Ordinance 1998-22
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ORDINANCE NO. 98-22
AN ORDINANCE authorizing the issuance of "CITY OF WYLIE, TEXAS, TAX
NOTES, SERIES 1998"; specifying the terms and features of said notes;
levying a continuing direct annual ad valorem tax for the payment of said
notes; and resolving other matters incident and related to the issuance,
sale, payment and delivery of said notes, including the approval and
execution of a Paying Agent/Registrar Agreement and the approval and
distribution of an Official Statement pertaining thereto; and providing an
effective date.
WHEREAS, pursuant to Chapter 137, Acts of the 73rd Legislature, Regular Session,
1993 (Article 717w, Vernon's Texas Civil Statutes), hereinafter called the "Act", the City Council
is authorized and empowered to issue anticipation notes to pay contractual obligations to be
incurred (i) for the construction of any public work and (ii) for the purchase of materials, supplies,
equipment, machinery, buildings, lands and rights-of-way for the City's authorized needs and
purposes; and
WHEREAS, in accordance with the provisions of the Act, the City Council hereby finds
and determines that anticipation notes should be issued and sold at this time to finance the costs
of paying contractual obligations to be incurred for (i) the construction of public works, to wit: new
fire stations, including the acquisition of land and the purchase of equipment therefor, (ii) the
purchase of materials, supplies, equipment and machinery for various city departments, including
the police, courts, park, public works and community development departments, and (iii)
professional services rendered in relation to such projects and purposes and the financing
thereof; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS:
SECTION 1: Authorization - Desianation- Principal Amount-Purpose. Notes of the City
shall be and are hereby authorized to be issued io the aggregate principal amount of
$1,060,000, to be designated and bear the title "CITY OF WYLIE, TEXAS, TAX NOTES, SERIES
1998" (hereinafter referred to as the "Notes"), for the purpose of paying contractual obligations
to be incurred for (i) the construction of public works, to wit new fire stations, including the
acquisition of land and the purchase of equipment therefor, (ii) the purchase of materials,
supplies, equipment and machinery for various city departments, including the police, courts,
park, public works and community development departments, and (iii) professional services
rendered in relation to such projects and purposes and the financing thereof, in conformity with
the Constitution and laws qf the State of Texas, including Article 717w, V.A.T.C.S.
SECTION 2: Fullv Reaistered Obliaations - Note Date - Authorized
Qenominations-Stated Maturities-Jnterest Rates. The Notes shall be issued as fully registered
obligations only, shall be dated August 1, 1998 (the "Note Date"), shall be in denominations of
$5,000 or any integral multiple thereof, and shall become due and payable on February 15 in
each of the years and in principal amounts (the "Stated Maturities") and bear interest at the per
annum rate(s) in accordance with the fOllOwing schedule:
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Year of Principal Interest
Stated Maturity Amount Rate(sj
1999 130,000 6.00%
2000 135,000 6.00%
2001 145,000 4.45%
2002 150,000 4.15%
2003 160,000 4.20%
2004 165,000 4.25%
2005 175,000 4.30%
The Notes shall bear interest on the unpaid principal amounts from the Note Date at the
rates per annum shown above in this Section (calculated on the basis of a 36O-day year of
twelve 3O-day months), and such interest shall be payable on February 15 and August 15 of
each year, commencing February 15, 1999.
SECTION 3: Tenns of Pavment.Pavino Aoent/Reoistrar. The principal of, premium, if
any, and the interest on the Notes, due and payable by reason of maturity, redemption or
otherwise, shall be payable only to the registered owners or holders of the Notes (hereinafter
called the "Holders") appearing on the registration and transfer books maintained by the PaYing
Agent/Registrar and the payment thereof shall be in any coin or currency of the Unijed States
of America, Which at the time of payment is legal lender for the payment of public and private
debts, and shall be without exchange or collection charges to the Holders.
The selection and appointment of the Chase Bank of Texas, National ASsociation, Dallas,
Texas to serve as Paying Agent/Registrar for the Notes is hereby approved and confinned.
Books and reCOrds relating to the registration, payment, transfer and exchange of the Notes (the
"Security Registe(') 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 lenns and provisions of a
"Paying Agent/ Registrar Agreemenr, sUbstantially in the fonn attached hereto as exhibit A, and
such reasonable rules and regulations as the Paying Agent/Registrar and the City may prescribe.
The Mayor and City Secretary are authorized to execute and deliver such Agreement in
connection With the delivery of the Notes. The City covenants to maintain and provide a Paying
Agent/Registrar at all times until the Noles are paid and diScharged, and any successor Paying
Agent/Registrar shall be a bank, trust company, financial institution or other entity qualified and
authorized to serve in such capacity and per/ann the duties and services of Paying
Agent/Registrar. Upon any change In the Paying Agent/Registrar for Ihe Notes, the City agrees
to promptly cause a written notice thereof to be sent to each Holder by United States Mail, first
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class postage prepaid, which notice shall also give the address of the new Paying
Agent/Registrar.
