OR 307 Issuance of $5M General Obligation BondsORDINANCE NO. 307
MINUTES PERTAINING TO PASSAGE AND ADOPTION OF
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF CITY
OF COPPELL TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1984; AND ENACTING OTHER PROVISIONS
RELATING TO THE SUBJECT
THE STATE OF TEXAS §
COUNTIES OF DALLAS AND I)ENTON §
CITY OF COPPEIA, §
Oil this the 81h day of May, 1984, the City ComK.il of the City of Coppell,
Texas, convened in Regnlar Meetlog at tile regll[~' meeting place thereof in tile
Administration Building, the meeting being open to the public mid notice of said
meeting, giving the date, place and subject thereof, having been posted
pn~s(,ribed by Article G252-17, V.A.T.C.S., and the r'oll w~s railed of the duly
em~tituted otTiee~ ~d member% of said City Com~eil, to-wit:
An~ew Bro~, Mayov John Bailey )
Bmmy Thompson, Mayor Pro-Tern Lou Dugg~t ) Couneihnembe~
Dorothy Timmons, City Seeret~y W:ilter Pettijohn )
Dale W~'e )
~d all of said persons were prese.t, except the folh,wing absentees:
~ ~ thus
eo~titutin~ quorum. The rollowin~ ~mon~ other basiness w~ (r~saeted, to-wit:
The rollowin~ Ordinance was dul~ inh'odueed for fi~e eonsider~(ion or (l~e
Cit~ Couneil ~d read in full:
An Oedin~ee providin~ for the issuance o~ Cit~ of Coppell,
Text, General Obligation ~onds, Series 1984, in the
principal ~mo~t of $~,000,000, ~or the p~mpose or m~ing the
within deseribe~ perm~en~ public improvements within
for the Cit~; p~serihin~ the form o~ s~id Bon~; le~in~
~quirin~ ~ess~ent ~d collection or ~ ~mu31 ~d v~lorem
t~ on ~ll t~ble propert~ within the Cit~ to ps~ the interes~
on sueb ~onds ~M to create ~ si~in~ r~d rot the p~ment
thereof ~t ~t~it~; ~d en~e(in~ other provisio~ ~l~tin~ to
the subject
. Co eihnember
Thereupon it w~ moved b~
~ seconded b~ Co~eilmember ' the ordin~ee
~ r~MI~ ~ed ~d ~dop(ed. The M~or motion vo~e or the meml~
put to a
of the City Com~cil, ~d the ordinance w~ finall~ p~sed m~d adopted by the
following vote:
AYES: 4~
NOES: O
MINUTES APPROVEI) AND CERTIFIEI) TO BE TRI. JE AND CORRECT mid to
correctly reflect the dulZy eonsliluted member."s aj~d officers of the City Cotmcil of
said City, and the attached aj~d following copy of said o~'dinanee is hereby certified
to be a true aJ~d cotveer copy of a~ official copy thereof on file among the official
eeeords of the City, all on this the ~ day of/F/a, , 1984.
ATTEST:
[SEAL]
9
O140G
I~()ND ORDINANCE
S5,(}00,(}00
CITY O1' (?()t'l'l-:l,l,, Tt:XAS,
GENERAl, OIHJGATION I~ONDS, SERII:S 1984
10
11
Dated June l, 1984
TABI,E OF C()NTt~NTS
Recitals 1
ARTICI,E I
l)el'initiol~s and Other' Ppeliminar5, Matters
Section 1.01. l)efinitions '2
SQt'ti(HI I.O~. t'indings 3
Section 1.03. Table of Contents, Tith:s ~md tleadings 3
Section 1.04. Interpret ation 3
ARTICI,E 11
Seegil~ fol~ the Bonds
Section 2.01. Tax Levy for I}a~'lnent of the Bonds 3
ARTICI,E I11
Authorization; Gcnep:tl Tel,lllh all(/Prox isious
Re~arding t he Bonds
Section 3.01. Authorization
Section 3.()~. Date, Denomination, Maturillcs, Numbc~% and 4
Jnl er'est
SeeLion 3.03. Medium, Method and t'hwc o1' PaHnent
Scotion 3.04. Control, Execution ~md hliti:d Registration 5
Section 3.05. O~ncrship
Section 3.06. Regist ration, Tr:msfcr and Exchange 6
~etion 3.07. C~meellation ~ld Authentication 8
Section 3.08. Replacement Bonds 8
Section 3.09. Temporary Bonds 9
Section 3.10. Approval of Sale and Official Statement 10
ARTICLE IV
Redemption of Bonds Befor'c Matmqty
Seer ion 4.01. Limitation on Redemption 10
Section 4.02. Optional Redemption 1 I
Section 4.03. Pgtial Redemption 1
Section 4.04. Notice of Redemption to Bon{~older~ 11
Section 4.05. Pa~'ment Upon Redemption
&~etion 4.06. Effect or Redemption
~ction 4.07. Lapse of Payment 12
(i)
A RTI()I.E V
Paying Agcnt/Registv~kr
Seelion 5.01. Appointmoist of hfilial [~a~'ing Agent/Rcgistr:u' 13
Section 5.02. (~ualifications 13
Se¢.tion 5.03. Maintaining Pa~'ing Agent/Registrar 13
~ction 5.04. Teemigration 13
Sect ion 5.05. Not i(.c of Ch:tngc to I~ondholdct~ 14
Section 5.0(;. Agreement to I~er't'or'm l)utics ;u~d Functions 14
Section 5.07. l)cliverN of R~cords to Successor 14
ARTI(?I~E VI
Form of the lhmds
Section G.OI. t'orm (loner:ill}' 14
Section fi.02. Form o( the Bonds 14
Section ¢i.03. CUSII~ Registratio~ 20
Six~tion f;.04. [~eg:tl Ol)iaion
ARTICI~E VII
Creation o1' Funds ;uM Ae(.ounts,
hilt ial l)eposi( s and A ppli('al ion or Mom~
S,,{.I ion 7.OI. (?real ion of l'unds 20
Scclion 7.02. hfiti;tl Deposits 20
Scclion 7.():~. hlll~rcs1 :rod Sinking Fund 20
Section 7.Od. (7oilst rtt(.l ion t'uBd
S(~('t (oil 7.03. I:xcq'ss l~omt l'ro<.ccds 2 I
ARTICLE VIII
Sect ion 8.01. Invest merits 2 l
Section 8.02. ht~tyst/llcnt hl('olllty 21
ARTICI~Ii IX
Pact iet~lar Rcpccscntatiotm and (7oven;mrs
Section ~.01. Payment of the Bonds 22
Section ~.02. Other Repr'cscntations m~ft Covenants 22
ARTIC[A~ X
Default :rod Remedies
Section 10.0l. Events or Default 23
Section 10.(}2. Remedies for [)cfanlt 23
~ction 10.03. Remedies Not Exclusive 23
(ii)
ARTICI,E XI I)is¢'h:u'ge
Section 11.01. Dischar'go by Payment 24
Section I 1.02. l)isehat'go by I)eposil 24
ARTICLE XII
Misetdlaneous Mattef$
Seelion 12.01. Effectiveness 25
EXECUTION 2f;
9
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1
1
1
(iii)
ORDINANCE NO. 307
AN ORDINANCE PROVIDING EOR THE ISSUANCE OF CITY
OF COPPELL, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1984, IN THE AGGREGATE PRINCIPAL AMOUNT OF
$5,000,000, FOR TttE PURPOSE OF MAKING THE WITHlN
DESCRIBED PERMANENT PUBLIC IMPROVEMENTS WITHlN
AND FOR THE CITY; PRESCRIBING THE FORM OF SAID
BONDS; LEVYING AND REQUIRING ASSESSMENT AND
COLLECTION OF AN ANNUAL AD VALOREM TAX ON ALL
TAXABLE PROPERTY WITHIN THE CITY TO PAY THE
INTEREST ON SUCH BONDS AND TO CREATE A SINKING
FUND FOR THE PAYMENT THEREOF AT MATURITY; AND
ENACTING OTHER PROVISIONS RELATING TO THE
SUBJECT.
WIIEREAS, tht~ bm~ds her'einat'ter authorized were dul~ ~uid r:~vor.;d~ly voted,
as requi~'ed b~ I h~' (Tonst il uI ion and Jaws o1' the SIal ~' or Texas, al an eleel ion h~,ld in
lhe City oF Coppell, Texas (the "City"), on iJlt~ 4th da~ of t'ebru:tr'N, 1~84; and
WttEREAS, at said election, the following we~'e among' the pm'[~os~'s and the
amounts of ~eneral obligation bonds authoriz~.d :rod the amotulJs pr~viously issm'd
for' said purposes [}l~uant Io the voted aul hor'izat ions, I hc amouHl s t Jit~rt}l'rom t}~ 'i n~
issued parsa~uit to this OPdinaneo, and the r'esp,.~.t ivt~ t}:ihm{-os thai com:fi~ iufissm.d
i'or the indicated p~wposes after' the issuance or the bonds h~mt.in aulhorizt,d, to~wil:
Amount Amount
[:h>t.tiol~ Amount Previously Beined [hfissupd
Ihul~ost. . l)~tJ~' ___ Vote{J _. Issued _ _ ~ssued Bala~)5'o
St reel
hnp~.ovements 2-04-84 $~,DO0,O00 $ -0- $2,885,000 $ 7,035,000
Mmfi¢.ipal
Gover'mntmI
CenteP 2-04-84 2,850,000 -0- 1%,000
Eire Station 2-04-84 1,730,000 -0~ ~tB5,O00 7~;5,000
M~fieipal
~.viee Center 2-04-84 1,200,O00 -O- 500,0OO 700,000
P~k lmp~ove-
merits 2-04-84 54S,O00 -0- 545,000
WItEREAS, the City Courtoil eonsider's il in Ihe best inter't~st o1' the City at
this time to authorize the issuanoe and deliverX of lho areomits Ihus r.el'h,eted, all
a single issue, m~<t all in aeoocd:u~ee wilh the laws ot' the State of Texas;
NOW, THEREEORE, BE IT ORI)AINI;I) BY TtlE CITY OE COI~PI:I.I,, TEXAS:
ARTICIAC I
I)EFINITIONS AND OTItER PRI~IAMINARY MATTERS
Sect ion 1.01. I)efinit ions.
