Ord 064-96 4/16/19961. t„
AN ORDINANCE -(C�4-'1 o
AUTHORIZING THE ISSUANCE OF CITY OF WICHITA FALLS,
TEXAS GENERAL OBLIGATION REFUNDING BONDS,
SERIES 1996; AUTHORIZING THE EXECUTION OF A BOND
PURCHASE AGREEMENT, A DEPOSIT AGREEMENT AND A
PAYING AGENT/REGISTRAR AGREEMENT; AND
APPROVING AN OFFICIAL STATEMENT
THE STATE OF TEXAS
COUNTY OF WICHITA
CITY OF WICHITA FALLS
WHEREAS, there is presently outstanding the following outstanding obligations of the City
of Wichita Falls, Texas (the "City ") which are secured by the full faith and credit of the City and a
pledge by the City to levy ad valorem taxes sufficient to pay principal of and interest on the
obligations as they become due:
City of Wichita Falls, Texas General Obligation Refunding Bonds,
Series 1986, dated July 1, 1986 currently outstanding in the aggregate
principal amount of $9,770,000; and
WHEREAS, the City now desires to refund $8,785,000 of said Outstanding Amount of the
Series 1986 Bonds, being the Series 1986 Bonds maturing in the years 1997 through 2006 (the
"Refunded Obligations "); and
WHEREAS, the City Council of the City deems it advisable to refund the Refunded Bonds
to achieve a debt service saving on both an actual and a present value basis of $1,325,282.01 and
$1,029,227.42, respectively; and
WHEREAS, The Bank of New York, Jacksonville, Florida (successor to NationsBank of
Texas, N.A., Dallas, Texas) is the paying agent for the Refunded Bonds; and
WHEREAS, all of the Refunded Bonds mature or are subject to redemption prior to maturity
within 20 years of the date of the bonds hereinafter authorized; and
WHEREAS, it is now deemed necessary and advisable that said bonds be issued at this time,
in the amounts and for the purposes as herein shown; and
WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to
Article 717k, V.A.T.C.S., as amended and the Charter of said City;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS:
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Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bonds of the City of Wichita
Falls, Texas (the "City ") are hereby authorized to be issued and delivered in the aggregate principal
amount of $9,000,000, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND THE CITY'S
OUTSTANDING REFUNDED OBLIGATIONS (all as described in the preamble hereto) and to pay
the costs of issuance relating thereto.
Section 2. DEFINITIONS. As used in this Ordinance, unless the context shall otherwise
require, the term "Bonds" shall mean and include collectively the Bonds initially issued and delivered
pursuant to this Ordinance and all substitute obligations exchanged therefor, as well as all other
substitute bonds and replacement bonds issued pursuant hereto, and the term "Bond" shall mean any
of the Bonds.
" AMBAC Indemnity" shall mean AMBAC Indemnity Corporation, a Wisconsin - Domiciled
stock insurance company.
"DTC" means The Depository Trust Company of New York, New York, New York, or any
successor securities depository.
"DTC Participant" means securities brokers and dealers, banks, trust companies, clearing
corporations and certain other organizations on whose behalf DTC was created to hold securities to
facilitate the clearance and settlement of securities transactions among DTC Participants; and
"MSRB" means the Municipal Securities Rulemaking Board.
"Municipal Bond Guaranty Insurance Policy" means the municipal bond guaranty insurance
policy issued by AMBAC Indemnity insuring the payment when due of the principal and interest on
the Bonds as provided therein.
"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.
"SEC" means the United States Securities and Exchange Commission.
"SID" means any person designated by the State of Texas or an authorized department,
officer, or agency thereof as, and determined by the SEC or its staff to be, a state information
depository within the meaning of the Rule from time to time.
Section 3. DESIGNATION, DATE, DENOMINATIONS, NUMBERS AND MATURITIES
OF BONDS. Each Bond issued pursuant to this Ordinance shall be designated: "CITY OF
WICHITA FALLS, TEXAS GENERAL OBLIGATION REFUNDING BONDS, SERIES 1996 ",
and initially there shall be issued, sold and delivered hereunder fully registered Bonds, without interest
coupons, with the Bonds being dated April 1, 1996 in the respective denominations and principal
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amounts hereinafter stated, with the Bonds being numbered consecutively from R -1 upward, payable
to the initial registered owner thereof (as designated in Section 13 hereof), or to the registered
assignee or assignees of said Bonds or any portion or portions thereof (in each case, the "Registered
Owner ").
The Bonds shall mature and be payable serially on September 1 in each of the years and in the
principal amounts, respectively, as set forth in the following schedule:
YEAR
AMOUNT
YEAR
AMOUNT
1997
$570,000
2002
$925,000
1998
775,000
2003
970,000
1999
805,000
2004
1,020,000
2000
845,000
2005
1,075,000
2001
885,000
2006
1,130,000
Section 4. INTEREST. The Bonds shall bear interest calculated on the basis of a 360 -day
year composed of twelve 30 -day months from the dates specified in the FORM OF BOND set forth
in this Ordinance to their respective dates of maturity at the following rates per annum:
maturities
1997 -----------------------------------
- - - - -- 4.10%
maturities
1998 -----------------------------------
- - - - -- 4.40%
maturities
1999 -----------------------------------
- - - - -- 4.60%
maturities
2000 -----------------------------------
- - - - -- 4.70%
maturities
2001 -----------------------------------
- - - - -- 4.80%
maturities
2002 -----------------------------------
- - - - -- 5.00%
maturities
2003 -----------------------------------
- - - - -- 5.00%
maturities
2004 -----------------------------------
- - - - -- 5.10%
maturities
2005 -----------------------------------
- - - - -- 5.20%
maturities
2006 -----------------------------------
- - - - -- 5.30%
Said interest shall be payable in the manner provided and on the dates stated in the FORM OF BOND
set forth in this Ordinance.
Section 5. CHARACTERISTICS OF THE BONDS. Registration, Transfer, and Exchange:
Authentication, Book -Entry Only System. (a) The City shall keep or cause to be kept at the
corporate trust office of The Bank of New York, in Jacksonville, Florida (the "Paying
Agent/Registrar ") books or records for the registration of the transfer and exchange of the Bonds (the
'Registration Books "), and the City hereby appoints the Paying Agent/Registrar as its registrar and
transfer agent to keep such books or records and make such registrations of transfers and exchanges
under such reasonable regulations as the City and Paying Agent/Registrar may prescribe; and the
Paying Agent/Registrar shall make such registrations, transfers and exchanges as herein provided.
The Paying Agent/Registrar shall obtain and record in the Registration Books the address of the
registered owner of each Bond to which payments with respect to the Bonds shall be mailed, as herein
provided; but it shall be the duty of each registered owner to notify the Paying Agent/Registrar in
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writing of the address to which payments shall be mailed, and such interest payments shall not be
mailed unless such notice has been given. To the extent possible and under reasonable circumstances,
all transfers of Bonds shall be made within three business days after request and presentation thereof.
The City shall have the right to inspect the Registration Books during regular business hours of the
Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep the Registration Books
confidential and, unless otherwise required by law, shall not permit their inspection by any other
entity. The Paying Agent/Registrar's standard or customary fees and charges for making such
registration, transfer, exchange and delivery of a substitute Bond or Bonds shall be paid as provided
in the FORM OF BOND set forth in this Ordinance. Registration of assignments, transfers and
exchanges of Bonds shall be made in the manner provided and with the effect stated in the FORM
OF BOND set forth in this Ordinance. Each substitute Bond shall bear a letter and/or number to
distinguish it from each other Bond.
Except as provided in (e) below, an authorized representative of the Paying Agent/Registrar
shall, before the delivery of any such Bond, date and manually sign the Paying Agent/Registrar's
Authentication Certificate, and no such Bond shall be deemed to be issued or outstanding unless such
Certificate is so executed. The Paying Agent/Registrar promptly shall cancel all paid Bonds and
Bonds surrendered for transfer and exchange. No additional ordinances, orders, or resolutions need
be passed or adopted by the governing body of the City or any other body or person so as to
accomplish the foregoing transfer and exchange of any Bond or portion thereof, and the Paying
Agent/ Registrar shall provide for the printing, execution, and delivery of the substitute Bonds in the
manner prescribed herein. Pursuant to Vernon's Ann. Tex. Civ. St. Art. 717k -6, and particularly
Section 5 thereof, the duty of transfer and exchange of Bonds as aforesaid is hereby imposed upon
the Paying Agent/Registrar, and, upon the execution of said Certificate, the transferred and
exchanged Bond shall be valid, incontestable, and enforceable in the same manner and with the same
effect as the Bonds which initially were issued and delivered pursuant to this Ordinance, approved
by the Attorney General, and registered by the Comptroller of Public Accounts.
(b) Book -Entry Only System. The Bonds issued in exchange for the Bonds initially issued
to the purchaser specified herein shall be initially issued in the form of a separate single fully
registered Bond for each of the maturities thereof. Upon initial issuance, the ownership of each such
Bond shall be registered in the name of Cede & Co., as nominee of Depository Trust Company of
New York ( "DTC "), and except as provided in subsection (c) hereof, all of the outstanding Bonds
shall be registered in the name of Cede & Co., as nominee of DTC.
With respect to Bonds registered in the name of Cede & Co., as nominee of DTC, the City
and the Paying Agent/Registrar shall have no responsibility or obligation to any DTC Participant or
to any person on behalf of whom such a DTC Participant holds an interest on the Bonds. Without
limiting the immediately preceding sentence, the City and the Paying Agent/Registrar shall have no
responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede & Co. or any
DTC Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any DTC
Participant or any other person, other than a Bondholder, as shown on the Registration Books, of any
notice with respect to the Bonds, including any notice of redemption, or (iii) the payment to any DTC
Participant or any other person, other than a Bondholder, as shown in the Registration Books of any
amount with respect to principal of premium, if any, or interest on the Bonds. Notwithstanding any
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other provision of this Ordinance to the contrary, the City and the Paying Agent/Registrar shall be
entitled to treat and consider the person in whose name each Bond is registered in the Registration
Books as the absolute owner of such Bond for the purpose of payment of principal, premium, if any,
and interest on such Bond, for the purpose of giving notices of redemption and other matters with
respect to such Bond, for the purpose of registering transfers with respect to such Bond, and for all
other purposes whatsoever. The Paying Agent/Registrar shall pay all principal of, premium, if any,
and interest on the Bonds only to or upon the order of the respective owners, as shown in the
Registration Books as provided in this Ordinance, or their respective attorneys duly authorized in
writing, and all such payments shall be valid and effective to fully satisfy and discharge the City's
obligations with respect to payment of principal of, premium, if any, and interest on the Bonds to the
extent of the sum or sums so paid. No person other than an owner, as shown in the Registration
Books, shall receive a Bond certificate evidencing the obligation of the City to make payments of
principal, premium, if any, and interest pursuant to this Ordinance. Upon delivery by DTC to the
Paying Agent/Registrar of written notice to the effect that DTC has determined to substitute a new
nominee in place of Cede & Co., and subject to the provisions in this Ordinance with respect to
interest checks being mailed to the registered owner at the close of business on the Record Date, the
word "Cede & Co." in this Ordinance shall refer to such new nominee of DTC.
(c) Successor Securities Depository. Outside Book -Entry Only S ste . In the
event that the City determines to discontinue the system of book -entry transfers through DTC (or a
successor securities depository) or DTC determines to no longer provide the services of securities
depository with respect to the Bonds, the City shall (i) appoint a successor securities depository,
qualified to act as such under Section 17(a) of the Securities and Exchange Act of 1934, as amended,
notify DTC and DTC Participants of the appointment of such successor securities depository and
transfer one or more separate Bonds to such successor securities depository or (ii) notify DTC and
DTC Participants of the availability through DTC of Bonds and transfer one or more separate Bonds
to DTC Participants having Bonds credited to their DTC accounts. In such event, the Bonds shall
no longer be restricted to being registered in the Registration Books in the name of Cede & Co., as
nominee of DTC, but may be registered in the name of the successor securities depository, or its
nominee, or in whatever name or names Bondholders transferring or exchanging Bonds shall
designate, in accordance with the provisions of this Ordinance.
(d) Payments to Cede & Co. Notwithstanding any other provision of this Ordinance to the
contrary, so long as any Bond is registered in the name of Cede & Co., as nominee of DTC, all
payments with respect to principal of, premium, if any, and interest on such Bond and all notices with
respect to such Bond shall be made and given, respectively, in the manner provided in the
representation letter of the City to DTC.
(e) In General. The Bonds (i) shall be issued in fully registered form, without interest
coupons, with the principal of and interest on such Bonds to be payable only to the registered owners
thereof, (ii) transferred and assigned, (iii) may be exchanged for other Bonds, (iv) shall have the
characteristics, (v) shall be signed, sealed, executed and authenticated, (vi) the principal of and
interest on the Bonds shall be payable, (vii) may be redeemed prior to their scheduled maturities
(notice of which shall be given to the Paying Agent/Registrar at least 50 days prior to the date of
redemption), and (viii) shall be administered and the Paying Agent/Registrar and the City shall have
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certain duties and responsibilities with respect to the Bonds, all as provided, and in the manner and
to the effect as required or indicated, in the FORM OF BOND set forth in this Ordinance. The Bonds
initially issued and delivered pursuant to this Ordinance are not required to be, and shall not be,
authenticated by the Paying Agent/ Registrar, but on each substitute Bond issued in exchange for any
Bond or Bonds issued under this Ordinance the Paying Agent/Registrar shall execute the PAYING
AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE, in the form set forth in the FORM
OF BOND.
(f) Notices of Redemption and Defeasance. (i) In addition to the Notice of Redemption set
forth in the FORM OF BOND, the City shall give notice of redemption or defeasance to the Paying
Agent/Registrar at least 50 days prior to a redemption date in the case of a redemption and on the
defeasance date in the case of a defeasance and the Paying Agent/Registrar shall give notice of
redemption or of defeasance of Bonds by mail, first -class postage prepaid at least thirty (30) days
prior to a redemption date and within thirty (30) days after a defeasance date to each registered
securities depository and to any national information service that disseminates such notices. In
addition, in the event of a redemption caused by an advance refunding of the Bonds, the Paying
Agent/Registrar shall send a second notice of redemption to the persons specified in the immediately
preceding sentence at least thirty (30) days but not more than ninety (90) days prior to the actual
redemption date. Any notice sent to the registered securities depositories or such national
information services shall be sent so that they are received at least two (2) daysprior to the general
mailing or publication date of such notice. The Paying Agent/Registrar shall also send a notice of
prepayment or redemption to the registered owner of any Bond who has not sent the Bonds in for
redemption sixty (60) days after the redemption date.
(ii) Each Notice of Redemption or Defeasance, whether required in the FORM OF BOND
or in this Section, shall contain a description of the Bonds to be redeemed or defeased including the
complete name of the Bonds, the Series, the date of issue, the interest rate, the maturity date, the
CUSIP number, the certificate numbers, the amounts called of each certificate, the publication and
mailing date for the notice, the date of redemption or defeasance, the redemption price, if any, the
name of the Paying Agent/Registrar and the address at which the Bonds may be redeemed or paid,
including a contact person and telephone number.
(iii) All redemption payments made by the Paying Agent/Registrar to the registered owners
of the Bonds shall include a CUSIP number relating to each amount paid to such registered owner.
Section 6. PAYING AGENT/REGISTRAR. (a) Payment of Bonds and Interest. The City
hereby further appoints the Paying Agent/Registrar to act as the paying agent for paying the principal
of and interest on the Bonds, all as provided in this Ordinance. The Paying Agent/ Registrar shall
keep proper records of all payments made by the City and the Paying Agent/Registrar with respect
to the Bonds. However, in the event of a nonpayment of interest on a scheduled payment date, and
for thirty (3 0) 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 (the "Special Payment Date ", 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
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States mail, first -class postage prepaid, to the address of each Holder of a Bond appearing on the
Registration Books of the Paying Agent/Registrar at the close of business on the last business day
next preceding the date of mailing of such notice.
(b) Substitute Paying_ Ag_ent/Registrar. The City covenants with the registered owners of the
Bonds that at all times while the Bonds are outstanding the City will provide a competent and legally
qualified bank, trust company, financial institution, or other agency to act as and perform the services
of Paying Agent/Registrar for the Bonds under this Ordinance, and that the Paying Agent/Registrar
will be one entity. The City reserves the right to, and may, at its option, change the Paying
Agent/Registrar upon not less than 120 days written notice to the Paying Agent/Registrar and,
pursuant to Section 1_, to AMBAC Indemnity, to be effective not later than 60 days prior to the next
principal or interest payment date after such notice. In the event that the entity at any time acting as
Paying Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or
otherwise cease to act as such, the City covenants that promptly it will appoint a competent and
legally qualified bank, trust company, financial institution, or other agency to act as Paying
Agent/Registrar under this Ordinance. Upon any change in the Paying Agent/Registrar, the previous
Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a copy thereof),
along with all other pertinent books and records relating to the Bonds, to the new Paying
Agent/Registrar designated and appointed by the City. Upon any change in the Paying
Agent/Registrar, the City promptly will cause a written notice thereof to be sent by the new Paying
Agent/Registrar to each registered owner of the Bonds, by United States mail, first -class postage
prepaid, which notice also shall give the address of the new Paying Agent/ Registrar. By accepting
the position and performing as such, each Paying Agent/Registrar shall be deemed to have agreed to
the provisions of this Ordinance, and a certified copy of this Ordinance shall be delivered to each
Paying Agent/Registrar.
Section 7. FORM OF BONDS. The form of the Bonds, including the form of Paying
Agent/Registrar's Authentication Certificate, the form of Assignment and the form of Registration
Certificate of the Comptroller of Public Accounts of the State of Texas to be attached only to the
Bonds initially issued and delivered pursuant to this Ordinance, shall be, respectively, substantially
as follows, with such appropriate variations, omissions, or insertions as are permitted or required by
this Ordinance.
