HomeMy WebLinkAboutORD 2002-024 BOND ORDINANCE NO. 2002- 2 4
relating to
$10,100,000
� ' CITY OF GRAPEVINE, TEXAS
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS
SERIES 2002
Adopted: March 19, 2002
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TABLE OF CONTENTS
Pa�e
ARTICLE I
DEFINITIONS AND OTHER PRELIMINARY MATTERS
Section1.01. Definitions...............................................................................................................2
Section1.02. Findings................................................................................................................... 3
Section 1.03. Table of Contents, Titles and Headings..................................................................4
Section1.04. Interpretation...........................................................................................................4
ARTICLE II
SECURITY FOR THE BONDS; INTEREST AND S1NKING FUND
Section2.01. Ta�c Levy.................................................................................................................4
Section 2.02. Interest and Sinking Fund....................................................................................... 5
ARTICLE III
AUTHORIZATION; GENERAL TERMS AND PROVISIONS
, REGARDING THE BONDS
"": N Section 3.01. Authorization ............................................. 5
.............................................................
Section 3.02. Date,Denomination, Maturities and Interest.......................................................... 5
Section 3.03. Medium, Method and Place of Payment................................................................. 6
Section 3.04. Execution and Registration of Bonds ..................................................................... 7
Section3.05. Ownership............................................................................................................... 8
Section 3.06. Registration, Transfer and Exchange...................................................................... 8
Section3.07. Cancellation............................................................................................................ 9
Section 3.08. Temporary Bonds.....................................e..............................................................9
Section 3.09. Replacement Bonds.................................o............................................................ 10
Section 3.10. Book-Entry-Only System...................................................................................... 11
Section 3.11. Successor Securities Depository; Transfer Outside Book-Entry Only System.... 11
Section 3.12. Payments to Cede & Co........................................................................................ 12
ARTICLE IV
REDEMPTION OF BONDS BEFORE MATURITY
Section 4.01. Limitation on Redemption.................................................................................... 12
Section 4.02. Optional Redemption............................................................................................ 12
Section 4.03. Partial Redemption................................................................................................ 13
Section 4.04. Notice of Redemption to Owners ......................................................................... 13
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Section 4.05. Payment Upon Redemption.................................................................................. 13
Section 4.06. Effect of Redemption............................................................................................ 14
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_ ARTICLE V
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PAYING AGENT/REGISTRAR
Section 5.01. Appointment of Initial Paying Agent/Registrar.................................................... 14
Section5.02. Qualifications........................................................................................................ 14
Section 5.03. Maintaining Paying Agent/Registrar.................................................................... 14
Section5.04. Termination........................................................................................................... 14
Section 5.05. Notice of Change to Owners................................................................................. 15
Section 5.06. Agreement fo Perform Duties and Functions........................................................ 15
Section 5.07. Delivery of Records to Successor......................................................................... 15
ARTICLE VI
FORM OF THE BONDS
Section 6.01. Form Generally..................................................................................................... 15
Section 6.02. Form of the Bonds ................................................................................................ 16
Section 6.03. CUSIP Registration............................................................................................... 21
Section 6.04. Legal Opinion.......................................................................................................21
Section 6.05. Statement of Insurance..........................................................................................21
, ARTICLE VII
� SALE AND DELNERY OF BONDS, DEPOSIT OF PROCEEDS
Section 7.01. Sale of Bonds, Official Statement......................................................................... 21
Section 7.02. Control and Delivery of Bonds............................................................................. 22
Section 7.03. Deposit of Proceeds..............................................................................................22
ARTICLE VIII
INVESTMENTS
Section8.01. Investments..............................................a............................................................ 23
Section 8.02. Investment Income...................................e............................................................ 23
ARTICLE IX
PARTICULAR REPRESENTATIONS AND COVENANTS
Section 9.01. Payment of the Bonds...........................................................................................23
Section 9.02. Other Representations and Covenants..................................................................24
Section 9.03. Provisions Concerning Federal Income Tax Exclusion........................................ 24
Section 9.04. No Private Use or Payment and No Private Loan Financing................................24
Section 9.05. No Federal Guaranty.............................................................................................25
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Section 9.06. Bonds are not Hedge Bonds..................................................................................25
Section 9.07. No-Arbitrage Covenant.........................................................................................25
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Section 9.08. Arbitrage Rebate.......................................e...........................................................25
Section 9.09. Information Reporting ..........................................................................................26
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Section 9.10. Continuing Obligation.......................................................................................... 26
ARTICLE X
DEFAULT AND REMEDIES
Section 10.01. Events of Default......................................e........................................................... 26
Section 10.02. Remedies for Default............................................................................................26
Section 10.03. Remedies Not Exclusive.......................................................................................27
ARTICLE XI
DISCHARGE
Section11.01. Discharge..............................................................................................................27
ARTICLE XII
CONTINUING DISCLOSURE UNDERTAKING
Section 12.01. Annual Reports..................................................................................................... 27
, . Section 12.02. Material Event Notices ......................................................................................... 28
Section 12.03. Limitations,Disclaimers and Amendments..........................................................28
ARTICLE XIII
REDEMPTION OF BONDS
Section 13.01. Sources of Funds for Refunding........................................................................... 30
Section 13.02. Redemption of Refunded Bond ............................................................................ 30
Section 13.03.Notice of Deposit and Redemption....................................................................... 30
ARTICLE XIV
EMERGENCY
Section 14.01. Declaration of an Emergency................................................................................30
Schedule I—Refunded Bonds
E�chibit A-Description of Annual Disclosure of Financial Information...................................A-1
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, AN ORDINANCE PROVIDING FOR THE ISSUANCE OF CITY OF
GR.APEVINE, TEXAS GENERAL OBLIGATION REFUNDiNG AND
.�.�.
IMPROVEMENT BONDS, SERIES 2002, IN THE AGGREGATE PRINCIPAL
AMOUNT OF $10,100,000; LEVYING A TAX 1N PAYMENT THEREOF;
PRESCRIBING THE FORM OF SAID BONDS; AWARDING THE SALE
THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING
OTHER PROVISIONS RELATING THER�TO; AND DECLARING AN
EMERGENCY
WHEREAS, the bonds hereinafter authorized were duly and favorably voted, as required
by the Constitution and laws of the State of Texas, at an election held in the City of Grapevine,
Texas (the"City"), on Saturday, December 5, 1998; and
WHEREAS, at said election, the following are among the purposes and amounts of the
bonds which were authorized, reflecting any amount previously issued pursuant to each voted
authorization, the amount therefrom being issued pursuant to this Ordinance, and the balance that
remains unissued after the issuance of the bonds herein authorized,to wit:
Amount Amount
Amount Previously Being Unissued
- Purpose Voted Issued Issued Balance
� Street Improvements $30,245,000 $13,610,000 $6,390,000 $10,245,000
WHEREAS, the City Council has found and determined and does hereby find and
detertnine to refund certain of its previously issued and outstanding bonds as described on
Schedule I attached hereto and incorporated by reference for all purposes (collectively, the
"Refunded Borids"); and
WHEREAS, the City Council hereby finds and determines that refunding the Refunded
Bonds for the purpose of achieving net present value debt service savings of approximately
$132,66737, representing approximately 3.547%, with respect to the Refunded Bonds is in the
best interests of the citizens of the City; and
WHEREAS, the City Council has found and determined that it is necessary and in the
best interest of the City and its citizens that it authorize by this Ordinance the issuance and
delivery of its bonds in a single series at this time; and
WHEREAS, the meeting at which this Ordinance is considered is open to the public as
required by law, and the public notice of the time, place and purpose of said meeting was given
as required by Chapter 551, Texas Government Code, as amended;therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE,
' TEXAS:
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ARTICLE I
� ry DEFINITIONS AND OTHER PRELIMINARY MATTERS
Section 1.01. Definitions.
Unless otherwise expressly provided or unless the context clearly requires otherwise in
this Ordinance,the following terms shall have the meanings specified below:
"Bond"means any of the Bonds.
"Bond Date" means the date designated as the date of the Bonds by Section 3.02(a) of
this Ordinance.
"Bonds" means the City's bonds authorized to be issued by Section 3.01 of this
Ordinance and designated as "City of Grapevine, Texas, General Obligation Refunding and
Improvement Bonds, Series 2002."
"Business Day" means a day that is not a Saturday, Sunday, legal holiday or other day on
which banking institutions in the city where the Designated PaymentlTransfer Office is located
are required or authorized by law or executive order to close.
"City" means the City of Crrapevine, Texas.
"Closing Date"means the date of the initial delivery of and payment for the Bonds.
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"Code" means the Internal Revenue Code of 1986, as amended, including applicable
regulations,published rulings and court decisions.
"Designated Payment/Transfer Office" means (i) with respect to the initial Paying
Agent/Registrar named herein, its office in Columbus, Ohio, or at such other location designated
by the Paying Agent/Registrar and (ii) with respect to any successor Paying Agent/Registrar, the
office of such successor designated and located as may be agreed upon by the City and such
successor.
"DTC" means The Depository Trust Company of New York, New York, or any
successor securities depository.
"DTC Participant" means brokers and dealers, banks, trust companies, clearing
corporations and certain other organizations on whose behalf DTC was created to hold securities
to facilitate the clearance and settlement of securities transactions among DTC Participants.
"Event of Default" means any event of default as defined in Section 10.01 of this
Ordinance.
"Initial Bond"means the Initial Bond authorized by Section 3.04(d) of this Ordinance.
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"Interest and Sinking Fund" means the interest and sinking fund established by
Section 2.02 of this Ordinance.
