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Ord 057-86 7/1/1986r c CERTIFICATE FOR ORDINANCE THE STATE OF TEXAS .• COUNTY OE WICHITA .• CITY OF WICHITA FALLS .• We, the undersigned officers of the City Council of said City, hereby certify as follows: 1 . The City Council of said City convened in REGULAR MEETING ON THE 1ST DAY OF JULY, 1986, at the regular designated meeting place, and the roll was called of the duly constituted officers and members of said City Council, to-wit: Charles Harper, Mayor Sandy Goff Charles Thomas, Lindsey Walker Mayor Pro-Tem Ruth Ann Allred Wilma J. Thomas, Donald Kirkham City Clerk Ronald Buffum and all of said persons were present, except the following absentees: 14,44.4i«-o thus constituting a quorum. Whereupon, among other business the following was transacted at said Meeting: a written ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF WICHITA FALLS, TEXAS GENERAL OBLIGATION REFUNDING BONDS, SERIES 1986 AUTHORIZING THE EXECUTION OF A BOND PURCHASE CONTRACT, APPROVING AN OFFICIAL STATEMENT AND THE EXECUTION OF AN ESCROW AGREEMENT was duly introduced for the consideration of said City Council and read in full. It was then duly moved and seconded that said Resolution be passed; and, after due discussion, said motion, carrying with it the passage of said Resolution, prevailed and carried by the following vote: AYES: All City Council members present above voted "Aye, " except: NOES: ABSTENTIONS: 2. That a true, full, and correct copy of the afore- said Resolution passed at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has been duly recorded in said Board' s minutes of said Meeting; that the above and foregoing paragraph is a true, full, and correct excerpt from said Board' s minutes of said Meeting pertaining to the passage of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, quali- fied, and acting officers and members of said City Council as indicated therein; that each of the officers and members of said City Council was duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the aforesaid Meeting, and that said Reso- lution would be introduced and considered for passage at said Meeting, and each of said officers and members con- sented, in advance, to the holding of said Meeting for such purpose; 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 Vernon' s Ann. Civ. St. Article 6252-17. SIGNED AND SEALED the 1st day 1 uly, 1986.l‘f-7-j))24e-- ' z,149-4 C--) 1St ity Clerk Ma or ' A. Y I (SEAL) ORDINANCE NO. -5 74(' ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 1986, AUTHORIZING THE EXECUTION OF A BOND PURCHASE CONTRACT, APPROVING AN OFFICIAL STATEMENT AND THE EXECUTION OF AN ESCROW AGREEMENT THE STATE OF TEXAS § COUNTY OF WICHITA § CITY OF WICHITA FALLS § WHEREAS, there are presently outstanding the following bonds of the following series of bonds of the City of Wichita Falls (the "Issuer" ) which are secured by the full faith and credit of the Issuer and a pledge by the Issuer to levy ad valorem taxes sufficient to pay principal of and interest on the bonds as they become due: City of Wichita Falls General Obligation Refunding and Improvement Bonds, Series 1985, dated September 1, 1985, currently outstanding in the aggregate principal amount.of $21, 870, 000; and WHEREAS, the Issuer now desires to refund all of said bonds currently outstanding in the aggregate principal amount of $21,870,000 (the "Refunded Bonds" or "Issuer' s Outstanding General Obligation Bonds" ) ; and WHEREAS, Article 717k, V.A.T.C. S. authorizes the Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds or resources, directly with a place of payment (paying agent) for any of the Refunded Bonds, and such deposit, if made before such payment dates, shall constitute the making of firm banking and finan- cial arrangements for the discharge and final payment of the Refunded Bonds; and WHEREAS, Article 717k, V.A.T.C. S. further authorizes the Issuer to enter into an escrow agreement with any paying agent for the Refunded Bonds with respect to the safekeeping, invest- ment, reinvestment, administration and disposition of any such deposit, upon such terms and conditions as the Issuer and such paying agent may agree, provided that such deposits may be invested and reinvested including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, and which shall mature and bear interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payment or prepayment of the Refunded Bonds; and WHEREAS, the City Council of the Issuer deems it advisable to refund the Refunded Bonds in order to lower the annual debt service requirements of the Issuer and to restructure the Issuer' s debt service in a manner which will permit the issuance of additional general obligation bonds without a tax rate increase or with a