[J||less otherwise e×prt%sly provided or unless the Hmtext ele~ly requires
otherwise, in this Ordin;uu'e, the following terms shall have the meanings specified
~low:
"Bond" me~s m~y of the Bonds.
"Bondholder" or "ttolde~"' or "Ownell' me:ms t he pe~on who is tht~ rt~'islt~red
owner or ~ Boud or Bonds, ;~s slto~l ill th~* RegistriP.
"Bonds" me;u~s the City's bonds t'ntitled "City o1' Copp~,lt,
Obligation Bonds, Ser*ies 1984" in a~gregato pHneipal ;tnlouut o1' S3,OOO,00(I
m~thorized to be issued by S~.t ion 3.01 o1' this OHtinanee.
"Closing l)ate" me~ms the d;ttt, or the initial delivery of ',rod p~tynlt~nt [*or the
Bonds.
"CO(JC" IIIC~tlIS tht' hdorn;tl Rt~vollut· Co(h~ O[ 19:~4, :ts ;unm~<l~,d, int, lu<tin~ the
ceg~Hatlons :tnd publish~d Hllhl~s thertmnd~,~'.
"()onstruetion l'und" mtnu~s the l'onsll'll(.lh)[i fund ~st:d~lished by Seetien
7.01(a)(il) ot' this
"Event oI' l)efault" memm ~ny t:~ent of I)ermdt ~ts
t his Ordin:mee.
"hUerest and Sinking t'und" me:uls tlu- inte~'est ~uld sinking l'und ~'stnhlisht'd t3~
Section 7.01CO(i) of lhis Of'dhmnee.
"P~tyinE Agem/Registr:u"' me:tns First Cit.~ t~nnk uf l)~tll:~s, l):dhts, 'l't.xns, ~u~y
sue~.essoc thepeto or m~ entity ~hi~.h is appoinh~d ~Ls trod :LSSUmeS the dutic's of
p:~yinE ~eut/registr~tp ms pcovided in this Ordinan~e.
"Reeopd Date" inemm the Reeurd l)~d~ as preserit~ed in Sect ion 3.03(b) of this
Opdinm~ee.
"Reg'istep" me~ms the Registee sp~.ified in Seetlon 3.06(a) of this Ordinance.
"Special Reeopd Date" moguls the Speeial Record
Section 3.03(b) of this Oedinmu.o.
Seetion 1.02. Findings.
The deehLrtttions, aleterminal ions :rod findings deolarcd, made and rotrod in
the preamble t o this Or'dintmcc ~'e hereby ;utoptcd, vcsl at ed :rod made a p~t or the
operative provisions hereof.
Section 1.03. Table of Curttents, Tit les ;~d liraclings.
Ihe table o[ contents, titles ~d headings of the Articles ;rod Sections or this
Ordinmu.e have been inserted for convenience of rcfcrenee only ;rod ~'c not to
considered :t p:u't bcrcor :aid shall not in any way modify oc restrict ;ui~' or the terms
or provisions hercol ;aid shall neww bc considcrod or g'ivoR any ol'l'ect in coastruing
this Ordinance or :tny provision Itereof or' in ascertaining intent, if any question
jilltilt should :trise.
Section 1.04. hdcr'prcl;ttion.
(a) Unless the contexq r'eqtfir'cs otherwisc, words or the masctdb~c gender
shall be constcucd to inch~de eorrchlt ivc words o[' tbc ['emininc and neuter gcndcr%
m~d viec ve~a, ~md words of the sing'uhtr uunlbcr shall t~ (.ohMrued tu include
correlative words of the plural manbet ;rod vice vesa.
(b) This Ordinance and all the tcrms :rod provisions hercor shnll be
liherall~ construed to c[l'cetu:dc the purposes set forth heroin to susl ain the validitN
of this Ordinmtec.
9
ARTICI.E II
SI;CU~IT~ FOR THE BONDS
Sect jan 2.01. Tax LcvX For I'aymeut of the Bonds.
(a) The Cit~ Council hcrchN dcehn'cs ~u~d covcn;mts th;n it will pro~idt.
and levy a t~x legalIS m~d ['ally suiTicicnt For payment or the Bonds, it having hccn
determined that the existing ;rod awfihdHe taxing authority of tbc City for such
purpose is adequate to ~rmit a legMly sufficient lax in cousidcration of all other
outstmtding obligations of the Cit~.
(b) In order to provide for the payment or the dcht service requircmcnts
on the Bonds, being (i) the interest on the Bonds, and (ii) a sinking fund for their
paSment at maturit~ or a sinking ftmd of two pcrccnt (whichever amount is the
~eatcr), there is hereby levied for the current ~c:~ ~d each succeeding yenr
thereafter while the Boods or interest tbcrcon remain outstanding ~td unpaid, a tax
on each $100 vahmt ion or taxable property in the City that is su[Ticieut to paN sm.b
debt service ~quircments, ['ull allowance hcb~g made for delinque~cics and (.osls
collection.
(e) The t~x levicd b~ this Section shall be assessed and collected each
~c:w m~d applied to the paHnent of the debt service requirement s on the Bonds, and
the tax shall not [¢ diverted to any otbcr purpose.
0142G
-3-
ARTI(~[,E
AUTIK)RI~ATION~ t~ENERAL TERMS AND f~ROVIS[ONS
REGARI)ING TIlE BONDS
Seel ion 3.01. Autborizat ion.
The Cit~'s general obligation bonds 1o be designaled "Cit~ of Cop~ll, Tex~ks,
General Obligalion Bonds, Series 1984," ~e bereb~ authorized to be issued and
delivered in accordance with the Constitution and laws of the State of Tex~m, the
Bonds to t~ issued in the aggregate principal amount of $5,000,000 for the ptu'pose
of providing t'unds wilb ~hielt to make variotm puldie improvements for and within
the City all(J ill the t'ollowing amounts: (i) S2,865,000 [or eonstrueting and improving
streets and sidewalks in :rod l'ov tin, City, including the acquisition el' cights-ol'-way
and the eouMruetion arid inqwoveuteHl of tr'atTie signatizatiou and slouHl dr'ain:~ge
iul provcmelfl S; (ii) $125,000 [or aequiri rig, eonst cuet ing,
mtmieipal govermnent center in ~md for said City; (iii) $965,OO0 for acquiring,
constructing, improving :rod equipping rice stations in ;tad For said City, iuclmling
t be aequisit ion of sit es therefor; (iv) S500,0OO I'or aeqtdr'ing, eonst fuel ing, im proving
and equipping a mtmieipal services center in :rod for said City, including the
acquisition of a site or sites therefor; and (v) $545,000 for aequicing and impvexing
land for p~u'k and recreational purposes, including constructing, improving ~d
equipping teereal ional l':teilil its in ~tnd for said City.
Section 3.(12. Date, I)enomimttiotkMatucitics, Numbc~ ~u~d Interest.
(a) The Bonds shall be d:tted June 1, 1984. The Bonds shall be in fully
registered Form, Mthout eoupons, in the denomination of $5,0OO or :my integl'al
ntulliple thoreel' and shall be nuutbeved scparatelb t'rom one upward.
(b) The Bonds shall mattwe on Septembec I in the ycat~ and as to the
prineitml alnounls set forth below, and interest on each Bond shall accrue from the
later or the date thereof or the most cecent interest payment date-to wbieh interest
h~$ been p:tid or provided for at the pet a~mum rates of inlercst, payubh~
semitumuall~ on M~eh 1 ~ld September I oF caeb ye~ until maturity or prior'
redemption commencing March I, 1985, all as set forth in the scbeduh~ below:
Ye~ Principal lntct'csl Ye:$' Principal Interest
(Sept. l) An~ount Rate (~pt. I) Amount Rate
1986 $ 75,000 12.50% 199(i $ 225,000 9.50%
1987 100,000 12.50 1997 250,000 9.60
1988 lO0,O00 12.50 1998 275,000 9.70
1989 125,000 12.50 1999 300,000 9.80
1990 125,000 12.00 2000 325,000
1991 150,000 12.00 2001 375,~)0 l 0.00
1992 150,000 l 2.00 2002 400,000 I 0.00
1993 175,000 12,00 2003 450,000 I O. 00
1994 175,~0 12.~ 2004 500,~)0 9.50
1995 200,000 I h75 2005 525,000 9.50
-4-
Seelion 3.03. Medium, Met hod a. nd Phtee of Payment.
(a) The principal of, premium, if any, and interest on the l}ollds shall he
paid in lawful money of the United States of Aluefioa ~LS provided in this Section.
(b) Interest on the Bonds shall be payahle to the ()~er whose name
ap~ in the Register at the close of business on the lSth day of the month
~eeding stu.h interest paymenl date (lhe "Record Date"). flowever, in the event
that interest is nol paid on a sd~edtdcd interest payaient date :rod Pemains m~paid
for thirty (30) d:tys thereafter, a new record d~e for such interest payment (~
'Special Record l)~le") shall he established by the Paying Ag'eut/Registr:~', if and
when funds for the payment of' such intevesl have been ceeeiw~d from the Cit~.
Notice of the Special Re~.ovd Date :rod or the seh~-duled payment d:~te of the pasl
d,e interest (which sh:dl ~ 17> days after the Spt~eial Record D:lte) shall be sent at
h.:~sl five business d:t~s prior to lhe Spc~'i:tl Rt~.,rd I):lle b~ United Stales mail, firsl
~'lass, postage pcet~tid, Io lhc address of ea(.h Owner ot' a Bond appe:u'ing on the
Register nl the ~'lose of husiHess on tht~ hLst husiness d:ty nex~ preuedin~ the date of
re:tiling of su~.h ,el i~'e.
