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Ordinance 1974-05 ":'c:Jri;.",..~:~"~-O;,~:th.f{',:'"'i{<~~~'f!'~:!."~';rrl:3.~.'~~~,,,,-'.:tliit~~~~~'I''''\..'~',,:,,''~",.ri'''.'F,~"~''/.JC,"'''''''-~'''-''''''''''~_.:.III T'JLJ-5" ORDINANCE AUTHORIZING ISSUANCE OF $30,000 CITY OF WYLIE, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1974, DATED AUGUST 15, 1974 THE STATE OF TEXAS COUNTY OF COLLIN CITY OF WYLIE I i l ON THIS the 13th day of August, 1974, the City Council of the City of Wylie, Texas, covened in re~ar session at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of said meeting, giving the date, time, place and subject thereof, having been given as prescribed by Article 6252-17, Section 3A, V.A.T.C.S., there being present and in attendance the following members, to-wit: DON R. THOMAS R. C. DODD DWAYNE BOYD EDWARD BUTLER KENNETH NALL WILLIAM MARTIN MAYOR ) ) ) ) ) ALDERMEN and with the following absent: NQN( when among other proceedings had were the following: Mayor Thomas introduced a proposed ordinance which was read in full. Alderman Dwayne Boyd made a motion that any rule re- quiring ordinances to be read more than one time or at more than one meeting be suspended. The motion was seconded by Alderman Kenneth Nall and carried by the following vote: YEAS: Aldermen Dodd, Boyd, Butler, NaIl and Martin. NAYS: NONE Alderman Edward Butler made a motion that the ordi- nance be passed finally. .The motion was seconded by Alderman Kenneth Nall and carried by the following vote: YEAS: Aldermen Dodd, Boyd, Butler, Nall and Martin NAYS: NONE. The Mayor announced that the ordinance had been finally passed. The ORDINANCE is as follows: AN ORDINANCE by the City Council of the City of Wylie, Texas, authorizing the issuance of $30,000 "CITY OF WYLIE, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1974," dated August 15, 1974, for the purposes of paying a contractual obligation of the City to be in- curred for the purchase of materials and supplies, to-wit: sewer pipe and cont xts for prnfessional services of attorneys, financial adviser and engi- neer; providing for the payment of said certifi- cates of obligation by (i) levy of a tax, and (ii) the appropriation and pledge of net revenues of the City's sanitary sewer system (subject to the pledge made for bonds payable from such revenues); providing the terms and conditions of such certi- ficates; and enacting provisions incident and re- lating to the subject and purpose of this ordi- nance, and declaring an emergency. WHEREAS, under the provisions of Article 2368a.1, V.A.T.C.S., the governing body of a City is authorized to issue certificates of obligation payable from revenues and ad valorem taxes for the purpose of paying any contractual obligation to be incurred for the purchase of materials, supplies, equipment or machinery and for the payment of contractual obligations for professional services and sell the same for cash; and WHEREAS, pursuant to a reso1tuion heretofore passed by the City Council of Wylie, Texas, notice of intention to issue certificates of obligation of said City, payable from ad valorem taxes and net revenues of the City's Sewer System, in an amount not to exceed $50,000 for the purposes of paying all or a portion of a contractual obligation to be incurred for the purchase of materials and supplies, to-wit: sewer pipe, and contracts for personal or professional services to be rendered by attorneys, a financial adviser and engineers was duly published in a newspaper of general circulation in said City on the 18th day of July , 1974, and the --25tiL day of July , 1974, the day of the first publication of said notice being at least fourteen (14) days prior to the date set for the passage of this ordinance; and WHEREAS, no petition of any kind or character has been filed with the City Secretary, any member of the Councilor any other official of the City, protesting the issuance of such certificates; and WHEREAS, it has been determined that the amount of certi- ficates of obligation to be issued should be $30,000, and this Gbunci1 is now authorized and empowered to proceed with the issuance of said certificates of obligation and to sell the same for cash; therefore, TEXAS: BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WYLIE, SECTION 1: That for the purpose of paying a contractual obligation of the City to be incurred far the purchase of materials and supplies, to-wit: sewer pipe, and contracts for professional ser- vices of attorneys, financial adviser and engineer, there shall be and there is hreby ordered to be issued, under and by virtue of the Constitution and laws of the State of Texas, particularly Article 2368a.l, V.A.T.C.S., a "series of certificates of obligation of the City of \-.lylie, Texas, to be known as "CITY OF HYLIE, TEXAS, COMBINATION TAX AND REVENUE, CERTIFICATES OF OBLIGATION, SERIES 1974," in the total principal amount of THIRTY THOUSAND DOLLARS ($30,000). SECTION 2: That said certificates shall be dated August 15, 1974, shall be numbered consecutively