Ordinance No. 1,759r
ORDINANCE NO.1759
ORDINANCE AUTHORIZING ISSUANCE OP $7<>0,000
WATERWORKS AND SANITARY SEWER SYSTEMJUNIOR LIEN
REVENUE BONDS,SERIES 1975;APPROPRIATING $750,000
OF PROCEEDS OF SALE THEREOF FOR VARIOUS PROJECTS;
AND CONTAINING OTHER PROVISIONS RELATING THERETO
THE STATE OF TEXAS §
COUNTIES OF HARRIS AND CHAMBERS §
CITYOF BAYTOWN §
WHEREAS,the bonds hereinafter authorized were duly and
favorably voted at an election held in the City of Baytown,
Texas (the "City"),on the 17th day of March,1970;and
WHEREAS,the City Council now deems it advisable to issue,
sell,and deliver $750,000 bonds as a portion and the second
installment of $?,500,000 sanitary sewer system bondsvoted at
said election,£1,250,000 bonds having been heretofore issued,
sold and delivered,the remaining $500,000 bonds tobe issued
later;and
WHEREAS,the bonds hereinafter authorized arc to be issued
and delivered pursuant to Verncn'sArticles 1111 through 1118;
THEREFORE,BEIT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF BAYTOWN THAT:
Section 1.The City's negotiable,serial,coupon bonds
tobe designated CITY OF BAYTOWN,TEXAS,WATERWORKS AND SANITARY
SEWER SYSTEM JUNIOR LIEN REVENUE BONDS,SERIES 1975 (hereinafter
called the "Bonds"),are hereby authorized tobe Issued and
delivered in the principal amount of $75O,OCO forthe purpose
Of IMPROVING AND EXTENDING THE CITY'S SANITARY SEWER SYSTEM.
Section 2.The Bonds shall be daredApril 1,1975,
shall be numbered consecutively from 1 through 150,shall be
In the denomination of $5,000 each,and shall mature and become;
due and payable serially on April 1 in each of the yearn,and
In the amounts,respectively,as set forth in the following
schedule:
YEAR AMOUNT
1992 $250,000
1993 250,000
I99H 250,000
The Bonds may be redeemed prior to their scheduled maturities,
at the option of the City,on the dates stated and in the man
ner provided in the FORM OF BOND set forth in this ordinance.
Section 3.TheBonds shall bear interest at the rate of
^5%per annum from April 1,1975 to March 31,1977,both inclu
sive,and at the rate of 9%per annum on and afterApril 1,
1977,evidenced by interest coupons which shall appertain to
the Bonds and which shall be payable on the dates indicated
in the FORM OF BOND set forth in this ordinance.
Section k.The Bonds,andthe interest coupons apper
taining thereto,shall be payable,shall have the character
istics,and shall be signed and executed (and the Bonds shall
be sealed)all as provided,and in the manner Indicated,in
f^the FORM OF BOND set forth in this ordinance.
Section 5.The form of the Bonds,including the form
of registration certificate of the Comptroller of Public Ac
counts of the State of Texas tobe printed and endorsed on
each of the Bonds,andthe form of the aforesaid interest
coupons which shall appertain and be attached initially to
each of the Bonds,shall be,respectively,substantially as
follows:
FORM OF BOND:
'NO.•$5,000
c -2-
\s
UNITED STATES OP AMERICA
STATE OF TEXAS
COUNTIES OF HARRIS AND CHAMBERS
CITY OF BAYTOWN,TEXAS
WATERWORKS AND SANITARY SEWER SYSTEM
JUNIOR LIEN REVENUE BOND
SERIES 1975
ON APRIL 1,,the CITY OF BAYTOWN (the "City"),in
the Counties of Harris and Chambers,in the State of Texas,
promises to pay to bearer the principal amount of
FIVE THOUSAND DOLLARS
and to pay interest thereon,from the date hereof to March 31,
1977>both inclusive,at the rate of 5%per annum,and on and
afterApril 1,1977,at the rate of 9%per annum,evidenced
by interest coupons payable October 1,1975,and semiannually
thereafter on each April 1 and October 1 while thisBond is
outstanding.The principal of this Bond and the interest
coupons appertaining hereto shall be payable to bearer,in
lawful money of the United States of America,without exchange
or collection charges to the bearer,upon presentation and
surrender of this Bond or proper interest coupon at the CITIZENS
NATIONAL BANK &TRUST CO.,Baytown,Texas,which shall be the
paying agent for this series of Bonds.