smaller increase than would otherwise be required; and WHEREAS, InterFirst Bank Dallas, N.A. , Dallas, Texas, is paying agent for the Refunded Bonds, and the Escrow Agreement hereinafter authorized constitutes an escrow agreement of the kind authorized and permitted by said Article 717k; and WHEREAS, all 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 purpose as herein shown; and 4 WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to Articles 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, TEXAS: Section 1 . AMOUNT AND PURPOSE OF THE BONDS. The bonds of City of Wichita Falls (the "Issuer" ) are hereby authorized to be issued and delivered in the aggregate principal amount of $22, 540, 000, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND THE ISSUER' S OUTSTANDING GENERAL OBLIGATION BONDS (all as described in the preamble hereto) Section 2 . DESIGNATION, DATE DENOMINATIONS, NUMBERS AND MATURITIES OF BONDS. Each bond issued pursuant to this Ordi- nance shall be designated: "CITY OF WICHITA FALLS, TEXAS GENERAL OBLIGATION REFUNDING BOND, SERIES 1986", and initially there shall be issued, sold and delivered hereunder fully registered bonds, without interest coupons, dated July 1, 1986, in the respective denominations and principal amounts herein- after stated, numbered consecutively from R-1 upward, payable to the respective initial registered owners thereof (as desig- nated in Section 11 hereof) , or to the registered assignee or assignees of said bonds or any portion or portions thereof (in each case, the "Registered Owner" ) , and said 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: YEARS AMOUNTS YEARS AMOUNTS 1987 $ 305, 000 1997 $1, 060,000 1988 605, 000 1998 1, 140, 000 1989 635, 000 1999 1,230, 000 1990 670,000 2000 1,330, 000 1991 710,000 2001 1, 435,000 1992 755,000 2002 1, 550,000 1993 805, 000 2003 1, 670, 000 1994 860, 000 2004 1,805,000 1995 920,000 2005 1, 955, 000 1996 985, 000 2006 2, 115, 000 The term "Bonds" as used in this Ordinance shall mean and include collectively the bonds initially issued and delivered pursuant to this Ordinance and all substitute bonds 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. Section 3 . INTEREST. The Bonds scheduled to mature during the years, respectively, set forth below shall bear interest from the dates specified in the FORM OF BOND set forth in this Ordinance to their respective dates of maturity or redemption prior to maturity at the following rates per annum: 2 maturities 1987 5.00% maturities 1988 5.25% maturities 1989 5. 50% maturities 1990 6. 00% maturities 1991 6.25% maturities 1992 6. 50% maturities 1993 6. 75% maturities 1994 7.00% maturities 1995 7.25% maturities 1996 7.50% maturities 1997 7. 65% maturities 1998 7.80% maturities 1999 7.90% maturities 2000 8.00% maturities 2001 8.05% maturities 2002 8. 05% maturities 2003 8. 10% maturities 2004 8. 10% maturities 2005 8. 15% maturities 2006 8. 15% Said interest shall be payable in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordi- nance. Section 4. CHARACTERISTICS OF THE BONDS. Registration, Transfer, and Exchange; Authentication. (a) The Issuer shall keep or cause to be kept at the principal corporate trust office of InterFirst Bank Dallas, N.A. , Dallas, Texas (the "Paying Agent/Registrar" ) books or records for the registration of the transfer and exchange of the Bonds (the "Registration Books" ) , and the Issuer hereby appoints the Paying Agent/Regis- trar 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 Issuer 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 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 Issuer 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 Ordi- nance. 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 (c) below, an authorized representa- tive of the Paying Agent/Registrar shall, before the delivery of any such Bond, date and manually sign the Paying Agent/Reg- istrar' 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 Issuer or any other 3 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, and said Bonds shall be of type composition printed on paper with lithographed or steel engraved borders of customary weight and strength. Pursuant to Vernon' s Ann. Tex. Civ. St. Art. 717k-6, and particularly Section 6 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) Payment of Bonds and Interest. The Issuer 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 Issuer and the Paying Agent/Registrar with respect to the Bonds. (c) 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 regis- tered owners thereof, (ii) may be redeemed prior to their scheduled maturities (notice of which shall be given to the Paying Agent/Registrar by the Issuer at least 50 days prior to any such redemption date) , (iii) transferred and assigned, (iv) may