0576AN
ORDINANCE authorizing the issuance of "CITY
OF SOUTHI~%KE, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1992"; specifying the terms and features of
said bonds; levying a continuing direct annual ad
valorem tax for the payment of said bonds; and
resolving other matters incident and related to
the issuance, sale, payment and delivery of said
bonds, including the approval and distribution of
an Official Statement pertaining thereto; and
providing an effective date.
WHEREAS, the City Council of the City of Southlake, Texas
hereby finds and determines that $1,500,000 in principal amount of
the general obligation bonds approved and authorized to be issued
at an election held on May 2, 1992 for street improvements should
be issued and sold at this time; and
WHEREAS, the City Council hereby reserves and retains the
right to issue the balance of street improvement bonds approved at
said election in the principal amount of $3,000,000 in one or more
installments ~hen, in the judgment of the City Council, funds are
needed to accomplish the purposes for which such bonds were voted;
now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE,
TEXAS:
SECTION 1: Authorization - Desiqnation- Principal
Amount-Purpose. General obligation bonds of the City shall be and
are hereby authorized to be issued in the aggregate principal
amount of $1,500,000, to be designated and bear the title "CITY OF
SOUTHI2%KE, TEXAS, GENER3%L OBLIGATION BONDS, SERIES 1992"
(hereinafter referred to as the "Bonds") for permanent public
improvements and public purposes, to wit: street improvements,
including drainage incidental thereto and the acquisition of
right-of-way therefor, in accordance with authority conferred at
the aforesaid election and in conformity with the Constitution and
laws of the State of Texas, including Vernon's Ann. Civ. St.,
Article 1175.
SECTION 2: Fully Reqistered Obliqations ~ Bond Date -
Authorized Denominations-Stated Maturities-Interest Rates. The
Bonds shall be issued as fully registered obligations only, shall
be dated October 1, 1992 (the "Bond Date"), shall be in
denominations of $5,000 or any integral multiple (within a Stated
Ma%urity) thereof, and shall become due and payable on February 15
in each of the years and in principal amounts (the "Stated
0043941
Maturities") and bear interest at the rate(s) per annum in
accordance with the following schedule:
Year of Principal Interest
Stated Maturity Amount Rate(s)
1995 $40,000 8.00%
1996 45,000 8.20%
1997 45,000 8.20%
1998 50,000 8.20%
1999 55,000 8.20%
2000 55,000 8.20%
2001 60,000 8.20%
2002 65,000 8.20%
2003 70,000 5.20%
2004 75,000 5.40%
2005 80,000 5.60%
2006 85,000 5.70%
2007 90,000 5.80%
2008 95,000 5.90%
2009 105,000 6.00%
2010 110,000 5.35%
2011 115,000 5.25%
2012 125,000 5.25%
2013 135,000 5.25%
The Bonds shall bear interest on the unpaid principal amounts
from the Bond Date at the rate(s) per annum shown above in this
Section (calculated on the basis of a 360-day year of twelve
30-day months). Interest on the Bonds shall be payable on
February 15 and August 15 in each year, commencing February 15,
1994.
SECTION 3: Terms of Payment-Payinq Aqent/Reqistrar. The
principal of, premium, if any, and the interest on the Bonds, due
and payable by reason of maturity, redemption or otherwise, shall
be payable only to the registered owners or holders of the Bonds
(hereinafter called the "Holders") appearing on the registration
and transfer books (the "Security Register") maintained by the
Paying Agent/Registrar and the payment thereof shall be in any
coin or currency of the United States of America, which at the
time of payment is legal tender for the payment of public and
private debts, and shall be without exchange or collection charges
to the Holders.
The selection and appointment of Ameritrust Texas National
Association to serve as Paying Agent/Registrar for the Bonds is
hereby approved and confirmed. The City covenants to maintain and
provide a Paying Agent/Registrar at all times until the Bonds are
paid and discharged, and any successor Paying Agent/Registrar
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shall be a bank, trust company, financial institution or other
entity qualified and authorized to serve in such capacity and
perform the duties and services of Paying Agent/Registrar. Upon
any change in the Paying Agent/Registrar for the Bonds, the City
agrees to promptly cause a written notice thereof to be sent to
each Holder by United States Mail, first class postage prepaid,
which notice shall also give the address of the new Paying
Agent/Registrar.
Principal of and premium, if any, on the Bonds shall be
payable at the Stated Maturities or the redemption thereof, only
upon presentation and surrender of the Bonds to the Paying
Agent/Registrar at its principal offices in Dallas, Texas (the
"Designated Payment/Transfer Office"). Interest on the Bonds
shall be paid to the Holders whose name appears in the Security
Register at the close of business on the Record Date (the last
business day of the month next preceding each interest payment
date) and shall be paid by the Paying Agent/Registrar (i) by check
sent United States Mail, first class postage prepaid, to the
address of the Holder recorded in the Security Register or (ii) by
such other method, acceptable to the Paying Agent/Registrar,
requested by, and at the risk and expense of, the Holder. If the
date for the payment of the principal of or interest on the Bonds
shall be a Saturday, Sunday, a legal holiday, or a day when
banking institutions in the city where the Designated
Payment/Transfer office of the Paying Agent/Registrar is located
are authorized by law or executive order to close, then the date
for such payment shall be the next succeeding day which is not
such a Saturday, Sunday, legal holiday, or day when 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.
In the event of a nonpayment of interest on a scheduled
payment date, and for thirty (30) days thereafter, a new record
date for such interest payment (a "Special Record Date") will be
established by the Paying Agent/ Registrar, if and when funds for
the payment of such interest have been received from the city.
Notice of the Special Record Date and of the scheduled payment
date of the past due interest (which shall be 15 days after the
Special Record Date) shall be sent at least five (5) business days
prior to the Special Record Date by United States Mail, first
class postage prepaid, to the address of each Holder appearing on
the Security Register at the close of business on the last
business day next preceding the date of mailing of such notice.
SECTION 4: Redemption. (a) Optional Redemption. The Bonds
having Stated Maturities on and after February 15, 2003, shall be
subject to redemption prior to maturity, at the option of the
City, in whole or in part in principal amounts of $5,000 or any
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integral multiple thereof (and if within a Stated Maturity by lot
by the Paying Agent/Registrar), on February 15, 2002 or on any
date thereafter at the redemption price of par plus accrued
interest to the date of redemption.
(b) Exercise of Redemption option. At least forty-five (45)
days prior to a redemption date for the Bonds (unless a shorter
notification period shall be satisfactory to the Paying
Agent/Registrar), the City shall notify the Paying Agent/Registrar
of the decision to redeem Bonds, the principal amount of each
Stated Maturity to be redeemed, and the date of redemption
therefor. The decision of the city to exercise the right to
redeem Bonds shall be entered in the minutes of the governing body
of the City.