THIS BOND is one of a series of negotiable,serial,
coupon Bonds,dated APRIL 1,1975,issued in the principal
amount of $750,000 for the purpose of IMPROVING AND EXTENDING .
THE CITY'S SANITARY SEWER SYSTEM in accordance with Articles
1111 through 1118,Vernon's Texas Civil Statutes,as amended,
and the home-rule charter of the City,and pursuant to an
election held within the City on the 17th day of March,1970,
and authorized pursuant to an ordinance duly adopted by the
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City Council of the City entitled ORDINANCE AUTHORIZING ISSU-
f^ANCE OP $750,000 WATERWORKS AND SANITARY SEWER SYSTEM JUNIOR
LIEN REVENUE BONDS,SERIES 1975;APPROPRIATING $750,000 OF
PROCEEDS OF SALE THEREOF FOR VARIOUS PROJECTS;AND CONTAINING
OTHERPROVISIONS RELATING THERETO and finally passed on the
13th day of March,1975,this Bond being one of a series of
Bonds which constitutes a portion andthe second installment
of $2,500,000 revenue bonds voted at the aforesaid election.
AT ANY TIME FROM THEIR DATE THROUGH MARCH 31,1977,the
outstanding Bonds of this series may be redeemed prior to their
0^scheduled maturities,at the sole option of theCity,IN WHOLE
OR IN PART IN INVERSE NUMERICAL ORDER,for the principal amount
thereof and accrued interest thereon to the date fixed forany
such redemption;and such outstanding Bonds may also be so re
deemed at the sole option of the City during an additional period
of time (the "AdditionalRedemption Period")if,in the opinion
of Bond Counsel for the City,conditions (the "Precluding Condi
tions")existed at any time during the period from April 1,1975,
throughMarch 31,1977,which would have precluded approval by
the Attorney General of Texas of the City's bonds issued for the
purpose of refunding this Bond or any of the series of which it is
a part,the said Additional Redemption Period to extend for a period
of not less than 180-days beyond the date when,in the opinion of
Bond Counsel for the City,such Precluding Conditions will have
ceased to exist;after the termination of such AdditionalRedemption
Period the outstanding Bonds of this seriesshall not be redeemable
at the sole option of the City.At least thirty days prior to the
date fixed forany such redemption,the City shall cause a written
notice of such redemption tobe mailed to the bank at which the
^Bonds are payable.By the date fixed for any such redemption,due
provision shall be made with the paying agent for the payment of
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the required redemption price.If such written notice of redemption
is mailed and if due provision for such payment is made,all as pro
vided above,the 'Bonds which are to be so redeemed thereby automati
callyshall be redeemed prior to their scheduled maturities;and
they shall not be regarded as being outstanding except for the pur
pose of being paid by the paying agent with the funds so provided
for such payment.
IT IS HEREBY certified,recited,and covenanted that this
Bond has been duly and validly issued and delivered;that all acts,
conditions,and things required or proper to be performed,exist,
and be done precedent to orin the issuance and delivery of this
Bond have been performed,existed,and been done in accordance
with law;and that the interest on and principal of this Bond and
the series of which it is a part are secured by and payable from
an irrevocable lienonand pledge of the Net Revenues from the
operation of the City's waterworks and sanitary sewer system,subject
only to the prior lien and pledge presently existing thereon in
connection with other outstanding waterworks and sanitary sewer
system bonds of the City,as defined and provided in the ordinance
authorizing this series of Bonds.
THE HOLDER hereof shallnever have the right to demand payment
of this obligation out of any funds raised orto be raised by taxation.
IN WITNESS WHEREOF,thisBond andthe interest coupons apper
taining hereto have been signed with the facsimile signature of the
Mayor and countersigned with the facsimile signature ofthe City
Clerk of the City,respectively,and the official seal of the City
has been duly impressed,or placed in facsimile,on this Bond.
COUNTERSIGNED:xxxxxxxxxx
xxxxxxxxxx Mayor "
City Clerk
(SEAL)
\
\
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATES REGISTER NO.
I hereby certify thatthis Bond has been examined,cer
tified as to validity,and approved by the Attorney General
of the State of Texas,and that thisBond has been registered
by the Comptroller of Public Accounts of the State of Texas.
WITNESS my signature and sealthis .
xxxxxxxxxx
Comptroller of Public Accounts of
(SEAL)the State of Texas
FORM OF INTEREST COUPON;
NO.
