond Ordinance that it
promptly will 'appoint,- a competent. and legally qualified
14 .
:�;41 5�
substitute therefor, and promptly will cause written notice
thereof to be mailed to the registered owners of the Bonds.
IT IS HEREBY certified, recited, and covenanted that this
Bond has been duly and validly voted, authorized, issued, and
delivered; that all acts, conditions, and things, required or
proper to be performed, exist, and be done precedent to or in
the authorization, issuance, and delivery of this Bond have
been performed, existed, and been done in accordance with law;
that this Bond is a general obligation of the Issuer, issued on
the full faith and credit thereof; and 'that ad valorem taxes
sufficient to provide for the payment of the interest on and
principal of this Bond, as such interest comes due, and as such
principal matures, have been levied and ordered to be levied
against all taxable property in the Issuer, and have been
pledged for such payment, within the limit prescribed by law.
BY. BECOMING the registered owner of this Bond, the regis-
tered owner thereby acknowledges all of the terms and provi-
sions of the Bond Ordinance, agrees to be bound by such terms
and provisions, acknowledges that the Bond Ordinance is duly
recorded and available for inspection in the official minutes
and records of the governing body of the Issuer, and agrees
that the terms and provisions of this Bond and the Bond Ordi-
nance, constitute a, contract between each registered owner
hereof and the -Issuer.
IN WITNESS WHEREOF, the Issuer has caused this Bond to be
signed with the facsimile signature of the Mayor of the Issuer
and countersigned with the facsimile signature of the City
Secretary of the Issuer, has caused the official seal of the
Issuer to be duly impressed, or placed in facsimile, on this
-
.Bond.
facsimile signature) _ (facsimile signature)
City Secretary Mayor
(CITY SEAL)
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is' hereby certified that this Bond has been issued
under the provisions of the Bond Ordinance described on the
face of this Bond; and -that this Bond has been issued in
conversion of and exchange for or replacement of a bond, bonds,
or a -portion of a bond or bonds of an issue which originally
was approved by ,the Attorney General of the State of Texas and
registered by the Comptroller of Public Accounts of the State
of Texas.
Dated Paying Agent/Registrar
By
Authorized Representative
FORM OF ASSIGNMENT:
,: I
ASSIGNMENT
For value received, the undersignedF- registered -' -owner of this
Bond,-'or.duly authorized .representative or attorney thereof,
hereby assigns this Bond to
(print,or type the name and.
address of the assignee and
z: any other relevant information)
and .authorizes. the',Paying- Agent/Registrar to transfer the
registration of this Bond in the Registration Books..
Dated
Registered Owner
`(Notice: The signature above must correspond with the
name of the Registered Owner as it appears upon the front of.
this'.Bond in every particular,; without alteration or enlarge-
ment bf any change whatsoever).-.
Signature Guaranteed:
(Notice: Signature(s) must be guaranteed by a member firm
of ;the New, York Stock Exchange or a. commercial. bank or trust
company)
Section. 8.. TAX LEVY.. N A 'special Interests and Sinking Fund
(the ."Interest and Sinking .Fund") is hereby created :-solely for
the benefit, of the Bonds, and the Interest and Sinking Fund
shall., be established and maintained ,;by the 'Issuer ' at an offi-
cial -'.'depository bank of the Issuer. The 4Interest and --.Sinking
Fund'shall be kept separate and apart from all other funds and
accounts of the Issuer, and shall be used only for paying the
interest on and principal of the Bonds. -,All ad valorem taxes
levied and collected for and on account of the Bonds shall be -
Ideposited, :.as• collected, to the credit of ,the Interest- and
Sinking` Fund. '"During each_; year while any of the '.Bonds or
interest thereon are outstanding and unpaid, the governing body
of` -the Issuer shall compute and ascertain a rate and amount of
ad valorem:. tax,, which .will= be; sufficient to :raise and;':prQduce
the money. required .to pay -the interest: on the Bonds; as ," such
,
interest, comes. due, and to provide and, maintain • a --sinking . fund
adequate to .pay the principal -of its -Bonds as such principal
matures (but never less than, 2% of .the;, original{ principal
amount: of the Bonds -as a sinking -fund .each year); and* said tax
shall be based on the latest approved -tax rolls of the Issuer,
with full allowance being made for tax delinquencies '=and the
cost of tax collection. Said rate and amount of &a valorem tax
is hereby levied, and is hereby ordered to be levied, -against
.all ;taxable property in the Issuer for each year, while any of
the Bonds or Interest thereon ara outstanding and unpaid; and
said tax shall be assessed and collected each such year and de-
posited to the credit,, of the aforesaid Interest and Sinking
Fund.. --Said: ad valorem taxes sufficient to provide for the
payment of the interest on and principal of the Bonds,., as such
interest comes due and such principalmatures, are hereby
pledged for such payment, within the limit prescribed by law.