[rest of page is intentionally left blank]
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FORM OF BOND:
NO. $
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF WICHITA
CITY OF WICHITA FALLS, TEXAS
GENERAL OBLIGATION REFUNDING BOND
SERIES 1996
INTEREST RATE
REGISTERED OWNER:
PRINCIPAL AMOUNT:
MATURITY DATE
September 1,
BOND DATE
April 1, 1996
CUSIP
AND 00 /100 DOLLARS
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF WICHITA FALLS, IN
WICHITA COUNTY, TEXAS, a municipal corporation of the State of Texas (the "Issuer "), hereby
promises to pay to the Registered Owner specified above, or to the registered assignee thereof (either
being hereinafter called the "registered owner ") the Principal Amount specified above and to pay
interest thereon, from the Bond Date specified above to the date of its scheduled maturity or the date
of its redemption prior to scheduled maturity, at the rate of interest per annum specified above, with
said interest being payable on March 1, 1997, and semiannually on each September 1 and March 1
thereafter; except that if this Bond is required to be authenticated and the date of its authentication
is later than the first Record Date, such Principal Amount shall bear interest from the interest payment
date next preceding the date of authentication, unless such date of authentication is after any Record
Date (hereinafter defined) but on or before the next following interest payment date, in which case
such Principal Amount shall bear interest from such next following interest payment date; provided,
however, that if on the date of authentication hereof the interest on the Bond or Bonds, if any, for
which this Bond is being exchanged or converted from is due but has not been paid, then this Bond
shall bear interest from the date to which such interest has been paid in full.
THE TERMS AND PROVISIONS of this Bond are continued on the reverse side hereof and
shall for all purposes have the same effect as though fully set forth at this place.
THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the
United States of America, without exchange or collection charges. The principal of this Bond shall
be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity or
upon the date fixed for its redemption prior to maturity, at the corporate office of The Bank of New
York, Jacksonville, Florida, which is the "Paying Agent/Registrar" for this Bond. The payment of
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interest on this Bond shall be made by the Paying Agent/Registrar to the registered owner hereof on
each interest payment date by check dated as of such interest payment date, drawn by the Paying
Agent/Registrar on, and payable solely from, funds of the Issuer required by the Bond Ordinance to
be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such
check shall be sent by the Paying Agent/Registrar by United States mail, first class postage prepaid,
on each such interest payment date, to the registered owner hereof, at its address as it appeared on
the fifteenth day of the month next preceding each such date (the "Record Date ") on the Registration
Books kept by the Paying Agent/Registrar, as hereinafter described. In addition, interest payments
may be made by such other methods, acceptable to the Paying Agent/Registrar, requested by and at
the risk and expense of the registered owner. Any accrued interest due at maturity shall be paid to
the registered owner upon presentation and surrender of this Bond for payment at the principal
corporate trust office of the Paying Agent/Registrar. The Issuer covenants with the registered owner
of this Bond that on or before each principal payment date and interest payment date for this Bond
it will make available to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created
by the Bond Ordinance, the amounts required to provide for the payment, in immediately available
funds, of all principal of and interest on the Bonds, when due. Notwithstanding the foregoing, during
any period in which ownership of the Bonds is determined by a book entry at a securities depository
for the Bonds, payments made to the securities depository, or its nominee, shall be made in
accordance with arrangements between the Issuer and the securities depository.
IF THE DATE for any payment due on this Bond shall be a Saturday, Sunday, a legal holiday,
or a day on which banking institutions in the city where the principal corporate office of the Paying
Agent/Registrar is located are authorized by law or executive order to close, or the United States
Postal Service is not open for business, then the date for such payment shall be the next succeeding
day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are
authorized to close, or the United States Postal Service is not open for business; and payment on such
date shall have the same force and effect as if made on the original date payment was due.
THIS BOND is one of a series of bonds of like tenor and effect except as to number, principal
amount, right of prior redemption and maturity, aggregating Seven Million Two Hundred Fifty
Thousand Dollars ($7,250,000) (herein sometimes called the "Bonds "), issued for the purpose of
refunding the Refunded Obligations of the Issuer, as defined in the Bond Ordinance, in accordance
with the Constitution and laws of the State of Texas, particularly Article 717k, V.A.T.C.S., and
pursuant to an ordinance passed by the City Council of the Issuer and duly recorded in the minutes
of said City Council (the 'Bond Ordinance ").
THE ISSUER reserves the right to redeem the Bonds maturing on and after September 1,
2006 in whole or in part on any date on and after September 1, 2005, at the redemption price equal
to the principal amount thereof plus accrued interest to the redemption date. If less than all of the
Bonds are to be redeemed, the Issuer shall determine the maturity or maturities and the amounts
thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions
thereof, within such maturity or maturities and in such principal amounts, for redemption; provided
that during any period in which ownership of the Bonds is determined by a book entry at a securities
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depository for the Bonds, if fewer than all of the Bonds of the same maturity and bearing the same
interest rate are to be redeemed, the particular Bonds of such maturity and bearing such interest rate
shall be selected in accordance with the arrangements between the Issuer and the securities
depository.
AT LEAST 30 days prior to the date fixed for any redemption of Bonds or portions thereof
prior to maturity, a written notice of such redemption shall be sent by the Paying Agent/Registrar by
United States mail, first -class postage prepaid, to the registered owner of each Bond to be redeemed
at its address as it appeared on the business day next preceding the date of mailing such notice;
provided, however, that the failure to send, mail or receive such notice, or any defect therein or in
the sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings for the
redemption of any Bond, and it is hereby specifically provided that the delivery of such notice to the
Paying Agent Registrar as required by the Bond Ordinance shall be the only notice actually required
in connection with or as a prerequisite to the redemption of any Bonds or portions thereof. By the
date fixed for any such redemption, due provision shall be made with the Paying Agent/Registrar for
the payment of the required redemption price for the Bonds or portions thereof which are to be so
redeemed. If such notice of redemption is given and if due provision for such payment is made, all
as provided above, the Bonds or portions thereof which are to be so redeemed thereby automatically
shall be treated as redeemed prior to their scheduled maturities, and they shall not bear interest after
the date fixed for redemption, and they shall not be regarded as being outstanding except for the right
of the registered owner to receive the redemption price from the Paying Agent/Registrar out of the
funds provided for such payment. If a portion of any Bond shall be redeemed, a substitute Bond or
Bonds having the same maturity date, bearing interest at the same rate, in any denomination or
denominations in any integral multiple of $5,000, at the written request of the registered owner, and
in an aggregate principal amount equal to the unredeemed portion thereof, will be issued to the
registered owner upon the surrender thereof for cancellation, at the expense of the Issuer, all as
provided in the Bond Ordinance.
ALL BONDS OF THIS SERIES are issuable solely as fully registered Bonds, without interest
coupons, in the denomination of any integral multiple of $5,000. As provided in the Bond Ordinance,
this Bond may, at the request of the registered owner or the assignee or assignees hereof, be assigned,
transferred and exchanged for a like aggregate amount of fully registered Bonds, without interest
coupons, payable to the appropriate registered owner, assignee or assignees, as the case may be,
having any authorized denomination or denominations as requested in writing by the appropriate
registered owner, assignee or assignees, as the case may be, upon surrender of this Bond to the
Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in
the Bond Ordinance. Among other requirements for such assignment and transfer, this Bond must
be presented and surrendered to the Paying Agent/Registrar, together with proper instruments of
assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar,
evidencing assignment of this Bond or any portion or portions hereof in any authorized denomination
to the assignee or assignees in whose name or names this Bond or any such portion or portions hereof
is or are to be registered. The Form of Assignment printed or endorsed on this Bond may be
executed by the registered owner to evidence the assignment hereof, but such method is not
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exclusive, and other instruments of assignment satisfactory to the Paying Agent/Registrar may be
used to evidence the assignment of this Bond or any portion or portions hereof from time to time by
the registered owner. The Issuer shall pay the Paying Agent/Registrar's reasonable standard or
customary fees and charges for transferring and exchanging any Bond or portion thereof. Any taxes
or governmental charges required to be paid with respect thereto shall be paid by the one requesting
such assignment, transfer or exchange, as a condition precedent to the exercise of such privilege. The
Paying Agent/Registrar shall not be required to make any such transfer or exchange with respect to
any Bond or any portion thereof called for redemption prior to maturity, within 45 days prior to its
redemption date; provided, however, such limitation of transfer shall not be applicable to an exchange
by the Registered Owner of an unredeemed balance of a Bond called for redemption in part.
WHENEVER the beneficial ownership of this Bond is determined by a book entry at a
securities depository for the Bonds, the foregoing requirements of holding, delivering, or transferring
this Bond shall be modified to require the appropriate person or entity to meet the requirements of
the securities depository as to registering or transferring the book entry to produce the same effect.
IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns,
or otherwise ceases to act as such, the Issuer has covenanted in the Ordinance that it promptly will
appoint a competent and legally qualified substitute therefor, and promptly will cause written notice
thereof to be mailed to the registered owners of the Bonds.