ON 1,19_,
the CITYOF BAYTOWN,in the Counties of Harris and Chambers,
State of Texas,promises to pay to bearer the amount shown on
this interest coupon,in lawful money of the United States of
America,without exchange or collection charges to the bearer,
unless due provision has beenmade for the redemption prior to
maturity of the Bond to which this coupon appertains,upon pre
sentation and surrender of this interest coupon at the CITIZENS
NATIONAL BANK &TRUST CO.,Baytown,Texas,said amount being
interest due that day on the Bond bearing the number hereinafter
designated of that issue of CITY OF BAYTOWN,TEXAS,WATERWORKS
AND SANITARY SEWER SYSTEM JUNIOR LIEN REVENUE BONDS,SERIES
1975,datedApril 1,1975.The holder hereof shall never have
the right to demand payment of this obligation out of any funds
raised or to be raised by taxation.Bond No..
xxxxxxxxxx xxxxxxxxxx
/fPN City Clerk Mayor
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Section 6.(a)The term "Bonds"shall mean ths Bonds
authorized to be issued and delivered by this ordinance.
(b)The term "Additional Bonds"shall mean the additional
parity revenue bonds which the City reserves the right to
issueand deliver in the future,as provided by this ordinance.
(c)The term "Outstanding Senior Lien Bonds"shall mean
the outstanding bonds of the following described issues:
Waterworks and Sewer System Revenue Bonds,
Series 1958,dated February 1'5,1958,au
thorized by ordinance dated February 6,1958
Waterworks and Sanitary Sewer System Revenue
Bonds,Series 1966,dated February 15,1966,
authorized by ordinance dated February 2k,1966
Waterworks and Sanitary Sewer System Revenue
Bonds,Series 1967,dated May 15,1967,autho
rized by ordinance dated May 25,1967
Waterworks and Sanitary Sewer System Revenue
Bonds.,Series 1971,dated April 155 1971,au
thorized by ordinance dated April 12,1971
(d)The term "System"shall mean the City's entire water
works and sanitary sewer system,together with all future
improvements,extensions,enlargements,additions thereto,and
replacements thereof.
(e)The term "Net Revenues"shall mean all gross reve
nues of the System,after deducting the expenses of operation
and maintenance of the System,including all salaries,labor,
materials,repairs,and extensions necessary to render effi
cient service,provided,however,that only such repairs and
extensions,as in the judgment of the City Council of the
City,reasonably and fairly exercised by the passage of appro
priate ordinances,are necessary to keep the System in operation
and render adequate service to the Cityand the inhabitants
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thereof,or such as night be necessary to meet some physical
accident or condition which would otherwise Impair the Bonds
or Additional Bonds,shall be deducted in determining "Net
Revenues."Depreciation,and payments into and out of the
Interest and Sinking and Reserve Funds,respectively,herein
after created,shall never be considered as expenses of
operation and maintenance.
Section 7.The Bonds,and any Additional Bonds,and the
interest thereon,are and shall be payable from and secured by
an irrevocable lien on and pledge of theNet Revenues of the
System subject only to the prior lienand pledge presently
existing1 thereon in connection with the Outstanding Senior
Lien Bonds;and said Net Revenues are further pledged irrevo
cably to the establishment and maintenance of the Funds
hereinafter created.
Section 8.The City covenants and agrees with the holders
of the Bonds and any Additional Bonds as follows:
(a)That it will at alltimes fix,maintain,charge,and
collect for services rendered by the System rates and charges
which will produce gross revenues at least sufficient to pay
all expenses of operation and maintenance of the System,and
to provide Net Revenues adequate to pay promptly all of the
principal of and interest on all of the Bonds and any Addi
tional Bonds and to make all deposits now or hereafterrequired
to be made into the Funds created by this ordinance in connec
tion with the Bonds and any Additional Bonds.
(b)If the System should become legally liable for any
other obligations or indebtedness,the City shall fix,maintain,
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;
charge and collect additional rates and charges for services
rendered by the System sufficient to establish and maintain
funds for the payment thereof.,.
Section 9.All revenues of the System shall be kept
separate and apart from all otherfunds of the City,and the
following special Funds are hereby created and shall be estab
lished and maintained inan official depository bank of the
City,so long as any of the Bonds or any Additional Bonds,or
interest thereon,are outstanding and unpaid:
(a)City of Baytown V/aterworks and Sanitary Sewer
System Revenue Fund,hereinafter called the "Revenue Fund";
(b)*City of Baytown Waterworks and Sanitary Sewer
System Revenue Bonds Interest and Sinking Fund,hereinafter
called the "Interest and Sinking Fund";and •
(c)City of Baytcwn Waterworks and Sanitary Sewer
System Revenue Bonds Reserve Fund,hereinafter calledthe
"Reserve Fund".
Section 10.All gross revenues of every nature received
from the operation and ownership of the System shall be de
posited from day to day as collected into the Revenue Fund,
and the reasonable,necessary,and proper expenses of operation
and maintenance of the System shall be paid from the Revenue
Fund.The revenues of the System not actually required to
pay said expenses shall first be devoted to fulfilling all
requirements as to payments of principal and interest on the
Outstanding Senior Lien Bonds and to fulfilling all other
covenants and obligations contained or px*ovided therein or in
the proceedings whereby the Outstanding Senior Lien Bonds were
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authorized;and such revenues then remaining shall be deposited
from the Revenue Fund into the otherFunds hereinabove created,
in the manner and amounts hereinafter provided,and each of such
Funds shall have priority asto such deposits in the order in
which they are treated in the following sections.
Section 11.There shall be deposited into the Interest
and Sinking Fund the following:
(a)all accrued interest and any premium received from
the sale of the Bonds;
(b)such amounts,in equal monthly installments,made
on or before the 10th day of each month hereafter,as will be
sufficient to pay the interest scheduled to come due on the
Bonds on the next interest payment date;and
(c)such amounts,in equal monthly Installments,made
on or before the 10th day of each month hereafter,beginning
on April 10,1991,as will be sufficient to pay the next
maturing principal of the Bonds.
The Interest and Sinking Fund shall be used to pay the
principal of and interest on the Bonds and any Additional
Bonds as such principal matures and such interest comes due.
Section 12.On or before the 10th day of each month here
after,until 60 such monthly deposits have been made,there
shall be deposited into the Reserve Fund thesum of $1,615;
thereafter,on or before the 10th day of each month,there shall
be deposited into the Reserve Fund the sum of $1,840 until the
Reserve Fund shall contain money and investments at least equal
to the aggregate amount of $317,700 in market value.No deposits
shall be required tobe made into the Reserve Fund as long as
the Reserve Fund contains said aggregate amount,but if and
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r^whenever said Reserve Fund is reduced below said aggregate
amount,the aforesaid monthly deposits into the Reserve Fund
shall be resumed and continued until suchtime as the Reserve
Fund has been restored to said aggregate amount.The Reserve
Fund shall be used to pay the principal of or interest onthe
Bonds and any Additional Bonds at any time when there is not
sufficient money available in the Interest and Sinking Fund for
such purpose.
Section 13.Money in every Fund created by this ordinance
jps may,at the option of the City,be placed in time deposits or be
invested in direct obligations of the United States of America;
obligations which,in the opinion of the Attorney General of
the United States,are general obligations of the United States
and backed by its full faith and credit;all obligations guar
anteed by the United States of America;evidences of indebtedness
of the Federal Land Banks,Federal Intermediate Credit Banks,
Banks for Cooperatives,Federal Home Loan Banks,or the Federal
National Mortgage Association;provided that all such deposits
and investments shall be made in such manner that the money re-
quired tobe expended from any Fund will be available at the
proper time or times.Any obligations in which money isso
invested shall be kept and held in an official depository bank
of the City forthe benefit of the holders of the Bonds and any
Additional Bonds,and shall be promptly sold and the proceeds
of sale applied to the making of all payments required to be
madefrom the Fund from which the investment was made.
Section 14.If in any month the City shall fail to
deposit into any Fund mentioned in this ordinance the full
\amountsrequired,amounts equivalent to such deficiencies
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f*shall be set apart and paid into said Funds from the first
available and unallocated Net Revenues of the System for the
following month or months,and such payments shall be in addi
tion to the amounts otherwise required to be paid into said
Funds during such month or months.To the extent necessary,
the Cityshall increase the rates and charges for services of
the System to make up for any such deficiencies.
Section 15.(a)TheNet Revenues of the System,in ex
cess of those necessary to establish and maintain the Funds
0^as required in this ordinance and to fulfill the City's
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obligations relating to the Outstanding Senior Lien Bonds as
hereinabbve provided in Section 10,or as hereafter may be
required in connection with the issuance of Additional Bonds,
may be used forany lawful purpose.
(b)Whenever the sum of the amounts in the Interest and
Sinking Fund and the Reserve Fund shall be equivalent to the
aggregate principal amount of all outstanding Bonds and Addi
tional Bonds plus the aggregate amount of all unpaid coupons
thereto appertaining unmatured and matured,no further pay-
ments need be made into the Interest and Sinking Fund or the
Reserve Fund,and said obligations shall not be regarded as
being outstanding except for the purpose of being paid with
the funds on hand.