Section 9.; DEFEASANCE OF BONDS. (a)' Any Bond and the
interest thereon shall be deemed to be paid, retired; and no
longer outstanding _(a "Def eased Bond") within, the ,meaning of
this Ordinance, except to the extent provided in subsection (d)
of this Section 9, when payment of the principal of such Bond,=
plus interest thereon to the due date (whether such due date be
16
by reason of maturity, upon redemption, or otherwise) either
(i) shall have been made or caused to be made in accordance
with the terms thereof (including the giving of any required
notice of redemption), or (ii) shall -have been provided for on
or before such due date by irrevocably depositing with or
making available to the Paying Agent/Registrar for such payment
(1) lawful money of the United States of America sufficient to
make such payment or (2) Government Obligations which mature as
to principal and interest in such amounts and at such times as
will insure the availability, without reinvestment, of suffi-
cient money to provide for such payment,- and when proper
arrangements have been .made by the Issuer with the Paying
Agent/Registrar 'for the payment of its services until all
Defeased Bonds shall have become due and payable. At such time
as a Bond shall be deemed to be a Defeased Bond hereunder, as
aforesaid, such Bond and the interest thereon shall no longer
be secured by, payable from, or entitled to the benefits of,
the ad valorem taxes herein levied and pledged as provided in
this Ordinance, and such principal and interest shall be
payable solely from such money or Government Obligations.
(b) Any; moneys so deposited with the Paying Agent/Regis-
trar may at the written direction. of the Issuer also be in-
vested in Government Obligations, maturing in the °amounts and
times as hereinbefore set forth, and all income from such
Government Obligations received by the Paying Agent/ Registrar
which is not required for the payment of the Bonds and interest
thereon, with respect to which such money has been so depos-
ited, shall be turned over to the Issuer, or deposited as
directed in writing by the Issuer. -
(c) The term "Government Obligations" as used in this
Section shall mean direct 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,: which may be United States Treasury obligations such
as its State and Local Government Series, which maybe in
book -entry form,
I
(d) Until all Defeased Bonds shall have become due and
payable, ,the Paying Agent/Registrar shall perform'the services
of Paying Agent/Registrar for such Defeased Bonds the same as
if -:they had not been defeased, and the Issuer shall make proper
arrangements to provide and pay for such services as required
by this Ordinance.
Section 10. DAMAGED, MUTILATED, LOST, STOLEN, OR DE-
STROYED BONDS. (a) Replacement Bonds In the event any
outstanding Bond is damaged, mutilated, lost, stolen, - or
destroyed, the Paying Agent/Registrar shall causd to be
printed, executed,, and .delivered, -a new bond of the same
principal, amount, maturity, and interest rate, as the damaged,
mutilated, lost, stolen, _or destroyed Bond, In replacement for
such Bond in the manner hereinafter provided.
w (b) Application_ for replacement Bonds. Application for
replacement ,of damaged, mutiled, lost, stolen, or destroyed
Bonds shall be made by the _registered owner thereof to the
Paying Agent/Registrar. In every case of loss,; theft, or
destruction of a Bond,the registered owner applying for a
replacement bond shall furnish to the Issuer and to the Paying
Agent/Registrar such security or indemnity as may be required
by them to save each of them harmless from any loss or damage
with respect thereto. Also, in every.case of loss, theft, or
destruction -.of a Bond, the registered owner shall furnish to
the,Issuer and to the Paying Agent/Registrar evidence to their
satisfaction of the loss, theft,,, or destruction of such Bond,
as the case may be. In every case of damage or mutilation of a
Bczid, , the z•egiete.rad owner, shall surrender. to , the Paying
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Agent/Registrar jor cancellation the Bond so damaged'or muti-
lated.
(c} No Default Occurred.Notwithstanding.the foregoing
provisions of this Section, in the event= any such Bond shall
have matured "-and
;"no default,, has occurred which -is then con
tinuingin,;the payment of the principal of, redemption premium,
if any, ,or,.interest.on the Bond, the` Issuer may authorize the
payment o£ - the'same (without, surrender' thereof except. in the
case of a damaged or; mutilated Bond) instead of issuing a
replacement Bond,• provided security.•or`indemnity is furnished
as above provided in this Section. -
(d) Charge for Issuing Replacement Bonds.. Prior to the
issuance ofanyreplacement bond, the Paying Agent/Registrar
shall charge the registered owner of -such Bond with.all legal,
printing,;and_ other. expenses in connection -therewith'.. Every
replacement, ;bond,, issued pursuant• to the provisions of this
Section by virtue of the fact -that any Bond is lost, stolen, or
destroyed -shall constitute a contractual obligation', of the
Issuer --..whether or not the lost, stolen, or destroyed Bond shall
be..found at,any..time, or be enforceable by anyone, and shall be
entitled to, all the benefits, of; this .,:Ordinance equally and
proportionately with any 'and..all"other 'Bonds duly issued under
this,Ordinance.
