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Ord 079-2001 8/21/2001ORDINANCE NO.7 9 — 2 0 01 ORDINANCE WITH RESPECT TO PROPOSED AMENDMENTS TO BOND ORDINANCES; AND APPROVING SAME; AND PROVIDING AN EFFECTIVE DATE; AND DECLARING AN EMERGENCY. THE STATE OF TEXAS COUNTY OF WICHITA CITY OF WICHITA FALLS WHEREAS, on July 1, 1986 the City of Wichita Falls, Texas (the "City ") adopted its Ordinance (the "1986 Ordinance ") authorizing the issuance of City of Wichita Falls, Texas Water and Sewer Refunding Revenue Bonds, Series 1986; and WHEREAS, pursuant to the 1986 Ordinance and other subsequent ordinances (the "Other Bond Ordinances ", and collectively with the 1986 Ordinance, the 'Bond Ordinances "), the City has heretofore issued the following priority lien and subordinate lien revenue bonds (collectively, the "Bonds ") that are currently outstanding: Priority Lien Bonds City of Wichita Falls Water and Sewer System Refunding Revenue Bonds, Series 1995, dated June 1, 1995; City of Wichita Falls Water and Sewer System Refunding Revenue Bonds, Series 1996, dated April 1, 1996; City of Wichita Falls Water and Sewer System Priority Lien Revenue Bonds, Series 1998B, dated October 1, 1998; Subordinate Lien Bonds City of Wichita Falls Water and Sewer System Subordinate Lien Revenue Bonds, Series 1996, dated June 1, 1996; City of Wichita Falls Water and Sewer System Subordinate Lien Revenue Bonds, Series 1998, dated April 1, 1998; City of Wichita Falls Water and Sewer System Subordinate Lien Refunding Revenue Bonds, Series 1998A, dated October 1, 1998; and WHEREAS, the Bond Ordinances do not currently authorize the use of surety policies to fund the reserve fund and contain defeasance provisions which are not as flexible as those which may currently be authorized under Texas law; and WHEREAS, the proposed amendments will afford greater flexibility to the City and benefit to the holders of the Bonds in authorizing an alternate mechanism for funding the reserve fund, and in permitting broadened investments, the ability to restructure escrows and to call bonds defeased to maturity, respectively; and WHEREAS, the City hereby finds that it is desirable, pursuant to Section 25 of the 1986 Ordinance and the corresponding sections of the Other Bond Ordinances, to authorize giving of a notice of such proposed amendments, and WHEREAS, this Ordinance is being considered simultaneously with the ordinance authorizing the issuance of the City's Water And Sewer System Priority Lien Revenue Bonds, Series 2001 (the "Series 2001 Bonds "), and WHEREAS, the ordinance authorizing the Series 2001 Bonds includes the amended provisions and the Underwriters purchasing the Series 2001 Bonds will consent to the amendments in connection with the delivery of the Series 2001 bonds; NOW, THEREFORE THE CITY COUNCIL OF WICHITA FALLS HEREBY ORDAINS: Section 1. NOTICE OF PROPOSED AMENDMENTS. The City hereby authorizes and directs that notice of such proposed amendments be given to each bondholder by the Paying Agent/Registrar by first class mail sent to their addresses as shown in the registration books kept by the Paying Agent/Registrar, including the bondholders of any bonds issued after the effective date of this Ordinance. Section 2. FORM OF NOTICE. The form of such notice of the proposed amendments shall be as follows: CITY OF WICHITA FALLS, TEXAS WATER AND SEWER SYSTEM Refunding Revenue Bonds, Series Subordinate Lien Revenue Bonds, Series 1995, dated June 1, 1995 1996, dated June 1, 1996 Refunding Revenue Bonds, Series Subordinate Lien Revenue Bonds, Series 1996, dated April 1, 1996 1998, dated April 1, 1998 Priority Lien Revenue Bonds, Series Subordinate Lien Refunding Revenue Bonds, 1998B, dated October 1, 1998 ISeries 1998A, dated October 1, 1998 NOTICE OF PROPOSED AMENDMENTS NOTICE IS HEREBY GIVEN that the City of Wichita Falls, Texas (the "City ") proposes to amend its Ordinance authorizing the issuance of City of Wichita Falls, Texas Water and Sewer Refunding Revenue Bonds, Series 1986 (the "1986 Ordinance ") adopted by the City of July 1, 1986 and each of the ordinances (the "Other Bond Ordinances ") that relate to the captioned Bonds in the following manner: 1. Section 7 of the 1986 Ordinance headed "DEFINITIONS" and the corresponding section of the Other Bond Ordinances are hereby amended to add the following definitions and amendments, as applicable, as follows: The term "Additional Subordinate Lien Bonds" shall mean the additional revenue bonds on a parity with the Series 1996 Subordinate Lien Bonds, the Series 1998 Subordinate Lien Bonds, and the Series 1998A Subordinate Lien Bonds which the City reserves the right to issue in the future, as provided in this