Section 16.All Funds mentioned in this ordinance shall
be secured in the manner and to the fullest extent permitted
or required by law forthe security of public funds,and such
Funds shall be used only for the purposes and in the manner
permitted or required by this ordinance.
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Section 17.As used in the follov;ing Section,the term
"Net Earnings of the System"shall mean all of theNet Reve
nues of the System,except that in calculating Net Revenues
there shall not be deducted as an expense of operation or
maintenance any charge or disbursement for repairs or exten
sions which,under standard accounting practice,should be
charged to capital expenditures.
Section 18.The City reserves the right to issue addi
tional parity revenue bonds,for any lawful purpose,herein
sometimes called Additional Bonds,which,when issued and de
livered,shall be payable from and secured by a lien on and
pledge of Net Revenues of the System,in the same manner and
to the same extent as the Bonds;and the Bonds and all Addi
tional Bonds shall in all respects be on a parity and of equal
dignity,and shall be secured in the same manner,subject only
to the prior lien and pledge presently existing thereon in
connection with the Outstanding Senior Lien Bonds.The Addi
tional Bonds may be issued in one or more installments or
series,provided,however,that no installment or series of
Additional Bonds shall be issued unless:
(a)A certificate is executed by the Mayor and City
Clerk of the City to the effect that no default exists in con
nection with any of the covenants or requirements of the ordi
nance or ordinances authorizing the issuance of allthen
outstanding Bonds and Additional Bonds.
(b)A certificate is executed by the Mayor andCity
Clerk of the City to the effect thatthe Interest and Sinking
Fund and the Reserve Fund,respectively,each contains the
amount then required to be on deposit therein.
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(c)A certificate is executed by a Certified Public Ac
countant to the effect that,in his opinion,the Net Earnings
of the System for the fiscal yearnext preceding the passage
of the ordinance authorizing the issuance of such Additional
Bonds,were at least one and one-half (1-1/2)times the maximum
annual principal and interest requirements forall outstanding
Bonds and Additional Bonds,andthe installment or series of
Additional Bonds then proposed to be issued.
(d)The Additional Bondsare scheduled to mature on
April 1 in each of ths years in which they are scheduled to
mature.
Section 19.All calculations of principal and interest
requirementsmadepursuant to this ordinance shall be made as
of and from the date of the bonds then proposed to be issued.
Section 20.While any of the Bonds or Additional Bonds
are outstanding the City covenants and agrees to maintain the
System in good condition and operate the same in an efficient
manner and at reasonable expense,and to maintain insurance
on the System,for the benefit of the holder or holders of
the Bonds and Additional Bonds,of a kind and inan amount
which usually would be carried by private companies engaged
in a similar typeof business.Nothing in this ordinance
shall be construed as requiring the City to expend any funds
which are derived from sources other than the System,but
nothing herein shall be construed as preventing the City from
doing so.
Section 21.The City shall keep proper books of records
and accounts,separate from all other records and accounts of
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theCity,in whichcomplete and correctentries shall be made
of all transactions relating to the System,and shall have
said books audited once each fiscal year by a Certified Public
Accountant.The Cityagrees to operate the System and keep its
books of records and accounts pertaining thereto on the basis
of its current fiscal year;provided that the City Council may
change such fiscalyear by ordinance duly passed if such change
is deemed necessary by the City Council.
Section 22.Within ninety days after the close of each
fiscal year hereafter,the City will furnish,without cost,
to any holder of any outstanding Bonds or Additional Bonds
who may so request,a signed or certified copy of a report
bya Certified Public Accountant,covering the next preceding
fiscal year,showing the following information:
(a)A detailed statement of all gross revenues of the
System and all expenses of operation and maintenance thereof
for said fiscal year;
(b)Balance sheet as of the end of said fiscal year;
(c)Accountant's comment regarding the manner in which
the City has complied with the requirements of this ordinance
and his recommendations,if any,for any changes or improve
ments in the operation of the System;
(d)List of insurance policies in force at the end of
said fiscal year,showing,as to each policy,the risk covered,
the amount of the policy,the name of the insurer,and the
expiration date;
(e)The number of properties connected with the System.
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Section 23.Any holder or holders of any Bonds or Addi
tional Bondsshall have the right at all reasonable times to
inspect the System and all records,accounts,and data of the
City relating thereto.