(e) Interest shall he p:tid hy cheek (dated ~ of the interest paymere
date) and sent hy the P~ying Age,t/Reg'istrar to the person entitled to sitoh
paymeut, f'ic~t el~s United States mail, postage prepaid, to the address of su('h
pe~on :cs it appea~ in the Register.
(d) The principal of each Bond shall h~' paid to the person in whose name
such Bond is registered on the due date thereof (whelher at the maturity dale ur' ttu.
date of prior redemption therefor') uDon presentation and surr'~?,d~'r of such Bolld
the principal corporate office of the Payin~ Ag'ont/Registr:tr. 10
Sc~'t ion 3.04. Coutrol, Execution ~u~d Initial Regist vat ion.
11
(a) The Bonds sh:tll be exeeuted on b,.half of the City by the Mayor and
eountersig~led by the City Seeret~', by their facsimile sig~lahw~s, ~d the ol'l'ic.i:ll
seal of the City shall be impressed or placed in fat. simile thereon. Such faesimih?
sig~l:ttttr'es on the Bonds sh:tll have the same effect ~s if each of the Bonds had been
sighted manu;dl~ and in pe~on by eaeb of said offiee~, and such facsimile seal
the Bonds shall have the sa~ae effect ~s if the offioial seal of the City had been 1
manually impressed upmi each of the Bonds.
In the event that m~y officer of the Cit~ whose facsimile sig~l~t u~e
ap[~us on the Bo,ds c.e~es to be suoh officer before the authentieation of stt(.h
Bon~ or before lhe delivery thereof, saeh [~esimile sig~ature nevertheless shall be
valid m~d sufficient for all ptwposes ~s if such officer had r'elu:tined in such office.
(e) Except ~s provided below, no Bond shall he valid or obligntory for
p~pose or be entitled to m~ set.urity o~ benefit of this Ordin:u~(.e tudess ~ld until
there appe~ thereon the Cerl i fieate of P~lying Agent/ReSist c~u' suhst~tittlly iH the
form provided herein, dul~' aulbentieated b~ m:tnual exec'ution of the Pa~ing
Agent/Registry. It shall not be ~equirod that the same officer of the Pa.~in~
Ageat/Registr~ sig~ the Certifieate of Paying Agent/Re~ist~' on all of the Bunds.
In lieu of Ibe executed Certificate of Pa~ing Agent/Regist~ described above,
01420 ~
-,5-
leootis initially delivef'ed at the Closing Date shall have attached ther'eto the
Comptroller's Registration Certifieale st~bstanliall~ io the t'orm provided her.el/h
lll~ltlal]~ exe<'.ted by the Comptvolh~r' ok' Public Aeoounts or the State of Tex:~s, or
by his duly authorized age,l which (~ertil'i¢'ate shal[ be evidence that the bond
been duly approved by the Attorney General of the State of Tex:~s m~d lbat it is a
valid ~d binding obligal ion of the City, a.d has been registered by the Comptroller*.
(d) ()n the Closh~g Date a sieging, pei,ted Bond Eel' each maturity in
denomination eqll:t[ tO th(~ agg~'egate altlotlnt Of Sue}l maturity wil! be registered
the llallle o[' ~ld deliver'ed to the initial puFehaser Of the Bonds. Upon being
furnished writte, instru~'tions in the m:ulner set Forth below, the Paying Agent/
Registr~u' on Ih{~ Closing Date shall exchange the initially delivered Bonds for Bonds
in any inleg~'al ,millpie of S5,000 t'or any one tnatta'ily. It shall be the duty of
i.iHal purehas~'p to ['Hrnish to the l~aying Agenl/Registr:ff', al least five ($)
days prior to the (?losbig Dale, written inslrll(?liolls oil fOpIllS whi~.h the' pllr~*h:tsor
must requesl of' :u~d obtain I'rom, ~md which shall be provided b~', the Paying
Agent/Regislr~u' desigt~:tting the nanles ill which Bonds ~e to be reg'ister~d, the
adch'esses of the e'egislered ()~ee% the oiaturities, interest rat~'s and
lions. If such wt'itlen instructions m'e not peeeiv(~d withh~ the specified tim~ period,
the em~eel[ation of the Bonds initially deliver'ed ~u~d delivery of Bonds in ex¢.ha~ge
therefor will be delayed unlil such inslru¢.tio,s are vee¢~ived.
Seul ion 3.05. ()~ership.
(a) The City, the Pa~'ing' Agenl/R{'gislrav and any other person may tr'eat
tile person ixi whose name :t~ay Bored is regisD~red as I he absolt~te owner ol' sHeh Bond
For the ptll'pose of making' :tfl(t eeet~ivi.~ paym~,nt of the' prin~.ipal thereof' and
pr~mi.m, if any, thee'con, for the further purpose of' m:tkin~ and reeeivin~
of' the interest thereon (subject to the pro~.isions hct'ein that inlerest is to be p:fid to
lho pe~on in whose name the Bond is T'egisleved o, the Reeot'd l)alt? or on
Sp¢?ei:d Re('oe'd Date ~s applicable), ~d for all other purposes, ~hether or .or such
Bo,d is over'd,e, and .e. ither the City aor the Paying A~e.l/R¢,gistr:u, shall be~ bot,ld
by a.y ,olioe or knowledge to the eonti':trW.
(b) All payments made to the poesee deemed to be the owner o1' ~u~y Bond
in ao(.ord:u~ee with this S,,t.l ion shall be valid ~ld effectual m~d shall discharge the
liahilily of the Cily mid the Pa~'ing Agent/Reg'istv~ upon sueb Bond to the extent
the st.us paid.
Seel ion 3.0G. ~l t~ll io~eansf~t' ~d Exeh~u~.
(a) So long ~s any Boods remain outstanding', the City shall cause the
Paying Ag'ent/Registr~ to keep at its principal corporate offlee a register (the
"Register") in whioh, subjeer to such reasonable reg~dations ~s it maF pcesocibe, the'
Paying Agenl/Regislr:u' shall provide for the Pegislr'atioo and tv:ff~sfe~ of Bonds
aoeord~ee wit h this ()rdin:utee.
(b) Registration of any Bond ma~' be tc:msferred in the Register onl~
upon the presentation ~ld stuTender theeeel at the principal eo~'povate office of
Paying Agent/Registrm' foe tr'~sfer of' registration mid e~eell:ltion, log~ther ~ith
proper written i~tr'uments of ~ssig~tmenl, ia form mid with gM:tv:~nleo of
0142G I
satisfaetory to the Paying Agent/Registcar, evidencing assig~urtent Ill' tile t{o.ds, or
rely portion theveal in m~y intcg~al multiple of $5,000, to the ~ssignce or ~ssignces
thereof, m~d the eight of stieh ~kssig.ec or ~signees thereof to have the boml or a~5,
portion thereof registered lit the name of sileh ;kssignee or assignees. No trm~sl'cc
miy Bond shall t~ effective until entered i. the Register. Upon ~ssignment
tr~fer of m~y Bond or portion thereof, a new Bond or Bonds will be issued hy tbc
Paying Agent/Registr~ in conversion mxd exchange for such trm~sfevrcd
~signed Bond. To the e~ent possible the Payi.g Agent/Registca' will issue sul.b
new Bond or Bonds in not more tbm~ tlwee business days at'ter receipt of the Bond to
~ transferred in proper form ~d with proper last ruetions direct ing such trmts/'cr.
(e) Any Bond may t~ reavetied and exchanged onl~ ripen t bc
presentation :rod s~render tbereof' ~tt the principal corporate el'fire ot' the t'a~iug
Agc.t/Registrac, together with a writte. request thcc~q'ot~ duly excouted hy the
registered o~cr oc assig~u~c or assignees thereof, or its or their duly aatborized
attorneys or representatives, with gnarm~tces el' SigllaltiPes satisfactory to the
Paying Agent/Registrar, l'ot' ;t Bond or Berets of tile same maturity amt i.tcrest cute
~uld i. any authorized alemania;titan and ill all 3ggl'i, gate pri.cipal :tramnit equal to
t be unp:tid princip;tl amount el' tbc Bo.d pt'e~sc.tcd ['or cxcb~mgc. It' a port ion of ann
Bond is redeemed prior' to its scheduled maturity as provided herein, a substitate
Bond or Bnnds baring the same maturity dale, be~'i.g laterest at the sallte rate, in
the de.ominatio. or dcnominatio.s o1' any integral multiple of S5,000 at the rcqm,sl
of the registered owner, ~u~d i. :u~ aggt'cgate pri.c. ipal a~noma equal tO tbc
mu'edeemcd portinn thereel', will he issued to the r,~gibter'ed i)wll(~[' tipoil
thereof for c~¢.ellation. To the cxlent possible, a m~w Bored or t~o.ds will be
required to be delivered hy the l>aying Agent/Registry' to the rcgistc~'cd o~ncr el'
the Bond or Bo.ds i. m~t more than tbre~, business days al'tcr receipt el' the Bo.d to
be ex~,banged in proper l'ocm and with proper instruct io.s directing such exebango.
10
(d) Each bond isstted i. exchange for ;nly Bond or portion thereof
~sig~ted, tra~st'erred or converted shall have the same pri.eipal maturity date ~d
~s i.tecest at the santo rate $ the Bomt t'or which it is being exeb:u~ged. Each
substitute Bond shall ~ a letter ~d/or number to distinguish it from earh otber
Bond. The Payi.g Agent/Registrar shall convert ~d exchange the Berets as provided
herein, m~d each substitute Bond delivered in aeeocd~ce with this Settle. shall
coastirate m~ original additional co.tcactual obligation of the City ~d shall be
entitled to the benefits and security oF this Ordinance to the same extent as tbc
Bond or Bo.ds in lieu of whicb such suhstitute bond is delivered.