Ordinance. The term "Amortization Installment" shall mean the amount of money which is required for retirement of Term Bonds (whether at maturity or by mandatory redemption and including redemption premium, if any). The term "Average Annual Principal and Interest Requirements" shall mean that amount equal to the average annual principal and interest requirements (including Amortization Installments) of all the Priority Bonds, including any Additional Priority Bonds, and Subordinate Lien Bonds, as the case may be, outstanding. With respect to Additional Priority Bonds or Subordinate Lien Bonds, as the case may be, that bear interest at a rate which is not established at the time of issuance at a single numerical rate for each maturity of such series, Average Annual Principal and Interest Requirements shall be calculated by (i) assuming that the interest rate for every 12 -month period on such bonds is equal to the rate of interest reported in the most recently published edition ofThe Bond Buyer (or its successor) at the time of calculation as the Revenue Bond Index or, if such Revenue Bond Index is no longer being maintained by The Bond Buyer (or its successor) at the time of calculation, such interest rate shall be assumed to be 80% of the rate of interest then being paid on United States Treasury Obligations of like maturity, and (ii) that the principal of such bonds is amortized such that annual debt service is substantially level over the remaining stated life of the bonds. The term 'Bond Insurance Policy" shall mean an insurance policy issued by a Bond Insurer insuring or guaranteeing the payment of principal of and interest on any Priority Bonds. The term 'Bond Insurer" shall mean an entity that insures or guarantees the payment of principal of and interest on any of the Priority Bonds. The term "Credit Facility" shall mean a Bond Insurance Policy, a surety bond (including any supporting Insurance Agreement), or a letter or line of credit issued in support of the Priority Bonds and Subordinate Lien Bonds by a Credit Facility Provider at the request of the City. The term "Credit Facility Provider" shall mean (i) with respect to any Credit Facility consisting of a policy of municipal bond insurance or a surety bond, an issuer of policies of insurance insuring the timely payment of debt service on governmental obligations such as the Bonds, provided that a Rating Agency having an outstanding rating on the Bonds would rate the Bonds upon delivery of the Bonds fully insured by a standard policy issued by the issuer in its highest generic rating category for such obligations; and (ii) with respect to any Credit Facility consisting of a letter or line of credit, any financial institution, provided that a Rating Agency having an outstanding rating on the Bonds would rate the Bonds in one of its two highest generic rating categories for such obligations if the letter or line of credit proposed to be issued by such financial institution secured the timely payment of the entire principal amount of the series of Bonds and the interest thereon. The term "Fitch" means Fitch Investors Service, L.P., its successors and their assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, Fitch shall be deemed to refer to any other nationally recognized securities rating agency designated by the Issuer. The term "Insurance Agreement" shall mean an agreement between the City and the Bond Insurer respecting a municipal bond debt service reserve insurance policy constituting a Reserve Fund Obligation. The term " Moody's" shall mean Moody's Investors Service, Inc., its successors and their assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, Moody's shall be deemed to refer to any other nationally recognized securities rating agency designated by the City. The term "Rating Agencies "shall mean S &P, Moody's and /or Fitch according to which of such rating agencies then rates the Priority Bonds of the applicable series; and provided that if neither of such rating agencies then rates the Priority Bonds of such series, the term "Rating Agencies" shall refer to any national rating agency (if any) which provides such rating. The term "Required Amount" shall mean an amount equal to the Average Annual Principal and Interest Requirements of the outstanding Priority Bonds and Subordinate Lien Bonds. The term "Reserve Fund Obligation" shall mean a Credit Facility satisfying the requirements of Section 12 [Section 11 in 1986 Ordinance] which is deposited in the Reserve Fund to meet all or part of the Required Amount as provided in Section 12 [Section 11 in the 1986 Ordinance]. The term "S &P" shall mean Standard & Poor's Ratings Services, A Division of The McGraw -Hill