be exchanged for other Bonds, (v) shall have the character- istics, (vi ) shall be signed, sealed, executed and authenti- cated, (vii ) the principal of and interest on the Bonds shall be payable, and (viii ) shall be administered and the Paying Agent/Registrar and the Issuer shall have 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/REGIS- TRAR' S AUTHENTICATION CERTIFICATE, in the form set forth in the FORM OF BOND. (d) Substitute Paying Agent/Registrar. The Issuer covenants with the registered owners of the Bonds that at all times while the Bonds are outstanding the Issuer 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 Issuer 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, 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 other- wise cease to act as such, the Issuer 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/Regis- trar 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/Regis- trar designated and appointed by the Issuer. Upon any change 4 in the Paying Agent/Registrar, the Issuer 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 provi- sions of this Ordinance, and a certified copy of this Ordinance shall be delivered to each Paying Agent/Registrar. Section 5. FORM OF BONDS. The form of the Bonds, includ- ing the form of Paying Agent/Registrar' s Authentication Certificate, the form of Assignment and the form of Registra- tion Certificate of the Comptroller of Public Accounts of the State of Texas to be attached 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. FORM OF BOND NO. R- UNITED STATES OF AMERICA PRINCIPAL STATE OF TEXAS AMOUNT COUNTY OF WICHITA $ CITY OF WICHITA FALLS, TEXAS GENERAL OBLIGATION REFUNDING BOND SERIES 1986 INTEREST RATE MATURITY DATE DATE OF SERIES CUSIP NO. July 1, 1986 REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS ON THE MATURITY DATE specified above, THE CITY OF WICHITA FALLS, in Wichita County, Texas (the "Issuer" ) , being a politi- cal subdivision of the State of Texas, hereby promises to pay to the Registered Owner set forth above, or registered assigns (hereinafter called the "registered owner" ) the principal amount set forth above, and to pay interest thereon from July 1, 1986, on March 1, 1987 and semiannually on each September 1 and March 1 thereafter to the maturity date specified above, or the date of redemption prior to maturity, at the interest rate per annum specified above; except that if this Bond is required to be authenticated and the date of its authentication is later than the first Record Date (hereinafter defined) , 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 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; pro- vided, 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 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 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 principal corporate trust office of InterFirst Bank Dallas, N.A. , Dallas, Texas, which is the "Paying Agent/Registrar" for this Bond. The payment of 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, 5 drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer required by the ordinance authorizing the issuance of this Bond (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 may be paid by such other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense of, the registered owner. Any accrued interest due at maturity or upon the redemp- tion of this Bond prior to maturity as provided herein shall be paid to the registered owner upon presentation and surrender of this Bond for redemption and payment at the principal corporate trust office of the Paying Agent/Registrar. The Issuer cove- nants with the registered owner of this Bond that on or before each principal payment date, interest payment date, and accrued 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. IF THE DATE for the payment of the principal of or inter- est 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 trust 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 dated July 1 , 1986, authorized in accordance with the Constitution and laws of the State of Texas in the principal amount of $22, 540, 000 FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND THE ISSUER' S OUTSTANDING GENERAL OBLIGATION BONDS (all as described in the preamble to the Ordinance authorizing the issuance of this Bond) . ON SEPTEMBER 1 , 1996, or on any interest payment date thereafter, the Bonds of this Series may be redeemed prior to their scheduled maturities, at the option of the Issuer, with funds derived from any available and lawful source, as a whole, or in part, (provided that a portion of a Bond may be redeemed only in an integral multiple of $5, 000) at the redemption price of the principal amount of Bonds called for redemption, plus accrued interest thereon to the date fixed for redemption. 