(e) The City will pay the Payi.g Ageat/Registrac's ve;~onahle
c~stom~ eh~gc ~or the initial registration or m~y subsequent tcanst'ec, exchange or
convexion of Bonds, but the Paying Agent/Rcgistr~ will require the Owncc to pay a
sum sufficient to covet m~y t~x or other government al eh;u'ge that is authorized to
~ imposed in emmection with the registration, trm~sfer, exch~xge or to.version
a Bond. In addition, the City hereby cove.ants with the 0~c5 of the Bo.ds tb;tt it
will (i)pay the reasonshie ~d stmMard or ('ustumar~ fees and chargers of the
Agent/Registr~ for its sevviees with cespcct to the payment of the pt'incipa] o[' and
interest on the Bonds, when due, ~d (it) pay the Fees m~d charges of the Payi.g
Agent/Registrar for services with respect to the trotslet, ccgistration, conversion
m~d exchange oF Bonds ~s provided hcvein.
(f) Neither the City nor the Paying Agent/Registrar shall be required to
issue or trm~sfer to ~ ~Lssignee nf the IIolder of the Bonds any lhmd railed foe
~demption, in whole or in p~u'l, within 45 days el' the date fixed for redemption;
provided, however, such limitation of transfer shall not he applicable to ~m exe. hangc
by the ()~er of the nnredecmed balance of a Bond ealh'd in part for rederupt ion.
~ct ion 3.07. Cm~ccllation m~d Authcnt icat ion.
(a) All Bonds paid or cedecreed before scheduled mattaqty in accordance
with this Ordinance, m~d all Bonds in lieu of which exchange Bonds oc replacement
Bonds ~e authenticated m~d delivered in aceordinate with this Ordinance, shall be
cm~celled m~d destroyed upon the m~ing of prnpec records ceg~a'ding such payment,
redemption, exehm~ge or replacement. The Paying Agent/~gistruw shall
perindieally Furnish the City with certificates ot destruction of sueh Bonds.
(h) Each substitntc Bond issued in eonvctxion of and exchange for or
replacement of (put~u~utt to the provisions of Section 3.07 hereof) ~mb, Bond or Bonds
issued tnlder this Ordinance shall have printed thereon a Paying Agent/Registc;tr's
Authcntication (?cctificate, in the Form heroinafter set forth. An :mthorizcd
rlq,'cscntat ire o1' the Pa~i,g Agent/Registc:w shall, be[ore the delivery of m~y such
bond, manually sig~ tu~d date su(~h Ccrtifieatc, and no such Bond shall be deemed to
be issued or outst;utding nnless such Certificate is so executed. No additional
ordinances, orders, or resohfl ions need he passed or adopted by the City Cout~cil
an,y other body or person so as tn :tccnmplish the foregoing convc/sion ttnd cxcltangp
or replacement of ~my Bond or portion thereof, and the Pa~ing Agent/Registrar sh:tll
provide for the printing, execution, m~d deliverLV of the snbstituh~ Bonds
manner prescribed hercAn, and said Bonds shatl be of type composition printed on
paper with lithogvaphcd oc steel cngT~avcd borders of enslon~ary wright
strength. Put~u:mt to Article 717k-6, V.A.T.C.S., as amended, ~sd p:xrticularl.~
Section 6 thereof, the duty of conve~ion ~d exchange or replacement of Bonds as
aforesaid is herehy imposed tipon the Paying Agent/Rcgistrfw, and, nilon
execution of the above Paying Ag'ent/Registr;u"s Authcntieation Certific:~tc, the
converted :rod exeh~ged or replaced Bonds shall be valid, incontestable, and
enforceable in the same rammet and with the same effect ~s the Bnnds which
originally were delivered putsurest to this Ordinance, approved by the AltomrS
General, m~d registered by the Comptroller of Public Acretufts.
(e) Bonds issued in eonve~ion m~d exchange or replacement of m~y other
Bond or portion thereof, (i) shall ~ issued in fully registered form, without interest
coupons, with the principal of m~d interest on such Bonds to be payable only to the
registered o~te~ thereof, (ii) may be redeemed prior to their scheduled maturit ies,
(iii) may be trm~sferred ~d ~ssigned, (iv) may be converted ~M exchanged for other
Bonds, (v) shall have the eh~aeteristies, (vi) shall be signed m~d scaled, and (vii) th,.
principal of ~d interest on the Bonds shall ~. payable, all ~s provided, and
mam~cr required or indicated, in the FORM OF B()N D set forth in this Ordimu~oc.
~etion 3.08. Replacement Bonds.
(a) Upon the presentation and surrender to the Paying Agent/Registrar
of a mutilated Bond, the Paying Agent/Registr;u' shall authenticate m~d deliver in
exchange thercq'or a replacement lhmd ot' like tenor ;rod pcineipal amount, bearing a
humor not contemporaneoosly outstanding. The City or the Paying Agent/
Registrar may tx~quire the tloldcr ol' such Bond to pay a stllll sufficient to envec any
t~x or othec governmental eh;u'ge that is authorized to he imposed in connection
t herewil h and ;~y ol h(yr ex~ens(~s ('onncctcd herewit h.
(b) In the event that :my Bond is lost, app~u~ently destroyed or ~'ongl'oll~
t~en, the Paying Agent/Rcgistnu', puCStl;lllt 10 the applicable laws of the State or'
Tex:ks ~<t in the abscn(.e of nol leo or knowledge th;tt such Bond h;ts been acquired
bS a bona fide parehfksep, shall authenticate and deliver a replacement Bond ot' like
tenor' ~ld principal amount, bearing a lllllllboc not eontt~mpor;~neously outstanding,
provided t hat t he I loldcr t'i~%t:
(i) fucnishes to the Paying Agent/Registrar sailsfactory
evidence of his or her ownership of ;u~d tht~ I'i['etHItsllHlet~s Ilf the ]osx,
desl rm-t ion or I het't ot' such Bond;
(ii) furnishes such security or indemnity ~ks m;ty he reqoiced by
l he Paying Agent/Registrar, and accept ;thh~ t o t he City, to saw~ it hm'm less;
(iii) pays all expenses and ch:n'gcs in connection therewith,
including, but not limited to, printing costs, legal fees, ('ees ol' lht· Paying
Agent/Registr;u' m~d ann t~L'< Or other governmental charge that is aothorized
to bc imposed;
(iv) satisfies anN olhec ceasonable requirements imposed by the
City and the PaSing Agent/Regist rat.
(c) l[, after the deliver~ of sut.h replacement Bond, a hooa t'ide purchaser qO
or' the original Bond in lieu o[' which such replacement Bond w~s issued presents I'o[.
payn~ent suc'h original Bond, the Cit~ and the Paying Agcnt/Regislrar sh:dl hc
entitled to t*eeovcr such replacemeal Bond From the person to whoHi it was delivered
or :rex person t~ing therefrom, except a bona fide ptwchascr, ~d shall bc entitled
to ['~cover upon the sectwily or indemnity pcovidcd therefor to the extent of ;my
loss, damage, cost or expense incurred hs the City or the P:tying Agenl/Rcgist i';w in
connection therewith.
(d) In the event that ;ul~ such mutilated, lost, apparently destroyed or
wrongfulls taken Bond has beeonce or is about to become due :rod pa~ahlc, the
PaSing Agent/Registry, in its discretion, instead of issuing a ccplacement Bond,
may pay soch Bond.
(e) Each replacement Bond delivered in accordance with this Section
shall eonstitole ml original additional eootcactoal obligation o1' the City and sh;tll be
entitled to the benefits ~d seeority o[ this Ordinance to lhc same cxtcnl :is the
Bond or Bonds in lieu oF which such replacement Bond is delivered.
Scelioo 3.09. Tempor~'N Bonds.
Pending the prcp~wation o1' defioitive Bonds, the Cit~ ntay issoc and, upon the
CitS's ccqocsl, the Pa~ing Agcnt/Rcgistrtu' shall aulhcnlicate and deliver, one or
0143G
more temporary Bonds that are printed, litho~'raphed, typewritten, mimeogT'aphed or
otherwise produced, in any denontin;tt ion, subst antially of the tenor of the definitive
Bonds in lieu of which they arc delivered, without coupons, with provision for
~gistration :rod with such appropriate insertions, omissions, snhstitt~tions mid other
v~iations ~s the offitem of the City execnting such tempor~u'y Bonds may
determine, ;ks evidenced by their signing of such temporary Bonds.
Until exchanged foc Bonds in dcl'initive form, such Bonds in temporary Form
shall be entitled to the benefit and secm'ity of this Ordinance. The City, without
mu'emsonable delay, shall prcp:u'e, execute ;rod deliver to the Payi,g Agent/
Registr~w, and thereupon, npoll the presentation ~uut surrender of the Bollds
temportwy forIll to the Paying Agent/Registrar, the Paying Agent/Registrar shall
anthenticatc :rod deliver in exch;mgc therefor Bonds el' the same maturity,
definit ire form, in thc ant hot'ized dcnomin;tl ion, :rod in t h~, same ;tggcug:ll c [n'incip:ll
:tl~lotlllt, ;is the BoHds ill tenl[)OF;ir~ for'm stlr't'el.lered. SHeh exch;~Hge sh;tll be
without the re,king of ;uW chargc thor'el'or to :uW hohhq' or Botds.
Section 3.10. Approv:tl ot' S;de :tnd Ot'l'ici;tl Stalemerit.
(a) The Bonds have been duly advertised For public sale; bid has hecn
received pursuant thereto, m~d the Bonds ~re hereby sold and shall be delivered
RepublieBm~ l)allms, National Association, for a price of p~w plus acereed i,tecest
to the Closing Date, plus a premium of S-O-, being the best hid submitted at said
public. sale.
(h) The Notice of Sah' and Bidding h~strttctions, the Official Bid Form
and the OITiei:tl Statcmcnl, dated April 15, 1984, prepared m~d distributed in
co~meetioo with liic sah~ of the Bonds are hereby al~pr'ovcd, ('oni~irmod and :trioprod
~s otTiei:~l documents ;Hid statenlouts of the City.