,(e) Authority for''Issuing' Replacement Bonds.I; In accor-
dance. with Section _ 6 .of Vernon s %, Ann;.. Tex. Civ.,. -St. z Art.
71,7k-6, this ,.Section rl0 'of this Ordinance shall constitute
authority -,for the issuance of any such replacement,bond without
necessity,of further action by the governing body of the Issuer'
or any`.other body or person,,and the duty of the replacement of
such'bonds.is hereby authorized and r'imposed -upon.., the Paying
Agent/Registrar,:and, the Paying Agent/Registrar, shall",authen-
ticate .and deliver such Bonds -in the form and -'manner and. with
.the :effect,4as provided in Section 6(d) of this Ordinance for
Bonds, issued in conversion and exchange for other Bonds.'
Section 11. CUSTODY, APPROVAL, AND REGISTRATION:OF BONDS;
BOND COUNSEL'S jOPINION,` AND-CUSIP,NUMBERS. The Mayor of the
Issueris hereby authorized tohave'control of theInitialBond
issued :hereunder.#and all necessary* records''' and proceedings
pertaining' to, -.the Initial. Bond 'pending lits -delivery sand its
investigation, �examination, a, and ,.approval by the` ;Attorney
General of the State of Texas, and its! registration,.. by the
Comptroller of Public ',Accounts of the State of Texas. Upon
registration of r'theInitial;:'Bond said ComptrollerofPublic
Accounts-; (or, - a -deputy , de si gnate'd 7 in writing .to ; act"' for said
Comptroller)•shall.manually.sign the Comptroller's Registration
Certificate on.the,l-nitial Bond,-and<the seal-of..said Comptrol-
ler shall be impressed, or placed �irr;�facsimile ', on -'.the '- Initial
Bond.,,rTher approving legal opinion of the Issuerts Bond,Counsel
and., the . assigned CUSIP numbers may, . at- the option',, of the
Issuer, be printed ,on`the Initial Bond-or#on.any Bonds ,issued
and delivered in conversion of and- ..exchange or,replacement of
any Bond; . but, neither shall .4ave any..legal-..effect,,, ,,and shall be -
solely ,Ior, the
esolely,Ior,the convenience and information of the, registered
owners of the Bonds::,-'
r;
Section.' 12 . - NO ARBITRAGE. T, The, =1 ssuer ' covenants' to and
with.: the registered owners �of, the: Bonds that it will.:make no
use 'of the. proceeds of the . Bonds - at any' time - throughout the
term o€ ,this issue .of Bonds which,' if such use had been=: reason-
ably expected_on..,the date,�of delivery of the Bonds' -to and
payment for..the Bonds ;by the purchasers, would have caused the
Bonds to. be.. arbitrage ' bonds within the meaning -:.-Of ,. Section
103(c) of the Internal Revenue -Code of 1954, -as amended, or any
regulations or rulings pertaining thereto; and by this `covenant
-the Issuer is obligated to comply with 'the requirements of the
A 18 . •
,35p
aforesaid Section 103(c) and all, applicable and pertinent
;Department of the Treasury regulations relating to arbitrage
bonds., The -Issuer further covenants that the proceeds of the
Bonds will not otherwise be used directly or indirectly so as
to cause all or any part of the Bonds to be or become arbitrage
bonds .within the meaning of the aforesaid Section 103(c), or
any regulations or rulings pertaining thereto.
Section 13. SALE OF INITIAL BOND. The Initial Bond is
hereby sold and shall be delivered to Prud�Cltial ghc�Sec:ut3tieS,It
for cash for the par value thereof and accrued interest thereon
to date of delivery, plus a premium of $_-0- _ It is hereby
officially found, determined, and declared that the Initial
Bond has been sold at public sale to the bidder offering the
lowest interest cost, after .receiving sealed bids pursuant to
an Official Notice of Sale and Bidding Instructions and Offi-
cial Statement dated June 12, 1984, prepared and distributed in
connection with the sale of the Initial Bond. Said Official
Notice of Sale and Bidding Instructions and Official Statement,
and any addenda, supplement, or amendment thereto have been and
are hereby approved by the governing body of the Issuer, and
their ,use in the offer and sale of the Bonds is hereby ap-
proved. It is further officially found, determined, and de-
clared that the statements and representations contained in
said Official Notice of Sale, and Official Statement are true
and correct in all material respects, to the best knowledge and
belief of the governing body of the Issuer.
Section 14. EMERGENCY. That the fact that the City
Council considers the passage of this Ordinance and the
issuance of the Bonds necessary for the immediate preservation
of the public peace, health, safety and welfare, creates an
emergency and an imperative public necessity that the rule re-
quiring ordinances to be read at more than one meeting of the
City Council before final passage be suspended, and said rule
is hereby suspended, and that this Ordinance take effect and be
,n force and effect immediately from and after its passage at
'this meeting, and it is so ordained.
PASSED AND APPROVED this 17th day of July, 1984,
Mayo
ty Secretary
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