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. AT LEAST 30 days prior to the date fixed for any redemp- tion of Bonds or portions thereof prior to maturity, a written notice of such redemption shall be published once in a finan- cial publication, journal or reporter of general circulation among securities dealers in The City of New York, New York or in the State of Texas. Such notice also shall be sent by the Paying Agent/Registrar by United States mail, first-class postage prepaid, at least 30 days prior to the date fixed for any such redemption, to the registered owner of each Bond to be 6 redeemed at its address as it appeared on the day such redemp- tion notice is mailed; provided, however, that the failure to send, malt 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 publica- tion of such notice as required above 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 written notice of redemption is published 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 substi- tute 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, or any unredeemed portion hereof, may, at the request of the registered owner or the assignee or assign- ees hereof, be assigned, transferred and exchanged for a like aggregate principal amount of fully registered Bonds, without interest coupons, payable to the appropriate registered owner, assignee or assignees, as the case may be, having the same denomination or denominations in any integral multiple of $5, 000 as requested in writing by the appropriate registered owner, assignee or assignees, as the case may be, upon surren- der of this Bond to the Paying Agent/Registrar for cancella- tion, 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 signa- tures satisfactory to the Paying Agent/Registrar, evidencing assignment of this Bond or any portion or portions hereof in any integral multiple of $5, 000 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 regis- tered owner to evidence the assignment hereof, but such method is not exclusive, and other instruments of assignment satisfac- tory 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 one requesting such transfer and exchange shall pay the Paying Agent/Registrar' s reasonable standard or customary fees and charges for transfer- ring and exchanging any Bond or portion thereof. In any circumstance, 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 foregoing notwith- standing, in the case of the exchange of a portion of a Bond which has been redeemed prior to maturity, as provided herein, and in the case of the exchange of an assigned and transferred Bond or Bonds or any portion or portions thereof, such fees and 7 charges of the Paying Agent/Registrar will be paid by the Issuer. The Paying Agent/Registrar shall not be required to make any-- such transfer or exchange (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or any portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date. 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 Bond Ordinance that it promptly will appoint a competent and legally qualified substi- tute therefor, and cause written notice thereof to be mailed to the registered owners of the Bonds. IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly authorized, issued, and de- livered; 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 comes due, and as such principal matures, 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. BY BECOMING the registered owner of this Bond, the regis- tered owner thereby acknowledges all of the terms and provi- sions 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 governing body of the Issuer, and agrees that the terms and provisions of this Bond and the Bond Ordi- nance constitute a contract between each registered owner hereof and the Issuer. IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the facsimile signature of the Mayor of the Issuer and countersigned with the facsimile signature of the City Clerk of the Issuer, and has caused the official seal of the Issuer to be duly impressed, or placed in facsimile, on this Bond. (facsimile signature) (facsimile signature) City Clerk, Mayor, City of Wichita Falls City of Wichita Falls, Texas (SEAL) FORM OF PAYING AGENT/REGISTRAR' S AUTHENTICATION CERTIFICATE PAYING AGENT/REGISTRAR' S AUTHENTICATION CERTIFICATE (To be executed if this Bond is not accompanied by an executed Registration Certificate of the Comptroller of Public Accounts of the State of Texas) It is hereby certified that this Bond has been issued under the provisions of the Bond Ordinance described in the text of this Bond; and that this Bond has been issued in exchange for, a bond, bonds, or a portion of a bond or bonds of a Series 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. 8 Dated INTERFIRST BANK DALLAS, N.A. , DALLAS, TEXAS Paying Agent/Registrar By Authorized Signature FORM OF ASSIGNMENT: ASSIGNMENT FOR VALUE RECEIVED, the undersigned registered owner of this bond or duly authorized representative or attorney there- of, hereby assigns this bond to (Assignee' s Social / (print or typewrite Assignee' s name Security or Taxpayer and address, including zip code) Identification Number) and hereby irrevocably constitutes and appoints attorney to transfer the registration of this bond on the Bond Registration Books with full power of substitution in the premises. Dated: Signature Guaranteed: NOTICE: The signature of the Registered Owner Registered Owner must be gua- NOTICE: This signature ranteed by a member of the must correspond with the New York Stock Exchange or a name of the Registered commercial bank or trust Owner appearing on the face company. of this bond in every particular way without alter ation or enlargement or any change whatsoever FORM OF REGISTRATION CERTIFICATE OF THE COMPTROLLER OF PUBLIC ACCOUNTS: COMPTROLLER' S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this Bond has been examined, cer- tified as to validity, and approved by the Attorney General of the State of Texas, and that this Bond has been registered by the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas (COMPTROLLER' S SEAL) Section 6. 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 Issuer at an offi- cial depository bank of the Issuer. The Interest and Sinking 9 Fund shall be kept separate and apart from all other funds and accounts of the Issuer, 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 Issuer 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 Issuer, 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 Issuer 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 de- posited 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 7. 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 7, 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) Government Obligations which mature as to principal and interest in such amounts and at such times as will insure the availability, without reinvestment, of suffi- cient money to provide for such payment, and when proper arrangements have been made by the Issuer 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 Government Obligations. (b) Any moneys so deposited with the Paying Agent/Regis- trar may at the written direction of the Issuer also be in- vested in Government Obligations, maturing in the amounts and times as hereinbefore set forth, and all income from such Government Obligations received by the Paying Agent/Registrar which is not required for the payment of the Bonds and interest thereon, with respect to which such money has been so depos- ited, shall be turned over to the Issuer, or deposited as directed in writing by the Issuer. (c) The term "Government Obligations" as used in this Section, shall mean direct obligations of the United States of America, including obligations the principal of and interest on 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. 10 (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 Issuer shall make proper arrangements to provide and pay for such services as required by this Ordinance. Section 8. 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 Issuer 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 Issuer 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 muti- lated. (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 con- tinuing in the payment of the principal of, redemption premium, if any, or interest on the Bond, the Issuer 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 Issuer 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 accor- dance with Section 6 of Vernon' s Ann. Tex. Civ. St. Art. 717k-6, this Section 8 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 Issuer 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 authen- ticate and deliver such Bonds in the form and manner and with the effect, as provided in Section 4(a) of this Ordinance for. Bonds issued in exchange for other Bonds. Section 9 . CUSTODY, APPROVAL, AND REGISTRATION OF BONDS; BOND COUNSEL' S OPINION, AND CUSIP NUMBERS. The Mayor of the Issuer is hereby authorized to have control of the Bonds 11 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 registra- tion 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 Issuer' s Bond Counsel and the assigned CUSIP numbers may, at the option of the Issuer, be printed on the Bonds issued and delivered under this Ordinance, but neither shall have any legal effect, and shall be solely for the convenience and information of the registered owners of the Bonds. Section 10. NO ARBITRAGE. The Issuer covenants to and with the registered owners of the Bonds that it will make no use of the proceeds of the Bonds at any time throughout the term of this issue of Bonds which, if such use had been reason- ably expected on the date of delivery of the Bonds to and payment for the Bonds by the purchasers, would have caused the Bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the Issuer is obligated to comply with the requirements of the aforesaid Section 103 (c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds. The Issuer further covenants that the proceeds of the Bonds will not otherwise be used directly or indirectly so as to cause all or any part of the Bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103 (c) , or any regulations or rulings pertaining thereto. The Mayor of the City is hereby authorized and directed to execute a No-Arbitrage Certificate substantially in the form attached hereto as Exhibit A with such changes as shall be approved by the City' s Bond Counsel and the Mayor of the City, and the execution by the Mayor of the City of said No-Arbitrage Certificate shall evidence the acceptance of any such changes on behalf of the City. After execution and delivery, the provisions of said Certificate shall constitute covenants of the City to the extent set forth therein, and shall evidence the expectations of the City the same as if set forth at this place. Section 11 . SALE OF BONDS. The Bonds are hereby sold and shall be delivered to Schneider, Bernet & Hickman (the "Under- writers" ) at a price of $22, 032,850 and accrued interest thereon to date of delivery, pursuant to the terms and provi- sions of a Purchase Contract in substantially the form attached hereto as Exhibit B which the Mayor of the Issuer is hereby authorized and directed to execute and deliver and which the City Clerk of the Issuer is hereby authorized and directed to attest. It is hereby officially found, determined, and de- clared that the terms of this sale are the most advantageous reasonably obtainable. The Bonds shall initially be registered in the name of Schneider, Bernet & Hickman. The Officers of the Issuer are hereby authorized and directed to execute and deliver such Certificates, instructions, or other instruments as are required or necessary to accomplish the purposes of this Ordinance, the Purchase Contract, the Official Statement, or the Escrow Agreement. Section 12 . APPROVAL OF OFFICIAL STATEMENT. The Issuer hereby approves the form and content of the Official Statement dated July 1, 1986, relating to the Bonds, and any addenda, supplement or amendment thereto and approves the distribution of such Official Statement in the reoffering of the Bonds by the Underwriters in final form, with such changes therein or additions thereto as the officer executing the same may deem 12 advisable, such determination to be conclusively evidenced by his execution thereof. It is further officially found determined and declared that the statements and representations contained in said Official Statement are true and correct in all material respects to the best knowledge and belief of the City Council. Section 13 . APPROVAL OF ESCROW AGREEMENT AND TRANSFER OF FUNDS. The Mayor of the Issuer is hereby authorized and directed to execute and deliver and the City Clerk is hereby authorized and directed to attest an Escrow Agreement in substantially the form attached hereto as Exhibit C. In addition, the Mayor, City Manager or Director of Finance of the City are authorized to execute such subscriptions for the purchase of United States Treasury Securities, State and Local Government Series, as may be necessary for the Escrow Fund, and that the Issuer may also purchase from Schneider, Bernet & Hickman for investment in the Escrow Fund such obligations of the United States of America or any of its agencies, or such obligations fully guaranteed by the United States of America that will be appropriate open market investments for such Escrow Fund. In addition, officials of the Issuer are directed, upon delivery of the Bonds, to transfer to InterFirst Bank Dallas, N.A. , Dallas, Texas, as Escrow Agent under the Escrow Agreement from the funds on hand an amount necessary to purchase such open market investments, which amount shall be deposited in the Escrow Fund and used in accordance with the provisions of the Special Escrow Agreement. Section 14. CONSIDERATIONS OF REFUNDING. The City Council hereby finds that by refunding the Refunded Bonds the Issuer will (i) lower the annual debt service requirements with respect to its general tax obligations, and (ii) restructure its debt service in a manner which will allow the issuance of additional general obligation bond issues without a tax rate increase or with a smaller increase than would otherwise be required, Section 15. NOTICE OF REDEMPTION. There is attached to this Ordinance as Exhibit D and made a part hereof for all purposes a Notice of Prior Redemption of Bonds for the Refunded Bonds to be redeemed prior to stated maturity and such bonds described in said Notice of Prior Redemption are hereby called for redemption and shall be redeemed prior to maturity on the date, at the place and at the price as set forth therein. Section 16. NOTICE TO PAYING AGENT AND REGISTERED OWNERS AND PUBLICATION. The Refunded Bonds described in Exhibit D attached hereto are so called for redemption and InterFirst Bank Dallas, N.A. , Dallas, Texas, is hereby directed to make appropriate arrangements so that such Refunded Bonds may be redeemed at said bank on the redemption date. A copy of such Notice of Prior Redemption shall be delivered to the paying agent bank so mentioned, and a copy of such Notice of Prior Redemption shall be published in a financial publication published in the City of New York, New York. Section 17 . 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 are 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 Vernon' s Ann. Civ. St. Article 6252-17 . Section 18. IMMEDIATE EFFECT. This Ordinance shall take effect and be in force immediately upon and after its passage 13 in accordance with the provisions of the Charter of the City, and it is accordingly so ordained. 14 EXHIBIT A (No-Arbitrage Certificate) EXHIBIT B (PURCHASE CONTRACT) EXHIBIT C (ESCROW AGREEMENT) EXHIBIT D NOTICE OF PRIOR REDEMPTION CITY OF WICHITA FALLS, TEXAS GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 1985 NOTICE IS HEREBY GIVEN that the City of Wichita Falls, Texas has called for redemption the outstanding Bonds of the City described as follows: City of Wichita Falls, Texas General Obligation Refunding and Improvement Bonds, Series 1985, maturing on September 1 in the years 1996 through 2001 in the aggregate princi- pal amount of $12, 895, 000; call date: September 1, 1995 redeemable at par plus accrued interest at InterFirst Bank Dallas, N.A. , Dallas, Texas. Ad 166560 ORDINANCE ° Affidavit of Publication ORDINANCE AMENDING SEC- TIONS 22-14 OF THE CODE OF ORDINANCES TO INCREASE THE NUMBER OF MEMBERS OE THE THE STATE OF TEXAS PARK BOARD FROM 9 TO 11 ORDINANCE NO."49 Ba ' ' COUNTY OF WICHITA ORDINANCE WAIVING SEC-� (reTION 24-4-OF,THE CODE.`OF, �j ORDINANCES5 TO ALLOW P05-7 SESSION ,AND CONSUMPTION; 2nd July OF BEER IN LUcY PARK FOR.THE, On this 2 day of u 1 OIL BOWL PUN. ,RUN .ON AUGUST 2, 1986 1 p ORDINANCE.0.50.86 A.D. ..L9 Vb. personally appeared before me, the undersigned authority AN ORDINANCECEOSING,VA-' CATING,AND ABANDONING A SEWER EASEM8WY ON Oar i c e U. Ming , bookkeeper LOTS 1 & 2, BLOCK 1, MIZELL 1 SUBDIVISION, WICHITA FALLS, • TEXAS the Times Publishing Company of Wichita Falls, publishers of the ORDINANCE NO.51-86 1 AN ORDINANCE CLOSING,VA- Wichita Falls Record. News, a newspaper published at Wichita Falls in AND AND ABANDONING A TWELVE (12) FOOD WIDE, NORTH-SOUTH UTILITY EASE- Wichita County, Texas, and upon being duly sworn by me, on oath states MENT IN LOT 1, BLOCK 1, ' 'BRODIE BUICK SUBDIVISION 1 that the attached,advertisement is a true and correct copy of advertising AND LOTS 1-4, BLOCK 1,CAN- NON PARK ADDITION,WICHITA FALLS,-TEXAS ORDINANCE NO.52-86 published in_ one ( 1) issues thereof or. the following ORDINANCE TO APPROVE MODIFICATION TO WATER dates: PURCHASE CONTRACT WITH July 18, 19$b SHEPPARD AIR FORCE BASE •ORDINANCE NO.53-86 • ORDINANCE CLOSING HEAR- p � ING AND FINDING CERTAIN BUILDINGS AND/OR STRUC- � li TURES TO BE DANGEROUS: Bookkeeper for Times Publishing°dompany COMMANDING PROPERTY OWNERS TO REPAIR OR DE- of Wichita Falls MOLISH SAID BUILDINGS THIRTY(30)DAYSOF T E DATE Subscribed and sworn to before me this the day and year first above OF THIS "ORDINANCE AND • DECLARING AN EMERGENCY p _ L.) written. ORDINANCE NO.54-86 AN ORDINANC t„'';s.;,'.`. ING AND REAPFROIPRIATING ' �� FEDERAL �/�,, s REVENUE SHARING �i�' COt�`s�•l i FUNDS ORDINANCE NO.55-86 AN ORDINANCE TRANS- FERRING FUNDS BETWEEN DE- PARTMENTS WITHIN THE GEN- ERAL FUND FOR PURPOSES OF r=-' a 11-7 I.F-713 PURCHASING A PUBLIC SAFETY ,,.- > >• COMPUTER SYSTEM AND A MU- r"0=��]J Y1-1°11C, �e.z_.2 SYSTEM COURT COMPUTER ,/iv com issiona_piree_ -,Y2 ORDINANCE NO.56-86 ORDINANCE AUTHORIZING THE - ISSUANCE AND SALE OF CITY OF WICHITA FALLS, TEXAS, WATER AND SEWER REFUND- - ING REVENUE BONDS, SERIES • 1986, AUTHORIZING THE EX- ECUTION OF A BOND PURCHASE CONTRACT, AP- ; PROVING AN CFFICAR,S;T,•ATE- MENT.AND THE EXECUTION,OF AN ESCROW.AGREEMENT' ORDINANCE'NO:87-86 ' ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLI- GATION REFUNDING BONDS,7 SERIES 1986, AUTHORIZING THE EXECUTION OF A BOND PURCHASE CONTRACT, AP- PROVING AN OFFICIAL STATE- - • )MENT AND THE EXECUTION OF AN ESCROW AGREEMENT .