(t') The IISO el' sn(.h OfFici;H Sl;lteniont in the r'eolTct'ing of the Bonds b~
the pur't-h~tser' of the Bonds is h(q'cb~ al)proved ;nut authorized, x~it h su(.h :qq)ropci:ltc
v;~iations as are :xpproved hy thc C it y Ad m in ist r';tt or' ~md t he purchaser.
(d) The proper officers of the City are hcrchy author'izcd to execute and
deliver a certificate pertaining to such O[ficial Statement, dated ms or' tin. Closing
Date, :ks presccihcd in the Notice of Sale m~d Bidding Instructions.
(e) The obligation of the purchaser identified in subsection (a) of this
Section to accept delivery of the Bonds is sobjcct to such pureh:~er being furnished
with the final, approving opinion el' thitchison Price Boyle & Brooks, Bond Cotr~scl
for the Cit~, which opinion shall be dated mid delivered the Closing Date.
ARTICLE IV
REI)t]MPTION OF BeN I)S BEf'ORE MATURITY
Section 4.01. IJiinitation on Redem~p_t_ion.
The Bonds shall be subjcet to redemption before schcdnh'd mattn'it~ onl.x as
provided in this Article IV.
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Section 4.02. 0~33o_nal Rc, demption.
(a) The City reserves the option lo redeem Bonds ~naturing September' I,
1997, tlwough September' I, 200~, inclusive, in whole or in p~t, before their
respeetiw~ scheduled maturity dates, on September 1, 19~)6, or' on any interest
payment dale thereafter (such cederapt ion date pc dates to be fixed by the City) at a
price equal to the principal nmolmt of the Bonds called foe eedemption plus acerued
interest from the utost recent interest p:tyulent dale on whioh inter'est h:~ been paid
or duly provided for to the redemption date.
(b) The City, at le~t 60 days before the redemption <late (unless a
shorter period shall be satisfactory to the Paying Agent/Regish'ar), shall notify the
Paying Agent/Registrar of such redemption date :rod of thP prineip:d aulolull of
Bonds to ~ redeemed.
Seel ion 4.03. Part ial ~edem pl ion.
(a) If less than till of the Bonds are to be redeemed, the City shall
determine the illattn'ity ()t' I]laturities and lhe ;lulollllts thereof 1() be redeenled at~d
shall dipect the PaNing Agent/Registr:~' tu t'all by lot Bonds, op purtlons thereof
within such ntattwity or maturit ies and in such principal amounts, for Pealeruption.
(b) A pof't io[I of a single Bond el' a denomin:d ion gT'eatep t laan S~,000 Ilia
be redeemed, hut only in a principal :Hmuud equal Io S5,O00 or' anN iuteg~'al mult iph~
thereof. The PaNlug Agent/Registr:H' sh:dl treat each $5,000 port ion of the Bond as
though it ~ere a single t{und fop pur'l~,~ses or' seh'ctiuu fop redeu~ption.
(¢') Upon sur'render of an.~ Bond for redemption in part, the Pabing
Agent/Registr;u', in accordalice with Section 3.0G of this Ordin~mee, shall
authentleate :rod deliver tm exchange Bolad or Bonds in ;m aggt'egate prin(.ip:tl
alnount equal to the unr,,doemed port ion of the [loud so survol~dei'ed.
(d} The Paying Agent/Regislr:tr sh:dl promptly notify the City in wr'iting
of the principal amount tu be redreined uf :my Bond as to which only a porliun
thereof is to be redeemed.
~etion 4.04. Notk~e of Re~Lgmptiun to Bondholders.
(a) The Paying Agent/Registrm' shall give notice of anN redemption of
Bonds by sending notice by fist chess United States mail, postage prtq>aid, not less
th~ 30 days before the date fixed fog redemption, to the Owner of each Bond
p~.t thereof) to be redeemed, at the ad~'ess shown on the Register.
(b) The notice shall state the redemption date, the cedemptlon price, the
place at which the Bunds ~'e to be surrendered For pa~meut, alld, if less tillill all the
Bouds outst;mding ~e to be redeemed, an identification ot' the Bouds or portions
thereof to be redeemed.
(e) Any notice given ~ provided in this Section shall be eonelusivel.~
presumed to haw~ been duly given, whether or not the Bondhuhlcr receives such
notice.
Seellon 4.05. Payment Upol~ R_edemplion.
Before or on each vedemp~ ion d~le. lhe P~ying Agenl/RegiStr~ shall
m~e provision for the paylnonl of the Bonds to be redeemed on such dale by Selthl~
~side ~d holdin~ in trust ~ul amount from the Interest :rod Sinking Fund or olherwise
~eeived hy the Payin~ A~ent/Re~istrm' from lhe City snffieient to p~y the principal
of, premium, if ~W, m~d accrued inl erest on such Bonds.
(b) Upon presentation :rod stu'render of m~y Bond called for redcmpl ion
the principal corporate office of the Paying Agcnt/Registc:~ on or after the d:tte
fixed for redemption, the Paying Agent/Rcgistc:u' shall pay the prin~.ipal of,
premium, if m~y, and :teet'ucd interest on such Bond to the date of rederupt i()ll
the money set aside for such ptu'posc.
Sect ion d.()tS. Efi'ect of Rcdclnpt loll.
(a) Notlee of redemption having In?on given as provided in Section d.()4
this Ordinance, the Bonds o¢ portions thor'col' called for redemption shall becomt'
duo lind pay/ride un the (hire fixed for rcdcnH)lioll :llld, unless the City defaults in the
payment of the principal thereof, premium, if any, or accrued interest t hercull, such
Bonds or portions thereof shall cease to bear intocost l'rom :rod after the date fixed
for redemption, whether or not such Bonds arc pr'csented :rod surrendered fop
payment on such date.
(h) If ~y Bond or portion thereof called Fop redempt iun is not so paid
upon present al ioll and satrender of such Bond foe redemption, such Bond or' povt lo~
thereof shall continue to hem' interest at the rate stated o11 the Bund nut i l paid ov
until dll~ provision is made foc the payment of same.
10
S¢'¢'1 io. 4.07. Lapse of Pa~nent.
(a) Money set :k%ide for the redemption of Bonds and cen~aining'
unclaiHted by the Owners of su('h Bonds for sewm ye;H~ after the date of cedolnpt hm
shall hc applied to the next pa~'meut or payments on the Bonds thcvc:tftec coming
due ~ld, to the extent any such money remains after the retiz'ement
outstanding Bonds, shall be paid to the City to be tlsed for rely lawful purpose.
Thereafter, neither the City, the Paying Agent/Registrar nor m~y other pe~on shall
f~ liable or responsible to any [/olde~ of such Bonds foc :uly further payment of
such unclaimed moneys or on acecraft of m~y such Bonds, subject to ~ly applicable
eseheat law or simile' law.
(b) Money set ~side for the redemption of Bonds m~d remaining
~lelaimed by the Ownem of such Bonds after the redemption date shall hc
se~egated in a special escrow account ~ld held in trust, uninvested, without
interest, for the aeeotmt of such Owners.
ARTICI,E V
PAYING AtlIiNT/RtX;ISTRAR
Section 5.01. Appointment of hfitial Paying__A~[d/Registrar.
(a) The City hereby appoints Fi~t City B:u~k of Dalhk% Dall~% Tex~ks,
its initial registr~w ~t<t transfer agent to keep such books or records attd ln:~ke stu.h
transfer~ and registrations m~dcr such reasonable reg~dations ms the City ~d the
Paying Agent/Registr~ may prescribe; ~md the Paying Agent/Registrar shall make
such transfer and registrations ~s herein provided. It shall be the duty of the Paying
Agent/Registr~ to obtain from the Owne~ and record in the Registr~w the address
of 'such Owner uf each Bond to which payments with respect to the Bonds shall bc
mailed, as provided herein. The City or its d{,sig~ce shall have the right tu inspect
the Register during regular business hour% o1' the Pa~ing Agent/Registrar, hat
otherwise the Paying Agent/Registry' shall k{'cp the Registration Books {.onl'idtniti:ll
~md, mdess otherwise required hy law, shall not permit their inspection hy tin} other
entity.
(h) The City hereby appoints the Paying Agent/Registrar to art as the
paying agent For paying the principal of m~d interest on the Bonds. The Paying
Agent/Registr~ shall keep proper records of all payments made by the City and the
Pa~ing Agent/Registc;u' with ecsp~'ct to the Bonds, and of all coll~crsions ;hid
ex('hallgt's O[ SIIU[I BOll<IS, all eonvtq%ions ;tilt{ repl;t(~enltHIts Of such lhmds, as
provided in the Ordinance. The Mayor is hereby authorized to eider into
agl'eemenl wit h t he I~aying Agci~t/Regisl r~u' t o spcci I'5 t he duties and hmct ions 1 o
performed by the P;t~ing Agcut/Rt~gish~:u'.
Seer ion 5.02. ~a~ffic~atiol_~.
Each Paying Agent/Registrar shall bc (i) a b:u~k, trust company, financial
institution, or other entity duly qu:dified ',rod legally authorized nnder the laws ot'
the United States or of ~ty state thereof, (ii) authorized ttnder such laws to excreise
trust powers, (iii) sahjeet to supervision or examimttion by a federal or state
governmental authority, ~d (iv) a single entity.
Section 5.03. Maintaining P~ying~cnt/R~St~w.
(a) At all times while m~y Bonds ;u'e outstanding, the City will maintain a
Paying Agcnt/Registr~ that is qualified under Section 5.02 of this Ordinance.
(b) If the Paying Agcnt/Registr~w resigns or otherwise erases to serve as
such, the City will promptly appoint a replaeement.
Seer ion 5.04. Termination.
The City reserves the right to terminate the appointment of m~y Paying
Agent/Registr~ b~ delivering to the entity whose appointment is to be terminated a
certified cop~ of a resolution ot' the City (i) giving notice of the termination of the
appointment mxd or the Paying Agent/Registry' Agl'eemcnt, stating the effectixc
date of such termination, m~d (ii) appoint ing a stlcel~ssor Paying Agent/Registrar.
0142G
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Section b.05. Notice of Change to Bondholders.
Prompt ly upon each ehangc in thc cntit y ser'ving as Paying Agcnl/Rcgist tar,
the City will cause notice of the change to hc scat tn each Bondholder by l'i~t cl3.%s
United States mail, post:tge prepaid, at the address in the Register, stating the
effective date of the eh;uxge ;u~d the name ~md mailing address of the replacement
Paying Agent/Registry.
~etion 5.06. Agl'ecmcnt to Perform l)ut its and Functions.
By accepting the appointment ~s Paying Agcnt/Rcgistcf~, the Paying Agent/
Rcgistr~ is deemed to have ag~eed to the pcovisinns nf this Ordinance :trod that it
will perform the duties m~d ['lal~q ions of Paying Agent/Regist c~u' prescribed thereby.
Section a.07. E~.q~X of Records t o Stle~.essoI'.
If ;t Paying Agenl/Rcgislr:tr is l'epl:tecd, such Paying Agent/Rcgislr:tr,
prompt ly lipOil the appointmlmt of the successor, will deliver the Registcr (or a cop~
thereof) and all other pe~;tit~cnt books :lad reco~'ds r'clating to the [{nnds to the
succcssoc Paying Agent/Regist
ARTI(H.E VI
t'ORM 01' TI{E BQNI)S
&,t,tion fi.O1. Form (;crierally.
(a) The Bonds, ineludil~g tlu~ Registration (?crtificate of the
of Public Aeco~mts of the State of Tex:ts to accomp:u~y the initially deli~ert'd Bonds,
and the Certifit.ate of the Paying Agent/Registrar ;rod the Assignment forat tn
appc~u' on caeh of the Bonds, (i) slmll he suhst;udi:tlly in the form sct forth in this
Article, with such appr'opriatc insertions, omissions, suhstitutions, and other
v~'iations ;ks m'c permitted or rcqtlircd hy this Ordin:u~ce, ~u~d (ii) ma~ h;ivc such
letters, numbc~, or othcr marks or idcnt it'icution (inchedlag identil'ying numbers and
lette5 or the Couunittce on Uniform Sectwitics hhmtit'ication Pr'occdurcs of the
Ameriemt B;mker~ Association) :tll<t such legends ;Hid endorsements (including
reproduction of ~ opinion of counsel) ther~on as, consistently herewith, may hc
determined by the City or by the offiecrs cxeculin~ such Bonds, as evidenced
their execution thereof.
(b) Any portion of thv lext of ~y lhmds may hc set forlh on thc reverse
side thereof, wil h ~ app~.opriatc rcfcr'ence therot n on I hc face of the Bonds.
(e) The Bonds shall he pr'inted, litho~'aphed, or cn~'uved, :rod may he
produced by ~my enmbin:~ion of lhcse methnds or' produced in ~ olhe~
rammet,all ~s determined by the officc~ cxccutin~ such Bonds, ~m evidenced h~
their exccution lhereof.
~etion 0.0~. Form of the Bonds.
The [orm of the Bond, includin~ the form of thc Registration Ccrtit'icatc of
the Comptroller of Public Aceo~mls of the Slate of Texas to aecompan~' Ihc initiall~
delivered Bonds, ~u~d the form of Certil'icate of the Paying Agent/Registr~u' and the
form of Assig~mmnt appearing on the Bonds, shall be ~$ t'ollows:
[Form el' Bond]
REGISTERED REGISTEREl)
No. S
Uniled States o[ America
State of Texas
COUNTIES OF DALI~AS AND DENTON
CITY ()F COPPELL, TEXAS
(~liN ERAI~ ()BIA(; ~TION BeN D
SERII:S 1~84
hflerest Rale: I)uc: (September I) Date: CUSII~ N().:
3une 1,
The Cily o[' Coppell (the "City"), in the Counties of Dallas and Dcnl on, SI ate
ot' Text, For value received, hereby promises to pay to
or registered assig~s, on the due date specified abowiythc sul;'t of
D()LI~ARS
unless this Bond shall have becn sootier called for redemption and the p;t~mcnt or
the principal hereof shall have been paid or pco~ided t'or, ;rod to pay interest on st~{.h
principal amount from the later of the Date specified above or tht~ most recital
interest payment date to which interest h;cs bt~cn paid or pro~ided I~nr' unl il payment
o~' such principal amonnt In~ been paid or provided [or, at the per annum rule
interest specified above, computed on the b;Lsis of a 3GO-da.y year of twelve 30
months, snch interest to bc paid semiannuall}' on March I ;n~d September 1 ot' each
ye~, return{racing M~eh 1, 1985.
The principal of this Bond shall be payable witheat exehm~gc or collection
eh;u~ges in lawf el money' of the United States o[' America upon pr'esenlation m~d
surrender of this Bond at the pr'ineipal corporate office of the Paying Agent/
Registry' executing the reg'istration errtit'irate appe~'ing hereon. Interest on this
Bond is payable b~' cheek dated ~ of the interest payment date, mailed h~' the
Paying Agent/Registrtu. to the registered owner at the a<hkess shown on the
~x~gistcation hooks kept by the Paying Agenl/Reg'istr~u'. For the purpose of tin.
payment of interest oo this Bond, the registered o~ter shall [~ the person in whose
name this Bond is registered at the close of business on the "Record Date," which
shall be the 15th day of the month nexl preceding such interest pa~'ment dat,'.
However, in the event that interest is not paid on a scheduled pa~qnent d;tlc and
remains unpaid for thirty (30) days lhercat'lec, a new record date for sueh inh~rt?M
payment (a "Sl>eeial Record [)ate") will be established hy the Pnying Agent/
Registrar, if and when fluids roy the payment of sneh interest have been received
from the City. Nutice of the Special Record [):tte and of the scheduled payment
date or the past duo interest (which date shall be 1~ days after the Special Record
Date) shall ~ sent at le:nst five business days prior to the Special Record Dale hy
United States mail, fi~t ehkss, postage prepaid, to the address of each ltolder of
Bond appc:~ing on the books of the Paying Agent/Registr:u' at the elose of business
ou the I:~st business day preceding the date or mailing of such notice.
This Bond is one of a series of fully registered bonds specified in the lit le
hereof issued in the aggregate principal ainount of $5,OOO,000 (heroin referred to
the "Bonds"), issued plrsulult to a eeetain Ocdin:uloe of the Cily (the "Bond
Ordin:u~ce") foe the purpose Of providing ftu~ds with which to m:~e v~u'ious
pertnmuynt pnhlic improvements rue and within the City and ia the rntlo~ing
amounts: (i) $2,865,O00 roe constructing and impeoving streets and si<h'walks in :tnd
foe the City, including the acquisition or rights-or w:l~ and the construetic.
imprownnont or tearrio sig~talization ;utd storm drain:lge inq.'ovcmcnts; (ii)
for acquiring, construeling, impruving and equipping a muni¢.ipal gow~rmnctlt
in and for said City; (iii) S965,000 For aequieing, conslrucling, inq>r'oving and
eqaipping fire stations in ~md for said City, including the acquisition el' sites
thecorur; (iv) $500,000 for acquiring, constructing, improving and equipping a
mtuiicipat services center in m~d for said City, ineltiding the acquisition or a sit~ or
sites thocefoe; :u~d (v) $545,000 foe af'quiring m~¢t inq>roving land for park
eecreational purposes, including constructiug, improving :uld equipping eccrc:ttion:tl
racilit ies in :rod for said City.
The City h:xs reserw~d the option to redeem the Bonds lil:/ttlril~g o~1 or after
September 1, 15~t7, before their respect iw~ sehcdulcd maturities in whole or in part
in integral andtiplos of $5,000 on September 1, 15)~)G, or on any intceesl
date thcroafter, at a price equal to the priueipal altlotllll or the Bonds su oalh-d fnr
eodcatption plus :/ccr'ued intocost to the redemption d~tto. If less than all or tin.
Bunds ~'e to hc redeemed, the City shall determine thc maturity or m:~turitios ;Ind
the amounts thereof to bc redeemed and shall direct the P:tying Agent/Rcgistr:uTM tu
call by lot Bonds, or portions thereof within such maturity oc maturities and i. such
amounts, for redeater ion.
Notice of such eedcmption or redemptions shall hi: given by first class mail,
postage prepaid, not less thm~ 30 days bcfoec the date fixed for redemption, to the
registered o~tcr of each of the Bonds to be redeemed in whole oF in part. Not
having ~cn so given, the Bunds or portions thereor designated for eedcmption shall
~come due and payable on the redemption date specified in such notice. m~d from
ad after snob date, notwithstmtding that any of the Bonds oe poetions thereof so
called for redemption shall not have been surrendered roe payment, interest on such
Bonds or portions thereof shall cease to accrue.
As provided in the Bond Ordinance, :rod suhjcct to certain limitatio,s therein
set forth, this Bond is transferable upon stwrendcr of this Bond for trm~sl'or at tlt~
principal cooperate errice of the Pa~'ing Agent/Registrar with such endorsement or
other evidence of transfer ~s is acceptable to the Paying Agent/Registrar, m~d,
thereupon, one or more new fully registered Bonds of the same seated maturity, ot'
authorized denominations, bc~ing the sanle rate or interest, m~d for the sam,'
aggregate principal amotmt will ~' issued to the dcsig~latcd transl'crce or
tcm~sferecs.
0142G
Neither the City nor the Pa.ying Agent/Regisle~' shall ~m required to issue or
t~mmfe~ to ~ ~ssig~ee of the ownec hereof ~my Bond called for redempthm in whole
o~ in p~'t within 45 days of the date fixed ~oP redemption; provided, however, such
limitation shall not be applicable to m~ exchange hy the Holder of the ~e<leemed
b~lm~ee of ~ Bond called in part for ~edempl ion.
The City, the P~yinE AEent/Re~istra~, m~d ~my other pe~on may t~e~t the
~on in whose name this Bond is registered ~ the o~er hereof for the p~mpose of
~eeiving payment ~ herein provided (except interest shall be paid to the pe~on
whose name this Bond is registered on the Recocd Date or, it' applicable, the Special
Record Date) mxd for all other ptwposes, whether or not this Bond be overdue, and
neither the City nor the Paying Agent/Registrar slmll he af'fccted by notiec to the
oont r~'y.
IT IS ttEREBY (;ERTIFIEI) AND RE('ITEI) that the issuance of' this Rond and
the series of which it is a part is duly author'ized hy law alld has hecll :lulhodzed hy
a vote ot' the pcoperl~ qualit'led elector~ of the City voting at an Pieorion held f'or'
that purpose within the City; that all acts, conditions and things required to he done
precedent to and in the issil:ulce of the Bonds have hueit pr'opcrly done
peN'ocmed mM have happened in cegtdac :Sut due time, form ~d lllaltllec, as pcquiccd
hy law; that sufficient m.t proper provision for the le~ ml<l collection of taxes has
]~cn made, whi('h, when collected, sh:dl he appropci'.ded exclusively to the timel~
payment o1' Ihc pdneip:d of, premium, il' :my, and interest on the Ronds; :rod that the
total indebtedness of the City, ineltuting the Bonds, does not exceed
constitutional oc statutory limitation.
9
10
11
IN WITNESS WIIEREOF, tile City has caused this Bond to hc executed in its
name by tile facsimile sigltature of tilt; Mayor or the City and eountemigned by the
facsimile signature of the City SeccetaPy, and the official seal of the City has been
duly impressed or placed in facsimile on this Bond.
City Secretary, Cily of Coppell, Texas ~ayor, City of Coppe[l, Texas
[SEAL]
*[Focm of Comptvoller's Registration Cect if it',tie
Attached to tilt; Bonds Upun hilt ial Deliver'y Thereof]
OFFICE Of' THE COMPTROLI.ER
OF PUBLIC ACCOUNTS ~ RICtilSI'ER NO.
OF THE STATE OF TEXAS
[ heceby eertif,~ that there is on file
of tit{! Attoruey General of the Slate of Texas to the effect that illis Bond h:ks heen
examiued by him as required by law, that he fincls that it has heen issued
eonformity with the Constitution ~uld laws of tile State of Texas, and that it is a
valid tujd binding general obligat iou of the City or Coppell, Texas, and that this Bond
htks this day been registered b3~ me.
Witness m,y h~md ;rod seal of office al Ausl in, Texas,
Comptroller of Public Aceoants ol' tile
State of Texas
[SEAL]
* Note to Pointer': This Form is not to be printed ou the I/onds.
0142G
-18-
t
[Form of Certificate or' Paying Agent/Registrar]
CFRTIFICATE OF PAYING A(~ENT/REGISTRAR
).
It is hereby certified that this Bond h~s been issued m~der the provisions of
the;Ordin~mce described on the face of this Bond; and thai this Bond h~ been issued
in eonve~ion or' and exehm~ge for or replacement of a bond, bonds or portion of a
bond or bonds of m~ issue which was originally al~proved by the Attorney General of
the State of Tex~q and registered by the Cometfuller of Public Accounts of the
State of Tex~ks.
['IRST CITY BANK OF DAI,I.AS,
I)AIA,AS, TEXAS, as
I%~ying Agont/Regisl rat
I)ated: By:
Autl~orized Oft'iccr
[Form of Assignmenl ]
ASSIt; N M FNT 9
FOR VAI.UE RECEIVEI), the undcrsig~ied hereby sells, assig~is, ~d lr:msferh
unto (print or type~ite name, address m~d zip code of tcmmt'eree): 10
(Social Security or other identifying number: )
the within Bond ~md all rights hereunder mtd hereby irrewxmbly constitutes :rod ~
appoints attorney to transt'ec the
within Bond on the books kcpt for registration hereof, with full power of substitution
in the premises.
Dated:
NOTICE: The signatm'e on this Assig~mmnt
Signature GuaraJ~tccd By: must correspond with the name of the
registered o~er ~ it apeeros on the face
of' the within Bond in every p~wticular and
must be gnarlrattled by m~ oft'iccr of a
federal or state bm~k or a men~b,'r of the
Authorized Sig~mtovy National Association of Securities I)eale~s.
0142G
Section 6.03. CI. ISIP Registration.
The City ~nay seenre idenlifieation humhers through the CtlSIP Service
B~'eau Division of St~d:u~d & Cooo's Corporation, New York, New York, and m,y
authorize the printing of such numbc~5 on the ['ace of the Bonds.
Section ~.04. Legal Opinion.
The aperoving legal opinion o[ Hutchlyon Price Boyle & Brooks, Bond Cotmsel,
may be printed on the back of each Bond over the certification of the City
~c~t:~ of the City, which may be executed in facsimile.
ARTICI. I; VII
('REATION OF FUNDS AND AC(2OUNTS, INITtAI. I)Et~OSFFS
AND APPLICATION OF MONEY
Section 7.01. Creation of Ftmds.
(a) The City hereby establishes the t'ollowing t'mlds:
(i) the City of Copeell, Texas, General Obligation Bo.ds, Series
D)84, h~tereM and Sinking Fund; and
(ii) the Series 1984 General Obligation Construction Fund.
(b) The Interest and Sinking Fund shall be maintained at an otTici:tl
depository of the City, which must be a member o~' lhe Federal Deposit h~sur:uu.c
C coporal ion.
Section 7.02. Initial Deposits.
On the Closing Date, the City shall cause the proceeds from the sale of the
Bonds to be deposited ms follows:
(i) fi~t, mt amount equal to all accrued interest and premium, il'
~y, on the Bonds from their date ~til the Closing Date shall be deposited to
the credit of the Interest mul Sinking Fund; and
(ii) second, the remaining bahuu.e shall be deposited lo the credit
of the Construction Fm~d.
~etion 7.03. Interest m~d Sinking FroM.
(a) The tmxes levied under Section 2.01 of this Ordinance sh:dl be
deposited to the credit of the Interest ~d Sinking Fm~d at sneb times and in such
areomits ~s necess:u'y for the timely payment of the principal of m~d inlct'esl on the
Bonds.
(b) If the amount of money in the Interest and Sinking Fund is at h,ast
equal to the aggregate principal amount or' the ontst:mding Bonds plus lhc aggrcgalc
areomit o[ intet'est due and that will hecome due ~md payable on such Bouds, no
timthee deposits to that I'und need he made. In determiniug the ~'egate principal
areomit of outsttmding Bouds, there shall be suhtPacted the areomit of ~mX Bonds
that have t~en duly {,alled fop I'ede.lption anti fop which money h:B been deposited
with the Paying A~ent/Regisl t.~u' roe such codera ption.
(e) Money on deposil in the [nlevest and Si~in~ Ftmd shall be used to pay
the priueipal of m~d interest on the Bonds ~s such become due ~d payable.
Sect ion 7.04. Const l'llol ioll Fllnd.
The (~onslvuolion Fund shall be tls{'d for the purpose of making the
public improvements for which the Bo,ds wct-i~ issued (;Lq specified in Section
t his Ot'dina. ee) a,d Joy p:t~'ing exp~msos incurred in coime(q ion wil h i be issuan¢.e
delivery o1' the Bonds.
Section 7.05. lixoess I)ond Prooeeds.
(a) Upon completion of the public improvements l'in;m{.ed with th,~ Bouds.
m~y amount (exclusive ot' that amptrot retained for the payment of costs of such
improvements not then due ;rod payable) that remains in the Construction Fund shall
~ tnmsferred to the credit of tim lutevest ~d Sitting Fund and scgr'egated
s~ei:tl escrow a{'count.
(h) The inputS' in lh~ escrow aceomit shall he used ['oP the redemption of
Bomls at the t~a~'liest date that the City has the optiou to redeem Bonds without
pPomium oP pen:lily. 9
ARTICI,E VIII
INVIiSTMI;NTS I.
Section 8.01. h~estmeuts.
(a) Money in each ftmd eccated by this Ordinance, at the option or'
City, may ~ invested in sxteh seem'ilies or obligations tk% pepmilled under applicable
law.
(b) Any seetu,ities or ohligal io.s in whi¢.h mouey is so invesh~d shall hc
kept ~d held in trust foe the benefit of the Bon&mlde~ ~d shall h(: sold m~d the
proceeds of sale shall be timely applied to the m~ing of all payments pcquiped to be
made from the fund feoul which the investment w;m made.
(e) The money in ~ exerow account established u,dev Section 7.05 of
this Ovdin:mee shall not be invested in securities or obligatious that have
"materially higher yield," within the meaning of Section lOg(e) of the Code, thm~ tht~
~ield on the Bo.ds.
&~etion 8.02. Investment Ineonm.
(a) h~teeest mid income derived front investment o1' the Interest
Sinkin~ Fund shall be ePedited to such Fm~d.
0142G
(b) Interest and income derived t'rum investment of the Cooslruetion
Fm~d shah ~ either deposited to the credit of the [nlerest ~¢i Sinking FIred or
retained in the Construct ion Fund until the project is completed.
ARTICIJ] IX
t~ARTICULAR REPRESENTATIONS AND COVENANTS
&~etion 9.01. Payrecur o1' the Bonds.
~tile any of the Bonds are outstanding ~d unpaid, there shall be made
available to the ['aying Agent/Registr~u', out of the Interest m~d Sinklug Ftmd,
mouey sufficqeut to pay such interest nn :rod priueipal ot' the Bonds as will aecrne or
mature on each M;~'ch I or September I.
~etion 9.02. Other Represeutations aud Covenants.
(a) The Citb' will faithfully pcrf'urm at a[[ times ~ly and all ¢-oveuanl s,
undertakiugs, stipulations, ~ld penvisions eont;tincd in this Ocdiuanee ;rod in each
Bond; the City will promptly pay nr cause to be paid the principal or' mid interest ou
each Boud on the dates ~uld at the places and manner pceser'ibed in such BoIId; ;HId
the City will, at the times at~d in the m~umer pr'cser'ibcd by this Ordin'.mee, deposit
or' cause to be deposited the amouuts of muucy specified by this Ordinance.
