OR 2013-1347 Ordinance DefeasementCERTIFICATE FOR ORDINANCE
THE STATE OF TEXAS
COUNTIES OF DALLAS AND DENTON
CITY OF COPPELL
I, the undersigned City Secretary of the City of Coppell, Texas, hereby certify as follows:
1. The City Council of said City convened in Regular Session on July 9, 2013, at the scheduled
meeting place thereof, and the roll was called of the duly constituted officers and members of said City
Council, to -wit:
Daren S e lbo Hunt, Mayor
Tim Brancheau, Mayor Pro Tem
Bob Mahalik, Councilmember
Wes Mays, Councilmember
Gary Roden, Councilmember
Billy F aught, Councilmember
Marvin Franklin, Council member
Aaron Duncan, Councilmember
and all of said persons were present, thus constituting a quorum. Whereupon, among other business, the
following was transacted at said meeting: a written Ordinance entitled
ORDINANCE AUTHORIZING DISCHARGE AND REDEMPTION OF A PORTION OF
THE CITY'S GENERAL OBLIGATION REFUNDING BONDS, SERIES 2005;
APPROVING AN ESCROW AGREEMENT; AND ENACTING OTHER PROVISIONS
RELATING TO THE SUBJECT
was duly introduced for consideration and passage. 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-, 7 NOES: 0 ABSTENTIONS: 0
2. 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 follows this Certificate; said Ordinance has been duly
recorded in the official minutes of said City Council; the above and foregoing paragraph is a true and correct
excerpt from said minutes of said meeting pertaining to the passage of said Ordinance; the persons named
in the above and foregoing paragraph, at the time of said meeting and the passage of said Ordinance, were
the duly chosen, qualified and acting members of said City Council as indicated therein; each of said officers
and member 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 introduced and considered for passage
at said meeting; and 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 Tex. Gov't Code Ann. ch. 551.
SIGNED AND SEALED this 9' day of July, 2013.
tity Secretary, City of Coppell, i54S
[SEALj
ORDINANCE N0. 4�> W- 134 7
ORDINANCE AUTHORIZING DISCHARGE AND REDEMPTION OF A PORTION OF
THE CITY'S GENERAL OBLIGATION REFUNDING BONDS, SERIES 2005;
APPROVING AN ESCROW AGREEMENT; AND ENACTING OTHER PROVISIONS
RELATING TO THE SLTBJECT
WHEREAS, the City of Coppell, Texas (the "City") has issued, and there are currently outstanding,
the City's General Obligation Refunding Bonds, Series 2005 (the "2005 Bonds"), maturing on February I in
each of the years 2014 through 2020, inclusive, in the aggregate principal amount of $9,605,000;
WHEREAS, this City Council finds and determines that it is necessary and in the best interests of the
City to provide for the payment, discharge and redemption of a portion of the 2005 Bonds, with funds available
for such purpose, as described in Schedule I attached hereto and incorporated herein (collectively, the
"Discharged Bonds");
WHEREAS, in the ordinance that authorized the issuance of the 2005 Bonds (the "Bond Ordinance"),
the City reserved the option to redeem the 2005 Bonds before their scheduled maturity in whole or in part on
February 1, 2014, or on any thereafter, at a price equal to the principal amount of the 2005 Bonds so called
for redemption plus accrued interest to the redemption date;
WHEREAS, the Bond Ordinance and Chapter 1207, Texas Government Code, authorize the City to
deposit available funds with the Paying Agent/Registrar for the Discharged Bonds, and such deposit, if made
in sufficient amounts, shall constitute the making of firm banking and financial arrangements for the discharge
and final payment of the Discharged Bonds; and
WHEREAS, it is officially found, determined and declared that the meeting at which this Ordinance
has been adopted was open to the public and public notice of the date, hour, place and subject of said meeting,
including this Ordinance, was given, all as required by the applicable provisions of Tex. Gov't Code Ann. ch.
551. Now, Therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COPPELL:
Section 1. Findings. The declarations, determinations and findings declared, made and found in the
preamble to this Ordinance are hereby adopted, restated and made a part of the operative provisions hereof.
Section 2. Approval of Escrow Agreement. The Mayor or City Manager is authorized to enter into
and execute on behalf of the City with the Paying Agent/Registrar for the 2005 Bonds, as escrow agent, an
escrow agreement, in the form and substance presented at this meeting, which escrow agreement will provide
for the payment in full of the Discharged Bonds.
Section 3. De osit of Funds. On or before July 24, 2013, the City shall deposit with the Paying
Agent/R4strar for the Discharged Bonds funds in an amount sufficient to pay the principal of the Discharged
Bonds and accrued interest thereon on the respective maturity or redemption date. Funds on deposit in the
general fund and in the interest and sinking fund for the Bonds, together with other available funds as
necessary, are hereby authorized and appropriated in the amounts necessary for such purpose.
Section 4. Redemption of Bonds. Discharged Bonds maturing on February I in each of the years 2015
through 2020, inclusive, as described and in the principal amounts set forth in Schedule I, are hereby called
for redemption on February 1, 2014 (the "Redemption Date") at a redemption price equal to the principal
amount thereof plus accrued interest to the date of redemption. Interest on the Discharged Bonds called for
redemption shall cease to accrue on the Redemption Date. The Paying Agent/Registrar is hereby authorized
and directed to call such principal amount for redemption.
Section 5. Notices. Notice of redemption of the Discharged Bonds called for redemption shall be
given in the manner and within the times required by the Bond ordinance, and the Paying Agent/Registrar for
the Discharged Bonds called for redemption is hereby authorized and directed to cause notice of redemption
to be provided at the time and in the form and manner prescribed in the Bond Ordinance.
Section 6. Covenants ReRardina Tax Exem tion of Interest on the Discharged Bonds. The City
covenants to take any action necessary to assure, or refrain from any action which would adversely affect, the
treatment of the Discharged Bonds as obligations described in section 103 of the Internal Revenue Code of
1986, as amended, the interest on which is not includable in the "gross income" of the holder for purposes of
federal income taxation.
Section 7. Authorization of Actions. The officers and employees of the City are hereby authorized
and directed to take such actions and to execute and deliver such documents, certificates and receipts, including
without limitation notice of redemption and material events notices with respect to the Discharged Bonds, as
necessary or appropriate to consummate the transactions authorized by this ordinance and to redeem the
Discharged Bonds in accordance with the provisions and requirements of the Bond ordinance.
Council.
Section 8. Effective Date. This ordinance shall be effective immediately upon its adoption by the City
(Execution Page Follows)
DULY PASSED by the City Council of the City of Coppell, Texas this the 9' day of July, 2013.
CHRISTEL PE OS, CITY SEC TARY
[CITY SEAL]
Signature Page to Ordinance No.
SCHEDULE I
SCHEDULE OF REFUNDED OBLIGATIONS
Description
General Obligation Refunding Bonds, Series 2005
Total
Maturity Date
2/1/2014
2/1/2015
2/1/2016
2/1/2017
2/1/2018
2/1/2019
2/1/2020
Principal
Amount
0iYtctanc1inor
$ 1,4803000
1,545,000
1,620,000
1,710,000
1,235,000
1,295,000
720,000
$ 91605,000
Principal
Amount
Defen Red
$ 260,000
270,000
285,000
300,000
215,000
225,000
125,000
$1,680,000
Maturities 2015 through 2020 called for redemption on February 1, 2014, at par plus accrued interest.