(c) Selection of Bonds for Redemption. If less than all
Outstanding Bonds of the same Stated Maturity are to be redeemed
on a redemption date, the Paying Agent/ Registrar shall treat such
Bonds as representing the number of Bonds Outstanding which is
obtained by dividing the principal amount of such Bonds by $5,000
and shall select the Bonds, or principal amount thereof, to be
redeemed within such Stated Maturity by lot.
(d) Notice of RedemDtion. Not less than thirty (30) days
prior to a redemption date for the Bonds, a notice of redemption
shall be sent by United States Mail, first class postage prepaid,
in the name of the City and at the city's expense, to each Holder
of a Bond to be redeemed in whole or in part at the address of the
Holder appearing on the Security Register at the close of business
on the business day next preceding the date of mailing such
notice, and any notice of redemption so mailed shall be
conclusively presumed to have been duly given irrespective of
whether received by the Holder.
Ail notices of redemption shall (i) specify the date of
redemption for the Bonds, (ii) identify the Bonds to be redeemed
and, in the case of a portion of the principal amount to be
redeemed, the principal amount thereof to be redeemed, (iii) state
the redemption price, (iv) state that the Bonds, or the portion of
the principal amount thereof to be redeemed, shall become due and
payable on the redemption date specified, and the interest
thereon, or on the portion of the principal amount thereof to be
redeemed, shall cease to accrue from and after the redemption
date, and (v) specify that payment of the redemption price for the
Bonds, or the principal amount thereof to be redeemed, shall be
made at the Designated Payment/Transfer office of the Paying
Agent/Registrar only upon presentation and surrender thereof by
the Holder. If a Bond is subject by its terms to prior redemption
and has been called for redemption and notice of redemption
thereof has been duly given as hereinabove provided, such Bond (or
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the principal amount thereof to be redeemed) shall become due and
payable and interest thereon shall cease to accrue from and after
the redemption date therefor; provided moneys sufficient for the
payment of such Bond (or of the principal amount thereof to be
redeemed) at the then applicable redemption price are held for the
purpose of such payment by the Paying Agent/Registrar.
SECTION 5: Reqistration - Transfer - Exchanqe of
Bonds-Predecessor Bonds. A Security Register relating to the
registration, payment, and transfer or exchange of the Bonds shall
at all times be kept and maintained on behalf of the city by the
Paying Agent/Registrar, as provided herein and in accordance with
the provisions of an agreement with the Paying Agent/Registrar and
such rules and regulations as the Paying Agent/Registrar and the
city may prescribe. The Paying Agent/Registrar shall obtain,
record, and maintain in the Security Register the name and address
of each and every owner of the Bonds issued under and pursuant to
the provisions of this Ordinance, or if appropriate, the nominee
thereof. Any Bond may be transferred or exchanged for Bonds of
other authorized denominations by the Holder, in person or by his
duly authorized agent, upon surrender of such Bond to the Paying
Agent/Registrar for cancellation, accompanied by a written
instrument of transfer or request for exchange duly executed by
the Holder or by his duly authorized agent, in form satisfactory
to the Paying Agent/Registrar.
Upon surrender of any Bond for transfer at the Designated
Payment/Transfer office of the Paying Agent/Registrar, the Paying
Agent/Registrar shall register and deliver, in the name of the
designated transferee or transferees, one or more new Bonds of
authorized denominations and having the same Stated Maturity and
of a like aggregate principal amount as the Bond or Bonds
surrendered for transfer.
At the option of the Holder, Bonds may be exchanged for other
Bonds of authorized denominations and having the same Stated
Maturity, bearing the same rate of interest and of like aggregate
principal amount as the Bonds surrendered for exchange, upon
surrender of the Bonds to be exchanged at the Designated
Payment/Transfer office of the Paying Agent/ Registrar. Whenever
any Bonds are surrendered for exchange, the Paying Agent/Registrar
shall register and deliver new Bonds to the Holder requesting the
exchange.
Ail Bonds issued in any transfer or exchange of Bonds shall
be delivered to the Holders at the Designated Payment/Transfer
office of the Paying Agent/Registrar or sent by United States
Mail, first class, postage prepaid to the Holders, and, upon the
registration and delivery thereof, the same shall be the valid
obligations of the City, evidencing the same obligation to pay,
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and entitled to the same benefits under this Ordinance, as the
Bonds surrendered in such transfer or exchange.
Ail transfers or exchanges of Bonds pursuant to this Section
shall be made without expense or service charge to the Holder,
except as otherwise herein provided, and except that the Paying
Agent/Registrar shall require payment by the Holder requesting
such transfer or exchange of any tax or other governmental charges
required to be paid with respect to such transfer or exchange.
Bonds cancelled by reason of an exchange or transfer pursuant
to the provisions hereof are hereby defined to be "Predecessor
Bonds," evidencing all or a portion, as the case may be, of the
same obligation to pay evidenced by the new Bond or Bonds
registered and delivered in the exchange or transfer therefor.
Additionally, the term ,'Predecessor Bonds" shall include any
mutilated, lost, destroyed, or stolen Bond for which a replacement
Bond has been issued, registered and delivered in lieu thereof
pursuant to the provisions of Section 11 hereof and such new
replacement Bond shall be deemed to evidence the same obligation
as the mutilated, lost, destroyed, or stolen Bond.
Neither the city nor the Paying Agent/ Registrar shall be
required to issue or transfer to an assignee of a Holder any Bond
called for redemption, in whole or in part, within 45 days of the
date fixed for the redemption of such Bond; provided, however,
such limitation on transferability shall not be applicable to an
exchange by the Holder of the unredeemed balance of a Bond called
for redemption in part.
SECTION 6: Book-Entry Only Transfers and Transactions.
Notwithstanding the provisions contained in Sections 3, 4 and 5
hereof relating to the payment, and transfer/exchange of the
Bonds, the City hereby approves and authorizes the use of
"Book-Entry Only" securities clearance, settlement and transfer
system provided by The Depository Trust Company (DTC), a limited
purpose trust company organized under the laws of the State of New
York, in accordance with the requirements and procedures
identified in the Letter of Representation, by and between the
city, the Paying Agent/Registrar and DTC (the "Depository
Agreement") relating to the Bonds.
Pursuant to the Depository Agreement and the rules of DTC,
the Bonds shall be deposited with DTC who shall hold said Bonds
for its participants (the "DTC Participants"). While the Bonds
are held by DTC under the Depository Agreement, the Holder of the
Bonds on the Security Register for all purposes, including payment
and notices, shall be Cede & Co., as nominee of DTC,
notwithstanding the ownership of each actual purchaser or owner of
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each Bond (the "Beneficial Owners") being recorded in the records
of DTC and DTC Participants.
In the event DTC determines to discontinue serving as
securities depository for the Bonds or otherwise ceases to provide
book-entry clearance and settlement of securities transactions in
general or the city determines that DTC is incapable of properly
discharging its duties as securities depository for the Bonds, the
city covenants and agrees with the Holders of the Bonds to cause
Bonds to be printed in definitive form and provide for the Bond
certificates to be issued and delivered to DTC Participants and
Beneficial Owners, as the case may be. Thereafter, the Bonds in
definitive form shall be assigned, transferred and exchanged on
the Security Register maintained by the Paying Agent/Registrar and
payment of such Bonds shall be made in accordance with the
provisions of Sections 3, 4 and 5 hereof.