BY BECOMING the registered owner of this Bond, the registered owner thereby
acknowledges all of the terms and provisions of the Bond Ordinance, agrees to be bound by such
terms and provisions, acknowledges that the Bond Ordinance is duly recorded and available for
inspection in the official minutes and records of the Issuer, and agrees that the terms and provisions
of this Bond and the Bond Ordinance constitute a contract between each registered owner hereof and
the Issuer.
IN ADDITION TO ALL OTHER RIGHTS, the owners of this series of Bonds shall be
subrogated to all pertinent and necessary rights of the owners of the obligations being refunded
thereby.
IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly
authorized, issued, and delivered; that all acts, conditions, and things required or proper to be
performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this Bond
have been performed, existed, and been done in accordance with law; that this Bond is a general
obligation of the Issuer, issued on the full faith and credit thereof, and that ad valorem taxes sufficient
to provide for the payment of the interest on and principal of this Bond, as such interest and principal
come due, have been levied and ordered to be levied against all taxable property in the Issuer, and
have been pledged for such payment, within the limit prescribed by law.
(Ay: 2715.016 \Ordin96.go - 4/16/96) 11
IN TESTIMONY WHEREOF, the City Council of the City of Wichita Falls, Texas, in
accordance with the provisions of Article 717j -1, V.A.T.C.S., has caused the seal of said Issuer to
be impressed or a facsimile thereof to be printed hereon, and this Bond to be executed with the
manual or imprinted facsimile signatures of the Mayor and City Clerk of said Issuer.
CITY OF WICHITA F
Mayor, City ofWichita Falls, Texas
COUNTERSIGNED:
City 4rk,
City coWichita Falls, Texas
(SE•A-)
(Ay: 2715.016 \Ordin96.go - 4/16/96) 12
[FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE]
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Bond has been issued under the provisions of the Bond
Ordinance described on the face of this Bond; and that this Bond has been issued in exchange for or
replacement of a bond, bonds, or a portion of a bond or bonds of an issue which originally was
approved by the Attorney General of the State of Texas and registered by the Comptroller of Public
Accounts of the State of Texas.
Dated
The Bank of New York, Jacksonville, Florida
Paying Agent/Registrar
LM
(AW: 2715.016 \Ordin96.go - 4/16/96) 13
Authorized Representative
[FORM OF ASSIGNMENT]
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned registered owner of this Bond, or duly
authorized representative or attorney thereof, hereby assigns this Bond to
(Assignee's Social Security or
Taxpayer Identification Number)
hereby irrevocably constitutes and appoints
(print or typewrite Assignee's name and
address, including zip code)
and
attorney to transfer the registration of this Bond on the Paying Agent/Registrar's Registration Books
with full power of substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: This signature must be
guaranteed by a member of the
New York Stock Exchange or a
commercial bank or trust company.
(/ky: 2715.016 \Ordin96.go - 4/16/96) 14
Registered Owner
NOTICE: This signature must
correspond with the name of the
Registered Owner appearing on the
face of this Bond.
[FORM OF COMPTROLLER'S CERTIFICATE ATTACHED TO
THE BONDS UPON INITIAL DELIVERY THEREOF]
OFFICE OF COMPTROLLER
REGISTER NO.
STATE OF TEXAS
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 Bond 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 special obligation of the City of Wichita Falls, Texas,
payable in the manner provided by and in the ordinance authorizing same, and said Bond has this day
been registered by me.
WITNESS MY HAND and seal of office at Austin, Texas
(SEAL)
Comptroller of Public Accounts of
the State of Texas
[FORM OF INSURANCE LEGEND, IF REQUIRED]
** *END OF BOND FORM * **
(Ay: 2715.016 \Ordin96.go - 4/16/96) 15
Section 8. TAX LEVY. A special Interest and Sinking Fund (the "Interest and Sinking
Fund ") is hereby created solely for the benefit of the Bonds, and the Interest and Sinking Fund shall
be established and maintained by the City at an official depository bank of the City. The Interest and
Sinking Fund shall be kept separate and apart from all other funds and accounts of the City, and shall
be used only for paying the interest on and principal of the Bonds. All ad valorem taxes levied and
collected for and on account of the Bonds shall be deposited, as collected, to the credit of the Interest
and Sinking Fund. During each year while any of the Bonds or interest thereon are outstanding and
unpaid, the City Council of the City shall compute and ascertain a rate and amount of ad valorem tax
which will be sufficient to raise and produce the money required to pay the interest on the Bonds as
such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of
its Bonds as such principal matures (but never less than 2% of the original principal amount of said
Bonds as a sinking fund each year); and said tax shall be based on the latest approved tax rolls of the
City, with full allowance being made for tax delinquencies and the cost of tax collection. Said rate
and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable
property in the City for each year while any of the Bonds or interest thereon are outstanding and
unpaid; and said tax shall be assessed and collected each such year and deposited to the credit of the
aforesaid Interest and Sinking Fund. Said ad valorem taxes sufficient to provide for the payment of
the interest on and principal of the Bonds, as such interest comes due and such principal matures, are
hereby pledged for such payment, within the limit prescribed by law.
Section 9. DEFEASANCE OF BONDS. (a) Any Bond and the interest thereon shall be
deemed to be paid, retired, and no longer outstanding (a " Defeased Bond ") within the meaning of this
Ordinance, except to the extent provided in subsection (d) of this Section 9, when payment of the
principal of such Bond, plus interest thereon to the due date (whether such due date be by reason of
maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made in
accordance with the terms thereof (including the giving of any required notice of redemption), or
(ii) shall have been provided for on or before such due date by irrevocably depositing with or making
available to the Paying Agent/Registrar for such payment (1) lawful money of the United States of
America sufficient to make such payment or (2) Permitted Investments which mature as to principal
and interest in such amounts and at such times as will insure the availability, without reinvestment,
of sufficient money to provide for such payment, and when proper arrangements have been made by
the City with the Paying Agent/Registrar for the payment of its services until all Defeased Bonds shall
have become due and payable. At such time as a Bond shall be deemed to be a Defeased Bond
hereunder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable
from, or entitled to the benefits of, the ad valorem taxes herein levied and pledged as provided in this
Ordinance, and such principal and interest shall be payable solely from such money or Permitted
Investments.
(b) Any moneys so deposited with the Paying Agent/Registrar may at the written direction
of the City also be invested in Permitted Investments, maturing in the amounts and times as
hereinbefore set forth, and all income from such Permitted Investments received by the Paying
Agent/Registrar which is not required for the payment of the Bonds and interest thereon, with respect
(/ky: 2715.016 \Ordin96.go - 4/16/96) 16
to which such money has been so deposited, shall be turned over to the City, or deposited as directed
in writing by the City.
(c) The term "Permitted Investments" as used in this Section, shall mean noncallable direct
obligations of the United States of America, including obligations which are unconditionally
guaranteed by the United States of America, which may be United States Treasury obligations such
as its State and Local Government Series, which may be in book -entry form ( "Government
Obligations ").
(d) Until all Defeased Bonds shall have become due and payable, the Paying Agent/Registrar
shall perform the services of Paying Agent/Registrar for such Defeased Bonds the same as if they had
not been defeased, and the City shall make proper arrangements to provide and pay for such services
as required by this Ordinance.
(e) That the City covenants that no deposit will be made or accepted under clause (a)(ii) of
this Section and no use made of any such deposit which would cause the Bonds or any Priority Bonds
to be treated as arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code
of 1954, as amended.
(f) In the event the principal and/or interest due on the Bonds shall be paid by AMBAC
Indemnity pursuant to the Municipal Bond Guaranty Insurance Policy, the Bonds shall remain
outstanding for all purposes, not be defeased or otherwise satisfied, and not be considered paid by
the City, and the assignment and pledge of the Pledged Revenues and all covenants, agreements and
other obligations of the City to the owners of the Bonds shall continue to exist and shall run to the
benefit of AMBAC Indemnity, and AMBAC Indemnity shall be subrogated to the rights of such
owners.
Section 10. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS.
(a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated, lost, stolen, or
destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and delivered, a new bond
of the same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or
destroyed Bond, in replacement for such Bond in the manner hereinafter provided.
(b) Application for Replacement Bonds. Application for replacement of damaged, mutilated,
lost, stolen, or destroyed Bonds shall be made by the registered owner thereof to the Paying
Agent/Registrar. In every case of loss, theft, or destruction of a Bond, the registered owner applying
for a replacement bond shall furnish to the City and to the Paying Agent/Registrar such security or
indemnity as may be required by them to save each of them harmless from any loss or damage with
respect thereto. Also, in every case of loss, theft, or destruction of a Bond, the registered owner shall
furnish to the City and to the Paying Agent/Registrar evidence to their satisfaction of the loss, theft,
or destruction of such Bond, as the case may be. In every case of damage or mutilation of a Bond,
the registered owner shall surrender to the Paying Agent/Registrar for cancellation the Bond so
damaged or mutilated.