from One (1) through Six (6), shall each be in thE~ denomination of Five Thousand Dollars ($5,000), and shall become due and payable serially, without right of prior redemption on August 15 in each of the years in accord- ance with the following schedule: CERTIFICATE NUMBER (All inclusive) YEAR AMOUNT 1 1976 $ 5,000 2 1977 5,000 3 1978 5,000 4 1979 5,000 5 1980 5,000 6 1981 5,000 SECTION 3: That all the certificates shall bear interest from date until maturity at the rate of 6-1/2% per annum; such interest to be evidenced by proper coupons attached to each of said certificates and said interest shall be payable on February 15, 1975, and semiannually thereafter on August 15 and February l5 in each year. Both principal of and interest on this issue of certi- ficates shall be payable in lawful money of the United States of America without exchange or collection charges to the owner or holder, at the FIRST STATE BANK, Wylie, Texas, upon presentation and surrender of certificates or proper coupons. SECTION 4: That the seal of said City may be impressed on each of said certificates or, in the alternative, a facsimile of such seal may be printed on said certificates. The certificates and interest coupons appurtenant thereto may be executed by the im- printed facsimile signatures of the Mayor and City Secretary of the City, and execution in such manner shall have the same effect as if such certificates and coupons had been signed by the Mayor and City Secretary in person by their manual signatures. Inasmuch as such certificates are required to be registered by the Comptroller of Public Accounts for the State of Texas, only his signature (or that of a deputy designated in writing to act for the Comptroller) shall be required to be manually subscribed to such certificates in ' connection with his registration certificate to appear thereon, as hereinafter provided, all in accordance with the provisions of Article 717j-l, V.A.T.C.S. SECTION 5: The,certificates shall be in substantia~ly the following form: NO. $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF COLLIN CITY OF WYLIE, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATE OF OBLIGATION SERIES 1974 THIS IS TO CERTIFY that, FOR VALUE RECEIVED, the City of Wylie, a municipal corpuration of the State of Texas, is justly indebted to and hereby obligates itself to pay to bearer, without right of priur redemption, on the FIFTEENTH DAY OF AUGUST, 19____, the sum of FIVE THOUSAND DOLLARS ($5,000) in lawful money of the United States of America, with interest thereon from the date hereof to maturity at the rate of SIX AND ONE-HALF PERCENTUM (6-1/2%) per annum, payable on February 15, 1975, and semiannually thereafter on August 15 and February 15 in each year; and interest falling due on or prior to maturity hereof is payable only upon presentation and surrender of the interest coupons attached thereto as they severally become due. BOTH PRINCIPAL OF AND INTEREST on this certificate is hereby made payable at the FIRST STATE BANK, Wylie, Texas, without exchange or collection charges to the owner or holder; and for the prompt paYment of this certificate and the interest thereon as the same becomes due, the City of Wylie, Texas, has levied a tax upon all taxable property within said City and pledged the net revenues of the City's sanitary sewer system; PROVIDED, HOWEVER, such pledge of net revenues is subject and subordinate to the pledge made for the security and paYment of first lien bonds (as defined in the ordinance authorizing the series of certificates of which this certificates is a part.) THIS CERTIFICATE is one of a series of SIX (6) certi- ficates; numbered consecutively from One (1) through Six (6); each in denomination of Five Thousand Dollars ($5,000), issued for the purpose of paying a contractual obligation of the City to be incurred for the purchase of materials and supplies, to-wit: sewer pipe, and contracts for professional services of attorneys, financial adviser and engineer, Dnder and by virtue of the Consti- tution and laws of the State of Texas, including Article 2368a.l, V.A.T.C.S., and in accordance with an ordinance duly passed and adopted by the City Council of the City of Wylie, and of record in the minutes of said City Council. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this certificate and the series of which it is a part, is duly authorized by law; that all acts, conditions and things to be done precedent to and in the issuance of this certificate, and the series of which it is a part, have been properly done, have happened and have been performed in regular and due time, form and manner as required by law; that proper provisions have been made for the paYment of principal of and interest on this certificate and the series of which it is a part, by the levy of a direct and con- tinuing annual ad valorem tax against all taxable property within said City and by a pledge of the net revenues of the City's sani- tary sewer system; such pledge of net revenues, however, being subject and s~bordinate to the pledge securing the payment of first lien bonds as hereinabove recited; and that the total indebtedness of the City of Wylie, Texas, including this certificate and the series of which it is a part, does not exceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City Council of the City of Wylie, Texas, in accordance with the ?rovisions of Article 7l7j-l, V.A.T.C.S., has caused the seal of said City to be impressed or a facsimile thereof to be printed hereon, and this certificate and its appurtenant coupons to be executed with the imprinted facsimile signatures of the Mayor and City Secretary of said City, the date of this certificate, in conformity with the ordinance hereinabove mentioned, being the FIFTEENTH DAY OF AUGUST, 1974. Mayor, City of Wylie, Texas COUNTERSIGNED: City Secretary, City of Wylie, Texas (CITY SEAL) SECTION 6: The form of said interest coupons shall be substantially as follows: NO. ON THE FIFTEENTH DAY OF , 19_ THE CITY OF WYLIE, a municipal corporation of the State of Texas, hereby promises to pay to the bearer in lawful money of the United States of America, without exchange or collection charges to the owner or holder, at the FIRST STATE BANK, Wylie, Texas, the sum of $ DOLLARS ($ ), said sum being months' interest due that day of "CITY OF WYLIE, TEXAS, COMBINATION TAX AND REVENUE CERTI- FICATE OF OBLIGATION, SERIES 1974," dated August 15, 1974. City Secretary Mayor SECTION 7: That the following certificate shall be printed on the back of said certificates of obligation: OFFICE OF COMPTROLLER STATE OF TEXAS r r r REGISTER NO. I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this Certificate of Obligation has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding obligation upon the City of Wylie, Texas, and said Certificate has this day been registered by me. Texas, WITNESS MY HAND AND THE SEAL OF MY OFFICE at Austin, Comptroller of Public Accounts for the State of Texas SECTION 8; For all purposes of this ordinance and for clarity with respect to the issuance of the certificates herein authorized, and the levy of taxes and appropriation of Net Revenue therefor, the following definitions are provided: (a) The term "System" shall mean the City's Sanitary Sewer System, including all properties, real, personal, mixed or otherwise, now owned or hereafter acquired by the City of Wylie, Texas, through purchase, construction or otherwise, and used in connection with said System and in anywise appertaining thereto, whether situated within or without the limits of said City. (b) The term "net revenues" shall mean the gross reve- nues of the System less the expense of operation and maintenance, including salaries, labor, materials, interest, repairs and extensions necessary to render efficient service; provided, how- ever, that only such repairs and extensions as in the judgment of the City Council, reasonably and fairly exercised, are necessary to keep the System in operation and render adequate service to the City and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair any obligation payable from and secured by a lien on the net revenues of the System shall be deducted in determinir~g "net revenues. (c) The term "certificates" shall mean the combination tax and revenue certificates of obligation authorized by this ordinance and additional combination tax and revenue certificates of obligation, if any, issued on a parity therewith. (d) The term "Certificate Fund" shall mean the special fund created under the provisions of Section 9 of this ordinance. (e) The term "first lien bonds" shall mean the outstanding and unpaid bonds payable from and secured by a first lien on and pledge of the net revenues of the City's waterworks and sanitary sewer systems (as distinguished from the certificates authorized by this ordinance which are payable from and secured by a pledge of the net revenues of the City's sanitary sewer system), being: (l) The outstanding and unpaid previously issued bonds of the City identified as follows: (a) City of Wylie, Texas, Waterworks and Sewer System Revenue Bonds, dated June 1, 1956, originally issued in the amount of $100,000; (b) City of Wylie, Texas, Waterworks and Sewer System Revenue Bonds, dated February 1, 1959, originally issued in the amount of $30,000; and (c) City of Wylie, Texas, Waterworks and Sewer System Revenue Bonds, Series 1971, dated March 1, 1971, originally issued in the amount of $300,000. (2) bonds hereafter issued on a parity with said previously issued bonds as "additional bonds" under the terms and provisions of the ordinance authorizing the issuance of such bonds, (3) any refunding bonds hereafter issued to refund all or part of the aforesaid previously issued bonds or additional bonds, if payable from and secured by a first lien on and pledge of the net revenues of the City's waterworks and sanitary sewer systems. (f) The term "fiscal year" whenever the same appears without any qualifying language, shall mean the twelve-month operational period for the System ending on