SECTION 7: Execution - Reqistration. The Bonds shall be
executed on behalf of the City by the Mayor under its seal
reproduced or impressed thereon and countersigned by the City
Secretary. The signature of said officers on the Bonds may be
manual or facsimile. Bonds bearing the manual or facsimile
signatures of individuals who are or were the proper officers of
the City on the Bond Date shall be deemed to be duly executed on
behalf of the City, notwithstanding that such individuals or
either of them shall cease to hold such offices at the time of
delivery of the Bonds to the initial purchaser(s) and with respect
to Bonds delivered in subsequent exchanges and transfers, all as
authorized and provided in the Bond Procedures Act of 1981, as
amended.
No Bond shall be entitled to any right or benefit under this
Ordinance, or be valid or obligatory for any purpose, unless there
appears on such Bond either a certificate of registration
substantially in the form provided in Section 9C, manually
executed by the Comptroller of Public Accounts of the State of
Texas, or his duly authorized agent, or a certificate of
registration substantially in the form provided in Section 9D,
manually executed by an authorized officer, employee or
representative of the Paying Agent/Registrar, and either such
certificate duly signed upon any Bond shall be conclusive
evidence, and the only evidence, that such Bond has been duly
certified, registered and delivered.
SECTION 8: Initial Bond(s). The Bonds herein authorized
shall be initially issued either (i) as a single fully registered
bond in the total principal amount of $1,500,000 with principal
installments to become due and payable as provided in Section 2
hereof and numbered T-i, or (ii) as nineteen (19) fully registered
bonds, being one bond for each year of maturity in the applicable
0043941 -- 7 -
principal amount and denomination and to be numbered consecutively
from T-1 and upward (hereinafter called the "Initial Bond(s)")
and, in either case, the Initial Bond(s) shall be registered in
the name of the initial purchaser(s) or the designee thereof. The
Initial Bond(s) shall be the Bonds submitted to the office of the
Attorney General of the State of Texas for approval, certified and
registered by the office of the Comptroller of Public Accounts of
the State of Texas and delivered to the initial purchaser(s). Any
time after the delivery of the Initial Bond(s), the Paying
Agent/Registrar, pursuant to written instructions from the initial
purchaser(s), or the designee thereof, shall cancel the Initial
Bond(s) delivered hereunder and exchange therefor definitive Bonds
of authorized denominations, Stated Maturities, principal amounts
and bearing applicable interest rates for transfer and delivery to
the Holders named at the addresses identified therefor; all
pursuant to and in accordance with such written instructions from
the initial purchaser(s), or the designee thereof, and such other
information and documentation as the Paying Agent/Registrar may
reasonably require.
SECTION 9: Forms. A. Forms Generally. The Bonds, the
Registration Certificate of the Comptroller of Public Accounts of
the State of Texas, the Registration Certificate of Paying
Agent/Registrar, and the form of Assignment to be printed on each
of the Bonds, shall be substantially in the forms set forth in
this Section with such appropriate insertions, omissions,
substitutions, and other variations as are permitted or required
by this Ordinance and may have such letters, numbers, or other
marks of identification (including identifying numbers and letters
of the Committee on Uniform Securities Identification Procedures
of the American Bankers Association) and such legends and
endorsements (including insurance legends in the event the Bonds,
or any maturities thereof, are purchased with insurance and any
reproduction of an opinion of counsel) thereon as may,
consistently herewith, be established by the City or determined by
the officers executing such Bonds as evidenced by their execution.
Any portion of the text of any Bonds may be set forth on the
reverse thereof, with an appropriate reference thereto on the face
of the Bond.
The definitive Bonds and the Initial Bond(s) shall be
printed, lithographed, or engraved or typewritten, photocopied or
otherwise reproduced in any other similar manner, all as
determined by the officers executing such Bonds as evidenced by
their execution thereof.
0043941 --8--
B. Form of Definitive Bond.
REGISTERED
NO.
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF SOUTHLAKE, TEXAS
GENERAL OBLIGATION BOND, SERIES
REGISTERED
$
1992
Bond Date:
October 1, 1992
Interest Rate: Stated Maturity:
CUSIP NO:
Registered Owner:
Principal Amount:
DOLLARS
The City of Southlake (hereinafter referred to as the
"City"), a body corporate and municipal corporation in the
Counties of Tarrant and Denton, State of Texas, for value
received, acknowledges itself indebted to and hereby promises to
pay to the order of the Registered Owner named above, or the
registered assigns thereof, on the Stated Maturity date specified
above the Principal Amount hereinabove stated (or so much thereof
as shall not have been paid upon prior redemption) and to pay
interest on the unpaid principal amount hereof from the Bond Date
at the per annum rate of interest specified above computed on the
basis of a 360-day year of twelve 30-day months; such interest
being payable on February 15 and August 15 in each year,
commencing February 15, 1994. Principal of this Bond is payable
at its Stated Maturity or redemption to the registered owner
hereof, upon presentation and surrender, at the Designated
Payment/Transfer Office of the Paying Agent/Registrar executing
the registration certificate appearing hereon, or its successor.
Interest is payable to the registered owner of this Bond (or one
or more Predecessor Bonds, as defined in the Ordinance hereinafter
referenced) whose name appears on the "Security Register"
maintained by the Paying Agent/Registrar at the close of business
on the "Record Date", which is the last business day of the
month next preceding each interest payment date, and interest
shall be paid by the Paying Agent/Registrar by check sent United
States Mail, first class postage prepaid, to the address of the
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registered owner recorded in the Security Register or by such
other method, acceptable to the Paying Agent/Registrar, requested
by, and at the risk and expense of, the registered owner. All
payments of principal of, premium, if any, and interest on this
Bond shall be without exchange or collection charges to the owner
hereof and in any coin or currency of the United States of America
which at the time of payment is legal tender for the payment of
public and private debts.
This Bond is one of the series specified in its title issued
in the aggregate principal amount of $1,500,000 (herein referred
to as the "Bonds") for permanent public improvements, to wit:
street improvements, including drainage incidental thereto and the
acquisition of right-of-way therefor, under and in strict
conformity with the Constitution and laws of the State of Texas
and pursuant to an Ordinance adopted by the City Council of the
city (herein referred to as the "Ordinance").
The Bonds maturing on and after February 15, 2003, may be
redeemed prior to their Stated Maturities, at the option of the
City, in whole or in part in principal amounts of $5,000 or any
integral multiple thereof (and if within a Stated Maturity by lot
by the Paying Agent/Registrar), on February 15, 2002, or on any
date thereafter, at the redemption price of par, together with
accrued interest to the date of redemption and upon 30 days prior
written notice being sent by United States Mail, first class
postage prepaid, to the registered owners of the Bonds to be
redeemed, and subject to the terms and provisions relating thereto
contained in the Ordinance. If this Bond (or any portion of the
principal sum hereof) shall have been duly called for redemption
and notice of such redemption duly given, then upon such
redemption date this Bond (or the portion of the principal sum
hereof to be redeemed) shall become due and payable, and interest
thereon shall cease to accrue from and after the redemption date
therefor, provided moneys for the payment of the redemption price
and the interest on the principal amount to be redeemed to the
date of redemption are held for the purpose of such payment by the
Paying Agent/Registrar.
In the event of a partial redemption of the principal amount
of this Bond, payment of the redemption price of such principal
amount shall be made to the registered owner only upon
presentation and surrender of this Bond to the Designated
Payment/Transfer Office of the Paying Agent/Registrar, and there
shall be issued to the registered owner hereof, without charge, a
new Bond or Bonds of like maturity and interest rate in any
authorized denominations provided by the Ordinance for the then
unredeemed balance of the principal sum hereof. If this Bond is
selected for redemption, in whole or in part, the City and the
Paying Agent/Registrar shall not be required to transfer this Bond
0043941
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to an assignee of the registered owner within 45 days of the
redemption date therefor; provided, however, such limitation on
transferability shall not be applicable to an exchange by the
registered owner of the unredeemed balance hereof in the event of
its redemption in part.
The Bonds are payable from the proceeds of an ad valorem tax
levied, within the limitations prescribed by law, upon all taxable
property in the City. Reference is hereby made to the Ordinance,
a copy of which is on file in the Designated Payment/Transfer
office of the Paying Agent/Registrar, and to all of the provisions
of which the owner or holder of this Bond by the acceptance hereof
hereby assents, for definitions of terms; the description of and
the nature and extent of the tax levied for the payment of the
Bonds; the terms and conditions relating to the transfer or
exchange of this Bond; the conditions upon which the Ordinance may
be amended or supplemented with or without the consent of the
Holders; the rights, duties, and obligations of the City and the
Paying Agent/Registrar; the terms and provisions upon which this
Bond may be discharged at or prior to its maturity or redemption,
and deemed to be no longer Outstanding thereunder; and for other
terms and provisions contained therein. Capitalized terms used
herein have the meanings assigned in the Ordinance.
This Bond, subject to certain limitations contained in the
Ordinance, may be transferred on the Security Register only upon
its presentation and surrender at the Designated Payment/Transfer
Office of the Paying Agent/Registrar, with the Assignment hereon
duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Paying Agent/Registrar duly
executed by, the registered owner hereof, or his duly authorized
agent. When a transfer on the Security Register occurs, one or
more new fully registered Bonds of the same Stated Maturity, of
authorized denominations, bearing the same rate of interest, and
of the same aggregate principal amount will be issued by the
Paying Agent/Registrar to the designated transferee or
transferees.
The City and the Paying Agent/Registrar, and any agent of
either, shall treat the registered owner whose name appears on the
Security Register (i) on the Record Date as the owner entitled to
payment of interest hereon, (ii) on the date of surrender of this
Bond as the owner entitled to payment of principal hereof at its
Stated Maturity or its redemption, in whole or in part, and (iii)
on any other date as the owner for all other purposes, and neither
the City nor the Paying Agent/Registrar, or any agent of either,
shall be affected by notice to the contrary. In the event of
nonpayment of interest on a scheduled payment date and for thirty
(30) days thereafter, a new record date for such interest payment
(a "Special Record Date") will be established by the Paying
0043941
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Agent/Registrar, if and when funds for the payment of such
interest have been received from the City. Notice of the Special
Record Date and of the scheduled payment date of the past due
interest (which shall be 15 days after the Special Record Date)
shall be sent at least five (5) business days prior to the Special
Record Date by United States Mail, first class postage prepaid, to
the address of each Holder appearing on the Security Register at
the close of business on the last business day next preceding the
date of mailing of such notice.
It is hereby certified, recited, represented and declared
that the city is a body corporate and political subdivision duly
organized and legally existing under and by virtue of the
Constitution and laws of the State of Texas; that the issuance of
the Bonds is duly authorized by law; that all acts, conditions and
things required to exist and be done precedent to and in the
issuance of the Bonds to render the same lawful and valid
obligations of the city have been properly done, have happened and
have been performed in regular and due time, form and manner as
required by the Constitution and laws of the State of Texas, and
the Ordinance; that the Bonds do not exceed any Constitutional or
statutory limitation; and that due provision has been made for the
payment of the principal of and interest on the Bonds by the levy
of a tax as aforestated. In case any provision in this Bond shall
be invalid, illegal, or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. The terms and provisions of this
Bond and the Ordinance shall be construed in accordance with and
shall be governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the city Council of the City has caused
this Bond to be duly executed under the official seal of the City
as of the Bond Date.
CITY OF SOUTHLAKE, TEXAS
COUNTERSIGNED:
Mayor
city Secretary
(SEAL)
0043941 --12--
C. *Form of Reqistration Certificate of Comptroller
of Public Accounts to appear on Initial Bond(s) only.
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS
THE STATE OF TEXAS
REGISTER NO.
I HEREBY CERTIFY that this Bond has been examined, certified
as to validity and approved by the Attorney General of the State
of Texas, and duly registered by the Comptroller of Public
Accounts of the State of Texas.
WITNESS my signature and seal of office this
Comptroller of Public Accounts
of the State of Texas
(SEAL)
*NOTE TO PRINTER: Do Not Print on Definitive Bonds
Form of Certificate of Paying Agent/Reqistrar to
appear on Definitive Bonds only.
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
This Bond has been duly issued and registered under the
provisions of the within-mentioned Ordinance; the bond or bonds of
the above entitled and designated series originally delivered
having been approved by the Attorney General of the State of Texas
and registered by the Comptroller of Public Accounts, as shown by
the records of the Paying Agent/Registrar.
The principal offices of the Paying Agent/Registrar located
in Dallas, Texas, is the Designated Payment/Transfer office for
this Bond.
AMERITRUST TEXAS NATIONAL
ASSOCIATION,
as Paying Agent/Registrar
Registration Date:
By
Authorized Signature
0043941
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E. Form of Assiqnment.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns,
and transfers unto (Print or typewrite name, address, and
zip code of transferee: ) ..............................
is~cial' Sec~%~' ~'~' '~ 'i'd'e'~ ~' f ~ i ~ ~ ' '~ ~
.............................. ) the within Bond and all rights
thereunder, and hereby irrevocably constitutes and appoints
registration thereof, with full power of substitution in the
premises.
DATED:
NOTICE: The signature on this
assignment must correspond with the
name of the registered owner as it
appears on the face of the within
Bond in every particular.
Signature guaranteed:
F. The Initial Bond(s) shall be in the form set forth in
paraqraph B of this Section, except that the form of the single
fully reqistered Initial Bond shall be modified as follows:
(i)
immediately under the name of the bond the
headings "Interest Rate " and "Stated
Maturity "shall both be omitted.
(ii) Paragraph one shall read as follows:
Registered Owner:
Principal Amount:
Dollars
The City of Southlake (hereinafter referred to as the
"City"), a body corporate and municipal corporation in the
Counties of Tarrant and Denton, State of Texas, for value
received, acknowledges itself indebted to and hereby promises to
pay to the order of the Registered Owner named above, or the
0043941
registered assigns thereof, the Principal Amount hereinabove
stated on February 15 in each of the years and in principal
installments in accordance with the following schedule:
YEAR OF PRINCIPAL INTEREST
MATURITY INSTALLMENTS RATE
Information to be inserted from
schedule in Section 2 hereof).
(or so much principal thereof as shall not have been prepaid prior
to maturity) and to pay interest on the unpaid Principal Amount
hereof from the Bond Date at the per annum rates of interest
specified above computed on the basis of a 360-day year of twelve
30-day months; such interest being payable on February 15 and
August 15 in each year, commencing February 15, 1994. Principal
installments of this Bond are payable in the year of maturity or
on a prepayment date to the registered owner hereof by Ameritrust
Texas National Association (the "Paying Agent/Registrar"), upon
presentation and surrender, at its principal offices in Dallas,
Texas (the "Designated Payment/Transfer Office"). Interest is
payable to the registered owner of this Bond whose name appears on
the "Security Register" maintained by the Paying Agent/Registrar
at the close of business on the "Record Date", which is the last
business day of the month next preceding each interest payment
date, and interest shall be paid by the Paying Agent/Registrar by
check sent United States Mail, first class postage prepaid, to the
address of the registered owner recorded in the Security Register
or by such other method, acceptable to the Paying Agent/Registrar,
requested by, and at the risk and expense of, the registered
owner. All payments of principal of, premium, if any, and
interest on this Bond shall be without exchange or collection
charges to the owner hereof and in any coin or currency of the
United States of America which at the time of payment is legal
tender for the payment of public and private debts.
SECTION 10: Le~"f of Taxes. To provide for the payment of
the "Debt Service Requirements" of the Bonds, being (i) the
interest on the Bonds and (ii) a sinking fund for their redemption
at maturity or a sinking fund of 2% (whichever amount is the
greater), there is hereby levied, and there shall be annually
assessed and collected in due time, form, and manner, a tax on all
taxable property in the City, within the limitations prescribed by
law, and such tax hereby levied on each one hundred dollars'
valuation of taxable property in the City for the Debt Service
Requirements of the Bonds shall be at a rate from year to year as
will be ample and sufficient to provide funds each year to pay the
principal of and interest on said Bonds while Outstanding; full
allowance being made for delinquencies and costs of collection;
separate books and records relating to the receipt and
-15-
disbursement of taxes levied, assessed and collected for and on
account of the Bonds shall be kept and maintained by the City at
all times while the Bonds are Outstanding, and the taxes collected
for the payment of the Debt Service Requirements on the Bonds
shall be deposited to the credit of a "Special 1992 Bond Account"
(the "Interest and Sinking Fund") maintained on the records of the
City and deposited in a special fund maintained at an official
depository of the City's funds; and such tax hereby levied, and to
be assessed and collected annually, is hereby pledged to the
payment of the Bonds.
Proper officers of the City are hereby authorized and
directed to cause to be transferred to the Paying Agent/ Registrar
for the Bonds, from funds on deposit in the Interest and Sinking
Fund, amounts sufficient to fully pay and discharge promptly each
installment of interest and principal of the Bonds as the same
accrues or matures or comes due by reason of redemption prior to
maturity; such transfers of funds to be made in such manner as
will cause collected funds to be deposited with the Paying
Agent/Registrar on or before each principal and interest payment
date for the Bonds.
SECTION 11: Mutilated-Destroyed-Lost and Stolen Bonds. In
case any Bond shall be mutilated, or destroyed, lost or stolen,
the Paying Agent/Registrar may execute and deliver a replacement
Bond of like form and tenor, and in the same denomination and
bearing a number not contemporaneously outstanding, in exchange
and substitution for such mutilated Bond, or in lieu of and in
substitution for such destroyed, lost or stolen Bond, only upon
the approval of the City and after (i) the filing by the Holder
thereof with the Paying Agent/Registrar of evidence satisfactory
to the Paying Agent/Registrar of the destruction, loss or theft of
such Bond, and of the authenticity of the ownership thereof and
(ii) the furnishing to the Paying Agent/Registrar of
indemnification in an amount satisfactory to hold the City and the
Paying Agent/Registrar harmless. All expenses and charges
associated with such indemnity and with the preparation, execution
and delivery of a replacement Bond shall be borne by the Holder of
the Bond mutilated, or destroyed, lost or stolen.
Every replacement Bond issued pursuant to this Section shall
be a valid and binding obligation, and shall be entitled to all
the benefits of this Ordinance equally and ratably with all other
Outstanding Bonds; notwithstanding the enforceability of payment
by anyone of the destroyed, lost, or stolen Bonds.
The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with
respect to the replacement and payment of mutilated, destroyed,
lost or stolen Bonds.
0043941
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SECTION 12: Satisfaction of Obliqation of City. If the City
shall pay or cause to be paid, or there shall otherwise be paid to
the Holders, the principal of, premium, if any, and interest on
the Bonds, at the times and in the manner stipulated in this
Ordinance, then the pledge of taxes levied under this Ordinance
and all covenants, agreements, and other obligations of the City
to the Holders shall thereupon cease, terminate, and be discharged
and satisfied.
Bonds or any principal amount(s) thereof shall be deemed to
have been paid within the meaning and with the effect expressed
above in this Section when (i) money sufficient to pay in full
such Bonds or the principal amount(s) thereof at maturity or to
the redemption date therefor, together with all interest due
thereon, shall have been irrevocably deposited with and held in
trust by the Paying Agent/Registrar, or an authorized escrow
agent, or (ii) Government Securities shall have been irrevocably
deposited in trust with the Paying Agent/Registrar, or an
authorized escrow agent, which Government Securities have been
certified by an independent accounting firm to mature as to
principal and interest in such amounts and at such times as will
insure the availability, without reinvestment, of sufficient
money, together with any moneys deposited therewith, if any, to
pay when due the principal of and interest on such Bonds, or the
principal amount(s) thereof, on and prior to the Stated Maturity
thereof or (if notice of redemption has been duly given or waived
or if irrevocable arrangements therefor acceptable to the Paying
Agent/ Registrar have been made) the redemption date thereof. The
City covenants that no deposit of moneys or Government Securities
will be made under this Section and no use made of any such
deposit which would cause the Bonds to be treated as "arbitrage
bonds" within the meaning of Section 103(c) of the Internal
Revenue Code of 1954, as amended, or regulations adopted pursuant
thereto.
Any moneys so deposited with the Paying Agent/ Registrar, or
an authorized escrow agent, and all income from Government
Securities held in trust by the Paying Agent/Registrar, or an
authorized escrow agent, pursuant to this Section which is not
required for the payment of the Bonds, or any principal amount(s)
thereof, or interest thereon with respect to which such moneys
have been so deposited shall be remitted to the city or deposited
as directed by the City. Furthermore, any money held by the
Paying Agent/Registrar for the payment of the principal of and
interest on the Bonds and remaining unclaimed for a period of
four (4) years after the Stated Maturity, or applicable redemption
date, of the Bonds such moneys were deposited and are held in
trust to pay shall upon the request of the City be remitted to the
City against a written receipt therefor. Notwithstanding the
above and foregoing, any remittance of funds from the Paying
0043941
Agent/Registrar to the City shall be subject to any applicable
unclaimed property laws of the State of Texas.
The term "Government Securities", as used herein, means
direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United
States of America, which are non-callable prior to the respective
Stated Maturities of the Bonds and may be United States Treasury
Obligations such as the State and Local Government Series and may
be in book-entry form.
SECTION 13: Ordinance a Contract - Amendments - Outstandinq
Bonds. This Ordinance shall constitute a contract with the
Holders from time to time, be binding on the City, and shall not
be amended or repealed by the City so long as any Bond remains
Outstanding except as permitted in this Section. The city may,
without the consent of or notice to any Holders, from time to time
and at any time, amend this Ordinance in any manner not
detrimental to the interests of the Holders, including the curing
of any ambiguity, inconsistency, or formal defect or omission
herein. In addition, the City may, with the consent of Holders
holding a majority in aggregate principal amount of the Bonds then
Outstanding affected thereby, amend, add to, or rescind any of the
provisions of this ordinance; provided that, without the consent
of all Holders of Outstanding Bonds, no such amendment, addition,
or rescission shall (1) extend the time or times of payment of the
principal of, premium, if any, and interest on the Bonds, reduce
the principal amount thereof, the redemption price therefor, or
the rate of interest thereon, or in any other way modify the terms
of payment of the principal of, premium, if any, or interest on
the Bonds, (2) give any preference to any Bond over any other
Bond, or (3) reduce the aggregate principal amount of Bonds
required to be held by Holders for consent to any such amendment,
addition, or rescission.
The term "Outstanding" when used in this Ordinance with
respect to Bonds means, as of the date of determination, all Bonds
theretofore issued and delivered under this Ordinance, except:
(1) those Bonds cancelled by the Paying
Agent/Registrar or delivered to the Paying
Agent/Registrar for cancellation;
(2) those Bonds deemed to be duly paid by the
City in accordance with the provisions of Section 12
hereof;
0043941
-18-
(3) those mutilated, destroyed, lost, or
stolen Bonds which have been replaced with Bonds
registered and delivered in lieu thereof as provided
in Section 11 hereof.
SECTION 14: Covenants to Maintain Tax-Exempt Status.
(a) Definitions. When used in this Section 14, the
following terms have the following meanings:
"Code" means the Internal Revenue Code of 1986, as
amended by all legislation, if any, enacted on or before
the Issue Date.
"Computation Date" has the meaning stated in Treas.
Reg. § 1.148-8(b)(1).
"Gross Proceeds" has the meaning stated in Treas.
Reg. § 1.148-8(d).
"Investment" has the meaning stated in Treas.
Reg. § 1.148-8(e).
"Issue Date" means the date on which the Bonds are
first authenticated and delivered to the initial
purchasers against payment therefor.
"Nonpurpose Investment" means any Investment in
which Gross Proceeds of the Bonds are invested and which
is not acquired to carry out the governmental purpose of
the Bonds.
"Yield of"
(1) any Investment shall be computed in
accordance with Treas. Reg. §1.148-2, and
(2) the Bonds has the meaning stated in
Treas. Reg. § 1.148-3.
(b) Not to Cause Interest to Become Taxable. The City shall
not use, permit the use of, or omit to use Gross Proceeds or any
other amounts (or any property the acquisition, construction, or
improvement of which is to be financed directly or indirectly with
Gross Proceeds) in a manner which, if made or omitted,
respectively, would cause the interest on any Bond to become
includable in the gross income, as defined in section 61 of the
Code, of the owner thereof for federal income tax purposes.
Without limiting the generality of the foregoing, unless and until
the city shall have received a written opinion of counsel
0043941
-19-
nationally recognized in the field of municipal bond law to the
effect that failure to comply with such covenant will not
adversely affect the exclusion of interest on any Bond from gross
income for federal income tax purposes pursuant to Section 103 of
the Code, the City shall comply with each of the specific
covenants in this Section.
(c) No Private Use or Private Payments. Except as permitted
by section 141 of the Code and the regulations and rulings
thereunder, the City, at all times prior to the last Stated
Maturity of Bonds,
(1) shall exclusively own, operate, and possess
all property acquired, constructed or improved directly
or indirectly with Gross Proceeds of the Bonds and shall
not use or permit the use of such Gross Proceeds or any
property acquired, constructed, or improved with such
Gross Proceeds in any activity carried on by any person
or entity other than a state or local government, unless
such use is solely as a member of the general public, or
(2) shall not directly or indirectly impose or
accept any charge or other payment for use of Gross
Proceeds of the Bonds or for any property acquired,
constructed or improved indirectly with such Gross
Proceeds, other than taxes of general application within
the City or interest earned on investments acquired with
such Gross Proceeds pending application for their
intended purposes.
(d) No Private Loan. Except to the extent permitted by
section 141 of the Code and the regulations and rulings
thereunder, the City shall not use Gross Proceeds of the Bonds to
make or finance loans to any person or entity other than a state
or local government. For purposes of the foregoing covenant, such
Gross Proceeds are considered to be "loaned" to a person or entity
if (1) property acquired, constructed, or improved with such Gross
Proceeds is sold or leased to such person or entity in a
transaction which creates a debt for federal income tax purposes,
(2) capacity in or service from such property is committed to such
person or entity under a take-or-pay, output, or similar contract
or arrangement, or (3) indirect benefits, or burdens and benefits
of ownership, of such Gross Proceeds or any property acquired,
constructed, or improved with such Gross Proceeds are otherwise
transferred in a transaction which is the economic equivalent of
a loan.
(e) Not to Invest at Hiqher Yield. Except to the extent
permitted by section 148 of the Code and the regulations and
rulings thereunder, the City shall not, at any time prior to the
0043941
-20-
final Stated Maturity of the Bonds, directly or indirectly invest
Gross Proceeds of the Bonds in any Investment (or use such Gross
Proceeds to replace money so invested), if as a result of such
investment the Yield of all Investments allocated to such Gross
Proceeds whether then held or previously disposed of, exceeds the
Yield of the Bonds.
(f) Not Federally Guaranteed. Except to the extent
permitted by section 149(b) of the Code and the regulations and
rulings thereunder, the City shall not take or omit to take any
action which would cause the Bonds to be federally guaranteed
within the meaning of Section 149(b) of the Code and the
regulations and rulings thereunder.
(g) Information Report. The city shall timely file with the
Secretary of the Treasury the information required by section
149(e) of the Code with respect to the Bonds on such form and in
such place as such Secretary may prescribe.
(h) No Rebate Required. The City warrants and represents
that it satisfies the requirements of paragraph (2) and (3) of
section 148(f) of the Code with respect to the Bonds without
making the payments for the United States described in such
section. Specifically, the city warrants and represents that
(1) the City is a governmental unit with general
taxing powers;
(2) at least 95% of the Gross Proceeds of the
Bonds will be used for the local governmental activities
of the City;
(3) the aggregate face amount of all tax-exempt
obligations issued or expected to be issued by the City
(and all subordinate entities thereof) in the calendar
year in which the Bonds are issued is not reasonably
expected to exceed $5,000,000.
SECTION 15: Sale of the Bonds. The sale of the Bonds to
Prudential-Securities Incorporated (herein referred to as the
"Purchasers") at the price of par and accrued interest to the date
of delivery, plus a premium of $-0-, is hereby approved and
confirmed. Delivery of the Bonds to the Purchasers shall occur as
soon as possible upon payment being made therefor in accordance
with the terms of sale.
SECTION 16: Qualified Tax Exempt Obliqations. That in
accordance with the provisions of paragraph (3) of subsection (b)
of Section 265 of the Code, the City hereby designates the Bonds
to be "qualified tax exempt obligations" in that the Bonds are not
0043941
-21-
"private activity bonds" as defined in the Code and the reasonably
anticipated amount of "qualified tax exempt obligations" to be
issued by the city (including all subordinate entities of the
City) for the calendar year 1992 will not exceed $10,000,000.
SECTION 17: Control and Custody of Bonds. The Mayor of the
City shall be and is hereby authorized to take and have charge of
all necessary orders and records pending investigation by the
Attorney General of the State of Texas, including the printing and
supply of definitive Bonds, and shall take and have charge and
control of the Initial Bond(s) pending the approval thereof by the
Attorney General, the registration thereof by the Comptroller of
Public Accounts and the delivery thereof to the Purchasers.
Furthermore, the Mayor, City Secretary, City Manager and
Finance Director, any one or more of said officials, are hereby
authorized and directed to furnish and execute such documents and
certifications relating to the City and the issuance of the Bonds,
including certifications as to facts, estimates, circumstances and
reasonable expectations pertaining to the use, expenditure and
investment of the proceeds of the Bonds, as may be necessary for
the approval of the Attorney General, the registration by the
Comptroller of Public Accounts and the delivery of the Bonds to
the Purchasers, and, together with the City's financial advisor,
bond counsel and the Paying Agent/Registrar, make the necessary
arrangements for the delivery of the Initial Bond(s) to the
Purchasers and the initial exchange thereof for definitive Bonds.
SECTION 18: official Statement. The official Statement
prepared in the initial offering and sale of the Bonds by the
City, together with all addendas, supplements and amendments
thereto issued on behalf of the City, is hereby approved as to
form and content, and the city Council hereby finds that the
information and data contained in said Official Statement
pertaining to the city and its financial affairs is true and
correct in all material respects and no material facts have been
omitted therefrom which are necessary to make the statements
therein, in light of the circumstances under which they were made,
not misleading. The use of such official Statement in the
reoffering of the Bonds by the Purchasers is hereby approved and
authorized.
SECTION 19: Proceeds of Sale. The proceeds of sale of the
Bonds, excluding the accrued interest and premium, if any,
received from the Purchasers, shall be deposited in a construction
fund maintained at the City's depository bank. Pending
expenditure for authorized projects and purposes, such proceeds of
sal~ may be invested in authorized investments and any investment
earnings realized shall be expended for such authorized projects
and purposes or deposited in the Interest and Sinking Fund as
-22-
shall be determined by the City Council. Ail surplus proceeds of
sale of the Bonds, including investment earnings, remaining after
completion of all authorized projects or purposes shall be
deposited to the credit of the Interest and Sinking Fund.
SECTION 20: Notices to Holders-Waiver. Wherever this
Ordinance provides for notice to Holders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and sent by United States Mail, first
class postage prepaid, to the address of each Holder appearing in
the Security Register at the close of business on the business day
next preceding the mailing of such notice.
In any case where notice to Holders is given by mail, neither
the failure to mail such notice to any particular Holders, nor any
defect in any notice so mailed, shall affect the sufficiency of
such notice with respect to all other Bonds. Where this Ordinance
provides for notice in any manner, such notice may be waived in
writing by the Holder entitled to receive such notice, either
before or after the event with respect to which such notice is
given, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be filed with the Paying
Agent/Registrar, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon
such waiver.
SECTION 21: Cancellation. Ail Bonds surrendered for
payment, redemption, transfer, exchange, or replacement, if
surrendered to the Paying Agent/Registrar, shall be promptly
cancelled by it and, if surrendered to the City, shall be
delivered to the Paying Agent/Registrar and, if not already
cancelled, shall be promptly cancelled by the Paying
Agent/Registrar. The City may at any time deliver to the Paying
Agent/Registrar for cancellation any Bonds previously certified or
registered and delivered which the city may have acquired in any
manner whatsoever, and all Bonds so delivered shall be promptly
cancelled by the Paying Agent/Registrar. All cancelled Bonds held
by the Paying Agent/Registrar shall be returned to the city.
SECTION 22: Printed Opinion. The Purchasers' obligation to
accept delivery of the Bonds is subject to being furnished a final
opinion of Fulbright & Jaworski, Attorneys, Dallas, Texas,
approving the Bonds as to their validity, said opinion to be dated
and delivered as of the date of delivery and payment for the
Bonds. Printing of a true and correct reproduction of said
opinion on the reverse side of each of the definitive Bonds is
hereby approved and authorized.
SECTION 23: CUSIP Numbers. CUSIP numbers may be printed or
typed on the definitive Bonds. It is expressly provided, however,
0043941
-23-
that the presence or absence of CUSIP numbers on the definitive
Bonds shall be of no significance or effect as regards the
legality thereof and neither the City nor attorneys approving the
Bonds as to legality are to be held responsible for CUSIP numbers
incorrectly printed or typed on the definitive Bonds.
SECTION 24: Benefits of Ordinance. Nothing in this
Ordinance, expressed or implied, is intended or shall be construed
to confer upon any person other than the City, the Paying
Agent/Registrar and the Holders, any right, remedy, or claim,
legal or equitable, under or by reason of this Ordinance or any
provision hereof, this Ordinance and all its provisions being
intended to be and being for the sole and exclusive benefit of the
City, the Paying Agent/Registrar and the Holders.
SECTION 25: Inconsistent Provisions. Ail ordinances, orders
or resolutions, or parts thereof, which are in conflict or
inconsistent with any provision of this Ordinance are hereby
repealed to the extent of such conflict, and the provisions of
this Ordinance shall be and remain controlling as to the matters
contained herein.
SECTION 26: Governinq Law. This Ordinance shall be
construed and enforced in accordance with the laws of the State of
Texas and the United States of America.
SECTION 27: Effect of Headinqs. The Section headings herein
are for convenience only and shall not affect the construction
hereof.
SECTION 28: Construction of Terms. If appropriate in the
context of this Ordinance, words of the singular number shall be
considered to include the plural, words of the plural number shall
be considered to include the singular, and words of the masculine,
feminine or neuter gender shall be considered to include the other
genders.
SECTION 29: Severability. If any provision of this
Ordinance or the application thereof to any circumstance shall be
held to be invalid, the remainder of this Ordinance and the
application thereof to other circumstances shall nevertheless be
valid, and the City Council hereby declares that this Ordinance
would have been enacted without such invalid provision.
SECTION 30: Public Meeting. It is officially found,
determined, and declared that the meeting at which this Ordinance
is adopted was open to the public and public notice of the time,
place, and subject matter of the public business to be considered
at such meeting, including this Ordinance, was given, all as
0043941
-24-
required by Article 6252-17, Vernon's Texas Civil Statutes, as
amended.
SECTION 31: Effective Date. This Ordinance shall take
effect and be in full force immediately from and after its date of
adoption shown below.
PASSED ON FIRST READING, October 6, 1992.
PASSED ON SECOND READING AND ADOPTED, this October 20, 1992.
ATTEST:
CITY OF SOUTHLAKE, TEXAS
r
~ity Secretary
APPROVED AS TO LEGALITY:
City Attorney
0043941
-25- '
I'ort Worth Star-Telegram
400 W.SEVENTH STREET•FORT WORTH,TEXAS 76102
-'"E STATE OF TEXAS
unty of Tarrant
Before me , a Notary Public in and for said County and State , this day
personally appeared C L RILE Billing Specialist for the Fort Worth
Star-Telegram , published 'y the Stdr-Telegram Inc . dt fort Worth , in Tarrant
County, Texas ; and who , after being duly sworn , did depose and say that the
following clipping of an advertisement was published in the above named
naner nn the following dates :
DATE AD INVOICE NO.' DESCRIPTION AD SIZE AMOUNT
OCT 23 6960742 CL . 358 1 1X33 L 33 . 40 13 . 20
ORDINANCE NO.576 Oct 23 3
ANORDINANCE author- i
!zing the Issuance of"CI-
TY OF SOUTHLAKE, P . O . # NO . 576
TEXAS,GENERAL OB- i
LIGATION
IE ST12BONDSY o
thetem99a nd pures of said bonds;levying a con-
tinuing direct annual ad
valorem tax for the pay-
ment of said bonds; and
resolving other matters
Incident and related to the
issuance, sale, payment
and delivery of said
bonds Including the sp-
an OfficIall Stlatement per-
taining thereto and pro-
vidingg an effec(ve date.
PASSEDAND APPROVED
IN SECON DREADING THIS
THE 20th DAY OF OCTO-
�ER,,992. SIGNED
arytY FIckes,
Tvorof South lakeSWORNTOHIS THE TH DA F OCTO R, I992
antlre r LeGrand, NOTARY PUa- -I
IDBEFORE
_It
AAppp Secretary P� /
Wap ne K.OI to form: �•7 ---\\\\\..
City Attorney
TARRANT COUNTY, T XAS
M1y PU��I
=`: ..a,,^ KATHRYN 1. SFENCER
�2r COMMISSION EXPIRES 1
�N
'�,, ;.........-�+_P' JANUARY 28, 1995 +
.;:9Ale)e/ 1��`F`0==..YI
-EAR ALONG THIS PERFORATION AND RETURN THE LOWER PORTION WITH YOUR PAYMENT
REMIT TO : 400 W . SEVENTH , FW, TX 76102
fort Worth Star-Telegram �7_ �T XXIXIXYX 6`i6U l4 ACCOUNTNUMBER (ITS ? AMOUNT 13• d U
]� 1 DUE
PAGE OF
CITY OF SOUTHLAKE ORIGINAL
667 N CARROLL AVE 13 . 20
SOUTHLAKE TX 76092-8898 THIS PLEASE PAY ki
AMOUNT
ATTN : SANDY LEGRAND
PLEASE WRITE IN AMOUNT ENCLOSED
Fort Worth Star-Telegram
400 W.SEVENTH STREET•FORT WORTH,TEXAS 76102
TIE STATE OF TEXAS
unty of Tarrant
Before me , a Notary Public in and for said County and State , this day
personally appeared CAL RILEY Billing Specialist for the Fort Worth
Star-Telegram, published by the Star-Telegram Inc . at Fort Worth, in Tarrant
County , Texas ; and who, after being duly sworn, did depose and say that the
following clipping of an advertisement was published in the above named
paper on the following dates :
TOTAL
DATE AD INVOICE NO.I DESCRIPTION AD SIZEINCH LINE
RATE AMOUNT
OCT 091 6953516 CL . 358 1X40 L I 40 . 40 16 . 00
Oct 9
P . O . # ORD . NO . 576
NOTICE OF PUBLIC
HEARING -
NOTICE Isherebyglventoall
interested persons that the CI-
ty Council of the City of South-
llake Texas,will beholdinga
Ruda CitylCnoudIlrIn eti he
ng
to be held on October 20,1992,
at 7:00 .m., Southlake City
Hail,667 North Carroll Ave-
, nue,Southlake,Texas.
Purpose of the hearing Is to
theconsider the second
llowing ordinance
N the
issua ce KEgof', SIGNET
ORDINANCE NO.576
ANORDINANCE author-
UB TT I OCTOBER,
TEXAS,GENERAL OB- ID ,� 1 1 TOBER�
CRIBEI LIGATION BONDS SE- BEFORE ME , THIS THE A" 0
RIES 1992'; specifying
the msand features of NOTARY PU:LIC
said b
said bonds;levying a con-
tinuing direct annual ad
valorem tax for the pay- . ��
ment of said bonds, and
resolving other matters TARRANT COUNTY, TEXA
Incident and related to the _... _... _.
issuance sale, payment
and de(Ivery of said
bondsl including the
on ap of-
prova and distributi
an Official Statement per-
taining
thereto-and pro-
viding gan effecf lve date.
andra L. thiake d
IN Secretary
-TEAR ALONG THIS PERFORATION AND RETURN THE LOWER PORTION WITH YOUR PAYMENT- -.,,
REMIT TO : 400 W . SEVENTH, FW , TX 76102
Fort Worth Star-Telegram Rr�nPT TV. �VR�X�K ��mox�m_2o51
ACCOUNT AMOUNT
6953516
NUMBER C I T 5 7 DUE 16. 00
PAGE DF 1
CITY OF SOUTHLAKE ORIGINAL
667 N CARROLL AVE PLEASE PAY 16 . 00
SOUTHLAKE TX 76092-8898 THIS AMOUNT
ATTN : SANDY LEGRAND
PLEASE WRITE IN AMOUNT ENCLOSED