ORD 1994-21CERTIFICATE FOR ORDINANCE
No. 94-21
THE STATE OF TEXAS §
COUNTY OF DENTON §
TOWN OF TROPHY CLUB §
We, the undersigned officers of said Town, hereby certify as follows:
1. The Town Council of said Town convened in REGULAR MEETING ON THE 1ST
DAY OF NOVEMBER, 1994, at the Town Hall, and the roll was called of the duly constituted
officers and members of said Town Council, to -wit:
Jim Carter, Mayor
Gene Hill, Mayor Pro Tem
Marshall Engelbeck
Edwin Moore
Pat Stoltz
Doug Glaspell
Karen Sadri, Town Secretary
and all of said persons were present, except the following absentees: FdHi „ M.... thus
constituting a quorum. Whereupon, among other business, the following was transacted at said
Meeting: a written
ORDINANCE AMENDING ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND
DELIVERY OF TOWN OF TROPHY CLUB, TEXAS GENERAL OBLIGATION BONDS,
SERIES 1994
was duly introduced for the consideration of said Town Council and read in full. It was then duly
moved and seconded that said Ordinance be passed; and, after due discussion, said motion
carrying with it the passage of said Ordinance, prevailed and carried by the following vote:
AYES: All members of said Town Council shown present above voted "Aye".
NOES: None.
ORDINANCE N o , 94-21
AMENDING ORDINANCE AUTHORIZE THE ISSUANCE, SALE AND DELIVERY OF
TOWN OF TROPHY CLUB, TEXAS GENERAL OBLIGATION BONDS, SERIES 1994
THE STATE OF TEXAS §
COUNTY OF DENTON §
TOWN OF TROPHY CLUB §
WHEREAS, the City Council at a regular meeting on September 20, 1994, did adopt an
Ordinance ("the Ordinance") authorizing the issuance, sale and delivery of the Town of Trophy
Club, Texas General Obligation Bonds, Series 1994, in the principal amount of $2,200,000 (the
"Bonds"); and
WHEREAS, it is deemed advisable to amend the Ordinance to change maturities and to
levy the taxes; and
WHEREAS, it is hereby officially found and determined that public notice of the time,
place and purpose of said meeting was given, all as required by Chapter 551, Texas Government
Code.
THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB:
Section 1. That Section 5, FORM OF INITIAL BOND of the Ordinance, in reference to
the maturity schedule as stated on page 3 thereof, is hereby amended to read as follows:
"Section 5. FORM OF INITIAL BOND. The form of the Initial Bond, including
the form of Registration Certificate of the Comptroller of Public Accounts of the State of
Texas to be endorsed on the Initial Bond, shall be substantially as follows:
FORM_OF INITIAL BOND
NO. R-1 $2,200,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF DENTON
TOWN OF TROPHY CLUB, TEXAS
GENERAL OBLIGATION BOND
SERIES 1994
TOWN OF TROPHY CLUB (the "Issuer"), in Denton County, being a political
subdivision of the State of Texas, hereby promises to pay to
2. That a true, full and correct copy of the aforesaid Ordinance passed at the Meeting
described in the above and foregoing paragraph is attached to and follows this Certificate; that said
Ordinance has been duly recorded in said Town Council's minutes of said Meeting; that the above
and foregoing paragraph is a true, full and correct excerpt from said Town Council's minutes of
said Meeting pertaining to the passage of said Ordinance; that the persons named in the above and
foregoing paragraph are the duly chosen, qualified and acting officers and members of said Town
Council as indicated therein; that each of the officers and members of said Town Council was duly
and sufficiently notified officially and personally, in advance, of the time, place and purpose of
the aforesaid Meeting, and that said Ordinance would be introduced and considered for passage
at said Meeting, and each of said officers and members consented, 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 Chapter 551, Texas
Government Code.
3. That the Mayor of said Town has approved and hereby approves the aforesaid
Ordinance; that the Mayor and the Town Secretary of said Town have duly signed said Ordinance;
and that the Mayor and the Town Secretary of said Town hereby declare that their signing of this
Certificate shall constitute the signing of the attached and following copy of said Ordinance for
all purposes.
SIGNED AND SEALED the 1st day of November, 1994.
Town Secretary Mayor
SEAL
Smith Barney Inc.
or to the registered assignee or assignees of this Bond or any portion or portions hereof
(in each case, the "registered owner") the aggregate principal amount of
TWO MILLION TWO HUNDRED THOUSAND DOLLARS
in annual installments of principal due and payable on September 1 in each of the years,
and in the respective principal amounts, as set forth in the following schedule:
YEAR
AMOJ NT
YEAR
AMOUNT
1996
$ 60,000
2006
$105,000
1997
60,000
2007
115,000
1998
65,000
2008
120,000
1999
70,000
2009
125,000
2000
75,000
2010
135,000
2001
80,000
2011
145,000
2002
85,000
2012
155,000
2003
90,000
2013
160,000
2004
95,000
2014
360,000
2005
100,000
and to pay interest, from the date of this Initial Bond, on the balance of each such install-
ment of principal, respectively, from time to time remaining unpaid, at the rates as
follows: "
Section 2. That Section 8, TAX LEVY is hereby amended to read as follows:
"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 Issuer at an official depository
bank of the Issuer. The Interest and Sinking 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 out-
standing and unpaid, the governing body 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, including an amount each year hereafter of $9,250 to be deposited into a special
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account in the Interest and Sinking Fund for the payment at maturity of $185,000 in
principal amount of the Bonds maturing in the year 2014, (but never less than 2% of the
original principal amount of the 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 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 3. That the Ordinance shall be read in its entirety with the amended Sections
and the Ordinance, as amended, are hereby re -adopted, reaffirmed and ratified in all aspects and
shall include all provisions as amended herein.
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