December 31 of each year. j SECTION 9: That for the purpose of paying the interest on and to provide a sinking fund for the payment, redemption, and retirement of the certificates, there is hereby created and estab- lished a special fund to be designated "SPECIAL CITY OF WYLIE, TEXAS, COMBINATION TAX AND REVENVE CERTIFICATES OF OBLIGATION FUND," and all monies deposited therein shall be used for no other purpose. This fund shall be deposited with FIRST STATE BANK, Wylie, Texas, and said custodian of the Fund is hereby authorized and directed to make withdrawals from said Fund in such amounts required to pay the principal of and interest on the certificates as the same be- come due and mature. SECTION 10: That to provide for the payment of the debt service requirements on said certificates, being (i) the interest on said certificates and (ii) a sinking fund for their redemption at maturity or a sinking fund of 2% (whichever amount shall be the " greater). there shall be and there is hereby levied for the current year and each succeeding year thereafter while said certificate or any interest thereon shall remain outstanding and unpaid, a suffi- cient tax on each one hundred dollars' valuation of taxable property in said City, adequate to pay such debt service requirements, full allowance being made for delinquencies and costs of collection; said tax shall be assessed and collected each year and applied to the payment of the debt service requirements, and the same shall not be diverted to any other purpose. The taxes so levied and collected shall be paid into the Certificate Fund. The City Council hereby declares its purpose and intent to provide and levy a, tax. legally and fully sufficient to pay the said debt service requirements, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations. The amount of taxes to be provided annually for the payment of principal of and interest on the certificates shall be determined and accomplished in the following manner: (a) The City's annual budget shall reflect (i) the amount of debt service requirements to become due on the certificates in the next succeeding fiscal year of the City, (ii) the amount on deposit in the Certificate Fund, as of the date such budget is prepared (after giving effect to any payments required to be made during the remainder of the then current fiscal year) and (iii) the amount of net revenues of the System estimated and budgeted to be available for the payment of such debt service requirements on the certificates during the next succeeding fiscal year of the City (based upon the amount of net revenues of the System available from the preceding fiscal year of the System). (b) The amount required to be provided in the succeeding fiscal year of the City from ad valorem taxes shall be the amount, if any, 'the debt. service requirements to be paid on the certi- ficates in the next succeeding fiscal year of the City exceed the sum of (i) the amount sho\VTI to be on deposit in the Certificate Fund at the time the annual budget is prepared, and (ii) the net revenues of the System shown to be budgeted and available for pay- ment of said debt service requirements. (c) Following the final approval of the annual budget of the City, the City Council shall, by ordinance, levy an ad valorem tax at a rate sufficient to produce taxes in the amount determined in paragraph (b) above. to be utilized for purposes of paying the principal of and interest on the certificates in the next succeeding fiscal year of the City. SECTION 11: The City hereby covenants and agrees that subject only to the pledge of the net revenues of the System to the payment of principal, interest and reserve fund requirements of the first lien bonds and the means and methods of accumulating and maintaining all funds required therefor under the provisions of the ordinances and proceedings pertaining to the authorization of such first lien bonds, all the net revenues of the System, with the exception of those in excess of the amounts required to be deposited to the Certificate Fund as hereafter provided, are hereby irrevocably pledged to the paYment of the principal of and interest on the certificates as the same becomes due. " SECTION 12: That as provided in the ordinance authorizing the issuance of the first lien bonds, the City reaffirms its prior covenant that as received all revenues and income of every nature derived from the operation of the City's Waterworks and Sanitary Sewer Systems shall be first deposited in an account of the City designated "WATERWORKS AND SEWER SYSTEM FUND" (hereinafter called "System Fund") and shall be pledged and appropriated as follows: FIRST: To the payment of all necessary and reasonable expenses of operating and maintaining the City's water- works and sanitary sewer systems. SECOND: To the "SPECIAL WATERWORKS AND SEWER SYSTEM REVENUE BOND RETIREMENT AND RESERVE FUND" heretofore created and hereby reaffirmed for the payment of the principal of and interest on the first lien bonds. After satisfying all paYments required under the terms and pro- visions of the ordinances authorizing the first lien bonds, all monies and revenues remaining in the "SYSTEM FUND" which are attributable to City's Sanitary Sew€r System shall be and are hereby pledged and the same shall be appropriated for the following purposes and in the order of precedence shown, as follows: FIRST: To the "SPECIAL CITY OF WYLIE, TEXAS, CERTI- FICATES FUND," hereinafter called "Certificate Fund"J to the extent as provided in Section 9 , and SECOND: To any other proper city purpose now or here- after permitted by law. SECTION 13: That from the pledged net revenues of the System in the System Fund, the City shall cause to be deposited in the Certificate Fund the following amounts on the following dates, to-wit: (a) Beginning September 15, 1974 and on or before the 15th day of each month through January 15, 1975, an amount equal to one-fifth (1/5) of the installment of interest to become due on the certificates on February 15, 1975, or all pledged net revenues of the System remaining in the System Fund (except $lOO) on such dates, whichever amount is the lesser; and, thereafter, commencing on February 15, '\l 1975 and on or before the 15th day of each succeeding month an amount equal to one-sixth (1/6) of the next semiannual installment of interest to become due on the certificates or all pledged net revenues of the System (except $100) remaining in the System Fund on such dates, whichever amount is the lesser; l (b) In addition to the monthly deposits described in paragraph (a) above, beginning on August 15, 1975 and on or before the 15th day of each month thereafter, an amount equal to one-twelfth(1/l2) of the next annual principal payment to become due on the certificates or all pledged net revenues of the System (except $100) remaining in the System Fund on such dates, whichever amount is the lesser. '" The monthly deposits to be made to the Certificate Fund, as ,hereinabove provided shall be made until such time as such Fund contains an amount equal to pay the principal of and interest on the certificates to final maturity. " SECTION 14: All Funds for which this ordinance makes provision (except any portion thereof as may be at any time properly invested) shall be secured in the manner and to the fullest extent required by the laws of Texas for the security of public funds, and such Funds shall be used for the purposes permitted by this ordinance. SECTION 15: The City covenants and agrees with the holder or holders of the certificates that it will maintain and operate the System with all possible efficiency while any certifi- cates remain outstanding and unpaid; that it will faithfully and punctually perform all duties with reference to the System required by the Constitution and law of the State of Texas, including the making and collecting of reasonable and sufficient rates for sewer services supplied by the System and the segregation and application of the revenues of the System as required by the provisions of the ordinances authorizing the issuance of the first lien bonds and this ordinance; and that no free services shall be rendered by the System to any customers, including the City and its various depart- ments, and that sewer services used by the City and its various departments shall be paid for at the same rates charged other customers. SECTION 16: The City further covenants and agrees to keep proper books of records and accounts (separate from all other records and accounts) in which complete and correct entries shall be made of all transactions relating to the System. The City shall furnish to the Executive Director of the Municipal Advisory Council of Texas at his office in Austin, Texas, and to any holder of any of the certificates at the written request of such holder, not more than thirty (30) days after the close of each six months' fiscal period, complete operating and income statements of the System in reasonable~ detail covering such six months' period, and not more than sixty (60) days after the close of each fiscal year, complete financial statements of the System in reasonable detail covering such fiscal year, certified by independent auditors. SECTION 17: Any holder or holders of twenty-five per- centum (25%) of the principal amount of the outstanding certificates shall have the right at all reasonable times to inspect the System and all records, accounts and data of the City relating thereto. SECTION 18: In addition to all the rights and remedies provided by the laws of the State of Texas, the City covenants and agrees particularly that in the event the City (a) defaults in payment to be made to the Certificate Fund, or (b) defaults in the observance or performance of any other of the covenants, conditions or obligations set forth in this ordinance, the following remedies shall be available: (a) The holder or holders of any of the certi- ficates shall be entitled to a writ of mandamus issued by a court of proper jurisdiction compelling and requiring the City Council and other officers of the City to ob- serve and perform any covenant, condition, or obligation prescribed in this ordinance. (b) No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power, or shall be construed to be a waiver of any such default or acquiescence therein, and every such right and power may be exercised from time to time and as often as may be deemed expedient. The specific remedies herein provided shall be cumulative of all other existing remedies and the specification to such re- medies shall not be deemed to be exclusive. SECTION 19: The City hereby further covenants as follows: (a) That it has the lawful power to pledge the revenues supporting this issue of certificates and has lawfully exercised said powers under the Constitution and laws of the State of Texas, including said power existing under Articles 1111 et seq., and Article 2368a.l, V.A.T.C.S. that the certificates shall be ratably secured under said pledge of income in such manner that one certificate shall have no preference over any other certificate of said issue. (b) That other than for the payment of the first lien bonds and the certificates, the rents, revenues, and income of the System have not in any manner been pledged to the payment of any debt or obligation of the City or of the System. (c) That, as long as any certificates or any in- terest thereon remain outstanding, the City will not sell, lease, or encumber the System or any substantial part thereof, provided that this shall not be construed to prohibit the sale of such machinery, or other properties or equipment which has become obsolete or otherwise un- suited to the efficient operation of the System; also, with the exception of additional first lien bonds issued in accordance with the terms and conditions of the ordinances authorizing the previously issued first lien bonds and additional certificates to be secured by both taxes and net revenues of the System hereby expressly permitted to be issued (which may be issued on a parity [insofar as net revenues are concerned] with this series of certificates), it will not encumber the revenues of the System thereof unless such encumbrance is made junior and subordinate to all of the provisions of the certificates herein authorized. (d) To the extent that it legally can, the City further covenants and agrees that, as long as any of the certificates or any interest thereon are outstanding, no franchise shall be granted for the installation or operation of any competing sanitary sewer system, that the City will prohibit the operation of any sewer system other than that owned by the City and the operation of any such system by anyone other than the City is hereby prohibited. SECTION 20: It is the intention of this governing body and accordingly here recognized and stipulated that those provisions, conditions and other recitals contained in the ordinances author- izing the first lien bonds which bear upon the management of the affairs of the System and methods of providing and administering its net revenues shall be applicable as appropriate to the certi- ficates herein authorized but in all respects subject to the prior- ities of the first lien bonds. SECTION 21: Each of the certificates herein authorized shall be deemed and construed to be a "security," and as such a negotiable instrument, within the meaning of Article 8 of the Uniform Commercial Code. SECTION 22: That the proceeds to be realized from the sale of the certificates herein authorized shall be expended and the same are hereby budgeted and appropriated for the following purposes, to-wit: (a) $22,750 - for a contract to be executed with Bill Stroble, Mfg. Representative, E. I. DuPont Aldy1. (D) Pipe, Arlington, Texas, for the purchase ~f sewer pipe; (b) $3,500 - to pay for engineering services to be rendered by Henningson, Durham & Richardson, Inc. of Texas, Dallas, Texas, in relation to cer- tain improvements to be made to the City's Sewer System. (c) $3,125 - to pay for financial adviser services to be rendered by First Southwest Company, Dallas, Texas, in relation to the issuance of the certificates. (d) $625 - to pay for legal services to be rendered by Dumas, Huguenin, Boothman & Morrow, Attorneys, Dallas, Texas, in relation to the issuance and delivery of the certificates. SECTION 23: The sale of the certificates herein author- ized to FIRST SOUTHWEST CO}WANY, Dallas, Texas, at the price of par and accrued interest to date of delivery, is hereby confirmed. Delivery of the bonds shall be made to said purchaser as soon as may be after the adoption of this ordinance, upon paYment therefor in accordance with the terms of sale. SECTION 24: The purchaser's obligation to accept delivery of the certiticates herein authorized is subject to their being furnished a final opinion of Messrs. Dumas, Huguenin, Boothman and Morrow, Dallas, Texas, approving such certificates as to their validity, said opinion to be dated and delivered as of the date of delivery and payment for such certificates. Printing of a true and correct copy of said oplnlon on the reverse side of each of the certificates, with appropriate certificate pertaining thereto executed by facsimile signature of the City Secretary is hereby approved and authorized. SECTION 25: CUSIP numbers may be printed on the certi- ficates herein authorized. It is expressly provided, however, that the presence or absence of CUSIP numbers on the certificates shall be of no significance or effect as regards the legality thereof and neither the City nor attorneys approving said certificates as tc legality are to be held responsible for CUSIP numbers incorrectly printed on the certificates. SECTION 26: The Mayor shall be and he is hereby author- ized to take and have charge of all necessary orders and records pending investigation by the Attorney General of the State of Texas, and shall take and have charge and control of the certificates herein authorized pending their approval by the Attorney General, registration by the Comptroller of Public Accounts, and delivery to the purchaser thereof. SECTION 27: That the City hereby covenants that the pro- ceeds from the sale of said certificates will be used as soon as practicable for the purpose for which said certificates are issued; that such proceeds will not be invested in any securities or obligations except for the temporary period pending such use; and that such proceeds will not be used directly or indirectly so as to cause all or any part of said certificates to be or become "arbitrage" obligations within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings prescribed or made pursuant thereto. SECTION 28: That fact that it is to the best interest of the City to provide the funds needed to execute the contract for the purchase of sewer pipe in order that said pipe can be delivered at the earlirest possible date, constitutes and creates an emergency and an urgent public necessity, requiring that any rule providing for ordinances to be read and voted upon at more than one meeting of the City Council be suspended, and requiring that this ordinance be passed and take effect as an emergency measure, and such rules and provisions are accordingly suspended, and this ordinance is passed as an emergency measure and shall take and have effect and be in full force from and after its passage. PASSED AND APPROVED this the 13th day of August. 1974. r:!!:4 .. ~ ,,/ ,,,,"7", ..- j / ~ Mayor~7ftf(~ Wy ie .~:.- ATTEST: ~ -' ~ City~~y, . ~t;e~ Wylie, Texas (CITY SEAL) I' 1 L Jj I I J I Ii r I , NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION TAKE NOTICE that the City Council of the City of Wylie, I , I I, II II II I, II ~ I ii II jl i' :1 Ii 'I 'I II :, I, Texas, shall convene at 7:00 o'clock, p.m. on the 13th day of August, 1974, at its regular meeting place in the City Hall of said City, to consider the passage of an ordinance authorizing the issuance of certificates of obligation of said City in an amount not to exceed $ 50,000 for the purpose of paying all or a portion of a contractual obligation to be incurred for the purchase of materials and supplies, to wit: sewer pipe and con- tracts for personal or professional services to be rendered by attorneys, a financial advisor and engineers in connection with the issuance of said certificates of obligation and improvements to the City's Sewer System; such certificates-of obligation to be payable from .ad valorem taxes and net revenues of the City's Sewer System. /s/ Donald R. Thomas Mayor, City of Wylie, Texas i i! il :1 :t I, 'I I, II !I 'I L j! 'I i I I ,I I: Ii II II Ii !I .!I.-- ".. ,,__....,..,..,..,_..,~....__..__..,___..____,,____ .~:,~':;".,":': ~"G":."'.::-"'~"."^'.""':."r.'T:~":~ MINUTES PERTAINING TO RESOLUTION AUTHORIZING THE GIVING OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION THE S TA TE OF TEXAS ~ ~ COUNTY OF COLLIN ~ ~ CITY OF WYLIE ~ ON THIS, the 9th day of July, 1974, the City Council of the City of Wylie~ Texas, convened in special session at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of said meeting having been given as prescribed by Article 6252-17, Section 3A, V.A.T.C.S., there being present and in attendance the following members, to wit: DON R. THOMAS MAYOR R. C. DODD DWAYNE BOYD Em h\P..f:>l51KLER KENNETH NALL WILLIAM MARTIN ) ) ) ) ) ALDERMEN and with the following absent: t<<ME Eda/4LO &"-/~4- when among other proceedings had were the following: Mayor Thomas introduced the following resolution: "A RESOLUTION by the City Council of the City of Wylie, Texas, making certain findings and authorizing the publication of notice of intention to issue certificates of obligation for the purpose of paying all or a portion of a contractual obligation to be incurred for the purchase of materials and supplies, to wit: 'sewer. pipe and contracts for personal or professional services to be rendered by attorneys, a financial advisor and engineers." The resolution was read in full. Alderman Nall made a motion that the resolution be passed. The motion was seconded by Alderman Martin and carried by the following vote: AYES: Mayor Thomas and Aldermen Dodd, Boyd, Btle1Lr, NaIl and Martin. NOES: None. The Mayor then announced the resolution had been passed and adopted. MINUTES APPR9VED, this the 9th day of July, 1974. ~/ff~_,~ ATTEST: Mayor, Cit~wylie, Texas , .,1") '..,-' Gi~yf1~~~r~~'~lie, Texas -. (City Seal) A RESOLUTION by the City Council of the City of Wylie, Texas, making certain findings and authorizing the publication of notice of intention to issue certificates of obligation for the purpose of paying all or a portion of a contractual obligation to be incurred for the purchase of materials and supplies, to wit: sewer pipe and contracts for personal or profession21 services to be rendered by attorneys, a financial advisor and engineers. WHEREAS, the City Council of Wylie, Texas, has decided to finance the cost of purchasing certain materials and supplies needed to make improvements to the City's Sewer System; and WHEREAS, it is hereby found and determined that such financing can best be accomplished by the issuance and sale of certificates of obligation under the provisions of The Certi- ficates of Obligation Act of 1971, as amended, such certificates to be payable from ad valorem taxes and the net revenues of the City's Sewer System; and WHEREAS, it is further found and determined that the amount of certificates to be issued shall include a sum sufficient to pay contracts for personal or professional services to be rendered by attorneys, a financial advisor and engineers in con- nection with the issuance and sale of said certificates and the improvements to be made to the City's Sewer System, and WHEREAS, prior to the issuance and sale of such certificates, the City Council is required to publish notice of its intention to issue the same; now, therefore: BE IT RESOLv~D BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS: SECTION 1: That the Mayor of the City is hereby authorized and directed to cause notice to be published of this City Council's intention to issue certificates of obligation in an amount not to exceed $ 50,000 for the purpose of paying all or a portion of the contractual obligation to be incurred for the purchase of materials and supplies, to wit: sewer pipe and paying contracts for personal or professional services to be rendered by attorneys, a financial advisor and engineers in connection with the issuance of said certificates and certain improvements to the City's Sewer System; such certificates to be payable from ad valorem taxes and the net revenues of the City's Sewer System. The notice to be published (the form and content of which is hereby approved) shall read substantially as follows: NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION TAKE NOTICE that the City Council of the City of Wylie, Texas, shall convene at 7:00 o'clock, ~.m. on the l3th day of August, 1974, at its regular meeting place in the City Hall of said City, to consider the passage of an ordinance authorizing the issuance of certificates of obligation of said City in an amount not to exceed $ 50,000 for the purpose of paying all or a portion of a contractual obligation to be incurred for the I I f j , ~ I' ~ ~ I' J ~ ~ d 1 'I II II r ~ purchase of materials and supplies, to wit: sewer pipe and con- tracts for personal or professional services to be rendered by attorneys, a financial advisor and engineers in connection with the issuance of said certificates of obligation and improvements to the City's Sewer System;such certificates-of obligation to be payable from .ad valorem taxes and net revenues of the City's Sewer System. /s/ Donald R. Thomas Mayor, City of Wylie, Texas q it q !l 1 I, SECTION 2: That said notice shall be published once a week for two consecutive weeks in a newspaper of general circulation in the City, the date of the first publication to be at least fourteen (14) days prior to the date stated therein for the passage of the ordinance authorizing the issuance of the certificates of obligation. PASSED AND APPROVED, this 9th day of July, 1974. ~/~ ayor, City of Wylie, Texas ATTEST: Texas (City Seal) AFFIDAVIT OF PUBLICATION THE STATE OF TEXAS ~ ~ COUNTY OF COLLIN ~ BEFORE ME, the undersigned authority, on this day person- ally appeared c. T. ~ , who, after being by me duly sworn, deposes and says that he is the ~J'" of the ~-- which is a newspaper of general circulation in the City of Wylie, Texas, and published in the City of Wylie, and that he published a true copy of the "NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION", hereto attached, in said paper on the following dates: .Jt41 tt .AiJ.:t at , 1974, and , 1974, the date of the first publication being not less than fourteen (l4) full days prior to the date set in such notice for the passage of the ordinance authorizing the certificates. ~A' z-r..-~/~ , SW~RN AND SUBSCRIBED BEFORE ME, i! / ~j/,-.(I'" ,1974. / // . .. this the, .:) /v hay of ~- / / <' ..:;//1 //'.. -/././ /~./. "."".-. /. -,?,/'..- L_--'" _.-'<- ,,/,:_ <_,~.?';--- - ~/f_"~_,, ' - - Notary Public in and for Collin County, Texas (Notary Seal)