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"Interest Payment Date" means the date or dates on which interest on the Bonds is
scheduled to be paid until their respective dates of maturity or prior redemption, such dates being
February 15 and August 15, commencing February 15, 2003.
"MSRB"means the Municipal Securities Rulemaking Board.
"NRMSIR" means each person whom the SEC or its staff has determined to be a
nationally recognized municipal securities information repository within the meaning of the Rule
from time to time.
"Owner" means the person who is the registered owner of a Bond or Bonds, as shown in
the Register.
"Paying Agent/Registrar" means initially Bank One,National Association, Austin, Texas,
or any successor thereto as provided in this Ordinance.
"Record Date" means the last Business Day of the month next preceding an Interest
Payment Date.
"Register"means the bond register specified in Section 3.06(a) of this Ordinance.
"Representations Letter" means the Blanket Letter of Representations previously
�"°� executed by the City and DTC and on file with DTC.
"SEC"means the United States Securities and Exchange Commission.
"SID" means any person designated by the State of Texas or an authorized department,
officer or agency thereof, as and determined by the SEC or its staff to be a state information
depository within the meaning of the Rule from time to time.
"Special Payment Date"means the Special Payment Date prescribed by Section 3.03(b).
"Special Record Date"means the Special Record Date prescribed by Section 3.03(b).
"Unclaimed Payments" means money deposited with the Paying AgentlRegistrar for the
payment of principal of, redemption premium, if any, or interest on the Bonds as the same come
due and payable or money set aside for the payment of Bonds duly called for redemption prior to
maturity.
"Underwriters" mean RBC Dain Rauscher Inc. and SWS Securities, as underwriters of
the Bonds pursuant to that certain Bond Purchase Agreement approved in Section 7.01 hereof.
Section 1.02. Findin�s.
The declarations, determinations and findings declared, made and found in the preamble
to this Ordinance are hereby adopted,restated and made a part of the operative provisions hereof.
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Section 1.03. Table of Contents, Titles and Headin�s.
The table of contents, titles and headings of the Articles and Sections of this Ordinance
� � have been inserted for convenience of reference only and are not to be considered a part hereof
and shall not in any way modify or restrict any of the terms or provisions hereof and shall never
be considered or given any effect in construing this Ordinance or any provision hereof or in
ascertaining intent, if any question of intent should arise.
Section 1.04. Interpretation.
(a) Unless the context requires otherwise, words of the masculine gender sha11 be
construed to include correlative words of the feminine and neuter genders and vice versa, and
words of the singular number shall be construed to include correlative words of the plural
number and vice versa.
(b) This Ordinance and all the terms and provisions hereof shall be liberally
construed to effectuate the purposes set forth herein.
ARTICLE II
SECURITY FOR THE BONDS; INTEREST AND SINKING FUND
Section 2.01. Tax Lew.
(a) Pursuant to the-authority granted by the Texas Constitution and the laws of the
�' ' State of Texas, there is hereby levied for the current year and for each succeeding year hereafter
while any of the Bonds or any interest thereon is outstanding and unpaid, an ad valorem ta�c on
each one hundred dollars' valuation of taxable property within the City, at a rate sufficient,
within the limit prescribed by law, to pay the debt service requirements of the Bonds, being (i)
the interest on the Bonds, and (ii) a sinking fund for their redemption at maturity or a sinking
fund of 2% per annum (whichever amount is greater), when due and payable, full allowance
being made for delinquencies and costs of collection.
(b) The ad valorem ta}c thus levied shall be assessed and collected each year against
all property appearing on the tax rolls of the City most recently approved in accordance with law
and the money thus collected sha11 be deposited as collected to the Interest and Sinking Fund.
(c) Said ad valorem ta�c, the collections therefrom, and all amounts on deposit in or
required hereby to be deposited to the Interest and Sinking Fund are hereby pledged and
committed irrevocably to the payment of the principal of and interest on the Bonds when and as
due and payable in accordance with their terms and this Ordinance.
(d) To the extent the City has a�ailable funds which may be lawfully used to pay debt
service on the Bonds and such funds are on deposit in the Interest and Sinking Fund in advance
of the time when the City Council of the City is scheduled to set a tax rate for any year,then such
t� rate which would otherwise be required to be established pursuant to subsection (a) of this
Section may be reduced to the extent and by the amount of such funds in the Interest and Sinking
`� " Fund.
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4 (e) If the lien and provisions of this Ordinance shall be released in a manner
permitted by Article XI hereof, then the collection of such ad valorem tax may be suspended or
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appropriately reduced, as the facts may permit, and further deposits to the Interest and Sinking
Fund may be suspended or appropriately reduced, as the facts may permit. In determining the
aggregate principal amount of outstanding Bonds, there shall be subtracted the amount of any
Bonds that have been duly called for redemption and for which money has been deposited with
the Paying AgentlRegistrar for such redemption.
Section 2.02. Interest and Sinkin�Fund.
(a) The City hereby establishes a special fund or account, to be designated the "City
of Grapevine, Texas General Obligation Refunding and Improvement Bonds, Series 2002,
Interest and Sinking Fund," said fund to be maintained at an official depository bank of the City
separate and apart from all other funds and accounts of the City.
(b) Money on deposit in or required by this Ordinance to be deposited to the Interest
and Sinking Fund shall be used solely for the purpose of paying the interest on and principal of
the Bonds when and as due and payable in accordance with their terms and this Ordinance.
ARTICLE III
AUTHORIZATION; GENERAL TERMS AND PROVISIONS
_ . REGARDING THE BONDS
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Section 3.01. Authorization.
The City's bonds to be designated "City of Grapevine, Texas General Obligation
Refunding and Improvement Bonds, Series 2002," are hereby authorized to be issued and
delivered in accordance with Tex. Const. art. XI, Sec. 5, Chapters 1207 and 1331 Texas
Government Code and Section 9.26 of the City's Home-Rule Charter. The Bonds shall be issued
in the aggregate principal amount of$10,100,000, for the purpose of providing funds (i)to pay
the costs of issuing the Bonds, (ii)to refund the Refunded Bonds in an amount of$3,740,000,
and (iii)to make the following permanent public improvements, to wit: constructing, improving
and widening streets and thoroughfares and related utility relocation, drainage, landscaping,
sidewalk and signalization improvements, and acquiring land and interests in land therefor.
Section 3.02. Date Denomination. Maturities and Interest.
(a) The Bonds shall be dated March 15, 2002. The Bonds shall be in fully registered
form, without coupons, in the denomination of$5,000 or any integral multiple thereof, and shall
be numbered separately from one upward, except the Initial Bond,which sha11 be numbered T-1.
(b) The Bonds sha11 mature on February 15 in the years and in the principal amounts
set forth in the following schedule:
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Serial Bonds
Maturity Principal Interest Maturity Principal Interest
�" '� �February 15� Amount Rate �Februarv 15) Amount Rate
2003 $1,245,000 4.000% 2013 $315,000 4.700%
2004 1,480,000 4.000% 2014 330,000 4.800%
2005 1,200,000 4.000% 2015 350,000 4.900%
2006 545,000 4.000% 2016 365,000 5.000%
2007 245,000 4.000% 2017 385,000 5.000%
2008 255,000 4.250% 2018 405,000 5.125%
2009 265,000 4.250% 2019 425,000 5.125%
2010 275,000 4.400% 2020 450,000 5.200%
2011 290,000 4.500% 2021 475,000 5.250%
2012 300,000 4.600% 2022 500,000 5.250%
(c) Interest shall accrue and be paid on each Bond respectively until its maturity or
prior redemption, from the later of the Bond Date or the most recent Interest Payment Date to
which interest has been paid or provided for at the rates per annum for each respective maturity
specified in the schedule contained in subsection (b) above. Such interest shall be payable
semiannually commencing on February 15, 2003, and on each August 15 and February 15
� thereafter until maturity or prior redemption. Interest on the Bonds shall be calculated on the
basis of a 360-day year composed of 12 months of 30 days each.
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Section 3.03. Medium,Method and Place of Pa�en_t.
(a) The principal of, premium, if any, and interest on the Bonds shall be paid in
lawful money of the United States of America.
(b) Interest on the Bonds shall be payable to the Owners as shown in the Register at
the close of business on the Record Date; provided, however, in the event of nonpayment of
interest on a scheduled Interest Payment Date and for 30 days thereafter, a new record date for
such interest payment (a "Special Record Date") shall be established by the Paying
Agent/Registrar, if and when funds for the payment of such interest have been received from the
City. Notice of the Special Record Date and of the scheduled payment date of the past due
interest (the "Special Payment Date," which shall be 15 days after the Special Record Date) shall
be sent at least five Business Days prior to the Special Record Date by United States mail, first
class, postage prepaid, to the address of each Owner of a Bond appearing on the Register at the
close of business on the last Business Day next preceding the date of mailing of such notice.
(c) Interest shall be paid by check, dated as of and mailed on the Interest Payment
Date, and sent by the Paying AgentJRegistrar to each Owner, first class United States mail,
postage prepaid, to the address of each Owner as it appears in the Register, or by such other
customary banking arrangement acceptable to the Paying Agent/Registrar and the Owner;
provided, however, that the Owner shall bear all risk and expense of such other banking
arrangement. At the option of an Owner of at least $1,000,000 principal amount of the Bonds,
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interest may be paid by wire transfer to the bank account of such Owner on file with the Paying
Agent/Registrar.
'�`"� (d) The principal of each Bond shall be paid to the Owner thereof on the due date
(whether at the maturity date or the date of prior redemption thereo fl upon presentation and
surrender of such Bond at the Designated PaymentlTransfer Office of the Paying
Agent/Registrar.