(b) The City is duly authnrizcd under the laws of the Slate of' TeX~LS to
issue the Bonds; all action ou its pact I'or the (-rt~;d ion and issuan('e ot' the [~onds h:ts
been duly m~d etTectively t:~en; and the Bonds in the hands o1' the Owne~ thorcol'
m'e m~d will be valid m~d eu[orceabh~ general obligations of the City in uceordance
with their terms.
(e) The City hereby represents that the proceeds of the Bonds are needed
at this time to fin;u~cc the costs of the capital improvements ffor which the Bonds
were i~Mled (as speeificd in Section 3.01 of this Ocdin:mcc); that b;ksed on current
facts, estimates, and eivcumst:u~ces, it is rc~onably expected that final
disbt~ement of the proceeds of the Bonds will oectw within ttwee ycm~ after the
Closing Date, that substm~tiul binding obligatio~ to commence such improvements
will be incited within six months at'ter such date, m~d that the construction or
acquisition oF the improvements will proceed with due diligence to completion; that
it is not re~ouably expected that the proceeds oF the Bonds or money deposited in
tbe Interest ~ld Sitting Fund will be used or invested in a m~mer that would cause
the Bonds to be or become "~bitrage bonds," within the me~ing or Section 103(c)
of the Code; m~d that, except for the htterest ~ld Si~ing Fund, no other fm~ds or
aceounts have ~cn established or pledged to the payment of the Bonds.
(d) The Cit~ will not t~e :u~y actinn or Fail to t~e m~y netion with
~s~et to the investment of the penreeds of the Bonds or ~y other fluids of th,'
City, including amo~mts received fi.om the investment of m~S of the foregoing, that,
b~sed upon the facts, estimates, m~d circumstances ~o~ on the Closing Date,
would result in constituting the Bonds "~bitrage bonds," within the meredug of such
Section 103(e) oF the Code, m~d the City will not t~e mty deliberate net ion
motivated by :~bitrage that would have soeh result.
0142G ~
(e) Proper officers of the City ch:u'ged with the cespunsibility nf issuing
the Bonds ~tre hereby directed to m;~e, execute ;u~d deliver certit'ications ~ks tu
facts, estimates and eirenmst:mees in existence :ks of' the Closing l)ate ~d star ing
whether there ;u'e any facts, estimates or circumst~tuees that would materially
change the (2 ity's oorcent expect at ions.
(f) The eovenmits mxd representations made or required by this Section
~e for the ~nefit or' the Boudholde~ m~d may be relied upon by the Bon~tolder~
m~d bond counsel for the Cit}'.
ARTICI.E X
Df;I'AU1.T AND REMI~I)II".S
~ctinn 10.O1. Events of Det':u~lt.
Each ol' the followi~g occtu're,,ecs or evt~l~ts t'or the purpose of this
is hereby declared to he :t,~ "Event ol' Dcfat~lt ," to-wit:
(i) the failure to m:kke paymc,,t of the principal of or interest o,t
~/y of the Bonds when the same becomes due :rod payable; or
(ii) default in the pe~'l'orm~tnee m' observance of :u~y other
covertroll, a~'~cment or oblig:tt ion of the Cit~, the t'aihzrt~ to perfocal which
materially, adver%el~' atTeel s I he rights nf the Bondholder% inelttding hut not
limited to, their p~'nspt~(,t oc ahilit~ to hc l'ep;tid ill tl('eordmu.(· with this 9
Ordin:tnee, and the. rout imntl ion I her'col rot, a period of' (;0 da~s t~l'tcr notice
o[' such default is given hN any tlomlhohh.t' to the City.
~ction 10.02. Rentedicy t'oc Del'aull.
....... 1
(a) Upon the happcuing ot' any Event ot' I)crmflt, then :tad iu ever'~ ease
m~S Bon~Htolder or an authorized representative thereof, including hut m~t limited tn,
a trustee or trustees thetel'or, may proceed against the (;its foc the pro.pose of
protecting ~d eliforcing the rights of the Bondholdc~ ~dcr this Ordin:a~ce,
m:mdam~s or other suit, action or special proceeding in equit~ or at law, in
court of cometcat jurisdiction, t'or any relief permitted by law, iuchldiug the
specific ~rformm~ee or m~y eoveu~u~t or agreement contained herein, or thccehy to
enjoin m~y act or thing that may t~ unlawful or in violation or m~y right of' the
Boadholde~ herc~der or mt~ combination of such remedies.
(b) It is provided that all such proceedings shall be instituted
maintained for the equal benefit of all lloldcf~ of Bonds then outstanding.
~ction 10.03. Remedies Not Exclusive.
(a) No remedy herein eonfcr~'cd or reserved is intended to he cxehtsive of
~S other available remed~ or minedies, but each ~d ever~ stteh renxcd~ sh:tll bc
cumulative and shall be in addition to eve~ other remedy given here~dcr or tuxder
the Bonds or now or hereafter existing at law or in equity.
(b) The exercise of :my remedy herein conferred or resepved shall not be
deemed a waiver of ~my other available remedy.
ARTICLE XI
DISCHARGE
Sect ion 11.01. Discharge hy Payment.
When all Bonds have been paid in hill as to principal ~d ms to interest and
poeminto, if ~my, or whea all Bonds have become due and pub'able, whetht~r at
matority or by prior redemption or otherwise, :rod the Citb' shall have provided
the paymenl of the whole amoimt due or to become due on all Bonds then
outstanding, in~.ludiog all inler~st Illat }u~ acerm~d tbereot~ or that may :t~.erue to
the dale ol' maturity or p~'ioc cedpolptlon, and any pt'eHlitHn doe o~' tbal lllu~' hecolll{~
due at maturity or' pt'ior redemption, by depositing with the Paying Agent/Registr~u',
for payment of the pri,eipal of such ot~tstanding Boods ;rod lhc iutcr'cst a{'crued
thereon and ann prelniulll dne thereon, the 4q~tir~' alnouot duc o~' lo het'ome du{,
thereon, m~d the City shall also have paid op caused to hc p:tid all sums lm~.uble
~lder this ()rdinunoe b~ the Cil~, including the compensation due o~' to bc{.omo
the Paying Agent/Re~istrm', lhon the PaNing Agent/Regislr:u', upon rec~ipt of a
letter' of instructions frown the City rcquesl in~ the same, sh:fil discharge alid r't'le:ts{
the lien of this Ordimmce and execute ~md deliver' to.the CitN sm:b releas,'s or other
inst~'uments ~s shall be requisite to release the lien hereof.
Section l 1.02. l)isehar~' DepOSit.
(a) The City may disoh~e its obligation to pay the prim.ipat of,
premium, if any, :rod interest on the Bonds ~md its obligation to pay all other SttlnS
payable or to become payable uBder this Ordinance hy the City, including
compensation due or to become due the Paying' Agenl/Rcgistra~', by:
(i) depositing or' causing to be depnsiled with the Pa~'ing
Agcmt/Reg'istr~' m~ amotmt of money that, together with the interest parncd
on or capital gains or profits to be realized from the investment of sucl~
money, will be sufficient to pay the principal or, p~'emium, if any, fund
accrued interest on such Bonds to matority or to tbe dale fixed fo~'
redemption of such Bonds, and to pay such other auloullts as inay bc
reasonably estimated by the Paying Agent/Registrar to become pu~'ahle under
this Ordinance, including the eompensat ion due or to become due the Paying
Agent/Registrm'; mid
(ii) providing the Paying Agent/Registra' with tm opinion of
nationally peeog~lized bond eo~msel acceptable to the Paying' Agent/Rcgisl e~u'
to the effect that the deposit specified in subdivision (i) of this suhseotion (a)
will not cause the inter'est on the Bonds to become subject to federal income
t~xation.
(b) Subject to subsection (e) of this Section, upon romplimber wilh
subsection (a) of this ~etion, the Bonds shall no longer be reg~ded ~s ontst~di.g
m~d ~paid, ~d the Paying Agent/Registry, upon ~'eecipt of a letter of inst tact ions
0142G
froin the City requesting tire same, sirall diseh~u,p;e ~md reh.'ase tire lien of this
Ordinance ~md execute m~d deliver to the City saeh releases or other instruments
shall be requisite to relc~Lse the lien hereof.
(c) Before the diseh;~e add rele:me of the lien of this Ordinance
pt~o~t to this Section, provision shall have been made by the City with the Paying
Agent/Registr~ for:
(i) the establishment of a sep~'ate escrow aceomit fund with the
Payin~ A~ent/Re~istr~w fop the deposit p~mmt to subsection (a)(i) of this
Sect ion;
(ii) the payment to the Bondholdem at the date of matm'ity or at
the dale fixed for prior redemption, as applicable, of the ['till amounl IO
which the Bondholder5 would be en~itlcd .J~y way of priucipal, [n'cmium, if
and interest to the date of such mat ~u.ity or prior rederupt iun;
(iii) the inveslmenl of snch moneys by the Payiu~ Agent/
Registrar in seem'ities or oblieatiuns maturin~ in snfficient time, in the
ludgment of the Payin~ Agcnt/Registr:w, to make available the moneys
required for such ptwposes;
(iv) the sending of written notice by registcr¢~d or' certifi~?d
United States mail to the Holder of each Bond th.m ontstanding within 30
days following the date of such deposit that such
such payment; ~d
(v) the payment to the City, periodically or following final
payment of the prin¢.ipal of, premium, if anN, ~d interest on the Bonds, of
~y moneys, interest e~nings, profits or capital gains over and abo~e the
alnollnts necessary for Sa('h
ARTICLE XII
MISCELLANEOUS MATTERS
Section [2.01. Effectiveness.
This Ordinm~ee shall t~e effect iatmediately from m~d after its p:Lssage
aeeordm~ee with the provisions of the laws of the State of Texas pertaining thereto,
~d it is accordingly so ordained.
-25-
1984.
ot Coppell, Texans /
,ATTEST:
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