Principal of and premium, if any, on the Notes shall be payable at the Stated Maturity,
only upon presentation and surrender of the Notes to the Paying Agent/Registrar at its
designated offices in Dallas, Texas (the "Designated PaymentlTransfer Office"). Interest on the
Notes shall be paid to the Holders whose name appears in the Security Register at the close of
business on the Record Date (the 15th day of the month next preceding the 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 Notes
shall be a Saturday, Sunday, a legal holiday, or a day when banking institutions in the City where
the Paying Agent/Registrar is located are authorized by law or executive order to close, then the
date for such payment shall be the next succeeding day which is not such a Saturday, Sunday,
legal holiday, or day when banking 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: Non-Redeemable. The Notes shall not be subject to redemption prior to
maturity.
SECTION 5: Reaistration - Transfer - Exchanae of Notes-Predecessor Notes. The
Paying Agent/Registrar shall obtain, record, and maintain in the Security Register the name and
address of each and every owner of the Notes issued under and pursuant to the provisions of
this Ordinance, or if appropriate, the nominee thereof. Any Note may be transferred or
exchanged for Notes of other authorized denominations by the Holder, in person or by his duly
authorized agent, upon surrender of such Note 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 Note for transfer at the Designated PaymentlTransfer 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 Notes of authorized denominations
and having the same Stated Maturity and of a like aggregate principal amount as the Note or
Notes surrendered for transfer.
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At the option of the Holder, Notes may be exchanged for other Notes of authorized
denominations and having the same Stated Maturity, bearing the same rate of interest and of
like aggregate principal amount as the Notes surrendered for exchange, upon surrender of the
Notes to be exchanged at the Designated PaymentlTransfer Office of the Paying
Agent/Registrar. Whenever any Notes are surrendered for exchange, the Paying
Agent/Registrar shall register and deliver new Notes to the Holder requesting the exchange.
All Notes issued in any transfer or exchange of Notes shall be delivered to the Holders
at the Designated PaymentlTransfer Office of the Paying Agent/Registrar or sent by United
States Mail, first class, postage prepaid to the Holders, and, upon the registration and delivery
thereof, the same shall be the valid obligations of the City, evidencing the same obligation to
pay, and entitled to the same benefits under this Ordinance, as the Notes surrendered in such
transfer or exchange.
All transfers or exchanges of Notes 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.
Notes canceled by reason of an exchange or transfer pursuant to the provisions hereof
are hereby defined to be "Predecessor Notes," evidencing all or a portion, as the case may be,
of the same obligation to pay evidenced by the new Note or Notes registered and delivered in
the exchange or transfer therefor. Additionally, the term "Predecessor Notes" shall include any
mutilated, lost, destroyed, or stolen Note for which a replacement Note has been issued,
registered, and delivered in lieu thereof pursuant to the provisions of Section 11 hereof and such
new replacement Note shall be deemed to evidence the same obligation as the mutilated, lost,
destroyed, or stolen Note.
Neither the City nor the Paying Agent/Registrar shall be required to issue or transfer to
an assignee of a Holder any Note called for redemption, in whole or in part, within 45 days of the
date fIXed for the redemption of such Note; provided, however, such limitation on transferability
shall not be applicable to an exchange by the Holder of the unredeemed balance of a Note
called for redemption in part.
SECTION 6: Book-Entry Onlv Transfers and Transactions. Notwithstanding the
provisions contained in Sections 3 and 5 hereof relating to the payment, and transfer/exchange
of the Notes, 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 AgentIRegistrarand DTC (the "Depository Agreemenf') relating
to the Notes.
Pursuant to the Depository Agreement and the rules of DTC, the Notes shall be deposited
with DTC who shall hold said Notes for its participants (the "DTC Participants''). While the Notes
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are held by DTC under the Depository Agreement, the Holder of the Notes on the Security
Register for all purposes, including payment and notices, shall be Cede & Co., as nominee of
DTC, notwithstanding the ownership of each actual purchaser or owner of each Note (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 Notes
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 Notes, the City covenants and agrees with the Holders of the Notes
to cause Notes to be printed in definitive form and provide for the Note certificates to be issued
and delivered to DTC Participants and Beneficial Owners, as the case may be. Thereafter, the
Notes in definitive form shall be assigned, transferred and exchanged on the Security Register
maintained by the Paying Agent/Registrar and payment of such Notes shall be made in
accordance with the provisions of Sections 3 and 5 hereof.
SECTION 7: Execution - Reaistration. The Notes 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 Notes may be manual or facsimile. Notes
bearing the manual or facsimile signatures of individuals who are or were the proper officers of
the City on the Note 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 Notes to the initial purchaser(s) and with respect to Notes delivered in
subsequent exchanges and transfers, all as authorized and provided in the Bond Procedures
Act of 1981, as amended.
No Note shall be entitled to any right or benefit under this Ordinance, or be valid or
obligatory for any purpose, unless there appears on such Note 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 Note shall be conclusive evidence, and the only evidence, that such Note has been
duly certified, registered, and delivered.