Companies, Inc., its successors and their assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, S &P shall be deemed to refer to any other nationally recognized securities rating agency designated by the City by notice to the Trustee. The term "Series 1986 Bonds" shall mean the City of Wichita Falls, Texas Water and Sewer System Refunding Revenue Bonds, Series 1986, the initial series of Priority Bonds issued. The Series 1986 Bonds are no longer outstanding. The term "Series 1998A Subordinate Lien Bonds" shall mean the City of Wichita Falls, Texas Water and Sewer System Subordinate Lien Revenue Bonds, Series 1998A. The term "Series 1998B Bonds" shall mean the City of Wichita Falls, Texas Water and Sewer System Priority Lien Revenue Bonds, Series 1998B. The term "Subordinate Lien Bonds" shall mean the Series 1996 Subordinate Lien Bonds, the Series 1998 Subordinate Lien Bonds, the Series 1998A Subordinate Lien Bonds, and all revenue bonds which from time to time may hereafter be issued and incurred on a parity therewith in accordance with the provisions of Section 21 hereof, and secured in whole or in part by a lien on and pledge of the Pledged Revenues subordinate only to the Priority Bonds. The term "Term Bonds" means Bonds so designated in the Certificate of City Manager. 2. Section 11 of the 1986 Ordinance headed 'RESERVE FUND" and the corresponding section of the Other Bond Ordinances are hereby amended to add subsections (b), (c), (d), (e), and (t), to read as follows: (b) For purposes of calculating the amount on hand in the Reserve Fund, an amount equal to the maximum available amount which may be drawn under any Reserve Fund Obligation, as described in (f) below, will be deemed on deposit in the Reserve Fund. If a Reserve Fund Obligation is used as provided above, any reimbursements required thereunder to be paid to a Credit Facility Provider as a result of a draw or demand thereunder and any interest thereon and expenses payable thereunder shall be made, as provided in the Reserve Fund Obligation, from moneys deposited into the Reserve Fund until fully paid. If it becomes necessary to pay interest on or principal of any Priority Bonds or Subordinate Lien Bonds from the Reserve Fund, money and investments held for the credit of the Reserve Fund shall be utilized first for such purpose, before any demand or draw is made on a Reserve Fund Obligation. (c) Once the Required Amount has been accumulated, no further deposits shall be made into the Reserve Fund as long as the money and investments, together with any Reserve Fund Obligation, in the Reserve Fund are at least equal in market value to the Required Reserve; but if and whenever the market value of money and investments, together with any Reserve Fund Obligation, in the Reserve Fund is reduced below said Required Amount because of a decrease in market value of investments, then the City shall, as soon as practicable, and in all events by the end of the next Fiscal Year, make deposits into the Reserve Fund in an amount sufficient to restore the Reserve Fund to the Required Amount; and in the event the Reserve Fund is used to pay the principal of or interest on the Priority Bonds or Subordinate Lien Bonds because of insufficient amounts being available in the Debt Service Fund, then the City shall deposit in the Reserve Fund, in approximately equal periodic installments, not less than annually, such amounts as are required to restore the Reserve Fund to the Required Amount in market value as soon as practicable, but in any case, within five years from any date of the use of the Reserve Fund to pay such principal or interest. (d) Upon the issuance of Additional Priority Bonds or Additional Subordinate Lien Bonds the Required Amount will automatically be adjusted as of the date of delivery of the Additional Priority Bonds or Subordinate Lien Bonds to take into account the revised Average Annual Principal and Interest Requirements. Each ordinance pursuant to which Additional Priority Bonds and Additional Subordinate Lien Bonds are issued shall provide and require that (i) the aggregate amount to be accumulated and maintained in the Reserve Fund shall be increased (if and to the extent necessary) to the Required Amount required after the issuance of such Priority Bonds or Subordinate Lien Bonds; and (ii) the required additional amount, if any, shall be so accumulated by the deposit in the Reserve Fund of all of said required additional amount in cash or a Reserve Fund Obligation immediately after the delivery of the then proposed Additional Priority Bonds and Subordinate Lien Bonds. (e) Notwithstanding any other provisions of this Ordinance, an equivalent Reserve Fund Obligation may be