Section 2*t.The City further covenants as follows:
(a)That other than for the payment of the Bonds herein
authorized and of the Outstanding Senior Lien Bonds,the Net
Revenues of the System have not in any manner been pledged to
the payment of any debt or obligation of the City orof the
System.
(b)That while any of the Bonds or Additional Bonds are
outstanding,the City will not sell or.encumber the System or
any substantial part thereof,and that,with the exception of
the Additional Bonds and the refunding bonds expressly per-.
mitted by this ordinance tobe issued,it will not encumber
the Net Revenues of the System,unless such encumbrance is
made junior and subordinate in all respects to the Bonds and
Additional Bonds andall liensand pledges in connection
therewith.
(c)That nofree service of the System shall be allowed,
and should the City or any of its agencies or instrumentalities
make use of the services and facilities of the System,payment
of the reasonable value thereof shall be made by the City out
of funds from sources other than the revenues and income of
the System.
(d)That to the extent it legally may,the City further
covenants and agrees that while any of the Bonds or Additional
Bonds are outstanding no franchise shall be granted for the
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installation or operation of any competing waterworks or
sanitary sewer system;and that theCity will prohibit the
operation of any such competing system;and the operation of
any such competing system is hereby prohibited.
(e)That based upon all facts,estimates and circum
stances now known or reasonably expected to be in existence
on the date the Bonds are delivered and paid for,the City
reasonably expects that the proceeds of the Bonds will not .
be used in a manner that would cause the Bonds or any portion
of the Bonds to be an "arbitrage bond"under Section 103(d)(2)
of the Internal .Revenue Code of 1954,as amended,and the
temporary and proposed regulations heretofore prescribed
thereunder,including,without limitation,Sections 1.103-13
and 1.103-14 of the proposed regulations published in the
Federal Register on May 3,1973.Furthermore,all officers,
employees and agents of the City are authorized and directed
to provide certifications of facts,estimates and circum
stances which are material to the reasonable expectations of
the City asof the date the Bonds are delivered and paid for,
and anysuch certifications may be relied upon by counsel,
by the owners or holders of the Bonds,or by any person in
terested in the exemption of interest onthe Bonds from Federal
income taxation.Moreover,the City covenants that it shall
makesuch use of the proceeds of the Bonds,and takesuch
other and further action as may be required so that the Bonds
shallnot be "arbitrage bonds"under Section 103(d)of the
Internal Revenue Code of 1954,as amended,and regulations
prescribed from time to time thereunder.
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Section 25.The Bonds shall be special obligations of
the City payablesolelyfrom the pledged revenues,and the
holder or holders thereof shall never have the right to de
mand payment thereof out of funds raised or to be raised by
taxation.
Section 26.The Mayor of the City is hereby authorized
to havecontrol of the Bonds 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
bythe Comptroller of Public Accounts of the State ofTexas.
Upon registration of the Bonds,the Comptroller of Public
Accounts (or a deputy designated in writing to act forthe
Comptroller)shall manually sign the Comptroller's Registra
tion Certificate prescribed herein to be printed and endorsed
on each of the Bonds,and the seal of the Comptroller shall
be impressed,or printed,or lithographed on each of the Bonds.
Section 27.The Bonds are hereby sold and shall be de
livered,to CITIZENS NATIONAL BANK &TRUST CO..
Bay town,Texas
for the price of $750,000 and accrued interest thereon to
date of delivery,subject to the unqualified approving opinions,
as to the legality of the Bonds,of the Attorney General of the
State of Texas and of Vinson,Elkins,Searls,Connally &Smith,
Houston,Texas,market attorneys.
Section 28.The Mayor andall other appropriate officers
of the CITY OF BAYTOWN are hereby authorized and directed to
do anyand all things necessary or convenient to carry out the
provisions of this ordinance.
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Section 29.This ordinance was read once bythe City
Council and shall take effect immediately.
Section 30-Itis hereby officially found and determined
that the need of the City for such financing creates an emer
gency and an urgent public necessity for the holding,at the
scheduled time,of the meeting of the City Council at which
this ordinance is adopted andforthe adoption of this ordi
nance;and the NOTICE OP MEETING relating to said meeting and
heretofore posted by the City Clerk,and the posting thereof,
are hereby authorized,approved,adopted,ratified,and con
firmed.
PASSED AND APPROVED this 13th day cf March,1975.
Mayor
CITY OF BAYTOWN,TEXAS
ATTEST:
City Clerk
CITY OF BAYTOWN,TEXAS
(SEAL)
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