SECTION 8: Initial Note. The Notes herein authorized shall be initially issued either
(i) as a single fully registered note in the total principal amount of $1,060,000 with principal
installments to become due and payable as provided in Section 2 hereof and numbered T-1, or
(ii) as seven (7) fully registered Notes, being one note for each year of maturity in the applicable
principal amount and denomination and to be numbered consecutively from T-1 and upward
(hereinafter called the "Initial Note(s)") and, in either case, the Initial Note shall be registered in
the name of the initial purchaser(s) or the designee thereof. The Initial Note(s) shall be the
Notes 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 Note(s), the Paying
Agent/Registrar, pursuant to written instructions from the initial purchaser(s), or the designee
thereof, shall cancel the Initial Note(s) delivered hereunder and exchange therefor definitive
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Notes 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 8: Forms. A. Forms Generallv. The Notes, 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 Notes, 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
Notes, 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 Notes as evidenced by their execution. Any portion
f of the text of any Notes may be set forth on the reverse thereof, with an appropriate reference
I thereto on the face of the Note.
i
r The definitive Notes and the Initial Note(s) shall be printed, lithographed, or engraved,
r typewritten, photocopied or otherwise reproduced in any other similar manner, all as determined
by the officers executing such Notes as evidenced by their execution thereof.
B.
Form of Note.
REGISTERED
NO.
REGISTERED
$-
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF WYLIE, TEXAS
TAX NOTE, SERIES 1998
Note Date:
August 1, 1998
Interest Rate:
%
Stated Maturity:
CUSIP NO:
Registered Owner:
Principal Amount:
DOLLARS
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The City of Wylie (hereinafter referred to as the "City"), a body corporate and political
subdivision in the Counties of Collin, Rockwall and Dallas, 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, without right of prior redemption, the Principal Amount stated above and to pay interest
on the unpaid principal amount hereof from the Note 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, 1999.
Principal of this Note is payable at its Stated Maturity to the registered owner hereof, upon
presentation and surrender, at the Designated PaymentlTransfer Office of the Paying
Agent/Registrar executing the registration certificate appearing hereon, or its successor. Interest
is payable to the registered owner of this Note (or one or more Predecessor Notes, as defined
in the Ordinance hereinafter referenced) whose name appears on the "Security Register"
maintained by the Paying Agent/Registrar at the close of business on the "Record Date", which
is the last business day of the month next preceding each interest payment date, and interest
shall be paid by the Paying Agent/Registrar by check sent United States Mail, first class postage
prepaid, to the address of the registered owner recorded in the Security Register or by such
other method, All payments of principal of, premium, if any, and interest on this Note 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.
f
This Note is one of the series specified in its title issued in the aggregate principal amount
of $1,060,000 (herein referred to as the "Notes") for the purpose of paying contractual
obligations to be incurred for (i) the construction of public works, to wit: new fire stations,
including the acquisition of land and the purChase of equipment therefor, (ii) the purchase of
materials, supplies, equipment and machinery for various city departments, including the police,
courts, park, public works and community development departments, and (iii) professional
services rendered in relation to such projects and purposes and the financing thereof, 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 Notes 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 PaymentITransfer Office of the
Paying Agent/Registrar, and to all of the provisions of which the owner or holder of this Note 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 Notes; the terms and conditions relating to
the transfer or exchange of this Note; 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 Note may
be discharged at or prior to its maturity, 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.
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This Note, subject to certain limitations contained in the Ordinance, may be transferred
on the Security Register only upon its presentation and surrender at the Designated
PaymentlTransfer 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 Notes
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 Note as the
owner entitled to payment of principal hereof at its Stated Maturity 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
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 SpeciaJ 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 Notes is duly authorized by
law; that all ads, conditions and things required to exist and be done precedent to and in the
issuance of the Notes 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 Notes 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 Notes by the levy of a tax as
aforestated. In case any provision in this Note 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 Note and the Ordinance shall be construed
in accordance with and shall be governed by the laws of the State of Texas.
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IN WITNESS WHEREOF, the City Council of the City has caused this Note to be duly
executed under the official seal of the City as of the Note Date.
CITY OF WYLIE, TEXAS
COUNTERSIGNED:
Mayor
City Secretary
(SEAL)
C. *Form of Reaistration Certificate of Comptroller
of Public Accounts to appear on Initial Note onlv.
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 Note 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)
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D. Form of Certificate of PaYina Aaent/Reaistrar to appear on Definitive Notes only.
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
This Note has been duly issued and registered under the provisions of the
within-mentioned Ordinance; the note or notes 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
AgenVRegistrar.
The designated offices of the Paying Agent/Registrar located in Dallas, Texas, is the
"Designated PaymentlTransfer Office" for this Note.
Registration Date:
CHASE BANK OF TEXAS, NATIONAL ASSOCIATION,
Dallas, Texas,
as Paying Agent/Registrar
By
Authorized Signature
*NOTE TO PRINTER:
Do Not Print on Definitive Notes
E. Form of Assianment.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns, and transfers unto
(Print or typewrite name, address, and zip code of transferee:) .....................
............................................................ .................................. .......................... (Social Security or
other identifying number: ............. ................) the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints .......................................................................
attorney to transfer the within Note on the books kept for registration thereof, with full power of
substitution in the premises.
DATED: ..................
NOTICE: The signature on this Signature guaranteed:
assignment must correspond with the name of the
registered owner as it appears on the face of the
. within Note in every particular.
F. The Initial Note(sl shall be in the fonn set forth in paraoraph 8 of this Section. except
that the form of a sinale fully reaistered Initial Note shall be modified as follows:
..................................................................................
(i) immediately under the name of the headings "Interest Rate _" and "Stated
Maturity " shall both be omitted;
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(ii) paragraph one shall read as follows:
Registered Owner.
Principal Amount:
Dollars
The City of Wylie (hereinafter referred to as the "City"), a body corporate and municipal
corporation in the Counties of Collin, Rockwall and Dallas, State of Texas, for value received,
acknowledges itself indebted to and hereby promises to pay to the order of the Registered
Owner named above, orthe 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:
PRINCIPAL
INSTALLMENTS
INTEREST
RATE
YEAR
(Information to be inserted from
schedule in Section 2 hereof).
(or so much thereof as shall not have been prepaid prior to maturity) and to pay interest on the
unpaid principal amounts hereof from the Note Date at the per annum rate(s) 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 of each year, commencing February 15, 1999. Principal
installments of this Certificate are payable at its Stated Maturity or on a prepayment date to the
registered owner hereof by Chase Bank of Texas, National Association, Dallas, Texas (the
"Paying Agent/Registrar"), upon presentation and surrender, at its designated offices in Dallas,
Texas (the "Designated PaymentlTransfer Office"). Interest is payable to the registered owner
of this Certificate 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 hereof 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 Note 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: Levv of Taxes. To provide for the payment of the "Debt Service
Requirements" of the Notes, being (i) the interest on the Notes 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 Notes 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 Notes while Outstanding; full
allowance being made for delinquencies and costs of collection; separate books and records
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relating to the receipt and disbursement of taxes levied, assessed and collected for and on
account of the Notes shall be kept and maintained by the City at all times while the Notes are
Outstanding, and the taxes collected for the payment of the Debt Service Requirements on the
Notes shall be deposited to the credit of a "Special 1998 Note 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 Notes.
Proper officers of the City are hereby authorized and directed to cause to be transferred
to the Paying Agent/Registrar for the Notes, 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 Notes as the same accrues or matures; 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 Notes.
SECTION 11: Mutilated-Destroved-Lost and Stolen Notes. In case any Note shall be
mutilated, or destroyed, lost or stolen, the Paying Agent/Registrar may execute and deliver a
replacement Note of like form and tenor, and in the same denomination and bearing a number
not contemporaneously outstanding, in exchange and substitution for such mutilated Note, or
in lieu of and in substitution for such destroyed, lost or stolen Note, 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 Note, and of
the authenticity of the ownership thereof and (ii) the fumishing 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 Note shall be borne by the Holder of the Note mutilated,
or destroyed, lost or stolen.
Every replacement Note 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 Notes; notwithstanding the enforceability of payment by anyone of the
destroyed, lost, or stolen Notes.
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 Notes.
SECTION 12: Satisfaction of Obliaation of City. If the City shall payor cause to be paid,
or there shall otherwise be paid to the Holders, the principal of, premium, if any, and interest on
the Notes, 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 ~ase, terminate, and be discharged and satisfied.
Notes 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 Notes or the principal amount(s) thereof at maturity or the redemption date therefor,
716826
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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, whicl"! 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 Notes, 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 Notes to be treated as "arbitrage bonds" within the
meaning of Section 148 of the Intemal Revenue Code of 1986, 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 Notes, 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 Notes and remaining unclaimed for a period of four (4) years after
the Stated Maturity, or applicable redemption date, of the Notes 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 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 Notes
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 - Outstandina Notes. 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 Note 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, incll.!ding 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 Notes 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 Notes, 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 Notes,
reduce the principal amount thereof, or the rate of interest thereon, or the redemption price, or
716826
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in any other way modify the tenTIs of payment of the principal of, premium, if any, or interest on
the Notes, (2) give any preference to any Note over any other Note, or (3) reduce the aggregate
principal amount of Notes 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 Notes means, as of
the date of determination, all Notes theretofore issued and delivered under this Ordinance,
except:
(1) those Notes cancelled by the Paying Agent/Registrar or delivered to
the Paying Agent/Registrar for cancellation;
(2) those Notes deemed to be duly paid by the City in accordance with
the provisions of Section 12 hereof; and
(3) those mutilated, destroyed, lost, or stolen Notes which have been
replaced with Notes 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 tenTIs have the following meanings:
"Closing Date" means the date on which the Notes are first authenticated
and delivered to the initial purchasers against payment therefor.
"Code" means the Internal Revenue Code of 1986, as amended by all
legislation, if any, effective on or before the Closing Date.
"Computation Date"has the meaning set forth in Section 1.148-1 (b) of the
Regulations.
"Gross Proceeds" means any proceeds as defined in Section 1.148-1(b)
of the Regulations, and any replacement proceeds as defined in Section
1.148-1(c) of the Regulations, of the Notes.
"Investment" has the meaning set forth in Section 1.148-1(b) of the
Regulations.
"Nonpurpose Investment" means any investment property, as defined in
section 148(b) of the Code, in which Gross Proceeds of the Notes are invested
and which is not acquired to carry out the governmental purposes of the Notes.
"Rebate Amount" has the meaning set forth in Section 1.148-1(b) of the
Regulations.
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"Regulations. means any proposed, temporary, or final Income Tax
Regulations issued pursuant to Sections 103 and 141 through 150 of the Code,
and 103 of the Internal Revenue Code of 1954, which are applicable to the Notes.
Any reference to any specific Regulation shall also mean, as appropriate, any
proposed, temporary or final Income Tax Regulation designed to supplement,
amend or replace the specific Regulation referenced.
"Yield. of (1) any Investment has the meaning set forth in Section 1.148-5
of the Regulations and (2) the Notes has the meaning set forth in Section 1.148-
4 of the Regulations.
(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 Note 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 receives a written opinion of counsel nationally recognized in the field of
municipal bond law to the effect that failure to comply with such covenant will not adversely
affect the exemption from federal income tax of the interest on any Note, 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 shall at all times prior to the last
Stated Maturity of Notes:
(1) exclusively own, operate and possess all property the acquisition,
construction or improvement of which is to be financed or refinanced directly or
indirectly with Gross Proceeds of the Notes, and not use or permit the use of such
Gross Proceeds (including all contractual arrangements with terms different than
those applicable to the general public) or any property acquired, constructed or
improved with such Gross Proceeds in any activity carried on by any person or
entity (including the United States or any agency, department and instrumentality
thereof) other than a state or local government, unless such use is solely as a
member of the general public; and
(2) not directly or indirectly impose or accept any charge or other
payment by any person or entity who is treated as using Gross Proceeds of the
Notes or any property the acquisition, construction or improvement of which is to
be financed or refinanced c;tirectly or 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 pennitted by section 141 of the Code and
the Regulations and rulings thereunder, the City shall not use Gross Proceeds of the Notes to
716826
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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 HiaherYield. Except to the extent permitted by section 148 of the
Code and the Regulations and rulings thereunder, the City shall not at any time prior to the final
Stated Maturity of the Notes directly or indirectly invest Gross Proceeds in any Investment (or
use Gross Proceeds to replace money so invested), if as a result of such investment the Yield
from the Closing Date of all Investments acquired with Gross Proceeds (or with money replaced
thereby), whether then held or previously disposed of, exceeds the Yield of the Notes.
(f) Not Federallv 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 Notes 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 the information required by section
149(e) of the Code with the Secretary of the Treasury on Form 8038-G or such other form and
in such place as the Secretary may prescribe.
(h) No Rebate Reauired. 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 Notes
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 net proceeds of the Notes 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 Notes are issued is not reasonably expected to exceed
$5,000,000.
(I) Qualified Tax Exempt Obliaations. In accordance with the provisions of
paragraph (3) of subsection (b) of Section 265 of the Code, the City hereby designates the Notes
to be "qualified tax exempt obligations" in that the Notes are not "private activity bonds" as
defined in the Code and the reasonably anticipated amount of "qualified tax exempt obligations"
716826
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to be issued by the City (including all subordinate entities of the City) for the calendar year 1998
will not exceed $10,000,000.
0> Elections. The City hereby directs and authorizes the Mayor, City Secretary, City
Manager and Director of Finance, individually or jointly, to make elections permitted or required
pursuant to the provisions of the Code or the Regulations, as they deem necessary or
appropriate in connection with the Notes, in the Certificate as to Tax Exemption or similar or
other appropriate certificate, form or document.
SECTION 15: Sale of the Notes. Pursuant to a public sale for the Notes, the bid
submitted by First Southwest Company (herein referred to as the "Purchasers") is declared to
be the best bid received producing the lowest true interest cost rate to the City, and the sale of
the Notes to said 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 Notes to the Purchasers
shall occur as soo.n as possible upon payment being made therefor in accordance with the terms
of sale.
SECTION 16: Official Statement. The Official Statement prepared in the initial offering
and sale of the Notes 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 Notes by the Purchasers is hereby approved and authorized.
SECTION 17: Control and Custody of Notes. 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 Notes, and shall take and have charge and control of the Initial Note pending the
approval thereof by the Attorney General, the registration thereof by the Comptroller of Public
Accounts and the delivery thereof to the initial purchasers.
Furthermore, the Mayor, City Manager, Director of Finance and City Secretary, anyone
or more of said officials, are hereby authorized and directed to furnish and execute such
documents and certifications relating to the City and the issuance of the Notes, including
certifications as to facts, estimates, circumstances and reasonable expectations pertaining to the
use, expenditure, and investment of the proceeds of the Notes, as may be. necessary for the
approval of the Attorney General, the registration by the Comptroller of Public Accounts and the
delivery of the Notes 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 Note to the purchasers and the initial eXChange thereof for definitive Notes.
SECTION 18: Proceeds of Sale. The proceeds of sale of the Notes, excluding the
accrued interest received from the purchasers, shall be deposited in a construction fund
maintained at the City's depository bank. Pending expenditure for authorized projects and
716826
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purposes, such proceeds of sale 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 shall be determined by the City Council. Accrued interest and
premium, if any, received from the sale of the Notes and any excess note proceeds, 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 19: 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 Notes. 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 20: Cancellation. All Notes surrendered for payment, redemption, transfer,
exchange, or replacement, if surrendered to the Paying Agent/Registrar, shall be prompUy
canceled by it and, if surrendered to the City, shall be delivered to the Paying Agent/Registrar
and, if not already canceled, shall be promptly canceled by the Paying Agent/Registrar. The City
may at any time deliver to the Paying Agent/Registrar for cancellation any Notes previously
certified or registered and delivered which the City may have acquired in any manner
whatsoever, and all Notes so delivered shall be promptly canceled by the Paying
Agent/Registrar. All canceled Notes held by the Paying Agent/Registrar shall be returned to the
City.
SECTION 21: LecalOpinion. The obligation of the Purchasers to accept delivery of the
Notes is subject to being furnished a final opinion of Fulbright & Jaworski L.L.P., Attorneys,
Dallas, Texas, approving such Notes as to their validity, said opinion to be dated and delivered
as of the date of delivery and payment for such Notes. A true and correct reproduction of said
opinion is hereby authorized to be printed on definitive printed obligations.
SECTION 22: CUSIP Numbers. CUSIP numbers may be printed or typed on the
definitive Notes. It is expressly provided, however, that the presence or absence of CUSIP
numbers on the definitive Notes shall be of no significance or effect as regards the legality
thereof and neither the City nor attorneys approving the Notes as to legality are to be held
responsible for CUSIP numbers incorrectly printed or typed on the definitive Notes.
SECTION 23: 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
716826
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/
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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 Ihe sole and exclusive benefit of the City, the Paying
Agent/Registrar and the Holders.
SECTION 24: Inconsistent Provisions. All ordinances, orders or resolutions, or parts
thereof, which are in conflict or inconsistent WlIh any provision of this Ordinance are hereby
repealed to the extent of such conflict, and Ihe provisions of Ihis Ordinance shall be and remain
controlling as to the matters contained herein.
SECTION 25: Governing Law. This Ordinance shall be construed and enforced in
accordance with the laws of the State of Texas and the United States of America.
SECTION 26: Effect of Headings. The Section headings herein are for convenience only
and shall not affect the construction hereof.
SECTION 27: Construction of Tenns. If appropriate in the context of this Ordinance,
words of the singular number shall be considered to InclUde Ihe plural, WOrds of Ihe 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 26: SeverabililY. If any provision of Ihis Ordinance or the application thereof
to any circumstance shall be held to be invalid, Ihe remainder of this Ordinance and Ihe
application Ihereof to other circumstances shall nevertheless be valid, and Ihe City Council
hereby deciares that this Ordinance would have been enacted Wllhout such Invalid provision.
SECTION 29: Continuing Disclosure Undertaking. (a) DefiniUons. As used in Ihis
Section, the following terms have the meanings ascribed to such terms below:
"MSR8' means the Municipal SeCUrities Rulemaking Board.
"NRMSIR' means each person whom the SEC or its staff has determined to be
a nationally recognized municipal securities information repository within the meaning of the Rule
from time to time.
"Rule" means SEC Rule 15c2-12, as amended from time to time.
"SIO' means any person designated by the State of Texas or an authorized
department, officer, or agency ttiereor as, and delennined by Ihe SEC or its staff to be, a state
information depository within the meaning of the Rule from time to time.
(b) Annual Reports. The City shall provide annually to each NRMSIR and any SID,
Within six months after Ihe end of each fiscal year (beginning with Ihe fiscal year ending
Seplember 30, 1998) financiallnfonnation and operating data Wilh respect to the City of the
"SEe' means the United States Securities and Exchange Commission.
716826
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general type included in the final Official Statement approved by Section 16 of this Ordinance,
being the information described in Exhibit B hereto. Financial statements to be provided shall
be (1) prepared in accordance with the accounting principles described in Exhibit B hereto and
(2) audited, if the City commissions an audit of such statements and the audit is completed within
the period during which they must be provided. If audited financial statements are not available
at the time the financial information and operating data must be provided, then the City shall
provide unaudited financial statements for the applicable fiscal year to each NRMSIR and any
SID with the financial information and operating data and will file the annual audit report, when
and if the same becomes available.
If the City changes its fiscal year, it will notify each NRMSIR and any SID of the
change (and of the date of the new fiscal year end) prior to the next date by which the City
otherwise would be required to provide financial information and operating data pursuant to this
Section.
The financial information and operating data to be provided pursuant to this
Section may be set forth in full in one or more documents or may be included by specific
reference to any document (including an official statement or other offering document. if it is
available from the MSRB) that theretofore has been provided to each NRMSIR and any SID or
filed with the SEC.
(c) Material Event Notices. The City shall notify any SID and either each NRMSIR
or the MSRB, in a timely manner, of any of the following events with respect to the Notes, if such
event is material within the meaning of the federal securities laws:
1.
2.
3.
difficulties;
4.
5.
6.
Principal and interest payment delinquencies;
Non-payment related defaults;
Unscheduled draws on debt service reserves reflecting financial
Notes;
Unscheduled draws on credit enhancements reflecting financial difficulties;
Substitution of credit or liquidity providers, or their failure to perform;
Adverse tax opinions or events affecting the tax-exempt status of the
7. Modifications to rights of holders of the Notes;
8. Note calls;
9. Defeasances;
10. Release, substitution, or sale of property securing repayment of the Notes;
and
11. Rating changes.
The City shall notify 'any SID and either each NRMSIR or the MSRB, in a timely
manner, of any failure by the City to provide financial information or operating data in accordance
with subsection (b) of this Section by the time required by such Section.
(d) Umitations, Disclaimers, and Amendments. The City shall be obligated to observe
and perform the covenants specified in this Section while, but only while, the City remains an
716826
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T
"obligated person" with respect to the Notes within the meaning of the Rule, except that the City
in any event will give the notice required by subsection (c) hereof of any defeasance that cause
the City to be no longer such an "obligated person."
The provisions of this Section are for the sole benefit of the Holders and beneficial
owners of the Notes, and nothing in this Section, express or implied, shall give any benefit or any
legal or equitable right, remedy, or claim hereunder to any other person. The City undertakes
to provide only the financial information, operating data, financial statements, and notices which
it has expressly agreed to provide pursuant to this Section and does not hereby undertake to
provide any other information that may be relevant or material to a complete presentation of the
City's financial results, condition, or prospects or hereby undertake to update any information
provided in accordance with this Section or otherwise, except as expressly provided herein. The
City does not make any representation orwarranty concerning such information or its usefulness
to a decision to invest in or sell Notes at any future date.
UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER
OR BENEFICIAL OWNER OF ANY NOTE OR ANY OTHER PERSON, IN CONTRACT OR
TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY THE
CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY COVENANT
SPECIFIED IN THIS SECTION. BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON,
IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH BREACH SHALL BE
LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC PERFORMANCE.
No default by the City in observing or performing its obligations under this Section
shall constitute a breach of or default under this Ordinance for purposes of any other provision
of this Ordinance.
Nothing in this Section is intended or shall act to disclaim, waive, or otherwise limit
the duties of the City under federal and state securities laws.
The provisions of this Section may be amended by the City from time to time to
adapt to changed circumstances resulting from a change in legal requirements, a change in law,
or a change in the identity, nature, status, or type of operations of the City, but only if (1) the
provisions of this Section, as so amended, would have permitted underwriters to purchase or sell
Notes in the primary offering of the Notes in compliance with the Rule, taking into account any
amendments or interpretations of the Rule to the date of such amendment, as well as such
changed circumstances, and (2) either (a) the Holders of a majority in aggregate principal
amount (or any greater amount required by any other provision of this Ordinance that authorizes
such an amendment) of the Outstanding Notes consent to such amendment or (b) a Person that
is unaffiliated with the City (such as nationally recognized bond counsel) determines that such
amendment will not materially impair the interests of the Holders and beneficial owners of the
Notes. The provisions of this Section may also be amended from time to time or repealed by the
City if the SEC amends or repeals the applicable provisions of the Rule or a court of final
jUriSdiction determines that such provisions are invalid, but only if and to the extent that
reservation of the City's right to do so would not prevent underwriters of the initial public offering
of the Notes from lawfully purchasing or selling Notes in such offering. If the City so amends the
716826
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provisions of this Section, it shall include with any amended financial information or operating
data next provided in accordance with subsection (b) an explanation, in narrative form, of the
reasons for the amendme.nt and of the impact of any change in the type of financial information
or operating data so provIded.
SECTION 30: Public Meetinc. It is officially found, determined, and declared that the
meeting at which this Ordinance is adopted was open to the public and public notice of the time,
place, and subject matter of the public business to be considered at such meeting, including this
Ordinance, was given, all as required by V.T.C.A., Government Code, Chapter 551.
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 AND ADOPTED, this August 11,1998.
CITY OF WYLIE, TEXAS
ATTEST:
716826
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EXHIBIT A
PAYING AGENT/REGISTRAR AGREEMENT
See Document Number 2
Exhibit B
to
i Ordinance
~. DESCRIPTION OF ANNUAL FINANCIAL INFORMATION
I
'; The following information is referred to in Section 29 of this Ordinance.
.j
f Annual Financial Statements and Operating Data
~:
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'} The financial information and operating data with respect to the City to be provided
annually in accordance with such Section are as specified (and included in the Appendix or
under the headings of the Official Statement referred to) below~
1. The financial statements of the City appended to the Official Statement
as Appendix B, but for the most recently concluded fiscal year.
2. The information under Tables 1 through 6 and 8 through 15.
Accounting Principles
The accounting principles referred to in such Section are the generally accepted
accounting principles as applicable to governmental units as prescribed by The Government
Accounting Standards Board.
"
716826
l'I-IE WYLIE NEWS
Cove~ing Wylie, S.;'hse,-~iurphy .ndthe 51IHournJlng area
1111 N. Ball:ud Sf.
I'(). Bolt J(j<}
Wylie. Tn:ls 7S09R
(972) 442-5515
Pax (972) 442-4318
STATE 01; TEXAS
C()lJNTY OF COLLIN
Bcfm'e me, the undersigned authority, on this day personally appeared Chad Engbrock, of THE WYLIE
NEWS, a newspaper regularly published In Collin County, Texas and having general circulation In Collin
County, lexas, who being by me duly sworn deposed and says that the foregoing att.-'lched
City 06 Wy~e - O~dinanQe No. 98-22
WIlS puhlished in said newspaper on the following dates, to-wit:
AugM,t 19
, 1998, and
, 1998.
Suhscribed and swonl to before me this Ule
tn certify which witness my hand and seal of office.
4~
day of
11~
, 1998,
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u. n MY COMMISSION EXPii
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t!. ",,9tll'" ' ," -, " , , ' ,
AO,iA~ m~~
Debra M. Workman
Notary Public in and for
The State of Texas
1\'ly Commission Expires Nov. 10, 200J
Serving Wideawake W)'lie Since 1947
,... ~ - -- -----
Rentals
Residential
For Rent: 1 or 2 bedroom apt in
Sachse. Appliances included. No
pets. Rent plus deposit. Pgr # 972-
412-5966. 10-tf-1717-17
3/111 at 603 S. Ballard. $525 + 500 dep.
~mith 972-238-7047.
II-tf-1328-11
2/111 duplex 601A South Ballard. $450
+ $300 deposit New carpet. Smith-972-
238-7047. 10-tf-1328-11
Services
RAINWARE~ INC.
Spamleu l1ntte.ft arnl'l nAr~o,., An.n.p eat.co...
Louisa's Cleaning Service
Residential & Commercial
Vacant or Occupied
Contact Louisa
972-442.7014 or pgr, 972.710.6448
l1-4t."
HAMMER'S
HEADLINERS PLUS
Special! $89.00 installed
(most cars)
Call now for appoinbDent
Custom Ground Effects
Now Available
442-3410
12.LF.1621
--
Services
, Public Notices
AND PROVIDING AN EFFEC-
TIVE DAlE.
Mow-N-Gb ~rIf::; 't
A landscape maintenance
company. Annual contracts only.
$250 per month minimum.
972-475-9356 37.tf.1888
John Mondy
Mayor
Attest: Barbara Salinas
City Secretary 12-lt-339
ORDINANCE NO. 98-23
Metabo:i.;Uir:';
356
Diane Stone
442.4700
AN ORDINANCE OF THE CITY
OF WYLIE, TEXAS, AMENDING
12.11.pd THE COMPREHENSIVE ZONING I
ORDINANCE NO. 85-23A OF '
L TJ!~r.J;rJ' u?1fulP.Y.!",W .",'"rl1.~",-\..C .,.
Volume 2179, Page 161, of the
beforementioned Deed Records,
THENCE S 00" 44' 59" W with the
West line of the beforementioned 1
acre tract for a distance of 216.60
feet to an iron rod found for comer,
said iron rod being the Southwest
comer of the said 1.00 acre tract,
said iron rod also being in the South
line of the beforementioned 2.5 acre
tract; "
THENCE S 89" 49' 50" W with the
South line of the beforementioned
2.5 acre tract for a distance of
290.27 feet to an iron rod found for
corner, said iron rod being the
Southwest corner of the said 2.5
acre tract, said iron rod also being in
the East Right-of-way of Farm to
Market Highway No. 1378.
THENCE N 00" 24'00" W with the
East Right-of-way of Farm to Mar-
1,-...-- PJ-u-. (/__1_
" ORDINANCE NO. 98.22
AN ORDINANCE AUTHORIZ-
ING THE ISSUANCE OF "CITY
OF WYLIE, TEXAS, TAX
NOTES. SERIES 1998;" SPECIFY-
ING THE TERMS AND FEA-
TIJRES OF SAID NOlES; LEVY-
1NG A CONTINUING DIRECT
ANNUAL AD VALOREM TAX
FOR THE PAYMENT OF SAID
NOTES; AND RESOLVING
OTHER MATTERS INCIDENT
AND RELA TED TO THE
ISSUANCE, SALE, 'pAYMENT
AND DELIVERY OF SAID
NOTES, INCLUDING THE
APPROV AL AND EXECUTION
OF A PAYING AGENT/REGIS-
TRAR AGREEMENT AND THE
APPROV AL AND DISTRIBU-
TION OF AN OFFICIAL STAlE-
MENT PERTAINING THERETO;
ro.-, "
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