substituted by the City at any time and from time to time for all or any part of the money and /or investments held for the credit of the Reserve Fund, and such money and /or investments may be withdrawn and used for any lawful purpose, provided, however, that to the extent such funds were derived from the proceeds of Priority Bonds or Subordinate Lien Bonds, such funds may only be withdrawn and either (i) deposited into the Debt Service Fund or (ii) applied for a purpose for which such Priority Bonds or Subordinate Lien Bonds were originally issued. (f) A Reserve Fund Obligation permitted under (b), above, must be a Credit Facility in the form of a surety bond, insurance policy, or letter of credit meeting the requirements described in this subsection (f) below. (1) A surety bond or insurance policy issued to the City or other party, as agent of the registered owners, by a company licensed to issue an insurance policy guaranteeing the timely payment of debt service on the Priority Bonds and Subordinate Lien Bonds (a "municipal bond insurer ") if the claims paying ability of the issuer thereof shall be rated by at least two of the following rating agencies in the indicated rating categories, to -wit, "AAA" by S &P or Fitch or "Aaa" by Moody's. (2) A surety bond or insurance policy issued to the City or other party, as agent of the registered owners, guaranteeing the timely payment of debt service on the Priority Bonds and Subordinate Lien Bonds by an entity other than a municipal bond insurer, if the form and substance of such instrument and the issuer thereof shall be approved in writing by each Bond Insurer of record. (3) An unconditional irrevocable letter of credit securing the payment of debt service on the Priority Bonds and the Subordinate Lien Bonds issued to the City or other party, as agent of the registered owners, by a bank if the issuer thereof is rated by at least two of the following rating agencies in the indicated rating categories, to -wit, at least "AA" by S &P or Fitch or "Aa" by Moody's. The letter of credit shall be payable in one or more draws upon presentation by the City or other party of a sight draft accompanied by its certificate (which must be satisfactory in form and substance to the City or other party and the issuer of the letter of credit) that the City then holds insufficient funds to make a required payment of principal or interest on the Priority Bonds and Subordinate Lien Bonds. The draws shall be payable within two days of presentation of the sight draft. The letter of credit shall be for a term of not less than three years and shall be subject to an "evergreening" feature so as to provide the City with at least 30 months notice of termination. The issuer of the letter of credit shall be required to notify the City not later than 30 months prior to the stated expiration date of the letter of credit, as to whether such expiration date shall be extended, and if so, shall indicate the new expiration date. If such notice indicates that the expiration date shall not be extended, the City shall deposit in the Reserve Fund, in accordance with this section, an amount sufficient to cause the money or investments on deposit in the Reserve Fund, together with any other qualifying Reserve Fund Obligations, to accumulate to the Required Reserve, unless the expired Reserve Fund Obligation is replaced by a Reserve Fund Obligation meeting the requirements in any of 1 through 3, above. The letter of credit shall permit a draw in full prior to the expiration or termination of such letter of credit if the letter of credit has not been replaced or renewed. The City or other party shall draw upon the letter of credit prior to its expiration or termination unless an acceptable replacement is in place or the Reserve Fund is fully funded to the Required Amount. (4) The obligation to reimburse the issuer of a Reserve Fund Obligation for any expenses, claims, or draws upon such Reserve Fund Obligation, including interest thereon, shall be made from the deposits made to the Reserve Fund as provided in this section and in accordance with the provisions of the Reserve Fund Obligation. The Reserve Fund Obligation shall provide for a revolving feature under which the amount available thereunder will be reinstated to the extent of any reimbursement of draws or claims paid. If the revolving feature is suspended or terminated for any reason, the right of the issuer of the Reserve Fund Obligation to reimbursement will be subordinated to the cash replenishment of the Reserve Fund to an amount equal to the difference between the full original amount available under the Reserve Fund Obligation and the amount then available for further draws