(e) If the date for the payment of the principal of or interest on the Bonds shall be a
Saturday, Sunday, legal holiday, or day on which banking institutions in the city where the
Designated Payment/Transfer Office is located are required or authorized by law or executive
order to close, the date for such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday, or day on which banking institutions are required or authorized
to close, and payment on such date shall have the same force and effect as if made on the original
date payment was due and no additional interest shall be due by reason of nonpayment on the
date on which such payment is otherwise stated to be due and payable.
(� Unclaimed Payments shall be segregated in a special escrow account and held in
trust, uninvested by the Paying Agent/Registrar, for the account of the Owners of the Bonds to
which the Unclaimed Payments pertain. Subject to Title 6 of the Texas Property Code, any
Unclaimed Payments remaining unclaimed by the Owners entitled thereto for three years after
the applicable payment or redemption date shall be applied to the next payment or payments on
-• the Bonds thereafter coming due and, to the extent any such money remains after the retirement
of all outstanding Bonds, shall be paid to the City to be used for any lawful purpose. Thereafter,
r neither the City, the Paying AgentlRegistrar nor any other person shall be liable or responsible to
any Owners of such Bonds for any further payment of such unclaimed moneys or on account of
any such Bonds, subject to Title 6 of the Texas Property Code.
Section 3.04. Execution and Registration of Bonds.
(a) The Bonds shall be executed on behalf of the City by the Mayor and the City
Secretary, by their manual or facsimile signatures, and the official seal of the City shall be
impressed or placed in facsimile thereon. Such facsimile signatures on the Bonds shall have the
same effect as if each of the Bonds had been signed manually and in person by each of said
officers, and such facsimile seal on the Bonds shall have the same effect as if the official seal of
the City had been manually impressed upon each of the Bonds.
(b) In the event that any officer of the City whose manual or facsimile signature
appears on the Bonds ceases to be such officer before the authentication of such Bonds or before
the delivery thereof, such manual or facsimile signature nevertheless shall be valid and sufficient
for all purposes as if such officer had remained in such office.
(c) Except as provided below, no Bond shall be valid or obligatory for any purpose or
be entitled to any security or benefit of this Ordinance unless and until there appears thereon the
Certificate of Paying Agent/Registrar substantially in the form provided herein, duly
authenticated by manual execution by an officer or duly authorized signatory of the Paying
A , Agent/Registrar. It shall not be required that the same officer ar authorized signatory of the
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Paying Agent/Registrar sign the Certificate of Paying AgentlRegistrar on all of the Bonds. In
lieu of the executed Certificate of Paying Agent/Registrar described above, the Initial Bond
delivered at the Closing Date shall have attached thereto the Comptroller's Registration
Certificate substantially in the form provided herein, manually executed by the Comptroller of
Public Accounts of the State of Texas, or by his duly authorized agent, which Certificate shall be
evidence that the Bond has been duly approved by the Attorney General of the State of Texas
and that it is a valid and binding obligation of the City, and has been registered by the
Comptroller of Public Accounts of the State of Texas.
(d) On the Closing Date, one Initial Bond representing the entire principal amount of
all Bonds, payable in stated installments to the initial purchaser, or its designee, executed
manually or by facsimile by the Mayor and City Secretary of the City, approved by the Attorney
General, and registered and manually signed by the Comptroller of Public Accounts, will be
delivered to the initial purchaser or its designee. Upon payment for the Initial Bond, the Paying
AgentlRegistrar shall cancel the Initial Bond and deliver to DTC on behalf of the Purchaser one
registered definitive Bond for each year of maturity of the Bonds in the aggregate principal
amount of all Bonds for such maturity, registered in the name of Cede& Co., as nominee of
DTC.
Section 3.05. Ownership.
(a) The City, the Paying Agent/Registrar and any other person may treat the person in
- whose name any Bond is registered as the absolute owner of such Bond for the purpose of
making and receiving payment of the principal thereof and redemption premium, if any, thereon,
�� ,: for the further purpose of making and receiving payment of the interest thereon, and for all other
purposes (except interest will be paid to the person in whose name such bond is registered on the
Record Date or Special Record Date, as applicable), whether or not such Bond is overdue, and
neither the City nor the Paying Agent/Registrar shall be bound by any notice or knowledge to the
contrary.
(b) All payments made to the Owner of a Bond shall be valid and effectual and shall
discharge the liability of the City and the Paying AgenURegistrar upon such Bond to the extent
of the sums paid.
Section 3.06. Registration, Transfer and Exchan�e.
(a) So long as any Bonds remain outstanding, the City shall cause the Paying
Agent/Registrar to keep at the Designated Payment/Transfer Office a register (the "Register") in
which, subject to such reasonable regulations as it may prescribe, the Paying Agent/Registrar
shall provide for the registration and transfer of Bonds in accordance with this Ordinance.
(b) The ownership of a Bond may be transferred only upon the presentation and
surrender of the Bond at the Designated Payrnent/Transfer Office with such endorsement or
other evidence of transfer as is acceptable to the Paying Agent/Registrar. No transfer of any
Bond shall be effective until entered in the Register.
; (c) The Bonds shall be exchangeable upon the presentation and surrender thereof at
the Designated Payment/Transfer Office for a Bond or Bonds of the same maturity and interest
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, rate and in any denomination or denominations of any integral multiple of $5;000 and in an
aggregate principal amount equal to the unpaid principal amount of the Bonds presented for
a,,� exchange. The Paying Agent/Registrar is hereby authorized to authenticate and deliver Bonds
exchanged for other Bonds in accordance with this Section.
(d) Each exchange Bond delivered by the Paying Agent/Registrar in accordance with
this Section shall constitute an original contractual obligation of the City and shall be entitled to
the benefits and security of this Ordinance to the same extent as the Bond or Bonds in lieu of
which such exchange Bond is delivered. ,
(e) No service charge shall be made to the Owner for the initial registration,
subsequent transfer, or exchange for a different denomination of any of the Bonds. The Paying
AgentlRegistrar, however, may require the Owner to pay a sum sufficient to cover any tax or
other governmental charge that is authorized to be imposed in connection with the registration,
transfer or exchange of a Bond.
(� Neither the City nor the Paying Agent/Registrar shall be required to issue,
transfer, or exchange any Bond called for redemption, in whole or in part, within 45 calendar
days prior to the date fixed for redemption; provided, however, such limitation shall not be
applicable to an exchange by the Owner of the uncalled principal balance of a Bond.
Section 3.07. Cancellation.
All Bonds paid or redeemed before scheduled maturity in accordance with this
s , Ordinance, and all Bonds in lieu of which exchange Bonds or replacement Bonds are
authenticated and delivered in accordance with this Ordinance, shall be cancelled and proper
records shall be made regarding such payment, redemption, exchange or replacement. The
Paying Agent/Registrar shall dispose of cancelled Bonds in accordance with the Securities
Exchange Act of 1934.
Section 3.08. Temporary Bonds.
(a) Following the delivery and registration of the Initial Bond and pending the
preparation of definitive Bonds, the proper officers of the City may execute and, upon the City's
request, the Paying Agent/Registrar shall authenticate and deliver, one or more temporary Bonds
that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any
denomination, substantially of the tenor of the definitive Bonds in lieu of which they are
delivered, without coupons, and with such appropriate insertions, omissions, substitutions and
other variations as the officers of the City executing such temporary Bonds may deternune, as
evidenced by their signing of such temporary Bonds.
(b) Until exchanged for Bonds in definitive form, such Bonds in temporary form shall
be entitled to the benefit and security of this Ordinance.
(c) The Ciry, without unreasonable delay, shall prepare, execute and deliver to the
Paying Agent/Registraz the Bonds in definitive form; thereupon, upon the presentation and
surrender of the Bonds in temporary form to the Paying Agent/Registrar, the Paying
Agent/Registrar shall cancel the Bonds in temporary form and sha11 authenticate and deliver in
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_ exchange therefor $onds of the same maturity and series, in definitive form, in the authorized
denomination, and in the same aggregate principal amount, as the Bonds in temporary form
surrendered. Such exchange shall be made without the making of any charge therefor to any
Owner.
Section 3.09. Replacement Bonds.
(a) Upon the presentation and surrender to the Paying Agent/Registrax of a mutilated
Bond, the Paying Agent/Registrar shall authenticate and deliver in exchange therefor a
replacement Bond of like tenor�and principal amount, bearing a number not contemporaneously
outstanding. The City or the Paying Agent/Registrar may require the Owner of such Bond to pay
a sum sufficient to cover any ta�c or other governmental charge that is authorized to be imposed
in connection therewith and any other expenses connected therewith.
(b) In the event that any Bond is lost, apparently destroyed or wrongfully taken, the
Paying Agent/Kegistrar, pursuant to the applicable laws of the State of Texas and in the absence
of notice or knowledge that such Bond has been acquired by a bona fide purchaser, shall
authenticate and deliver a replacement Bond of like tenor and principal amount, beaxing a
number not contemporaneously outstanding,provided that the Owner first:
(i) furnishes to the Paying Agent/Registrar satisfactory evidence of his or her
ownership of and the circumstances of the loss, destruction or theft of such Bond;
(ii) furnishes such security or indemnity as may be required by the Paying
Agent/Registrar to save it and the City harmless;
(iii) pays all expenses and charges in connection therewith, including, but not
limited to, printing costs, legal fees, fees of the Paying AgentlRegistrar and any tax or
other governmental charge that is authorized to be imposed; and
(iv) satisfies any other reasonable requirements imposed by the City and the
Paying Agent/Registrar.
(c) If, after the delivery of such replacement Bond, a bona fide purchaser of the
original Bond in lieu of which such replacement Bond was issued presents for payment such
original Bond, the City and the Paying Agent/Registrar shall be entitled to recover such
replacement Bond from the person to whom it was delivered or any person taking therefrom,
except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by the City or the
Paying Agent/Registrar in connection therewith.
(d) In the event that any such mutilated, lost, apparently destroyed or wrongfully
taken Bond has become or is about to become due and payable,the Paying Agent/Registrar, in its
discretion, instead of issuing a replacement Bond, may pay such Bond if it has become due and
payable or may pay such Bond when it becomes due and payable.
(e) Each replacement Bond delivered in accordance with this Section shall constitute
an original additional contractual obligation of the City and shall be entitled to the benefits and
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security of this Ordinance to the same extent as the Bond or Bonds in �ieu of which such
replacement Bond is delivered.
�`}�`� Section 3.10. Book-Entry-Onl�vstem.
(a) Notwithstanding any other provision hereof, upon initial issuance of the Bonds,
the Bonds shall be registered in the name of Cede & Co., as nominee of DTC. The definitive
Bonds shall be initially issued in the form of a single separate bond for each of the maturities
thereof.
(b) With respect to Bonds registered in the name of Cede& Co., as nominee of DTC,
the City and the Paying AgentlRegistrar shall have no responsibility or obligation to any DTC
Participant or to any person on behalf of whom such a DTC Participant holds an interest in the
Bonds. Without limiting the immediately preceding sentence, the City and the Paying
Agent/Registrar shall have no responsibility or obligation with respect to (i) the accuracy of the
records of DTC, Cede& Co. or any DTC Participant with respect to any ownership interest in
the Bonds, (ii) the delivery to any DTC Participant or any other person, other than an Owner, as
shown on the Register, of any notice with respect to the Bonds, including any notice of
redemption, or (iii) the payment to any DTC Participant or any other person, other than an
Owner, as shown in the Register of any amount with respect to principal of, premium, if any, or
interest on the Bonds. Notwithstanding any other provision of this Ordinance to the contrary, the
City and the Paying Agent/Registrar shall be entitled to treat and consider the person in whose
name each Bond is registered in the Register as the absolute owner of such Bond for the purpose
of payment of principal of, premium, if any, and interest on Bonds, for the purpose of giving
N�._., notices of redemption and other matters with respect to such Bond, for the purpose of registering
transfer with respect to such Bond, and for all other purposes whatsoever. The Paying
AgentlRegistrar shall pay all principal of, premium, if any, and interest on the Bonds only to or
upon the order of the respective Owners as shown in the Register, as provided in this Ordinance,
or their respective attorneys duly authorized in writing, and all such payments shall be valid and
effective to fully satisfy and discharge the City's obligations with respect to payment of,
premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. No person
other than an Owner, as shown in the Register, shall receive a certificate evidencing the
obligation of the City to make payments of amounts due pursuant to this Ordinance. Upon
delivery by DTC to the Paying Agent/Registrar of written notice to the effect that DTC has
determined to substitute a new nominee in place of Cede & Co., the word "Cede& Co." in this
Ordinance shall refer to such new nominee of DTC.
(c) The Representations Letter previously executed and delivered by the City, and
applicable to the City's obligations delivered in book-entry-only form to DTC as securities
depository, is hereby ratified and approved for the Bonds.
Section 3.11. Successor Securities De�ository Transfer Outside Book-Entry Only
S, sy tem.
In the event that the City or the Paying Agent/Registrar determines that DTC is incapable
of discharging its responsibilities described herein and in the Representations Letter of the City
�- � to DTC, and that it is in the best interest of the beneficial owners of the Bonds that they be able
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: to obtain certificated Bonds, or in the event DTC +discontinues the services described herein, the
City shall (i) appoint a successor securities depository, qualified to act as such under
��;�
Section 17(a) of the Securities and Exchange Act of 1934, as amended, notify DTC and DTC
Participants of the appointment of such successor securities depository and transfer one or more
separate Bonds to such successor securities depository; or (ii) notify DTC and DTC Participants
of the availability through DTC of certificated Bonds and cause the Paying Agent/Registrar to
transfer one or more separate registered Bonds to DTC Participants having Bonds credited to
their DTC accounts. In such event, the Bonds shall no longer be restricted to being registered in
the Register in the name of Cede& Co., as nominee of DTC, but may be registered in the name
of the successor securities depository, or its nominee, or in whatever name or names Owners
transferring or exchanging Bonds shall designate, in accordance with the provisions of this
Ordinance.
Section 3.12. Payments to Cede& Co.
Notwithstanding any other provision of this Ordinance to the contrary, so long as any
Bonds are registered in the name of Cede& Co., as nominee of DTC, all payments with respect
to principal of, premium, if any, and interest on such Bonds, and all notices with respect to such
Bonds, shall be made and given, respectively, in the manner provided in the Representations
Letter of the City to DTC.
ARTICLE IV
REDEMPTION OF BONDS BEFORE MATURITY
� � Section 4.01. Limitation on Redemption.
The Bonds shall be subject to redemption before scheduled maturity only as provided in
this Article IV.
Section 4.02. Optional Redemption.
(a) The City reserves the option to redeem Bonds maturing on arid after February 15,
2013 in whole ar any part, befare their respective scheduled maturity dates, on Febntary 15,
2012 or on any date thereafter, such redemption date or dates to be fixed by the City, at a price
equal to the principal amount of the Bonds called for redemption plus accrued interest to the date
fixed for redemption.
(b) If less than all of the Bonds are to be redeemed pursuant to an optional
redemption, the City shall determine the maturity or maturities and the amounts thereof to be
redeemed and shall direct the Paying Agent/Registrar to call by lot the Bonds, or portions
thereof, within such maturity or maturities and in such principal amounts for redemption.
(c) The City, at least 45 days before the redemption date, unless a shorter period shall
be satisfactory to the Paying Agent/Registrar, shall notify the Paying Agent/Registrax of such
redemption date and of the principal amount of Bonds to be redeemed.
�. .
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Section 4.03. Partial Redemption.
(a) A portion of a single Bond of a denomination greater than $5,000 may be
�-"� redeemed, but only in a principal amount equal to $5,000 or any integral multiple thereof. If
such a Bond is to be partially redeemed, the Paying AgentlRegistrar shall treat each $5,000
portion of the Bond as though it were a single Bond for purposes of selection for redemption.
(b) Upon surrender of any Bond for redemption in part, the Paying Agent/Registrar,
in accordance with Section 3.06 of this Ordinance, shall authenticate and deliver an exchange
Bond or Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond so
surrendered, such exchange being without charge.
(c) The Paying Agent/Registrar shall promptly notify the City in writing of the
principal amount to be redeemed of any Bond as to which only a portion thereof is to be
redeemed.
Section 4.04. Notice of Redemption to Owners.
(a) The Paying Agent/Registrar shall give notice of any redemption of Bonds by
sending notice by first class United States mail, postage prepaid, not less than 30 days before the
date fixed for redemption, to the Owner of each Bond (or part thereo fl to be redeemed, at the
address shown on the Register at the close of business on the Business Day next preceding the
, date of mailing such notice.
(b) The notice shall state the redemption date, the redemption price, the place at
� `� which the Bonds are to be surrendered for payment, and, if less than all the Bonds outstanding
are to be redeemed, an identification of the Bonds or portions thereof to be redeemed.
(c) Any notice given as provided in this Section shall be conclusively presumed to
have been duly given,whether or not the Owner receives such notice.
Section 4.05. Payment Upon Redemption.
(a) Before or on each redemption date, �the City shall deposit with the Paying
Agent/Registrar money sufficient to pay all amounts due on the redemption date and the Paying
Agent/Registrar shall make provision for the payment of the Bonds to be redeemed on such date
by setting aside and holding in trust such amounts as are received by the Paying AgentlRegistrar
from the City and sha11 use such funds solely for the purpose of paying the principal of,
redemption premium, if any, and accrued interest on the Bonds being redeemed.
(b) Upon presentation and surrender of any Bond called for redemption at the
Designated Payment/Transfer Office on or after the date fixed for redemption, the Paying
Agent/Registrar shall pay the principal of, redemption premium, if any, and accrued interest on
such Bond to the date of redemption from the money set aside for such purpose.
�, ..
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, Section 4.06. Effect of Redemption.
(a) Notice of redemption having been given as provided in Section 4.D4 of this
`��`� Ordinance, the Bonds or portions thereof called for redemption shall become due and payable on
the date fixed for redemption and, unless the City defaults in its obligation to make provision for
the payment of the principal thereof, redemption premium, if any, or accrued interest thereon,
such Bonds or portions thereof shall cease to bear interest from and after the date fixed for
redemption, whether or not such Bonds are presented and surrendered for payment on such date.
(b) If the City shall fail to make provision for payment of all sums due on a
redemption date, then any Bond or portion thereof called for redemption shall continue to bear
interest at the rate stated on the Bond until due provision is made for the payment of same by the
City.
ARTICLE V
PAYING AGENT/REGISTRAR
Section 5.01. A�pointment of Initial Pavin�A�ent/Re ig strar.
Bank One, National Association, Austin, Texas, is hereby appointed as the initial Paying
Agent/Registrar for the Bonds.
Section 5.02. Qualifications.
`�"�""� Each Paying AgentlRegistrar shall be a commercial bank, a trust company organized
under the laws of the State of Texas, or any other entity duly qualified and legally authorized to
serve as and perform the duties and services of paying agent and registrar for the Bonds.
Section 5.03. Maintainin�Pavin�A�ent/Re is�� trar.
(a) At all times while any Bonds are outstanding, the City will maintain a Paying
Agent/Registrar that is qualified under Section 5.02 of this Ordinance. The Mayor is hereby
authorized and directed to execute an agreement with the Paying Agent/Registrar specifying the
duties and responsibilities of the City and the Paying Agent/Kegistrar. The signature of the
Mayor shall be attested by the City Secretary of the City.
(b) If the Paying Agent/Registrar resigns or otherwise ceases to serve as such, the
City will promptly appoint a replacement.
Section 5.04. Termination.
The City, upon not less than 60 days notice, reserves the right to terminate the
appointment of any Paying Agent/Registrar by delivering to the entity whose appointment is to
be terminated written notice of such termination.
�. �
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Section 5.05. Notice of Chan�e to Owners.
Promptly upon each change in the entity serving as Paying AgentlRegistrar, the City will
`�'�� cause notice of the change to be sent to each Owner by first class United States mail, postage
prepaid, at the address in the Register, stating the effective date of the change and the name and
mailing address of the replacement Paying Agent/Registrar.
Section 5.06. Apreement to Perform Duties and Functions.
By accepting the appointment as Paying Agent/Registrar and executing the Paying
Agent/Registrar Agreement, the Paying Agent/Registrar is deemed to have agreed to the
provisions of this Ordinance and that it will perform the duties and functions of Paying
Agent/Registrar prescribed thereby.
Section 5.07. Delivery of Records to Successor.
If a Paying Agent/Registrar is replaced, such Paying Agent/Registrar, promptly upon the
appointment of the successor, will deliver the Register (or a copy thereo fl and all other pertinent
books and records relating to the Bonds to the successor Paying Agent/Registrar.
ARTICLE VI
FORM OF THE BONDS
a.g:,}w
Section 6.01. Form Generallv.
(a) The Bonds, including the Registration Certificate of the Comptroller of Public
Accounts of the State of Texas, the Certificate of the Paying Agent/Registrar, and the
Assignment form to appear on each of the Bonds, (i) shall be substantially in the form set forth in
this Article, with such appropriate insertions, omissions, substitutions, and other variations as are
permitted or required by this Ordinance, and (ii) may have such letters, numbers, or other marks
of identification (including identifying numbers and letters of the Committee on Uniform
Securities Identification Procedures of the American Bankers Association) and such legends and
endorsements (including any reproduction of an opinion of counsel) thereon as, consistently
herewith, may be determined by the City or by the officers executing such Bonds, as evidenced
by their execution thereof.
(b) Any portion of the text of any Bonds may be set forth on the reverse side thereof,
with an appropriate reference thereto on the face of the Bonds.
(c) The definitive Bonds shall be typewritten, photocopied, printed, lithographed, or
engraved, and may be produced by any combination of these methods or produced in any other
similar manner, all as determined by the officers executing such Bonds, as evidenced by their
execution thereof.
(d) The Initial Bond submitted to the Attorney General of the State of Texas may be
��. ,.
typewritten and photocopied or otherwise reproduced.
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Section 6.02. Form of the Bonds.
The form of the Bond, including the form of the Registration Certificate of the
��� � Comptroller of Public Accounts of the State of Texas, the form of Certificate of the Paying
Agent/Registrar and the form of Assignment appearing on the Bonds, shall be substantially as
follows:
(a) Form of Bond.
REGISTERED REGISTERED
No. $
United States of America
State of Texas
County of Tarrant
CITY OF GRAPEVINE, TEXAS
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BOND
SERIES 2002
INTEREST RATE: MATURITY DATE: BOND DATE: CUSIP NUMBER:
% , March 15, 2002 _
The City of Grapevine (the "City"), in the County of Tarrant, State of Texas, for value
"�'"'�" received, hereby promises to pay to
' or registered assigns, on the Maturity Date specified above,the sum of
DOLLARS
unless this Bond shall have been sooner called for redemption and the payment of the principal
hereof shall have been paid or provided for, and to pay interest on such principal amount from
the later of the Bond Date specified above or the most recent interest payment date to which
interest has been paid or provided for until payment of such principal amount has been paid or
provided for, at the per annum rate of interest specified above, computed on the basis of a 360-
day year of twelve 30-day months, such interest to be paid semiannually on Februa.ry 15 and
August 15 of each year, commencing February 15,2003.
The principal of this Bond shall be payable without exchange or collection charges in
lawful money of the United States of America upon presentation and surrender of this Bond at
the designated office in Columbus, Ohio, of Bank One, National Association, as Paying
AgentlRegistrar (the "Designated Payment/Transfer Office"), or, with respect to a successor
paying agent/registrar, at the Designated Payment/Transfer Office of such successor. Interest on
this Bond is payable by check dated as of the interest payment date, and will be mailed by the
°° Paying Agent/Registrar to the registered owner at the address shown on the registration books
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kept by the Paying AgentlRegistrar or by such other customary banking arrangement acceptable
to the Paying Agent/Registrar and the registered owner; provided, however, such registered
owner shall bear all risk and expense of such other banking arrangement. At the option of the
`��� Owner of at least $1,000,000 principal amount of the Bonds, interest may be paid by wire
transfer to the bank account of such Owner on file with the Paying Agent/Registrar. For the
purpose of the payment of interest on this Bond, the registered owner shall be the person in
whose name this Bond is registered at the close of business on the"Record Date,"which shall be
the last Business Day of the month next preceding such interest payment date; provided,
however, in the event of nonpayment of interest on a scheduled payment date and for 30 days
thereafter, a new record date for such interest payment (a "Special Record Date") shall be
established by the Paying Agent/Registrar, if and when funds for the payment of such interest
have been received from the City. Notice of the Special Record Date and of the scheduled
payment date of the past due interest (the "Special Payment Date," which date shall be 15 days
after the Special Record Date) shall be sent at least five Business Days prior to the Special
Record Date by United States mail, first class, postage prepaid, to the address of each Owner of a
Bond appearing on the books of the Paying Agent/Registrar at the close of business on the last
Business Day next preceding the date of mailing of such notice.
If the date for the payment of the principal of or interest on this Bond shall be a Saturday,
Sunday, legal holiday, or day on which banking institutions in the city where the Designated
Payment/Transfer Office is located aze required or authorized by law or executive order to close,
the date for such payment shall be the next succeeding day which is not a Saturday, Sunday,
legal holiday, ar day on which banking institutions are required or authorized to close, and
payment on such date shall have the same force and effect as if made on the original date
� � payment was due and no additional interest shall be due by reason of nonpayment on the date on
which such payment is otherwise stated to be due and payable.
This Bond is one of a series of fully registered bonds specified in the title hereof issued in
the aggregate principal amount of $10,100,000 (herein referred to as the "Bonds"), issued
pursuant to a certa.in ordinance of the City (the "Ordinance") for the purpose of providing funds
to make certain permanent public improvements within the City, to refund in advance of their
maturity certain outstanding bonds of the City, and to pay the costs of issuing the Bonds.
The City has reserved the option to redeem the Bonds maturing on or after February 15,
2013, in whole or in part, before their respective scheduled maturity dates, on February 15, 2012,
or on any date thereafter, at a price equal to the principal amount of the Bonds so called for
redemption plus accrued interest to the date fixed for redemption. If less than all of the Bonds
are to be redeemed, the City shall determine the maturity or maturities and the amounts thereof
to be redeemed and shall direct the Paying Agent/Registrar to call by lot or other customary
method that results in a random selection the Bonds, or portions thereof, within such maiurity
and in such principal amounts, for redemption.
Notice of such redemption or redemptions shall be given by first class mail, postage
prepaid, not less than 30 days before the date fixed for redemption, to the registered owner of
each of the Bonds to be redeemed in whole or in part. Notice having been so given,the Bonds or
portions thereof designated for redemption shall become due and payable on the redemption date
� � specified in such notice; from and after such date, notwithstanding that any of the Bonds or
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portions thereof so called for redemption shall not have been surrendered for payrnent, interest
on such Bonds or portions thereof shall cease to accrue.
""`'� As provided in the Ordinance, and subject to certain limitations therein set forth, this
Bond is transferable upon surrender of this Bond for transfer at the Designated Payment/Transfer
Office with such endorsement or other evidence of transfer as is acceptable to the Paying
Agent/Registrar; thereupon, one or more new fully registered Bonds of the same stated maturity,
of authorized denominations, bearing the same rate of interest, and for the same aggregate
principal amount will be issued to the designated transferee or transferees.
Neither the City nor the Paying Agent/Registrar shall be required to issue, transfer or
exchange any Bond called for redemption where such redemption is scheduled to occur within
45 calendar days of the date fixed for redemption; provided, however, such limitation shall not
be applicable to an exchange by the registered owner of the uncalled principal balance of a Bond.
The City, the Paying Agent/Registrar, and any other person may treat the person in whose
name this Bond is registered as the owner hereof for the purpose of receiving payment as herein
provided (except interest shall be paid to the person in whose name this Bond is registered on the
Record Date) and for all other purposes, whether or not this Bond be overdue, and neither the
City nor the Paying Agent/Registrar shall be affected by notice to the contrary.
IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Bond and the
series of which it is a part is duly authorized by law; that all acts, conditions and things required
to be done precedent to and in the issuance of the Bonds have been properly done and performed
�._�
and have happened in regular and due time, form and manner, as required by law; and that ad
valorem taxes upon all taxable property in the City have been levied for and pledged to the
payment of the debt service requirements of the Bonds,within the limit prescribed by law.
IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual
or facsimile signature of the Mayor of the City and countersigned by the manual or facsimile
signature of the City Secretary of the City, and the official seal of the City has been duly
impressed or placed in facsimile on this Bond.
City Secretary, Mayor,
Ciry of Grapevine, Texas City of Grapevine, Texas
[SEAL]
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(b) Form of Com�troller's Re�istration Certificate.
The following Comptroller's Registration Certificate may be deleted from the definitive
� ' Bonds if such certificate on the Initial Bond is fully executed.
OFFICE OF THE COMPTROLLER §
OF PUBLIC ACCOUNTS § REGISTER NO.
OF THE STATE OF TEXAS §
I hereby certify that there is on file and of record in my office a certificate of the Attorney
General of the State of Texas to the effect that this Bond has been examined by him as required
by law, that he finds that it has been issued in conformity with the Constitution and laws of the
State of Texas, and that it is a valid and binding obligation of the City of Grapevine, Texas, and
that this Bond has this day been registered by me.
Witness my hand and seal of office at Austin, Texas,
Comptroller of Public Accounts
of the State of Texas
[SEAL] ,
�k (c) Form of Certificate of Paying A eg ntlRe is� trar.
The following Certificate of Paying Agent/Registrar may be deleted from the Initial Bond
if the executed Comptroller's Registration Certificate appears thereon.
CERTIFICATE OF PAYING AGENT/REGISTRAR
The records of the Paying Agent/Registrar show that the Initial Bond of this series of
bonds was approved by the Attorney General of the State of Texas and registered by the
Comptroller of Public Accounts of the State of Texas, and that this is one of the Bonds refened
to in the within-mentioned Ordinance.
BANK ONE,NATIONAL ASSOCIATION
Austin,Texas, as Paying AgentlRegistrar
Dated: By�
Authorized Signatory
�<,�
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(d) Form of Assignment.
,<,t�,.n�
ASSIGNMENT
FOR VALUE RECENED,the undersigned hereby sells, assigns, and transfers unto (print or
typewrite name, address and Zip Code of transferee):
(Social Security or other identifying number: ) the within Bond and all
rights hereunder and hereby irrevocably constitutes and appoints
attorney to transfer the within Bond on the books kept for registration hereof, with full power of
substitution in the premises.
Dated:
� NOTICE: The signature on this Assignment
must correspond with the name of the
registered owner as it appears on the face of
the within Bond in every particular and must
" be guaranteed in a manner accepta.ble to the
Paying Agent/Registrar.
��°� Signature Guaranteed By:
Authorized Signatory
(e) The Initial Bond shall be in the form set forth in paragraphs (a)through (d) of this
Section, except for the following alterations:
(i) immediately under the name of the Bond, the headings "INTEREST
RATE" and "MATURITY DATE" shall both be completed with the words "As shown
below";
(ii) in the first paragraph of the Bond, the words "on the Maturity Date
specified above" shall be deleted and the following will be inserted: "on February 15 in
each of the years, in the principal installments and bearing interest at the per annum rates
in accordance with the following schedule:
Years Principal Installments Interest Rates
(Information to be inserted from
° ' schedule in Section 3.02 of this Ordinance)
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(iii) the Initial Bond shall be numbered T-1.
<�...�
Section 6.03. CUSIP Registration.
The City may secure identification numbers through the CUSIP Service Bureau Division
of Standard& Poor's Corporation,New York,New York, and may authorize the printing of such
numbers on the face of the Bonds. It is expressly provided, however, that the presence or
absence of CUSIP numbers on the Bonds shall be of no significance or effect as regards the
legality thereof and neither the City nor the attorneys approving said Bonds as to legality are to
be held responsible for CUSIP numbers incorrectly printed on the Bonds.
Section 6.04. Le ag 1 Opinion.
The approving legal opinion of Vinson& Elkins L.L.P., Bond Counsel, may be printed
on the reverse side of or attached to each Bond over the certification of the City Secretary of the
City, which may be executed in facsimile.
Section 6.05. Statement of Insurance.
A statement relating to a municipal bond insurance policy, if any, to be issued for the
Bonds may be printed on or attached to each Bond.
ARTICLE VII
�,..�
SALE AND DELIVERY OF BONDS, DEPOSIT OF PROCEEDS
Section 7.01. Sale of Bonds. Official Statement.
(a) The Bonds are hereby officially sold and awarded and shall be delivered to the
Underwriters, in accordance with the terms and provisions of that certain Bond Purchase
Agreement relating to the Bonds between the City and the Undervvriters and dated the date of the
passage of this Ordinance. The form and content of such Bond Purchase Agreement are hereby
approved, and the Mayor is hereby authorized and directed to execute and deliver, and the City
Secretary is hereby authorized and directed to attest, such Bond Purchase Agreement. It is
hereby officially found, determined and declared that the terms of this sale are the most
advantageous reasonably obtainable. The Bonds shall initially be registered in the name of RBC
Dain Rauscher Inc. (the"Representative")or its designee.
(b) The form and substance of the Preliminary Official Statement for the Bonds and
any addenda, supplement or amendment thereto (the "Preliminary Official Statement"), and the
final Official Statement (the "Official Statement") presented to and considered at this meeting,
are hereby in all respects approved and adopted, and the Preliminary Official Statement is hereby
deemed final as of its date (except for the omission of pricing and related information) within the
meaning and for the purposes of paragraph(b)(1) of Rule 15c2-12 under the Securities Exchange
Act of 1934, as amended. The Mayor of the City is hereby authorized and directed to execute
the Official Statement and deliver appropriate numbers of copies thereof to the Underwriters.
� :..r
The Official Statement as thus approved, executed and delivered, with such appropriate
variations as shall be approved by the Mayor of the City and the Underwriters, may be used by
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. the Underwriters in the public offering of the Bonds and the sale thereof. The City Secretary is
hereby authorized and directed to include and maintain a copy of the Official Statement and any
�.4,:.�
addenda, supplement or amendment thereto thus approved among the permanent records of this
meeting. The use and distribution of the Preliminary Official Statement for the Bonds and the
preliminary public offering of the Bonds by the Undervvriters are hereby ratified, approved and
confirmed.
(c) All officers of the City are authorized to execute such documents, certificates and
receipts, and to make such elections with respect to the tax-exempt status of Bonds, as they may
deem appropriate in order to consummate the delivery of the Bonds in accordance with the
provisions and terms of sale therefor.
(d) The obligation of the Underwriters to accept delivery of the Bonds is subject to
such purchaser being furnished with the final, approving opinion of Vinson& Elkins L.L.P.,
bond counsel far the City,which opinion shall be dated and delivered the Closing Date.
Section 7.02. Control and Delivery of Bonds.
(a) The Mayor of the City is hereby authorized to have control of the Initial Bond and
all necessary records and proceedings pertaining thereto pending investigation, examination and
approval of the Attorney General of the State of Texas, registration by the Comptroller of Public
Accounts of the State and registration with, and initial exchange or transfer by, the Paying
. , AgentlRegistrar.
F (b) After registration by the Comptroller of Public Accounts, delivery of the Bonds
� shall be made to the initial purchasers thereof under and subject to the general supervision and
direction of the Mayor, against receipt by the City of all amounts due to the City under the terms
of sale.
Section 7.03. Deposit of Proceeds.
On the Closing Date, the City shall cause the proceeds from the sale of the Bonds to be
deposited as follows:
(a) All amounts received on the Closing Date as accrued interest on the Bonds from
the Bond Date to the Closing Date shall be deposited to the Interest and Sinking Fund.
(b) An amount equal to $3,708,972.71, together with $86,400.00 transferred from the
debt service fund for the Refunded Bonds, shall be deposited with the paying agendregistrar for
the Refunded Bonds, which amounts shall constitute an irrevocable deposit and sha11 be applied
to the payment of the principal and interest due on the Refunded Bonds.
(c) An amount equal to $120,778.64 shall be deposited as directed by the Director of
Finance and used to pay the costs and expenses pertaining to the issuance of the Bonds,
including bond insurance premium. To the extent any of such sum is not used for such purpose,
such excess shall be deposited to the Interest and Sinking Fund.
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(d) The remaining baiance shall be deposited to a special account of the City, such
moneys to be dedicated and used solely for the purposes for the public improvements which the
>,. ,�
Bonds are being issued as herein provided.
(e) To the extent necessary to accomplish fully the purposes of this Ordinance, �he
Director of Finance is authorized to reallocate the funds (other than accrued interest on the
Bonds) directed to be used for the purposes specified above.
ARTICLE VIII
INVESTMENTS
Section 8.01. Investments.
(a) Money in the Interest and Sinking Fund created by this Ordinance, at the option
of the City, may be invested in such securities or obligations as permitted under applicable law
as in effect on the date of the investment.
(b) Any securities or obligations in which money in the Interest and Sinking Fund is
so invested shall be kept and held in trust for the benefit of the Owners and shall be sold and the
proceeds of sale shall be timely applied to the making of all payments required to be made from
the Interest and Sinking Fund.
Section 8.02. Investment Income.
�' (a) Interest and income derived from investment of the Interest and Sinking Fund
shall be credited to such Fund.
(b) Interest and income derived from the investment of funds deposited pursuant to
Section 7.03(b) hereof shall be credited to the fund or account where deposited until completion
of the Projects; thereafter, to the extent such interest and income are present, such interest and
income shall be deposited to the Interest and Sinking Fund.
ARTICLE IX
PARTICULAR REPRESENTATIONS AND COVENANTS
Section 9.01. Payment of the Bonds.
On or before each Interest Payment Date for the Bonds and while any of the Bonds are
outstanding and unpaid, there shall be made available to the Paying Agent/Registrar, out of the
Interest and Sinking Fund, money sufficient to pay such interest on, principal of, and redemption
premium, if any, on the Bonds as will accrue or mature on the applicable Interest Payment Date,
maturity date or date of prior redemption.
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Section 9:02. Other Representations and Covenants.
(a) The City will faithfully perform at all times any and all covenants, undertakings,
� " stipulations, and provisions contained in this Ordinance and in each Bond; the City will promptly
pay or cause to be paid the principal of, redemption premium, if any, and interest on each Bond
on the dates and at the places and manner prescribed in such Bond; and the City will, at the times
and in the manner prescribed by this Ordinance, deposit or cause to be deposited the amounts of
money specified by this Ordinance.
(b) The City is duly authorized under the laws of the State of Texas to issue the
Bonds; all action on its part for the creation and issuance of the Bonds has been duly and
effectively taken; and the Bonds in the hands of the Owners thereof are and will be valid and
enforceable obligations of the City in accordance with their terms.
Section 9.03. Provisions Concerni��Federal Income Tax Exclusion.
The City intends that the interest on the Bonds shall be excludable from gross income for
purposes of federal income ta�c purposes pursuant to sections 103 and 141 through 150 of the
Code and the applicable Income Tax Regulations promulgated thereunder (the "Regulations").
The City covenants and agrees not to take any action, or knowingly omit to take any action
within its control, that if taken or omitted, respectively, would cause the interest on the Bonds to
be includable in gross income, as defined in section 61 of the Code, for purposes of federal
income taxation. In particular, the City covenants and agrees to comply with each requirement
of this Article IX; provided, however, that the City shall not be required to comply with any
�n.; �
particular requirement of this Article IX if the City has received an opinion of nationally
recognized bond counsel ("Counsel's Opinion") that such noncompliance will not adversely
affect the exclusion from gross income for federal income tax purposes of interest on the Bonds
or if the City has received a Counsel's Opinion to the effect that compliance with some other
requirement set forth in this Article IX will satisfy the applicable requirements of the Code and
the Regulations, in which case compliance with such other requirement specified in such
Counsel's Opinion shall constitute compliance with the corresponding requirement specified in
this Article IX.
Section 9.04. No Private Use or Payment ancl No Private Loan Financin�.
The City shall certify, through an autharized officer, employee or agent, that, based upon
all facts and estimates known or reasonably expected to be in existence on the date the Bonds are
delivered, that the proceeds of the Refunded Bonds have not been used, and that the proceeds of
the Refunded Bonds and the Bonds will not be used in a manner that would cause the Bonds to
be "private activity bonds" within the meaning of section 141 of the Code and the Regulations
promulgated thereunder. Moreover, the City covenants and agrees that it will make such use of
the proceeds of the Refunded Bonds and the Bonds, including interest or other investment
income derived from Bond proceeds, regulate the use of property financed, directly or indirectly,
with such proceeds, and take such other and further action as may be required so that the bonds
will not be "private activity bonds" within the meaning of section 141 of the Code and the
Regulations promulgated thereunder.
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Section 9:05. No Federal Guarantv.
The City covenants and agrees not to take any action, or knowingly omit to take any
`�`�� action within its control, that, if taken or omitted, respectively, would cause the Bonds to be
"federally guaranteed" within the meaning of section T49(b) of the Code and the applicable
Regulations thereunder, except as permitted by section 149(b)(3) of the Code and such
Regulations.
Section 9.06. Bonds are not Hed�e Bonds.
The City covenants and agrees not to take any action, or knowingly omit to take any
action, and has not knowingly omitted and will not knowingly omit to take any action, within its
control, that, if taken or omitted, respectively, would cause the Bonds to be "hedge bonds"
within the meaning of section 149(g) of the Code and the applicable Regulations thereunder.
Section 9.07. No-Arbitrage Covenant.
The City shall certify, through an authorized officer, employee or agent, that, based upon
all facts and estimates known or reasonably expected to be in existence on the date the Bonds are
delivered, the City will reasonably expect that the proceeds of the Bonds will not be used in a
manner that would cause the Bonds to be "arbitrage bonds" within the meaning of section 148(a)
of the Code and the applicable Regulations thereunder. Moreover, the City covenants and agrees
that it will make such use of the proceeds of the Bonds including interest or other investment
income derived from Bond proceeds, regulate investments of proceeds of the Bonds, and take
x�:.,.,�
such other and further action as may be required so that the Bonds will not be "arbitrage bonds"
within the meaning of section 148(a) of the Code and the applicable Regulations promulgated
thereunder.
Section 9.08. Arbitrage Rebate.
If the Gity does not qualify for an exception to the requirements of Section 148(fl of the
Code, the City will take all necessary steps to comply with the requirement that certain amounts
earned by the City on the investment of the "gross proceeds" of the Bonds (within the meaning
of section 148(�(6)(B) of the Code), be rebated to the federal government. Specifically, the City
will (i) maintain records regarding the investment of the gross proceeds of the Bonds as may be
required to calculate the amount earned on the investment of the gross proceeds of the Bonds
separately from records of amounts on deposit in the funds and accounts of the City allocable to
other bond issue of the City or moneys which do not represent gross proceeds of any bonds of
the City, (ii) calculate at such times as are required by applicable Regulations, the amount earned
from the investment of the gross proceeds of the Bonds which is required to be rebated to the
federal government, and (iii) pay, not less often than every fifth anniversary date of the delivery
of the Bonds or on such other dates as may be permitted under applicable Regulations, all
amounts required to be rebated to the federal government. Further, the City will not indirectly
pay any amount otherwise payable to the federal government pursuant to the foregoing
requirements to any person other than the federal govemment by entering into any investment
arrangement with respect to the gross proceeds of the Bonds that might result in a reduction in
a.- . the amount required to be paid to the federal government because such arrangement results in a
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smaller profit or a larger loss than would have resulted if the arrangement had k�een at arm's
length and had the yield on the issue not been relevant to either party.
`"�_`` Section 9.09. Information Reportin�. `
The City covenants and agrees to file or cause to be filed with the Secretary of the
Treasury, not later than the 15th day of the second calendar month after the close of the calendar
quarter in which the Bonds are issued, an information statement concerning the Bonds, all under
and in accordance with section 149(e)of the Code and the Regulations promulgated thereunder.
Section 9.10. Continuin�Obli ation.
Notwithstanding any other provision of this Ordinance, the City's obligations under the
covenants and provisions of this Article IX shall survive the defeasance and discharge of the
Bonds.
ARTICLE X
DEFAULT AND REMEDIES
Section 10.01. Events of Default.
Each of the following occurrences or events for the purpose of this Ordinance is hereby
declared to be an Event of Default:
_.< (i) the failure to make payment of the principal of, redemptio� premium, if
any, or interest on any of the Bonds when the same becomes due and payable; or
(ii) default in the performance or observance of any other covenant,
agreement or obligation of the City, which default materially and adversely affects the
rights of the Owners, including but not limited to, their prospect or ability to be repaid in
accordance with this Ordinance, and the continuation thereof for a period of 60 days after
notice of such default is given by any Owner to the City.
Section 10.02. Remedies for Default.
(a) Upon the happening of any Event of Default, then any Owner or an authorized
representative thereof, including but not limited to, a trustee or trustees therefor, may proceed
against the City for the purpose of protecting and enforcing the rights of the Owners under this
Ordinance, by mandamus or other suit, action or special proceeding in equiry or at law, in any
court of competent jurisdiction, for any relief permitted by law, including the specific
performance of any covenant or agreement contained herein, or thereby to enjoin any act or thing
that may be unlawful or in violation of any right of the Owners hereunder or any combination of
such remedies.
(b) It is provided that all such proceedings shall be instituted and maintained for the
equal benefit of all Owners of Bonds then outstanding.
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Section 10.03. Remedies Not Exclusive.
(a) No remedy herein conferred or reserved is intended to be exclusive of any other
`��� available remedy or remedies, but each and every such remedy shall be cumulative and shall be
in addition to every other remedy given hereunder or under the Bonds or now or hereafter
existing at law or in equity; provided, however, that notwithstanding any other provision of this
Ordinance, the right to accelerate the debt evidenced by the Bonds shall not be available as a
remedy under this Ordinance.
(b) The exercise of any remedy herein conferred or reserved shall not be deemed a
waiver of any other available remedy.
ARTICLE XI
DISCHARGE
Section 11.01. Dischar�e.
The Bonds may be defeased, refunded and discharged in any manner permitted by
applicable law.
ARTICLE XII
� � CONTINUING DISCLOSURE UNDERTAKING
��"' Section 12A1. Annual Reports.
(a) The City shall provide annually to each NRMSIR and to any SID, within six (6)
months after the end of each fiscal year ending in or after 2002, financial information and
operating data with respect to the City of the general type included in the final Official
Statement, being the information described in Exhibit A hereto. Any financial statements so to
be provided shall be (i) prepared in accordance with the accounting principles described in
Exhibit A hereto, and (ii) audited, if the City commissions an audit of such statements and the
audit is completed within the period during which they must be provided. If the audit of such
financial statements is not complete within such period, then the City shall provide notice that
audited financial statements are not available and shall provide unaudited financial statements for
the applicable fiscal year to each NRMSIR and any SID. The City shall provide audited
financial statements for the applicable fiscal year to each NRMSIR and to any SID. Thereafter,
when and if audited financial statements become available, the City shall provide such audited
financial statements as required to each NRMSIR and to any SID.
(b) If the City changes its fiscal year, it will notify each NRMSIR and any SID of the
change (and of the date of the new fiscal year end) prior to the next date by which the City
otherwise would be required to provide financial information and operating data pursuant to this
Section.
(c) The financial information and operating data to be provided pursuant to this
`R Section may be set forth in full in one or mare documents or may be included by specific
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reference to any document (including an official statement or other offering document, if it is
� available from the MSRB) that theretofore has been provided to each NRMSIR and any SID or
�. ,
filed with the SEC.
Section 12.02. Material Event Notices.
(a) The City shall notify any SID and either each NRMSIR or the MSRB, in a timely
manner, of any of the following events with respect to the Bonds, if such event is material within
the meaning of the federal securities laws:
(i) principal and interest payment delinquencies;
(ii) nonpayment related defaults;
(iii) unscheduled draws on debt service reserves reflecting financial
difficulties;
(iv) unscheduled draws on credit enhancements reflecting financial
difficulties;
(v) substitution of credit or liquidity providers, or their failure to perform;
(vi) adverse tax opinions or events affecting the tax exempt status of the
� Bonds;
.�,�;,,:,, (vii) modifications to rights of Owners;
(viii) bond calls;
(ix) defeasance;
(x) release, substitution, or sale of property securing repayment of the Bonds;
and
(xi) rating changes.
(b) The City shall notify any SID and either each NRMSIR or the MSRB, in a timely
manner, of any failure by the City to provide financial information or operating data in
accordance with Section 12.01 of this Ordinance by the time required by such Section.
Section 12.03. Limitations.Disclaimers and Amendments.
(a) The City shall be obligated to observe and perform the covenants specified in this
Article for so long as, but only for so long as, the City remains an "obligated person" with
respect to the Bonds within the meaning of the Rule, except that the City in any event will give
notice of any deposit made in accordance with Article XI that causes Bonds no longer to be
outstanding.
� :
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(b) The provisions of this Article are for the sole benefit of the Owners and beneficial
owners of the Bonds, and nothing in this Article, express or implied, shall give any benefit.or any
legal or equitable right, remedy, or claim hereunder to any other person. The City undertakes to
� � provide only the financial information, operating data, financial statements, and notices which it
has expressly agreed to provide pursuant to this Article and does not hereby undertake to provide
any other information that may be relevant or material to a complete presentation of the City's
financial results, condition, or prospects or hereby undertake to update any information provided
in accordance with this Article or otherwise, except as expressly provided herein. The City does
not make any representation or warranty concerning such information or its usefulness to a
decision to invest in or sell Bonds at any future date.
UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE OWNER
OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR
TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY
THE CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY
COVENANT SPECIFIED 1N THIS ARTICLE, BUT EVERY RIGHT AND REMEDY OF
ANY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH
BREACH SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC
PERFORMANCE.
(c) No default by the City in observing or performing its obligations under this
Article shall comprise a breach of or default under the Ordinance for purposes of any other
# provisions of this Ordinance.
;�,� (d) Nothing in this Article is intended or shall act to disclaim, waive, or otherwise
limit the duties of the City under federal and state securities laws.
(e) The provisions of this Article may be amended by the City from time to time to
adapt to changed circumstances that arise from a change in legal requirements, a change in law,
or a change in the identity, nature, status, or iype of operations of the City, but only if (i) the
provisions of this Article, as so amended, would have permitted an underwriter to purchase or
sell Bonds in the primary offering of the Bonds in compliance with the Rule,taking into account
any amendments or interpretations of the Rule to the date of such amendment, as well as such
changed circumstances, and (ii) either (A) the Owners of a majority in aggregate principal
amount (or any greater amount required by any other provisions of this Ordinance that authorizes
such an amendment) of the outstanding Bonds consent to such amendment or (B) an entity or
individual a person that is unaffiliated with the City (such as nationally recognized bond counsel)
determines that such amendment will not materially impair the interests of the Owners and
beneficial owners of the Bonds. If the City so amends the provisions of this Article, it shall
include with any amended financial information or operating data next provided in accordance
with Section 12.01 an explanation, in narrative form, of the reasons for the amendment and of
the impact of any change in the type of financial information or operating data so provided.
�.. .�
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, ARTICLE XIII
�;,�
REDEMPTION OF BONDS
Section 13.01. Sources of Funds for Refundin�.
The source of funds for payment of the principal and interest of the Refunded Bonds shall
be from funds received from the issuance and delivery of the Bonds herein authorized and from
funds transferred from the Interest and Sinking Fund of the Refunded Bonds and irrevocably
deposited with the payment agent/registrar for the Refunded Bonds.
Section 13.02. Redemption of Refunded Bond.
The Refunded Bonds are hereby called for redemption and shall be redeemed prior to
their stated maturities on the redemption date and at the redemption prices specified on
Schedule I hereto. Following the irrevocable deposits to the paying agent/registrar for the
Refunded Bonds as herein specified, the Refunded Bonds shall be payable solely from and
secured by such deposits and shall cease to be payable from ad valorem taxes. Such
arrangements shall constitute firm banking arrangements pursuant to Chapter 1207, Texas
Government Code, as amended.
Section 13.03. Notice of Deposit and Redemption.
The City Secretary is hereby authorized to cause notice of redemption to be given to the
paying agent/registrar for the Refunded Bonds by delivery of a certified copy of this Ordinance.
`�" � The paying agent/registrar for the Refunded Bonds is hereby authorized and directed to give
notice of deposit and notice of redemption with respect to the Refunded Bonds as required under
the ordinance pursuant to which the Refunded Bonds were issued.
ARTICLE XIV
EMERGENCY
Section 14.01. Declaration of an Emergencv. The public importance of this
Ordinance and the fact that it is in the best interest of the City to provide funds for the
construction of the permanent public improvements herein contemplated at the earliest possible
date constitutes an emergency and creates a necessity for the immediate preservation of the
public peace, property, health and safety of the citizens of the City, requiring that this Ordinance
be passed and take effect as an emergency measure, and it is accordingly ordained that this
Ordinance shall be in full force and effect from and after its passage and approval in accordance
with the Charter of the City.
�,_ �
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FINALLY PASSED, APPROVED AND EFFECTNE THIS MARCH 19, 2002.
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Mayor, City of Grapevine, Texas
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City Secretary ' ' d--�--��
City of Grapevine, Texas �rotc �'R�P�t%s�\
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City Attorney, City of Grapevine,Texas
" ' Signature Page for Bond Ordinance
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EXHIBIT A
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DESCRIPTION OF ANNUAL DISCLOSURE OF FINANCIAL INFORMATION
The following information is referred to in Article XII of this Ordinance.
Annual Financial Statements and Operating Data
The financial information and operating data with respect to the City to be provided
annually in accordance with such Article are as specified (and included in the Appendix or other
headings of the Official Statement referred to)below:
l. The portions of the financial statements of the City appended to the Official
Statement as Appendix B,but for the most recently concluded fiscal year.
2. Statistical and financial data set forth in Tables numbered 1 through 6 and 8
through 15.
Accounting Principles
The accounting principles referred to in such Article are the accounting principles
described in the notes to the financial statements referred to in Paragraph 1 above.
�.:.,,,
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SCHEDULEI
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REFUNDED BONDS
Original Outstanding Maturities Principal
Bonds to be Principal Principal to be Amount Redemption
Refunded Amount Amount Refunded Refunded Date/Price
City of $1,180,000 $1,180,000 02/O 1/03 $1,180,000 04/23/02 at par
Grapevine, 1,250,000 1,250,000 02/O1/04 1,250,000 04/23/02 at par
Texas, General 980,000 980,000 02/O1/OS 980,000 04/23/02 at par
Obligation 330,000 330,000 02/O1/06 330,000 04/23/02 at par
Refunding $3,740,000
Bonds,
Series 1992
�: ,
�� �
Schedule I-1
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF AN ORDINANCE
STATE OF TEXAS §
�� COUNTIES OF TARRANT §
CITY OF GRAPEVINE §
On the 19th day of March 2002, the City Council of the City of Grapevine, Texas,
convened in a regular meeting at the regular meeting place thereof, the meeting being open to the
public and notice of said meeting, giving the date, place and subject thereof, having been posted
as prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of
the duly constituted officers and members of the City Council, which officers and members are
as follows:
William D. Tate, Mayor C. Shane Wilbanks )
Ted R. Ware, Mayor Pro Tem Sharron Spencer ) Members of
Clydene Johnson ) the Council
Darlene Freed )
Roy Stewart )
and all of said persons were present, except the following absentees: ,/�D,(/� , thus
constituting a quorum. Whereupon, among other business, a written ordinance bearing the
following caption was introduced:
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF CITY OF
� GRAPEVINE, TEXAS GENERAL OBLIGATION REFUNDING AND
IMPROVEMENT BONDS, SERIES 2002 IN THE AGGREGATE PRINCIPAL
AMOLTNT OF $10,100,000; LEVYING A TAX IN PAYMENT THEREOF;
PRESCRIBING THE FORM OF SAID BONDS; AWARDING THE SALE
THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING
OTHER PROVISIONS RELATING THERETO; AND DECLARING AN
EMERGENCY
The Ordinance, a full, true and correct copy of which is attached hereto, was read and
reviewed by the City Council.
Thereupon, it was duly moved and seconded that the Ordinance be finally passed and
adopted.
The Presiding Officer put the motion to a vote of the members of the City Council, and
the Ordinance was finally passed and adopted by the following vote:
AYES: �
NAYS: (�
,�_,..,
ABSTENTIONS: Q
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GRA325/71008
Dallas Minutes and Certification Pertaining to Passage of an Ordinance-Grapevine GO 2002
MINUTES APPROVED AND C�RTIFIED TO BE TRUE AND CORRECT, and to
, , correctly reflect the duly constituted officers and members of the City Council of said City, and
the attached and following copy of said Ordinance is hereby certified to be a true and correct
copy of an official copy thereof on file among the official records of the City, all on this the 19th
day of March, 2002.
. �
City Secret� , City of Gr ' e, Texas
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Signature Page for Certificate of Ordinance for General Obligation Bonds
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