(Ay: 2715.016 \Ordin96.go - 4/16/96) 17
(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in the
event any such Bond shall have matured, and no default has occurred which is then continuing in the
payment of the principal of, redemption premium, if any, or interest on the Bond, the City may
authorize the payment of the same (without surrender thereof except in the case of a damaged or
mutilated Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished
as above provided in this Section.
(d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement bond,
the Paying Agent/Registrar shall charge the registered owner of such Bond with all legal, printing,
and other expenses in connection therewith. Every replacement bond issued pursuant to the
provisions of this Section by virtue of the fact that any Bond is lost, stolen, or destroyed shall
constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Bond shall
be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this
Ordinance equally and proportionately with any and all other Bonds duly issued under this Ordinance.
(e) Authority for Issuing Replacement Bonds. In accordance with Section 5 of Vernon's
Ann. Tex. Civ. St. Art. 717k -6, this Section 10 of this Ordinance shall constitute authority for the
issuance of any such replacement bond without necessity of further action by the governing body of
the City or any other body or person, and the duty of the replacement of such bonds is hereby
authorized and imposed upon the Paying Agent/ Registrar, and the Paying Agent/Registrar shall
authenticate and deliver such Bonds in the form and manner and with the effect, as provided in
Section 5 of this Ordinance for Bonds issued in exchange for other Bonds.
Section 11. PAYMENT PROCEDURE PURSUANT TO MUNICIPAL BOND
GUARANTY INSURANCE POLICY. As long as the Municipal Bond Guaranty Insurance Policy
shall be in full force and effect, the City and the Paying Agent/Registrar agree to comply with the
following provisions:
(a) If payment of principal or interest due on the Bonds has not been made to the Paying
Agent/Registrar or any owner of Bonds to whom such payment is due, the Paying Agent/Registrar
shall so notify AMBAC Indemnity by telephonic or telegraphic notice, subsequently confirmed in
writing, or written notice by registered or certified mail. Such notice shall specify the amount of the
anticipated deficiency, the Bonds to which such deficiency is applicable, and whether such Bonds will
be deficient as to principal or interest, or both. AMBAC Indemnity, on the later of the date due for
payment or within one business day after receipt of notice of nonpayment, will deposit sufficient
moneys with United States Trust Company of New York, as insurance Trustee for AMBAC
Indemnity or any successor insurance trustee (the "Insurance Trustee ").
(b) The Paying Agent/Registrar shall, after giving notice to AMBAC Indemnity as provided
in (a) above, make available to AMBAC Indemnity and, at AMBAC Indemnity's direction, to the
Insurance Trustee, the registration books of the City maintained by the Paying Agent/Registrar, and
all records relating to the Funds and Accounts maintained under this Ordinance.
(/ky: 2715.016 \Ordin96.go - 4/16/96) 18
(c) The Paying Agent/Registrar shall provide AMBAC Indemnity and the Insurance Trustee
with a list of registered owners of the Bonds entitled to receive principal or interest payments from
AMBAC Indemnity under the terms of the Municipal Bond Guaranty Insurance Policy, and shall
make arrangements with the Insurance Trustee to (i) mail checks or drafts to the registered owners
of Bonds entitled to receive full or partial interest payments from AMBAC Indemnity and (ii) pay
principal upon Bonds surrendered to the Insurance Trustee by the registered owners of Bonds entitled
to receive full or partial principal payments from AMBAC Indemnity.
(d) The Paying Agent/Registrar shall, at the time it provides notice to AMBAC Indemnity
pursuant to (a) above, notify registered owners of Bonds entitled to receive the payment of principal
or interest thereon from AMBAC Indemnity (i) as to the fact of such entitlement, (ii) that AMBAC
Indemnity will remit to them all or a part of the interest payments next coming due, (iii) that should
they be entitled to receive full payment of principal from AMBAC Indemnity, they must present and
surrender their Bonds together with any appropriate instrument of assignment for payment to the
Insurance Trustee, and not the Paying Agent/Registrar, and (vi) that should they be entitled to receive
partial payment of principal from AMBAC Indemnity, they must present and surrender their Bonds
for payment thereon first to the Paying Agent/Registrar, who shall note on such Bonds the portion
of the principal paid by the Paying Agent/Registrar, and then, along with an appropriate instrument
of assignment, to the Insurance Trustee, which will then pay the unpaid portion of principal. The
Insurance Trustee shall disburse to the registered owners of Bonds, through the Paying
Agent/Registrar, the payment due less any amount held by the Paying Agent/Registrar for payment
of principal of or interest on Bonds and legally available therefor.
(e) In the event that the Paying Agent/Registrar has notice that any payment of principal of
or interest on a Bond which has become due for payment and which is made to an owner of a Bond
by or on behalf of the Board has been deemed a preferential transfer and theretofore recovered from
its registered owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in
accordance with the final, nonappealable order of a court having competent jurisdiction, the Paying
Agent/Registrar shall at the time AMBAC Indemnity is notified pursuant to (a) above, notify all
registered owners that in the event that any registered owner's payment is so recovered, such
registered owner will be entitled to payment from AMBAC Indemnity to the extent of such recovery,
and the Paying Agent/Registrar shall furnish to AMBAC Indemnity its records evidencing the
payments of principal of and interest on the Bonds which have been made by the Paying
Agent/Registrar and subsequently recovered from registered owners and the dates on which such
payments were made.
(f) In addition to those rights granted AMBAC Indemnity under this Ordinance, AMBAC
Indemnity shall, upon remittance and transfer of Bonds or appropriate instruments of assignment,
become the owner thereof, and to evidence such ownership (i) in the case of claims for past due
interest, the Paying Agent/Registrar shall note AMBAC Indemnity's rights as owner on the
registration books of the Board maintained by the Paying Agent/Registrar upon receipt from AMBAC
Indemnity of proof of the payment of interest thereon to the registered owners of the Bonds and (ii)
in the case of claims for past due principal, the Paying Agent/Registrar shall note AMBAC
(/ky: 2715.016 \Ordin96.go - 4/16/96) 19
Indemnity's rights as owner on the registration books of the Board maintained by the Paying
Agent/Registrar upon surrender of the Bonds by the registered owners thereof together with proof
of the payment of principal thereof.
Section 12. NOTICES TO BE GIVEN TO AMBAC INDEMNITY. While the Municipal
Bond Guaranty Insurance Policy is in effect, the City shall furnish to AMBAC Indemnity: (a) as soon
as practicable after filing thereof, a copy of any audit and annual report of the City; (b) a copy of any
notice to be given to the registered owners of the Bonds and any certificate rendered pursuant to this
Ordinance relating to the security for the Bonds; and (c) such additional information it may reasonably
request.
The City will permit AMBAC Indemnity to discuss the affairs, finances and accounts of the
City or any information AMBAC Indemnity may reasonably request regarding the security for the
Bonds with appropriate officers of the City. The City will permit AMBAC Indemnity to have access
to and to make copies of all books and records relating to the Bonds at any reasonable time.
AMBAC Indemnity shall have the right to direct an accounting at the City's expense, and the
City's failure to comply with such direction within 30 days after receipt of written notice of the
direction from AMBAC Indemnity shall be deemed a default hereunder; provided, however, that if
compliance cannot occur with such period, then such period will be extended so long as compliance
is begun within such period and diligently pursued, but only if such extension would not materially
adversely affect the interests of any owner of the Bonds.
Notwithstanding any other provision of this Ordinance, the Paying Agent/Registrar shall
immediately notify AMBAC Indemnity if at any time there is insufficient money to make any
payments of principal and/or interest as required and immediately upon the occurrence of an event
of default hereunder.
Any provision of this Ordinance expressly recognizing or granting rights in or to AMBAC
Indemnity may not be amended in any manner which affects the rights of AMBAC Indemnity
hereunder without the prior written consent of AMBAC Indemnity.
Section 13. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS; BOND
COUNSEL'S OPINION, AND CUSIP NUMBERS. The Mayor of the City is hereby authorized to
have control of the Bonds initially issued and delivered hereunder and all necessary records and
proceedings pertaining to the Bonds pending their delivery and their investigation, examination, and
approval by the Attorney General of the State of Texas, and their registration by the Comptroller of
Public Accounts of the State of Texas. Upon registration of the Bonds said Comptroller of Public
Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the
Comptroller's Registration Certificate attached to such Bonds, and the seal of said Comptroller shall
be impressed, or placed in facsimile, on such Certificate. The approving legal opinion of the City's
Bond Counsel, the assigned CUSIP numbers and the statement of insurance relating to the insurance
policy issued with respect to the Bonds may be printed on the Bonds issued and delivered under this
(Ag: 2715.016 \Ordin96.go - 4/16/96) 20
Ordinance, but such information shall have no legal effect, and shall be solely for the convenience and
information of the registered owners of the Bonds.
Section 14. COVENANTS REGARDING TAX EXEMPTION OF INTEREST ON THE
BONDS. The City covenants to take any action necessary to assure, or refrain from any action which
would adversely affect, the treatment of the Bonds as obligations described in section 103 of the
Code, the interest on which is not includable in the "gross income" of the holder for purposes of
federal income taxation. In furtherance thereof, the City covenants as follows:
(a) to take any action to assure that no more than 10 percent of the proceeds of the Bonds
or the projects financed therewith (less amounts deposited to a reserve fund, if any) are used for any
"private business use," as defined in section 141(b)(6) of the Code or, if more than 10 percent of the
proceeds or the projects financed therewith are so used, such amounts, whether or not received by
the City, with respect to such private business use, do not, under the terms of this Ordinance or any
underlying arrangement, directly or indirectly, secure or provide for the payment of more than 10
percent of the debt service on the Bonds, in contravention of section 141(b)(2) of the Code;
(b) to take any action to assure that in the event that the "private business use" described in
subsection (a) hereof exceeds 5 percent of the proceeds of the Bonds or the proceeds financed
therewith (less amounts deposited into a reserve fund, if any) then the amount in excess of 5 percent
is used for a "private business use" which is "related" and not "disproportionate," within the meaning
of section 141(b)(3) of the Code, to the governmental use;
(c) to take any action to assure that no amount which is greater than the lesser of $5,000,000,
or 5 percent of the proceeds of the Bonds (less amounts deposited into a reserve fund, if any) is
directly or indirectly used to finance loans to persons, other than state or local governmental units,
in contravention of section 141(c) of the Code;
(d) to refrain from taking any action which would otherwise result in the Bonds being treated
as "private activity bonds" within the meaning of section 141(b) of the Code;
(e) to refrain from taking any action that would result in the Bonds being "federally
guaranteed" within the meaning of section 149(b) of the Code;
(f) to refrain from using any portion of the proceeds of the Bonds, directly or indirectly, to
acquire or to replace funds which were used, directly or indirectly, to acquire investment property
(as defined in section 148(b)(2) of the Code) which produces a materially higher yield over the term
of the Bonds, other than investment property acquired with --
(1) proceeds of the Bonds invested for a reasonable temporary period of 3 years or less
or, in the case of a refunding bond, for a period of 30 days or less until such proceeds are
needed for the purpose for which the bonds are issued,
(/ky: 2715.016 \Ordin96.go - 4/16/96) 21
(2) amounts invested in a bona fide debt service fund, within the meaning of section
148 -1(b) of the Treasury Regulations, and
(3) amounts deposited in any reasonably required reserve or replacement fund to the
extent such amounts do not exceed 10 percent of the proceeds of the Bonds;
(g) to otherwise restrict the use of the proceeds of the Bonds or amounts treated as proceeds
of the Bonds, as may be necessary, so that the Bonds do not otherwise contravene the requirements
of section 148 of the Code (relating to arbitrage) and, to the extent applicable, section 149(d) of the
Code (relating to advance refundings); and
(h) to pay to the United States of America at least once during each five -year period
(beginning on the date of delivery of the Bonds) an amount that is at least equal to 90 percent of the
"Excess Earnings," within the meaning of section 148(f) of the Code and to pay to the United States
of America, not later than 60 days after the Bonds have been paid in full, 100 percent of the amount
then required to be paid as a result of Excess Earnings under section 148(f) of the Code.
For purposes of the foregoing (a) and (b), the City understand that the term "proceeds"
includes "disposition proceeds" as defined in the Treasury Regulations and, in the case of refunding
bonds, transferred proceeds (if any) and proceeds of the refunding bonds expended prior to the date
of issuance of the Bonds. It is the understanding of the City that the covenants contained herein are
intended to assure compliance with the Code and any regulations or rulings promulgated by the U. S.
Department of the Treasury pursuant thereto. In the event that regulations or rulings are hereafter
promulgated which modify or expand provisions of the Code, as applicable to the Bonds, the City will
not be required to comply with any covenant contained herein to the extent that such failure to
comply, in the opinion of nationally recognized bond counsel, will not adversely affect the exemption
from federal income taxation of interest on the Bonds under section 103 of the Code. In the event
that regulations or rulings are hereafter promulgated which impose additional requirements which are
applicable to the Bonds, the City agrees to comply with the additional requirements to the extent
necessary, in the opinion of nationally recognized bond counsel, to preserve the exemption from
federal income taxation of interest on the Bonds under section 103 of the Code. In furtherance of
such intention, the City hereby authorizes and directs the Mayor to execute any documents,
certificates or reports required by the Code and to make such elections, on behalf of the City, which
may be permitted by the Code as are consistent with the purpose for the issuance of the Bonds.
In order to facilitate compliance with the above covenant (h), a "Rebate Fund" is hereby
established by the City for the sole benefit of the United States of America, and such fund shall not
be subject to the claim of any other person, including without limitation the bondholders. The Rebate
Fund is established for the additional purpose of compliance with section 148 of the Code.
Section 15. SALE OF BONDS. The Bonds are hereby sold and shall be delivered to
Southwest Securities Incorporated, in accordance with law and pursuant to a Bond Purchase
Agreement in form and substance submitted at this meeting, and dated April 16, 1996. The Mayor
(&y: 2715.016 \Ordin96.go - 4/16/96) 22
of said City is hereby authorized and directed to execute said Bond Purchase Agreement on behalf
of the City. It is hereby found and determined by the City Council that the price and terms for the
sale of the Bonds as set forth in said Bond Purchase Agreement are the most advantageous
reasonably obtainable. The Bonds shall initially be registered in the name of Southwest Securities
Incorporated.
Section 16. APPROVAL OF PRELIMINARY OFFICIAL STATEMENT. The draft
Preliminary Official Statement relating to the Bonds submitted at this meeting is hereby approved and
is deemed final, except for such omissions as are permitted by Rule 15c2 -12 of the Securities and
Exchange Commission ( "Rule 15c2 -12 "). The Mayor is authorized to approve any changes in such
document and to authorize its distribution by the Underwriter to prospective purchasers of the Bonds.
Within seven (7) business days after the award of the sale of the Bonds, the Mayor shall cause a final
official statement to be provided to the Underwriter in compliance with Rule 15c2 -12.
Section 17. REFUNDING OF OUTSTANDING BONDS. Concurrently with the delivery
of the Bonds the City shall deposit with The Bank of New York, as Paying Agent for the Refunded
Bonds, an amount from the proceeds from the sale of such Bonds sufficient, together with other
available amounts, which are hereby appropriated, to refund all of the Refunded Bonds described in
the preamble to this Ordinance which are being refunded with the proceeds of the Bonds, all in
accordance with Section 7A of Vernon's Ann. Tex. St. Article 717k, as amended. It is hereby found
and determined that the refunding of the Refunded Bonds is advisable and necessary in order to
achieve debt service savings on an actual and on a present value basis. The City Manager is
authorized to deliver a certificate to the Attorney General's office relating to the savings.
The Mayor and the City Clerk are authorized and directed to sign, seal and otherwise execute
and deliver a Deposit Agreement in substantially the form and substance submitted at this meeting
between the City and The Bank of New York as the paying agent for the Refunded Bonds.
Section 18. PAYING AGENT AGREEMENT. The City hereby appoints The Bank of New
York, Jacksonville, Florida, as Paying Agent/Registrar for the Bonds authorized hereby. The Mayor
and the City Clerk of the City of Wichita Falls, are hereby authorized to execute and deliver on behalf
of the City a Paying Agent/Registrar Agreement, dated as of the date of delivery of the Bonds in
substantially the form and substance presented at this meeting.
Section 19. REDEMPTION OF REFUNDED OBLIGATIONS. The City hereby directs that
the Refunded Obligations be called for redemption on the redemption dates and at the redemption
price set forth in the Notice of Redemption attached hereto as Exhibit B. The Refunded Obligations
described in said Notice of Redemption shall be presented for redemption in accordance with said
notice at the Paying Agent for said Refunded Obligations as shown in the Notice of Redemption and
shall not bear interest after the date provided for redemption. The Director of Finance shall insure
that the provisions of the ordinances authorizing the Refunded Obligations are complied with and
shall make provisions with the Paying Agent for the Refunded Obligations to have the notice given
by both publication and mailing as required. In addition to the Notice of Redemption set forth in the
(/ky: 2715.0161Ordin96.go - 4/16/96) 23
authorizing ordinance, the Notice of Redemption shall also be given by mail, first -class postage
prepaid to each registered securities depository and to any national information service that
disseminates redemption notices. Any notice sent to the registered securities depositories or such
national information services shall be sent so that they are received at least two (2) days prior to the
general mailing or publication date of such notice. The Notice of Redemption should also be sent to
the registered owner of any Bond who has not sent the Bonds in for redemption sixty (60) days after
the redemption date.