or claims. In the event (a) the issuer of a Reserve Fund Obligation becomes insolvent, or (b) the issuer of a Reserve Fund Obligation defaults in its payment obligations thereunder, or (c) the claims paying ability of the issuer of the insurance policy or surety bond falls below "AAA" by S &P or Fitch or "Aaa" by Moody's, or (d) the rating of the issuer of the letter of credit falls below "AA" by S &P or Fitch or "Aa" by Moody's, the obligation to reimburse the issuer of the Reserve Fund Obligation shall be subordinate to the cash replenishment of the Reserve Fund. (5) In the event (a) the revolving reinstatement feature described in the preceding paragraph is suspended or terminated, or (b) the rating of the claims paying ability of the issuer of the surety bond or insurance policy falls below "AAA" by S &P or Fitch or "Aaa" by Moody's, or (c) the rating of the issuer of the letter of credit falls below "AA" by S &P or Fitch or "Aa" by Moody's, the City shall either (i) deposit into the Reserve Fund, in accordance with this section, an amount sufficient to cause the money or investments on deposit in the Reserve Fund to accumulate to the Required Reserve, or (ii) replace such instrument with a surety bond, insurance policy, or letter of credit meeting the requirements in any of 1 through 3, above, within six months of such occurrence. In the event (a) the rating of the claims - paying ability of the issuer of the surety bond or insurance policy falls below "A" by S &P, Moody's or Fitch, or (b) the rating of the issuer of the letter of credit falls below "A" by S &P, Moody's or Fitch, or (c) the issuer of the Reserve Fund Obligation defaults in its payment obligations hereunder, or (d) the issuer of the Reserve Fund Obligation becomes insolvent, the City shall either (i) deposit into the Reserve Fund, in accordance with this section, an amount sufficient to cause the money or investments on deposit in the Reserve Fund to accumulate to the Required Amount, or (ii) replace such instrument with a surety bond, insurance policy, or letter of credit meeting the requirements in any of 1 through 3 above within six months of such occurrence. (6) Where applicable, the amount available for draws or claims under a Reserve Fund Obligation may be reduced by the amount of money or investments deposited in the Reserve Fund pursuant to clause (i) of the preceding subparagraph 5. (7) The City shall ascertain the necessity for a claim or draw upon any Reserve Fund Obligation and provide notice to the issuer of the Reserve Fund Obligation in accordance with its terms not later than three days (or such appropriate time period as will, when combined with the timing of required payment under the Reserve Fund Obligation, ensure payment under the Reserve Fund Obligation on or before the interest payment date) prior to each interest payment date. (8) Cash on deposit in the Reserve Fund shall be used (or investments purchased with such cash shall be liquidated and the proceeds applied as required) prior to any drawing on any Reserve Fund Obligation. If and to the extent that more than one Reserve Fund Obligation is deposited in the Reserve Fund, drawings thereunder and repayments of costs associated therewith shall be made on a pro rata basis, calculated by reference to the maximum amounts available thereunder. Section 3. Section 19 of the 1986 Ordinance headed "FINAL DEPOSITS; GOVERNMENT OBLIGATIONS" and the corresponding section of each of the Other Bond Ordinances are hereby amended and restated to read as follows: FINAL DEPOSITS; GOVERNMENT OBLIGATIONS. (a) Defeased Bonds. That 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, when payment of the principal of such Bond, plus interest thereon to the due date (whether such due date be by reason of maturity or otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof, 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 in accordance with an escrow agreement or other instrument (the "Future Escrow Agreement ") for such payment (1) lawful money of the United States of America sufficient to make such payment or (2) Defeasance Securities that 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 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 revenues herein pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such money or Defeasance Securities. Notwithstanding any other provision of this Ordinance to the contrary, it is hereby provided that any determination not to redeem Defeased Bonds that is made in conjunction with the payment arrangements specified in clauses (i) or (ii) above shall not be irrevocable, provided that, in the proceedings providing for such payment arrangements, the Issuer (1) expressly