Section 20. APPROVAL OF INSURANCE. The Commitment for Municipal Bond
Insurance from AMBAC Indemnity Corporation relating to the Bonds is hereby accepted and
approved. In addition, a copy of any notice required to be given by this Ordinance shall also be given
to AMBAC at the following address unless a different address is hereafter designated in writing to
the City:
AMBAC Indemnity Corporation
One State Street Plaza
New York, New York 10004
Section 21. CONTINUING DISCLOSURE UNDERTAKING. (a) Annual Reports. The
City shall provide annually to each NRMSIR and any SID, within six months after the end of each
fiscal year ending in or after 1996, financial information and operating data with respect to the City
of the general type included in the final Official Statement authorized by Section 16 of this Ordinance,
being the information described in Exhibit A hereto. Any financial statements so to be provided shall
be (1) prepared in accordance with the accounting principles described in Exhibit A hereto, or such
other accounting principles as the City may be required to employ from time to time pursuant to state
law or regulation, 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 the audit of such financial
statements is not complete within such period, then the City shall provide unaudited financial
statements by the required time, and will provide audited financial statements for the applicable fiscal
year to each NRMSIR and any SID, when and if the audit report on such statements become
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.
(AW: 2715.016 \Ordin96.go - 4/16/96) 24
(b) 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 Bonds, if such event
is material within the meaning of the federal securities laws:
A. Principal and interest payment delinquencies;
B. Non - payment related defaults;
C. Unscheduled draws on debt service reserves reflecting financial difficulties;
D. Unscheduled draws on credit enhancements reflecting financial difficulties;
E. Substitution of credit or liquidity providers, or their failure to perform;
F. Adverse tax opinions or events affecting the tax- exempt status of the Bonds;
G. Modifications to rights of holders of the Bonds;
H. Bond calls;
I. Defeasances;
J. Release, substitution, or sale of property securing repayment of the [Bonds]; and
K. 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 this
Section of this Ordinance by the time required by such Section.
(c) Limitations, Disclaimers, and Amendments. The City shall be obligated to observe and
perform the covenants specified in this Article for so long as, but only for so long as, the City remains
an "obligated person" with respect to the Bonds within the meaning of the Rule, except that the City
in any event will give notice of any deposit made in accordance with Section 20 that causes the Bonds
no longer to be outstanding.
The provisions of this Article are for the sole benefit of the holders and beneficial owners of
the Bonds, and nothing in this Article, 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 Article 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 Article or otherwise, except as expressly provided herein. The City does not make any
representation or warranty concerning such information or its usefulness to a decision to invest in or
sell Bonds at any future date.
UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER OR
BENEFICIAL OWNER OF ANY BOND 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 ARTICLE, BUT EVERY RIGHT AND REMEDY OF ANY SUCH
()ky: 2715.016 \Ordin96.go - 4/16/96) 25
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 Article shall
comprise a breach of or default under the 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 that arise 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 an underwriter to purchase or sell Bonds in the
primary offering of the Bonds in compliance with the Rule, taking into account any amendments or
interpretations of the Rule since such offering as well as such changed circumstances and (2) either
(a) the owners 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 Bonds
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 interest of
the owners and beneficial owners of the Bonds. If the City so amends the provisions of this Section,
it shall include with any amended financial information or operating data next provided in accordance
with this Section an explanation, in narrative form, of the reason for the amendment and of the impact
of any change in the type of financial information or operating data so provided. The City may also
amend or repeal the provisions of this continuing disclosure agreement if the SEC amends or repeals
the applicable provision of the Rule or a court of final jurisdiction enters judgment that such
provisions of the Rule are invalid, but only if and to the extent that the provisions of this sentence
would not prevent an underwriter from lawfully purchasing or selling Bonds in the primary offering
of the Bonds.
Any notice given to a NRMSIR or SID shall also be given to AMBAC Indemnity at the same
time it is given to the NRMSIR or SID.
Section 22. FURTHER PROCEDURES. The Mayor, City Clerk and City Manager of the
City, and all other officers, employees, and agents of the City, and each of them, shall be and they are
hereby expressly authorized, empowered, and directed from time to time and at any time to do and
perform all such acts and things and to execute, acknowledge, and deliver in the name and under the
seal and on behalf of the City all such instruments, whether or not herein mentioned, as may be
necessary or desirable in order to carry out the terms and provisions of this Ordinance, the Bonds,
the Bond Purchase Agreement, the Official Statement, the Paying Agent/Registrar Agreement, the
Deposit Agreement, the Commitment for Municipal Bond Insurance, or the redemption of the
Refunded Obligations being called for redemption prior to their scheduled maturities. In addition,
the Mayor is authorized to approve any changes to this Ordinance necessary to comply with the
(/ky: 2715.016 \Ordin96.go - 4/16/96) 26
Commitment for Municipal Bond Insurance or to secure the approval of the Bonds by the Texas
Attorney General. In case any officer whose signature appears on any Bond or other certificate shall
cease to be such officer before the delivery of the Bonds, such signature shall nevertheless be valid
and sufficient for all purposes the same as if he or she had remained in office until such delivery. In
addition, the findings and recitals made in the preamble to this Ordinance are hereby incorporated
herein and made a part of this Ordinance for all purposes.
Section 23. SEVERABILITY. If any Section, paragraph, clause or provision of this
Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such Section, paragraph, clause or provision shall not affect any of the remaining
provisions of this Ordinance.
Section 24. NO PERSONAL LIABILITY. No recourse shall be had for payment of the
principal of or interest on any Bonds or for any claim based thereon, or on this Ordinance, against any
official or employee of the City or any person executing any Bonds.
Section 25. OPEN MEETING. It is hereby officially found and determined that the meeting
at which this Ordinance was adopted was open to the public, and that public notice of the time, place
and purpose of said meeting was given, all as required by Article 6252 -17, Vernon's Texas Civil
Statutes, as amended.
Section 26. EMERGENCY. That it is hereby officially found and determined: that a case
of emergency or urgent public necessity exists which requires the holding of the meeting at which this
Ordinance is passed, such emergency or urgent public necessity being that it is necessary that the
bonds be refunded and that the proceeds from the sale of said bonds as required as soon as possible
and without delay for necessary and urgently needed public improvements; and that said meeting was
open to the public, and public notice of the time, place, and purpose of said meeting was given, all
as required by Texas Government Code, Chapter 551.
Section 27. IMMEDIATE EFFECT. This Ordinance shall take effect and be in force
immediately upon and after its passage in accordance with the provisions of the Charter of the City,
and it is accordingly so ordained.
(Ay: 2715.016 \Ordin96.go - 4/16/96) 27
� 11:
DESCRIPTION OF ANNUAL FINANCIAL INFORMATION
The following information is referred to in Section 34 of this Ordinance.
Annual Financial Statements and Operating Data
The financial information and operating data with respect to the Issuer to be provided annually
in accordance with such Section are as specified (and included in Appendices or under the headings
of the Official Statement referred to) below:
-- TABLE 1 -5 in Appendix A, "FINANCIAL INFORMATION OF THE CITY"
-- APPENDIX C (AUDITED FINANCIAL STATEMENTS FOR THE LAST
COMPLETED FISCAL YEAR)
Accounting Principles
The accounting principles referred to in such Section are the accounting principles described
in the notes to the audited financial statements appearing in Appendix C referred to in paragraph
above.
(/ky: 2715.016 \Ordin96.go - 4/16/96)
ii: :
(NOTICE OF REDEMPTION)
(/ky: 2715.016 \Ordin96.go - 4/16/96)
NOTICE OF REDEMPTION
CITY OF WICHITA FALLS, TEXAS
NOTICE IS HEREBY GIVEN that the City of Wichita Falls, Texas (the "City ") has called
for redemption on the date and at the redemption price specified, the below listed outstanding Bonds
of the City as follows:
City of Wichita Falls, Texas General Obligation Refunding Bonds, Series 1986, dated
July 1, 1986, maturing on September 1 in the years, in the amounts, at a redemption
date, at the redemption price of the principal amount of Bonds called for redemption,
plus accrued interest thereon to the date fixed for redemption, at the interest rates,
and with CUSIP numbers as follows:
MATURITY
PRINCIPAL
REDEMPTION
REDEMPTION
INTEREST
CUSIP
DATE
AMOUNT
DATE
PRICE
RATE
NO.
1997
$ 610,000
September 1, 1996
100%
7.65%
967120 MQ6
1998
655,000
September 1, 1996
100%
7.80%
967120 MR4
1999
705,000
September 1, 1996
100%
7.90%
967120 MS2
2000
765,000
September 1, 1996
100%
8.00%
967120 MTO
2001
825,000
September 1, 1996
100%
8.05%
967120 MU7
2002
890,000
September 1, 1996
100%
8.05%
967120 MV5
2003
960,000
September 1, 1996
100%
8.10%
967120 MW3
2004
1,035,000
September 1, 1996
100%
8.10%
967120 MX1
2005
1,125,000
September 1, 1996
100%
8.15%
967120 MY9
2006
1,215,000
September 1, 1996
100%
8.15%
967120 MZ6
aggregating $8,785,000 in principal amount. Said Series 1986 Bonds shall be redeemed in whole at The
Bank of New York, New York, New York (successor to NationsBank of Texas, N.A., Dallas, Texas),
the Paying Agent/Registrar for said Series 1986 Bonds. Upon presentation of said Series 1986 Bonds
at the Paying Agent/Registrar on the aforementioned redemption date, the holder thereof shall be entitled
to receive the redemption price equal to par and accrued interest to the redemption date.
NOTICE IS FURTHER GIVEN that due and proper arrangements have been made for
providing the place of payment of said Bonds, respectively (herein collectively called the "Securities ")
called for redemption with funds sufficient to pay the principal amount of said Securities and the interest
thereon to the redemption date. In the event said Securities or any of them are not presented for
redemption by the respective date fixed for their redemption, they shall not thereafter bear interest.
THIS NOTICE is issued and given pursuant to the redemption provisions in the proceedings
authorizing the issuance of the aforementioned Securities respectively and in accordance with the recitals
and provisions of each of said Securities, respectively.
A N
[ Paying Agent/Registrar to insert paragraph re: withholding. ]
NOTICE IS FURTHER GIVEN THAT the Securities of each respective issue, should be
submitted to either of the following addresses:
In Person:
By Mail:
The Bank of New York The Bank of New York
Fred L. Werner, Director of Finance
City of Wichita Falls, Texas
ORDINANCE NO. 52-96
ORDINANCE WAIVING
SECTION 22 -1 (a) (2) TO
PERMIT VEHICLES ON
THE BALLFIELD AND
GRANTING EXTENDED
R E S E R V A T I O N LI-
CENSED TO THE TEX-
MEX B A S E B A L L
L E A G U E A P R I L
• 16- SEPTEMBER 1, 1996 IN
THE SPUDDER AND WIL-
(Pa LIAMS PARKS e
ORDINANCE NO.53 -96
ORDINANCE OF THE
CITY COUNCIL OF THE
C I T Y OF W I C H I T A
FALLS, TEXAS, AMEND -
ING CHAPTER 29 "TRAF-
FIC" OF THE WICHITA
FALLS CODE OF ORDI-
NANCES TO AMEND SEC-
TION 29 -124, PROVIDING
FOR THE DESIGNATION
OF PARKING SPACES
FOR THE DISABLED;
REPEALING ALL ORDI-
NANCE AND PROVISIONS
IN CONFLICT HERE-
WITH; PROVIDING FOR
SEVERABILITY AND
SAVING CLAUSE; FIND-
ING AND DETERMINING
THAT THE MEETING AT
WHICH THIS ORDINANCE
WAS PASSED WAS OPEN
TO THE PUBLIC AS RE-
QUIRED BY LAW
ORDINANCE NO.54 -96
ORDINANCE OF THE
CITY COUNCIL OF THE
C I T Y OF W I C H I T A
FALLS, TEXAS, AMEND-
ING APPENDIX C "ZON-
ING ORDINANCE" OF
THE WICHITA FALLS
CODE OF ORDINANCES
TO AMEND SECTION 6226,
.51tt til PROVIDING FOR THE
1P P DESIGN STANDARDS OF ,L
HANDICAP PARKING FA-
CILITIES; REPEALING
ALL ORDINANCE AND
pP PROVISIONS IN CON - 0;
i?xcw£x FLICT HEREWITH; PRO -
:am;vvmmyaanw V I D I N G F O R
SEVERABILITY AND
SAVING CLAUSE; FIND -
ING AND DETERMINING
THAT THE MEETING AT
WHICH THIS ORDINANCE
WAS PASSED WAS OPEN
TO THE PUBLIC AS RE-
! QUIRED BY LAW
ORDINANCE NO.55 -96
ORDINANCE WAIVING
SECTION 22 -1 (a) (9) OF
THE CODE ORDINANCES
TO PERMIT SIGNS AT A
MARCH OF DIMES
EVENT APRIL 27, 1996 IN
LUCY PARK
ORDINANCE NO.56 -96
ORDINANCE WAIVING
SECTION 27 -30 OF THE
CODE OF ORDINANCES
WITH RESPECT TO
PLACING A SIDEWALK
ON THE EAST SIDE OF
BARNETT ROAD, ADJA-
CENT TO THE WEST
LINE OF LOT 21, TURTLE
CREEK ESTATES
ORDINANCE NO. 57-96
ORDINANCE WAIVING
APPENDIX A. SUBDIVI-
SIONS SECTION 9 (B) (2)
(a) OF THE CODE OF OR-
DINANCES WITH RE-
SPECT TO PLACING
CURB AND GUTTER ON
THE EAST SIDE OF BAR -
NETT ROAD ADJACENT
TO THE WEST LINE OF
LOT 21, TURTLE CREEK
ESTATES
ORDINANCE NO. 58-96
ORDINANCE WAIVING
SECTION 27 -30 OF THE
CODE OF ORDINANCES
WITH RESPECT TO
PLACING A SIDEWALK
ON THE SOUTH SIDE OF
HIGHWAY 79 ADJACENT
TO THE NORTH LINE OF
LOT 10, BLOCK 11, CHER-
OKEE COUNTY SCHOOL
LAND
nDn1NANfF Nn SQAA
Affidavit of Publication
THE STATE OF TEXAS
COUNTY OF WICHITA
On this 10th
Ad #155629
day of May
1996
A.D............. personally appeared before me, the undersigned authority
Mary E. Newell
bookkeeper
for the Times Publishing Company of Wichita Falls, publishers of the Wichita Falls
Times /Record News, a newspaper published at Wichita Falls in Wichita County,
Texas, and upon being duly sworn by me, on oath states that the attached
advertisement is a true and correct copy of advertising published
in one ( 1) issues thereof on the following dates:
May 9, 1996
Bookkeeper for imes Publis ing Company
of Wichita Falls
Subscribed and sworn to before me this the day and year first above written:
ORDINANCE NO. 59-96
ORDINANCE WAIVING
APPENDIX A, SUBDIVI-
SION SECTION 9 (B) (2)
(a) OF THE CODE OF OR-
DINANCES WITH RE-
SPECT TO PLACING
CURB AND GUTTER ON
THE SOUTH SIDE OF
HIGHWAY 79 ADJACENT
TO THE NORTH LINE OF
LOT 10, BLOCK 11, CHER-
OKEE COUNTY SCHOOL
LAND
.ORDINANCE NO.60 -96
ORDINANCE WAIVING
APPENDIX A, SUBDIVI-
SION SECTION 9 (B) (2)
(a) OF THE CODE OF OR-
DINANCES WITH RE-
SPECT TO PLACING
CURB AND GUTTER ON
THE SOUTH SIDE OF
HIGHWAY 79 ADJACENT
TO THE NORTH LINE OF
LOT 9, BLOCK 11, CHERO-
KEE COUNTY SCHOOL
LAND
ORDINANCE NO.61 -96
ORDINANCE WAIVING
SECTION 27 -30 OF THE
CODE OF ORDINANCES
WITH RESPECT TO
PLACING A SIDEWALK
ON THE SOUTH SIDE OF
HIGHWAY 79 ADJACENT
TO THE NORTH LINE OF
LOT 9, BLOCK 11, CHERO-
KEE COUNTY SCHOOL
LAND
ORDINANCE NO.62 -96
ORDINANCE WAVING
SECTION 27 -30 OF THE
CODE OF ORDINANCES
WITH RESPECT TO
PLACING A SIDEWALK
ON THE NORTH SIDE OF
GOODMAN ROAD ADJA-
CENT TO THE SOUTH
LINE OF LOTS 3 & 4,
BLOCK 37, CHEROKEE
COUNTYSCHOOLLAND
ORDINANCE NO. 63-96
ORDINANCE WAIVING
APPENDIX A, SUBDIVI-
SION SECTION 9 (B) (2)
(a) OF THE CODE OF OR-
DINANCES WITH RE-
SPECT TO PLACING
CURB AND GUTTER ON
THE NORTH SIDE OF
GOODMAN ROAD ADJA-
CENT TO THE SOUTH
LINE OF LOTS 3 & 4,
BLOCK 37, CHEROKEE
COUNTYSCHOOLLAND
ORDINANCE NO.64 -96
ORDINANCE AUTHORIZ-
ING THE ISSUANCE OF
C I T Y OF W I C H I T A
FALLS, TEXAS, GENER-
AL OBLIGATION RE-
F U N D I N G BONDS,
SERIES 1996; AUTHORIZ-
ING THE EXECUTION OF
THE BOND PURCHASE
AGREEMENT, A DEPOS-
IT AGREEMENT AND A
P A Y I N G AGENT/
REGISTRAR AGREE-
MENT AND APPROVING
AN OFFICIAL STATE-
MENT
ORDINANCE NO.65 -96
ORDINANCE AUTHORIZ-
ING THE ISSUANCE AND
SALE OF CITY OF WICHI-
TA FALLS, TEXAS, WA-
TER A N D S E W E R
SYSTEM REFUNDING
REVENUE BONDS, SE-
RIES 1996; AUTHORIZING
THE EXECUTION OF A
B O N D P U RC H A S E
AGREEMENT, A DEPOS-
IT AGREEMENT AND A
P A Y I N G A G E N T/
REGISTRAR AGREE-
MENT; AND APPROVING
AN OFFICIAL STATE-
MENT