reserves the right to call the Defeased Bonds for redemption; (2) gives notice of the reservation of that right to the owners of the Defeased Bonds immediately following the making of the payment arrangements; and (3) directs that notice of the reservation be included in any redemption notices that it authorizes. (b) Investment in Defeasance Securities. Any moneys so deposited with the Paying Agent /Registrar may at the written direction of the Issuer be invested in Defeasance Securities, maturing in the amounts and times as hereinbefore set forth, and all income from such Defeasance Securities received by the Paying Agent/Registrar that is not required for the payment of the Bonds and interest thereon, with respect to which such money has been so deposited, shall be turned over to the Issuer, or deposited as directed in writing by the Issuer. Any Future Escrow Agreement pursuant to which the money and /or Defeasance Securities are held for the payment of Defeased Bonds may contain provisions permitting the investment or reinvestment of such moneys in Defeasance Securities or the substitution of other Defeasance Securities upon the satisfaction of the requirements specified in subsection 19(a)(i) or (ii). All income from such Defeasance Securities received by the Paying Agent/Registrar which is not required for the payment of the Defeased Bonds, with respect to which such money has been so deposited, shall be remitted to the Issuer or deposited as directed in writing by the Issuer. (c) Defeasance Securities Defined. The term "Defeasance Securities" means (i) direct, noncallable obligations of the United States of America, including obligations that are unconditionally guaranteed by the United States of America, (ii) noncallable obligations of an agency or instrumentality of the United States of America, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date of the purchase thereof are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent, and (iii) noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of a state that have been refunded and that, on the date on the date the governing body of the Issuer adopts or approves the proceedings authorizing the financial arrangements are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent. (d) Paying Agent /Registrar Services. 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. (e) Selection of Bonds for Defeasance. In the event that the Issuer elects to defease less than all of the principal amount of Bonds of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such amount of Bonds by such random method as it deems fair and appropriate. Section 4. Section 20(b) of the 1986 Ordinance headed "ISSUANCE OF PRIORITY AND SUBORDINATE LIEN BONDS" and the corresponding section of each of the Other Bond Ordinances are hereby amended and restated to read as follows: (b) That the Debt Service Fund and the Reserve Fund established by this Ordinance shall secure and be used to pay all Priority Bonds and Subordinate Lien Bonds as well as the Bonds. Upon the issuance and delivery of Priority Bonds or Subordinate Lien Bonds, the additional amount required to be deposited in the Reserve Fund shall be so accumulated by the deposit in the Reserve Fund of all or any part of said required additional amount in cash or a Reserve Fund Obligation immediately after the delivery of such Priority Bonds or Subordinate Lien Bonds, or, at the option of the City, by the deposit of said required additional amount (or any balance of said required additional amount not deposited in cash as permitted above) in approximately equal monthly installments, made on or before the 25th day of each month following the delivery of such Priority Bonds or Subordinate Lien Bonds, of not less than 1/60 of said required additional amount (or 1/60 of the balance of said required additional amount not deposited in cash as permitted above). A copy of the proposed amendment is on file at the principal offices of the Paying Agents for inspection by all bondholders. Section 5. 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 to receive the proceeds from the sale of the Series 2001 Bonds as soon as possible and without delay to allow the City to acquire and construct urgently needed public improvements and it is necessary that this Ordinance become effective immediately so that notice of the proposed amendments may be given and consents to the amendments may be received prior to the delivery of the Series 2001 Bonds; 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. PASSED AND APPROVED this the 21st day of August, 2001. yor City of Wichita Falls, Texas ATTEST: APPROVED AS TO LEGAL FORM: City Attorney City of Wichita Falls, Texas By: