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11/18/1991-CC-Agenda Packet-RegularCITY COUNCIL AGENDA MONDAY, NOVEMBER 18, 1991 201 BOLIVAR STREET, CITY HALL 7:00 P.M. 1. Call to Order, Invocation, and Pledge to the Flag CQNSENT AGENDA aj. Approve Minutes bj. Disbursements e). Nominate Candidate for Appointment to the Appraisal Review Board (Denton Central Appraisal District) AGENDA S. Citizen's Input 4. Consider and Possible Action on Qrdinance #021- 31, An Ordinance Authorizing Issuance of Utility System Refunding and Improvement Revenue Bonds Series 1991, Authorizing Execution of Purchase Contract, Approving an Official Statement and the Execution of an Escrow Agreement and Other Matters Related Too . Consider and Possible Action Regarding Frontier Waste Management's Rate Increase Request b. City Administration Report 7. Any Other Such Matters 8. Adjournment Rosalie Garcia City Secretary CITY COUNCIL AGENDA MONDAY, NOVEMBER 18, 1991 201 BOLIVAR STREET, CITY HALL 7:00 P.M. 1. Call to Order, Invocation, and Pledge to the Flag 2. CONSENT AGENDA a). Approve Minutes b). Disbursements c). Nominate Candidate for Appointment to the Appraisal Review Board (Denton Central Appraisal District) AGENDA 3. Citizen's Input 4. Consider and Passible Action on Ordinance #021-411, An Ordinance Authorizing Issuance of Utility System Refunding and Improvement Revenue Bonds Series 1991, Authorizing Execution of Purchase Contract, Approving an Official Statement and the Execution of an Escrow Agreement and Other Matters Related Too 5. Consider and Possible Action Regarding Frontier Waste Management's Rate Increase Request 6. City Administration Report 7. Any Other Such Matters 8. Adjournment Rosalie Garcia City Secretary MINUTESO city Council Meeting November 4, 1091 Councilman:'RESENT# Mayor Nel Armstrong, Councilwoman Margie BraxtorsA, Councilman Wendell Thomas, Councilman John Berndt M PublicChief of Police Benny Erwin, Electric Superintendent Larry Yoast Mark Hamilton, Betty Johnson - Sanger Courier lis Mayor Armstrong called the meeting followedinvocation which was BoardFit Disbursements Denton Central Appraisal approve the onsent Agenda. Motion carricall + Fhanksgiving Day as o trash pickiiii,up day. Seconded ilwoman Braxton. Motion carried. �. or�sider ar�d Possible Action to Advertise for ids on ecodificatio Motion was made by Councilman Kincaid to auti ize staff 'To ad'verti 3erindt. Motion carried. tiori was made b� Councilman Thomas to pas orar�dt� ;� ic�2 i�� Seconded by Councilman Jenkins. Motion carried. CC Min. 11/ /91 Page ?. Consider and Possible Action Regarding Refu dimg UV u. Bonds, 198 Issue Bonds,efundin 8:Issue. 3erndt. Motion carried. Interceptor Line rd Addition Yard Addition due to the problems the residents in the Ward AddILIOn iave experienced with sewer backups. .. sewer of r a s .... _ the Ward A utlinx carried. r � s x +/ _ 4 scheduled Departm d h mowing in November. T he Pedestrian Walkway that is scheduled to be built from the rIl,gh OC11001 acrass I- tc clivar street v hi h eras eri sinally scheduled for construction this calendar year and now it is targeted for June of 1992. c. The volunteer fire-fighter's disability insurance is now in effect. Budget item was $1900.00 and it cost. $1834.00. & Mayor asked if the City Council could get permission from the State for our city crews to mow around the exit ramp, especially during the summer when it gets dangerous? Chuck Tucker, Public Works Suet, replied that the City didn't need permission, all eve deeded tc do is let theta know we will be mo ind these areas. 00 Min 11/wq/ 91 rage 3 Ur.. nderstanding that someone is getting paid to do thisjob already LnCt it could be they're he State on who has the contract to mow those areas. It was his ckyrc, C4tc he f tdc�v the pi e ty Ii t i the "Welcome Sign." hLAceplieci that it's �e�l cl;�e tc the tc he cri het to it as soon as he can. .aIiait I, L'_CI at '. J 1 h: L. i! I F oo,�_. I t 1 stilFlt_. If ,.., 1...,—_. _ ._. _....fir: f It I .. — - .r.. tl�t�. 1 .... ° `.:: i (..:i_4i!{-'!; fl`I t I. (i(,; .1 I_ 1 6 i aaaa t -)I D I F-. f__� r+.�:,_!f'! .L; { r { 1 { !_ _ f_'�` ? 1. r .`.;;:' it_i f i '!t.l'( i`,(7 i it.+f=lj j C: r,. : (_? ,1 ` .1 U i ii_. : i'i..!<. 1 (,? f .4'�t^;t ,.j ,�t JL_!_!__i' !!i:'Ciit.,,;;t:_+ I i — r IJ C4 i if_ toI— Loa a. •_.Ee .i i..? I v r 1.�3�_ a�:, i i t_ { 1 {. E''•!!..7 �". ). •: ( 11 `•: t i._•! t . 1'•�,I'..... 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NEI i ILA i r : i,}`..' `�#'i f�;8i`:r�i =t}t.? f n (j'f.{ 24„i JA r'i z Is tl E, 1 l'Jt In i-.. ,. It tj ..'res,�n _t. tJ -z (.i ,--` r`rtil ': .. �t _�.�! �n�^-!',� a rc; f.•_; _I ,E i!``li = t+bb `C.I: :il �. ._,+, _.i .•G4i?'.=#: IL III •i i f i f-li.. }�;;�! t'r::. !:'d I [� I'1r�1•�j.,}'.�._.irlE_!'ti I _4.1t�: ii f—i:�= t?�� 4_i r'{. _. }i`I !-�{ .#. i'•{{tI 3 y E�' `_7 t ,. 01 r I IfIi 1-7 + _. _, "! ''•ii-i• !.##! r..i... 1-a .!. �.1.4.4%It I #, ii'i tea I ..i _ 4!:. _ .+ .#'_. oo 'ir'F _ .. R 1.NY i=:iJ 1.i.1v 111c I�i _, NIEMGRANUUM # 1D35 TO: FROM% DATE: SUBJECT: CITY OF SAIVGER P. O. BOX 578 BANGER, TEXAS 76266 Honorable Mayor & Iviembers o the City Council John Hamilton, City Manager November 15, 1991 Nominees to Appraisal Review Toard Members The enclosed letter from the Central Appraisal District is presented for your consideration. School Superintendent Jim Coulston stated the school would support our nominee. JH:es Enclosures 0 DENTON CENTRAL APPRAISAL DISTRICT 3911 MORSE STREET P.O. BOX 2816 ENTON, TEXAS 76202-2816 817-566-0904 JOE D. ROGERSI CTA/RPA/RTA Chief Appraiser JOHN D. BROWN, RDA Deputy Chief Appraiser JOE A. FORSYTHE Deputy Chief Appraiser -Administration T0: All Jurisdictions FROM: DCAD Board of Directors DATE: October 25, 1991 SUBJECT: Nominees To Appraisal Review Board Members BOARD OF DIRECTORS: JON BECK, Chairman CIARENCE MYERS, Vice -Chairman RICHARD SMITH, Secretary TROY WHITE HORACE BROCK The Board of Directors of the Denton Central Appraisal District requests that your Jurisdiction nominate a candidate for appo =n ment to the Appraisal Review Board. To qualify for service on the Appraisal Review Board, a person must have lived in the appraisal district for at least two years prior to taking office. Members serve two -years terms, with approximately half the member's terms expiring each year. Terms begin January first. The law prohibits certain individuals from serving on the Appraisal Review Board. Appraisal District directors may not serve. Neither can officers or employees of the Appraisal District, a taxing unit served by the Appraisal District, or of the State Property Tax Board. An Appraisal Review Board member who has served all or part of three previous terms cannot be reappointed. Members who can not serve again are Charles Gladden, George Hardesty, Jr., W. Co Hendrixson, John S. Taylor, George Lindquist and Lewis Jones. Please return the name of your jurisdictions nominee by December 1, 1991. Do not confuse Appraisal Review Board member nominations with Board of Director member nominations. MEMORANDUM # 1037 TU: FROM: DATE: SUBJECT. CITY OF SANDER P. O. BOX 578 BANGER, TEXAS 76266 Honorable Mayor & Members o the John Hamilton, City Manager November 15, 1991 Bond Finance Ordinance City Council Enclosed is a copy of Ordinance #021-91 authorizing the refunding and issuance of Series 1991 bonds. This ordinance was prepared by bond attorneys. Mr. Dan Almon with Southwest Securities will be present with the most current cost figures and to answer any questions or concerns you might have regarding this process. JH:es Enclosure 012 ORDINANCE AUTHORIZING THE ISSUANCE OF UTILITY SYSTEM REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 1991, AUTHORIZING THE EXECUTION OF A PURCHASE CONTRACT, APPROVING AN OFFICIAL STATEMENT, AND THE EXECUTION OF AN ESCROW AGREEMENT, AND OTHER MATTERS RELATED THERETO THE STATE OF TEXAS § COUNTY OF DENTON § CITY OF SANGER § WHEREAS, the following Waterworks and Sewer System Revenue Bonds of the City A Sanger, Texas (the "Issuer") are presently outstanding: City of Sanger, Texas Utility System Revenue Bonds, Series 1973, dated May 15, 1973, outstanding in the aggregate principal amount of $40,000 ("Series 1973 Bonds"); City of Sanger, Texas Utility System Revenue Bonds, Series 1976, dated March 15, 1976, outstanding in the aggregate principal amount of $175,000 ("Series 1976 Bonds"), City of Sanger, Texas Utility System Revenue Bonds, Series 1977, dated May 15, 1977, outstanding in the aggregate principal amount of $165,000 ("Series 1977 Bonds"), City of Sanger, Texas Utility System Revenue Bonds, Series 1982, dated June 15, 1982, outstanding in the aggregate principal amount of $280,000 ("Series 1982 Bonds"), City of Sanger, Texas Utility System Revenue Bonds, Series 1985, dated May 159 1985, outstanding in the aggregate principal amount of $795,000 ("Series 1985 Bonds"); WHEREAS, the Issuer now desires to refund all of the Series 1977 Bonds, Series 1982 Bonds and Series 1985 Bonds in the principal -amount of $1,240,000 (the "Refunded Bonds"); and WHEREAS, the City Council of the Issuer deems it advisable to refund the Refunded Bonds in order to change the bond covenants for the issuance of additional bonds and to permit the issuance of additional bonds for improvements to the Utility System, with a limited increase to the annual debt service requirements of the Issuer, with an approximate increase to the debt service of $ 1 r. WHEREAS, Article 717k, V.A.T.C.S. authorizes the Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds or resources, directly with a place of payment (paying agent) for the Refunded Bonds, and such deposit, if made before such payment dates, shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Bonds, and WHEREAS, Article 717k further authorizes the Issuer to enter into an escrow agreement with the paying agent for the Refunded Bonds with respect to the safekeeping, investment, reinvestment, administration and disposition of any such deposit, upon such terms and conditions as the Issuer and such paying agent may agree, provided that such deposits may be invested and reinvested including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, and which shall mature and bear interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payment or prepayment of the Refunded Bonds; and WHEREAS, Ameritrust Texas National Association, Dallas, Texas, is the paying agent for the Refunded Bonds, and the Escrow Agreement hereinafter authorized, constitutes an agreement of the kind authorized and permitted by said Article 717k; and WHEREAS, all the Refunded Bonds mature or are subject to redemption prior to maturity within 20 years of the date of the bonds hereinafter authorized. WHEREAS, the City Council has heretofore, on the 21st day of October, 1991, adopted a resolution authorizing and directing the city secretary to give notice of intention to issue revenue bonds in the amount of $800,000 for the purpose of improving and extending the combined Waterworks, Sewer and Electric System; and WHEREAS, said notice has been duly published in the Sanger Courier, which is a newspaper of general circulation in said City, in its issues of October 30, 1991 and November 7, 1991; and WHEREAS, the City received no petition from the qualified electors of the City ; protesting the issuance of such revenue bonds; and WHEREAS, the bonds hereinafter authorized in the total amount of $2,300,000 for the purpose of providing $800,000 for improving and extending the combined Waterworks, Sewer and Electric System, and providing $1,500,000 for the purpose of refunding all of the outstanding City of Sanger, Texas Utility System Revenue Bonds, Series 1977, Series 1982 and Series 1985, are to be issued and delivered pursuant to Articles 1111 through 1118, V.A.T.C.S., Article 2368a, V.A.T.C.S., Chapter 252, Local Government Code and Article 717k-V.A.T.C.S.; and WHEREAS, the meeting was open to the public and public notice of the time, place and purpose of said meeting was given pursuant to Article 6252-17, V.A.T.C.S. 2 THEREFORE, BE IT ORDAINED BY THE CITY. COUNCIL OF THE CITY OF SANGER, TEXAS: Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bond or bonds of the City of Sanger (the "Issuer") are hereby authorized to be issued and delivered in the aggregate principal amount of $2,255,000, for the purpose of providing $800,000 for improving and extending the combined Waterworks, Sewer and Electric System, and providing $1,500,000 for the purpose of refunding all of the outstanding City of Sanger, Texas Utility System Revenue Bonds Series 1977 Series 1982 and Series 1985. Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this Ordinance shall be designated: "CITY OF SANGER, TEXAS UTILITY SYSTEM REFUNDING AND IMPROVEMENT REVENUE BOND, SERIES 1991", and initially there shall be issued, sold, and delivered hereunder a single fully registered bond, without interest coupons, payable in annual installments of principal (the "Initial Bond"), but the Initial Bond may be assigned and transferred and/or converted into and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, having serial and annual maturities, and in the denomination or denominations of $5,000 or any integral multiple of $5,000, all in the manner hereinafter provided. The term "Bonds" as used in this Ordinance shall mean and include collectively the Initial Bond and all substitute bonds ex- changed therefor, as well as all other substitute bonds and replacement bonds issued pursuant hereto, and the term "Bond" shall mean any of the Bonds. Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES, INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL BOND. (a) The Initial Bond is hereby authorized to be issued, sold, and delivered hereunder as a single fully registered Bond, without interest coupons, dated December 1, 1991, in the denomination and aggregate principal amount of $2,555,000, numbered Rawl, payable in annual installments of principal to the initial registered owner thereof, to -wit: Southwest Securities Incorporated, or to the registered assignee or assignees of said Bond or any portion or portions thereof (in each case, the "registered owner"), with the annual install- ments of principal of the Initial Bond to be payable on the dates, respectively, and in the principal amounts, respectively, stated in the FORM OF INITIAL BOND set forth in this Ordinance. (b) The Initial Bond be prepaid or redeemed prior to the respective scheduled due dates of installments of principal thereof, (ii) may be assigned and transferred, (iii) may be converted and exchanged for other Bonds, (iv) shall have the characteristics, and (v) shall be signed and sealed, and the principal of and interest on the Initial Bond shall be payable, all as provided, and in the manner required or indicated, in the FORM OF INITIAL BOND set forth in this Ordinance. Section 4. INTEREST. The unpaid principal balance of the Initial Bond shall bear interest from the date of the Initial Bond and will be calculated on the basis of a 360-day 4 year of twelve 30-day months to the respective scheduled due dates, or to the respective dates of prepayment or redemption, of the installments of principal of the Initial Bond, and said interest shall be payable, all in the manner provided and at the rates and on the dates stated in the FORM OF INITIAL BOND set forth in this Ordinance. Section 5. FORM OF INITIAL BOND. The form of the Initial Bond, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be endorsed on the Initial Bond, shall be substantially as follows: FORM OF INITIAL BOND NO. R-1 $2,255,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF SANGER, TEXAS UTILITY SYSTEM REFUNDING AND IMPROVEMENT REVENUE BOND SERIES 1991 The CITY OF SANGER, in Denton County, Texas (the "Issuer"), being a political subdivision of the State of Texas, hereby promises to pay to Southwest Securities Incorporated or to the registered assignee or assignees of this Bond or any portion or portions hereof (in each case, the "registered owner") the aggregate principal amount of TWO MILLION TWO HUNDRED FIFTY FIVE THOUSAND DOLLARS in annual installments of principal due and payable on May 15 in each of the years, and in the respective principal amounts, as set forth in the following schedule. 1992 $ 20,000 1993 15,000 1994 201000 1995 25,000 1996 85,000 1997 909000 1998 95,000 1999 1009000 2000 1059000 2001 1109000 2002 $120,000 2003 1251000 2004 135,000 2005 1409000 2006 1509000 2007 160,000 2008 1709000 2009 185,000 2010 1959000 2011 210,000 n and to pay interest, from the date of this Bond hereinafter stated, on the balance of each such installment of principal, respectively, from time to time remaining unpaid, at the rates as follows: maturity 19929 .% maturity 1993, % maturity 1994, % maturity 1995, % maturity 1996, % maturity 1997, % maturity 1998, % maturity 19999 % maturity 2000, % maturity 2001, % maturity 2002, maturity 2003, % maturity 2004, °lo maturity 2005, % maturity 2006, % maturity 2007, % maturity 2008, % maturity 2009, % maturity 2010, % maturity 2011, % with said interest being payable on May 15, 1992, and semiannually on each November 15 and May 15 thereafter while this Bond or any portion hereof is outstanding and unpaid. THE INSTALLMENTS OF PRINCIPAL OF AND THE INTEREST ON this Bond are payable in lawful money of the United States of .America, without exchange or collection charges. The installments of principal and the interest on this Bond are payable to the registered owner hereof through the services of Ameritrust Texas National Association, Dallas, Texas, which is the "Paying Agent/Registrar" for this Bond. Payment of all principal of and interest on this Bond shall be made by the Paying Agent/Registrar to the registered owner hereof on each principal and/or interest payment date by check or draft, dated as of such date, drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer required by the ordinance authorizing the issuance of this Bond (the "Bond Or& nance") to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such check or draft shall be sent by the Paying Agent/Registrar by United States mail, first-class postage prepaid, on each such principal and/or interest payment date, to the registered owner hereof, at the address of the registered owner, as it appeared on the last business day of the month next preceding each such date (the "Record Date") on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described, or by such other method acceptable to the Paying Agent/Registrar requested by, and at the risk and expense of, the registered owner. The Issuer covenants with the registered owner of this Bond that on or before each principal and/or interest payment date for this Bond it will make available to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Bond Ordinance, the amounts required to provide for the payment, in immediately available funds, of all principal of and interest on this Bond, when due. IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and 5 payment on such date shall have the same force and effect as if made on the original date payment was due. THIS BOND has been authorized in accordance with the Constitution and laws of the State of Texas in the principal amount of $2,255,000, for the purpose of providing $800,000 for improving and extending the combined Waterworks, Sewer and Electric System, and providing $1,500,000 for the purpose of refunding all of the outstanding City of Sanger, Texas Utility System Revenue Bonds, Series 1977, Series 1982 and Series 1985. ON MAY 15, 2001, or any date thereafter, the unpaid installments of principal of this Bond may be prepaid or redeemed prior to their scheduled due dates, at the option of the Issuer, with funds derived from any available source, as a whole, or in part, and, if in part, the Issuer shall select and designate the maturity, or maturities, and the amount that is to be redeemed, and if less than a whole maturity is to be called, the Issuer shall direct the Paying Agent/Registrar to call by lot (provided that a portion of this Bond may be redeemed only in an integral multiple of $5,000), at the redemption price of the principal amount, plus accrued interest to the date fixed for prepayment or redemption. AT LEAST 30 days prior to the date fixed for any such prepayment or redemption a written notice of such prepayment or redemption shall be mailed by the Paying Agent/Reg- istrar to the registered owner hereof. By the date fixed for any such prepayment or redemption due provision shall be made by the Issuer with the Paying Agent/Registrar for the payment of the required prepayment or redemption price for this Bond or the portion hereof which is to be so prepaid or redeemed, plus accrued interest thereon to the date fixed for prepayment or redemption. If such written notice of prepayment or redemption is given, and if due provision for such payment is made, all as provided above, this Bond, or the portion thereof which is to be so prepaid or redeemed, thereby automatically shall be treated as prepaid or redeemed prior to its scheduled due date, and shall not bear interest after the date fixed for its prepayment or redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the prepayment or redemption price plus accrued interest to the date fixed for prepayment or redemption from the Paying Agent/Registrar out of the funds provided for such payment. The Paying Agent/Registrar shall record in the Registration Books all such prepayments or redemptions ; of principal of this Bond or any portion hereof. THIS BOND, to the extent of the unpaid or unredeemed principal balance hereof, oI, any unpaid and unredeemed portion hereof in any integral multiple of $5,000, may be assigned by the initial registered owner hereof and shall be transferred only in the Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity of registrar for the Bonds, upon the terms and conditions set forth in the Bond Ordinance. Among other requirements for such transfer, this Bond must be presented and surrendered to the Paying Agent/Registrar for cancellation, together with proper instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment by the initial registered owner of this Bond, or any 0 portion or portions hereof in any integral multiple of $5,000, to the assignee or assignees in whose name or names this Bond or any such portion or portions hereof is or are to be trans- ferred and registered. Any instrument or instruments of assignment satisfactory to the Paying Agent/Registrar may be used to evidence the assignment of this Bond or any such portion or portions hereof by the initial registered owner hereof. A new bond or bonds payable to such assignee or assignees (which then will be the new registered owner or owners of such new Bond or Bonds) or to the initial registered owner as to any portion of this Bond which is not being assigned and transferred by the initial registered owner, shall be delivered by the Paying Agent/Registrar in conversion of and exchange for this Bond or any portion or portions hereof, but solely in the form and manner as provided in the next. paragraph hereof for the conversion and exchange of this Bond or any portion hereof. The registered owner of this Bond shall be deemed and treated by the Issuer and the Paying Agent/Registrar as the absolute owner hereof for all purposes, including payment and discharge of liability upon this Bond to the extent of such payment, and the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary. AS PROVIDED above and in the Bond Ordinance, this Bond, to the extent of:�the unpaid or unredeemed principal balance hereof, may be converted into and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, payable to the assignee or assignees duly designated in writing by the initial registered owner hereof, or to the initial registered owner as to any portion of this Bond which is not being assigned and transferred by the initial registered owner, in any denomination or denominations in any integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute bond issued in exchange for any portion of this Bond shall have a single stated principal maturity date), upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in the Bond Ordinance. If this Bond or any portion hereof is assigned and transferred or converted each bond issued in exchange for any portion hereof shall have a single stated principal maturity date corresponding to the due date of the installment of principal of this Bond or portion hereof for which the substitute bond is being exchanged, and shall bear interest at the rate applicable to and borne by such installment of principal or portion thereof. Such bonds, respectively, shall be subject to redemption prior to maturity on the same dates and for the same prices as the corresponding installment of principal of this Bond or portion hereof for ; which they are being exchanged. No such bond shall be payable in installments, but shall have only one stated principal maturity date. AS PROVIDED IN THE BOND ORDINANCE, THIS BOND IN ITS PRESENT FORM MAY BE ASSIGNED AND TRANSFERRED OR CONVERTED ONCE ONLY, and to one or more assignees, but the bonds issued and delivered in exchange for this Bond or any portion hereof may be assigned and transferred, and converted, subsequently, as provided in the Bond Ordinance. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for transferring, converting, and exchanging this Bond or any portion thereof, but the one requesting such transfer, conversion, and exchange shall pay any taxes or governmental charges required to be paid with respect thereto. The Paying Agent/Registrar shall not be required to make any such assignment, conversion, or exchange (i) during the period 7 commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or portion thereof called for prepayment or redemption prior to maturity, within 45 days prior to its prepayment or redemption date. IN THE EVENT any Paying Agent/Registrar for this Bond is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond Ordinance that it promptly will appoint a competent and legally qualified substitute therefor, and promptly will cause written notice thereof to be mailed to the registered owner of this Bond. IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly authorized, issued, and delivered pursuant to the laws of the State of Texas; that all acts, conditions, and things required or proper to be performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this Bond and the Series of which it is a part have been performed, existed, and been done in accordance with law; that this Bond is a special obligation of said Issuer, and that the principal of and interest on this Bond, together with other outstanding revenue bonds of the Issuer, are payable and secured by a first lien on and pledge of the Net Revenues of the Issuer's Utility System, being the Waterworks, Sewer and Electric System, THE ISSUER has reserved the right, subject to the restrictions stated, and adopted by reference, in the Ordinance authorizing this Series of Bonds, to issue additional parity revenue bonds which also may be made payable from, and secured by a first lien on and pledge of, the aforesaid Net Revenues, THE REGISTERED OWNER HEREOF shall never have the right to demand payment of this Bond or the interest hereon out of any funds raised or to be raised by taxation, or from any sources whatsoever other than those described in the Bond Ordinance, BY BECOMING the registered owner of this Bond, the registered owner thereby acknowledges all of the terms and provisions %J the Bond Ordinance, agrees to be bound by such terms and provisions, acknowledges that the Bond Ordinance is duly recorded and available for inspection in the official minutes and records of the governing body of the Issuer, and agrees that the terms and provisions of this Bond and the Bond Ordinance constitute a contract between the registered owner hereof and the Issuer. IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the manual signature of the Mayor of the Issuer and countersigned with the manual signature A the City Secretary of the Issuer, has caused the official seal of the Issuer to be duly impressed on this Bond, and has caused this Bond to be dated December 1, 1991. City Secretary (CITY SEAL) Mayor FORM OF REGISTRATION CERTIFICATE OF THE COMPTROLLER OF PUBLIC ACCOUNTS. COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this Bond has been examined, certified as to validity, and approved by the Attorney General of the State of Texas, and that this Bond has been registered by the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas (COMPTROLLER'S SEAL) Section 6. ADDITIONAL CI-IA,RACTERISTICS OF THE BONDS. (a) Registration and Transfer. The Issuer shall keep or cause to be kept at the principal corporate trust office of Ameritrust Texas National Association, Dallas, Texas, (the "Paying Agent/Registrar") books or records of the registration and transfer of the Bonds (the "Registration Books"), and the Issuer hereby appoints the Paying Agent/Registrar as its registrar and transfer agent to keep such books or records and make such transfers and registrations under such reasonable regulations as the Issuer and Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such transfers and registrations as herein provided. The Paying Agent/Registrar shall obtain and record in the Registration Books the address of the registered owner of each Bond to which payments with respect to the Bonds shall be mailed, as herein provided; but it shall be the duty of each registered owner to notify the Paying Agent/Registrar in writing of the address to which payments shall be mailed, and such interest payments shall not be mailed unless such notice has been given. The Issuer shall have the right to inspect the Registration Books during regular business hours of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep the Registration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity. Registration of each Bond may be transferred in the Registration Books only upon presentation and surrender of such Bond to the Paying - Agent/Registrar for transfer of registration and cancellation, together with proper written instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, (1) evidencing the assignment of the Bond, or any portion thereof in any integral multiple of $5,000, to the assignee or assignees thereof, and (n) the right of such assignee or assignees to have the Bond' or any such portion thereof registered in the name of such assignee or assignees. Upon the assignment and transfer of any Bond or any portion thereof, a new substitute Bond or Bonds shall be issued in conversion and exchange therefor in the manner herein provided. The Initial Bond, to the extent of the unpaid or unredeemed principal balance thereof, may be assigned and transferred by the initial regis- tered owner thereof once only, and to one or more assignees designated in writing by the initial registered owner thereof. All Bonds issued and delivered in conversion of and exchange for the Initial Bond shall be in any denomination or denominations of any integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute Bond shall have a single stated principal maturity date), shall be in the form prescribed in the FORM OF SUBSTITUTE BOND set forth in this Ordinance, and shall have the characteristics, and may be assigned, transferred, and converted as hereinafter provided. If the Initial Bond or any portion thereof is assigned and transferred or converted the Initial Bond must be surrendered to the Paying Agent/Registrar for cancellation, and each Bond issued in exchange for any portion of the Initial Bond shall have a single stated principal maturity date, and shall not be payable in installments; and each such Bond shall have a principal maturity date corresponding to the due date of the installment of principal or portion thereof for which the substitute Bond is being exchanged; and each such Bond shall bear interest at the single rate applicable to and borne by such installment of principal or portion thereof for which it is being exchanged. If only a portion of the Initial Bond is assigned and transferred, there shall be delivered to and registered in the name of the initial registered owner substitute Bonds in exchange for the unassigned balance of the Initial Bond in the same manner as if the initial registered owner were the assignee thereof. If any Bond or portion thereof other than the Initial Bond is assigned and transferred or converted each Bond issued in exchange shall have the same principal maturity date and bear interest at the same rate as the Bond for which it is exchanged. A form of assignment shall be printed or endorsed on each Bond, excepting the Initial Bond, which shall be executed by the registered owner or its duly authorized attorney or representative to evidence an assignment thereof. Upon surrender of any Bonds or any portion or portions thereof for transfer of registration, an authorized representative of the Paying Agent/Registrar shall make such transfer in the Registration Books, and shall deliver a new fully registered substitute Bond or Bonds, having the characteristics herein described, payable to such assignee or assignees (which then will be the registered owner or owners of such new Bond or Bonds), or to the previous registered owner in case only a portion of a Bond is being assigned and transferred, all in conversion of and exchange for said assigned Bond or Bonds or any portion or portions thereof, in the same form and manner, and with the same effect, as provided in Section 6(d), below, for the conversion and exchange of Bonds by any registered owner of a Bond. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for making such transfer and delivery of a substitute Bond or Bonds, but the one requesting such transfer shall pay any taxes or other governmental charges required to be paid with ; respect thereto. The Paying Agent/Registrar shall not be required to make transfers of registration of any Bond or any portion thereof (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or any portion thereof called for redemption prior to maturity, within 30 days prior to its redemption date. (b) Ownershi of f Bonds. The entity in whose name any Bond shall be registered in the Registration Books at any time shall be deemed and treated as the absolute owner thereof for all purposes of this Ordinance, whether or not such Bond shall be overdue, and the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary; and payment of, or on account of, the principal of, premium, if any, and interest on any such Bond shall be made only to such effectual to satisfy and discharge sums so paid. registered owner. All such payments shall be valid and the liability upon such Bond to the extent of the sum or (c) Payment of Bonds and Interest. The Issuer hereby further appoints the Paying Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds, and to act as its agent to convert and exchange or replace Bonds, all as provided in this Ordinance. The Paying Agent/Registrar shall keep proper records of all payments made by the Issuer and the Paying Agent/Registrar with respect to the Bonds, and of all. conversions and exchanges of Bonds, and all replacements of Bonds, as provided in this Ordinance. However, in the event of a nonpayment of interest on a scheduled payment date, and for thirty (30) days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar, if and when funds for the payment of such interest have been received from the Issuer. Notice of the Special Record Date and of the scheduled payment date of the past due interest (which shall be 15 days after the Special Record Date) shall be sent at least five (5) business days prior to the Special Record Date by United States mail, first class postage prepaid, to the address of each Bondholder appearing on the Security Register at the close of business on the last business day next preceding the date of mailing of such notice. (d) Conversion and Exchange or Replacement; Authentication. Each Bond issued and delivered pursuant to this Ordinance, to the extent of the unpaid or unredeemed principal balance or principal amount thereof, may, upon surrender of such Bond at the principal corporate trust office of the Paying Agent/Registrar, together with a written request therefor duly executed by the registered owner or the assignee or assignees thereof, or its or their duly authorized attorneys or representatives, with guarantee of signatures satisfactory to the Paying Agent/Registrar, may, at the option of the registered owner or such assignee or assignees, as appropriate, be converted into and exchanged for fully registered bonds, without interest coupons, in the form prescribed in the FORM OF SUBSTITUTE BOND set forth in this Ordinance, in the denomination of $5,000, or any integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute Bond shall have a single stated maturity date), as requested in writing by such registered owner or such assignee or assignees, in an aggregate principal amount equal to the unpaid or unredeemed principal balance or principal amount of any Bond or Bonds so surrendered, and payable to the appropriate registered owner, assignee, or assignees, as the case may be. If the Initial Bond is assigned and transferred or converted each substitute Bond issued in exchange for any portion of the Initial Bond shall have a singld stated principal maturity date, and shall not be payable in installments, and each such Bond shall have a principal maturity date corresponding to the due date of the installment of principal or portion thereof for which the substitute Bond is being exchanged; and each such Bond shall bear interest at the single rate applicable to and borne by such installment of principal or portion thereof for which it is being exchanged. If a portion of any Bond (other than the Initial Bond) shall be redeemed prior to its scheduled maturity as provided herein, a substitute Bond or Bonds having the same maturity date, bearing interest at the same rate, in the denomination or 11 denominations of any integral multiple of $5,000 at the request of the registered owner, and in aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon surrender thereof for cancellation. If any Bond or portion thereof (other than the Initial Bond) is assigned and transferred or converted, each Bond issued in exchange therefor shall have the same principal maturity date and bear interest at the same rate as the Bond for which it is being exchanged. Each substitute Bond shall bear a letter and/or number to distinguish it from each other Bond. The Paying Agent/Registrar shall convert and exchange or replace Bonds as provided herein, and each fully registered bond delivered in conversion of and exchange for or replacement of any Bond or portion thereof as permitted or required by any provision of this Ordinance shall constitute one of the Bonds for all purposes of this Ordinance, and may again be converted and exchanged or replaced. It is specifically provided that any Bond authenticated in conversion of and exchange for or replacement of another Bond on or prior to the first scheduled Record Date for the Initial Bond shall bear interest from the date of the Initial Bond, but each substitute Bond so authenticated after such first scheduled Record Date shall bear interest from the interest payment date next preceding the date on which such substitute Bond was so authenticated, unless such Bond is authenticated after any Record Date but on or before the next following interest payment date, in which case it shall bear interest from such next following interest payment date; provided, however, that if at the time of delivery of any substitute Bond the interest on the Bond for which it is being exchanged is due but has not been paid, then such Bond shall bear interest from the date to which such interest has been paid in full. THE INITIAL BOND issued and delivered pursuant to this Ordinance is not required to be, and shall not be, authenticated by the Paying Agent/ Registrar, but on each substitute Bond issued in conversion of and exchange for or replacement of any Bond or Bonds issued under this Ordinance there shall be printed a certificate, in the form substantially as follows: "PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE It is hereby certified that this Bond has been issued under the provisions of the Bond Ordinance described on the face of this Bond; and that this on has been issued in conver- sion of and exchange for or replacement of a bond, bonds, or a portion of a bond or bonds of an issue which originally was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas. Dated Paying Agent/Registrar By � Authorized Representative" An authorized representative of the Paying Agent/Registrar shall, before the delivery of any such Bond, date and manually sign the above Certificate, and no such Bond shall be deemed to be issued or outstanding unless such Certificate is so executed. The Paying Agent/Registrar promptly shall cancel all Bonds surrendered for conversion and exchange 12 r or replacement. No additional ordinances, orders, or resolutions need be passed or adopted by the governing body of the Issuer or any other body or person so as to accomplish the foregoing conversion and exchange or replacement of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for the printing, execution, and delivery of the substitute Bonds in the manner prescribed herein, and said Bonds shall be of type composi- tion printed on paper with lithographed or steel engraved borders of customary weight and strength. Pursuant to Vernon's Ann. Tex. Civ, St. Art. 717k-6, and particularly Section 6 thereof, the duty of conversion and exchange or replacement of Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of the above Paying Agent/Registrar's Authentication Certificate, the converted and exchanged or replaced Bond. shall be valid, incontestable, and enforceable in the same manner and with the same effect as the Initial Bond which originally was issued pursuant to this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public Accounts. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for transferring, converting, and exchanging any Bond or any portion thereof, but the one requesting any such transfer, conversion, and exchange shall pay any taxes or governmental charges required to be paid with respect thereto as a condition precedent to the exercise of such privilege of conversion and exchange. The Paying Agent/Registrar shall not be required to make any such conversion and exchange or replacement of Bonds or any portion thereof (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date. (e) In General. All Bonds issued in conversion and exchange or replacement of any other Bond or portion thereof, (i) shall be issued in fully registered form, without interest coupons, with the principal of and interest on such Bonds to be payable only to the registered owners thereof, (n) may be redeemed prior to their scheduled maturities, (iii) may be transferred and assigned, (iv) may be converted and exchanged for other Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the principal of and interest ided, and in the manner required or indicated, in on the Bonds shall be payable, all as prov the FORM OF SUBSTITUTE BOND set forth in this Ordinance. (f) Payment of Fees and Charges. The Issuer hereby covenants with the registered owners of the Bonds that it will (i) pay the standard or customary fees and charges of the Paying Agent/Registrar for its services with respect to the payment of the principal of and interest on the Bonds, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services with respect to fihe transfer of registration of Bonds, and with respect to the conversion and exchange of Bonds solely to the extent above provided in this Ordinance. (g) Substitute Paying; Agent/Re is� trar. The Issuer covenants with the registered owners of the Bonds that at all times while the Bonds are outstanding the Issuer will provide a competent and legally qualified bank, trust company, financial institution, or other agency 13 to act as and perform the services of Paying Agent/Registrar for the Bonds under this Ordinance, and that the Paying Agent/Registrar will be one entity. The Issuer reserves the right to, and may, at its option, change the Paying Agent/Registrar upon not less than 120 days written notice to the Paying Agent/ Registrar, to be effective not later than 60 days prior to the next principal or interest payment date after such notice. In the event that the entity at any time acting as Paying Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or otherwise cease to act as such, the Issuer covenants that promptly it will appoint a competent and legally qualified bank, trust company, financial institution, or other agency to act as Paying Agent/Registrar under this Ordinance. Upon any change in the Paying Agent/Registrar, the previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a copy thereon, along with all other pertinent books and records relating to the Bonds, to the new Paying Agent/Registrar designated and appointed by the Issuer. Upon any change in the Paying Agent/Registrar, the Issuer promptly will cause a written notice thereof to be sent by the new Paying Agent/Registrar to each registered owner of the Bonds, by United States mail, first-class postage prepaid, which notice also shall give the address of the new Paying Agent/Registrar. By accepting the position and performing as such, each Paying Agent/Registrar shall be deemed to have agreed to the provisions of this Ordinance, and a certified copy of this Ordinance shall be delivered to each Paying Agent/Registrar. Section 7. FORM OF SUBSTITUTE BONDS. The form of all Bonds issued in conversion and exchange or replacement of any other Bond or portion thereof, including the form of Paying Agent/Registrar's Certificate to be printed on each of such Bonds, and the Form of Assignment to be printed on each of the Bonds, shall be, respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are permitted or required by this Ordinance. 14 FORM OF SUBSTITUTE BOND PRINCIPAL NO. AMOUNT UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF DENTON CITY OF SANGER, TEXAS UTILITY SYSTEM REFUNDING AND IMPROVEMENT REVENUE BOND SERIES 1991 INTEREST MATURITY DATE OF CUSIP RATE DATE ORIGINAL ISSUE NO. December 1, 1991 ON THE MATURITY DATE specified above, the CITY OF SANGER, in Denton County, Texas (the "Issuer"), being a political subdivision of the State of Texas, hereby promises to pay to or to the registered assignee hereof (either being hereinafter called the "registered owner") the principal amount of and to pay interest thereon from December 1, 1991 to the maturity date specified above, or the date of redemption prior to maturity, at the interest rate per annum specified above; with interest being payable on May 15, 1992 and semiannually thereafter on each November 15 and May 15, except that if the date of authentication of this Bond is later than April 30, 1992, such principal amount shall bear interest from the interest payment date next preceding the date of authentication, unless such date of authentication is after any Record Date (hereinafter defined) but on or before the next following interest payment date, in which case such principal amount shall bear interest from such next following interest payment date. THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the United States of America, without exchange or collection charges. The principal of this Bond shall be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity or upon the date fixed for its redemption prior to maturity, at the principal corporate trust office of AmeritriJst Texas National Association, Dallas, Texas, which is the "Paying Agent/Registrar" for this Bond. The payment of interest on this Bond shall be made by the Paying Agent/Registrar to the registered owner hereof on each interest payment date by check or draft, dated as of such interest payment date, drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer required by the ordinance authorizing the issuance of the Bonds (the "Bond Ordinance") to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such check or draft 15 shall be sent by the Paying Agent/Registrar by United States mail, first-class postage prepaid, on each such interest payment date, to the registered owner hereof, at the address of the registered owner, as it appeared on the last business day of the month next preceding each such date (the "Record Date") on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described, or by such other method acceptable to the Paying Agent/Registrar requested by, and the risk and expense of, the registered owner. Any accrued interest due upon the redemption of this Bond prior to maturity as provided herein shall be paid to the registered owner upon presentation and surrender of this Bond for redemption and payment at the principal corporate trust office of the Paying Agent/Registrar. The Issuer covenants with the registered owner of this Bond that on or. before each principal payment date, interest payment date, and accrued interest payment date for this Bond it will make available to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Bond Ordinance, the amounts required to provide for the payment, in immediately available funds, of all principal of and interest on the Bonds, when due. IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the City where the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. THIS BOND is one of an issue of Bonds initially dated December 1, 1991, authorized in accordance with the Constitution and laws of the State of Texas in the principal amount of $2,255,000, for the purpose of providing $800,000 for improving and extending the combined Waterworks, Sewer and Electric System, and providing $1,500,000 for the purpose of refunding all of the outstanding City of Sanger, Texas Utility System Revenue Bonds, Series 1977, Series 1982 and Series 1985. ON MAY 15, 2001, or any date thereafter, the Bonds of this Series may be redeemed prior to their scheduled maturities, at the option of the Issuer, with funds derived from any ; available and lawful source, as a whole, or in part, and, if in part, the Issuer shall select and designate the maturity or. maturities and the amount that is to be redeemed, and if less than a whole maturity is to be called, the Issuer shall direct the Paying Agent/Registrar to call by lot (provided that a portion of a Bond may be redeemed only in an integral multiple of $5,000), at the redemption price of the principal amount thereof, plus accrued interest to the date fixed for redemption. AT LEAST 30 days prior to the date fixed for any redemption of Bonds or portions thereof prior to maturity a written notice of such redemption shall be published once in a financial publication, journal, or reporter of general circulation among securities dealers in The City of New York, New York (including, but not limited to, The Bond Buyer and The Wall Street Journal), or in the State of Texas (including, but not limited to, The Texas Bond Reporter). Such notice also shall be sent by the Paying Agent/Registrar by United States mail, first class postage prepaid, not less than 30 days prior to the date fixed for any such redemption, to the registered owner of each Bond to be redeemed at its address as it ap- peared on the 45th day prior to such redemption date; provided, however, that the failure to send, mail, or receive such notice, or any defect therein or in the sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings for the redemption of any Bond, and it is hereby specifically provided that the publication of such notice as required above shall be the only notice actually required in connection with or as a prerequisite to the redemption of any Bonds or portions thereof. By the date fixed for any such redemption due provision shall be made with the Paying Agent/Registrar for the payment of the required redemption price for the Bonds or portions thereof which are to be so redeemed,plus accrued interest thereon to the date fixed for redemption. If such written notice of redemption is published and if due provision for such payment is made, all as provided above, the Bonds or portions thereof which are to be so redeemed thereby automatically shall be treated as redeemed prior to their scheduled maturities, and they shall not bear interest after the date fixed for redemption, and they shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price plus accrued interest from the Paying Agent/Registrar out of the funds provided for such payment. If a portion of any Bond shall be redeemed a substitute Bond or Bonds having the same maturity date, bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000, at the written request of the registered owner, and in aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon the surrender thereof for cancellation, at the expense of the Issuer, all as provided in the Bond Ordinance. THIS BOND OR ANY PORTION OR PORTIONS HEREOF IN ANY INTEGRAL MULTIPLE OF $5,000 may be assigned and shall be transferred only in the Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity of registrar for the Bonds, upon the terms and conditions set forth in the Bond Ordinance. Among other requirements for such assignment and transfer, this Bond must be presented and surrendered to the Paying Agent/Registrar, together with proper instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, ; evidencing assignment of this Bond or any portion or portions hereof in any integral multiple A $5,000 to the assignee or assignees in whose name or names this Bond or any such portion or portions hereof is or are to be transferred and registered. The form of Assignment printed or endorsed on this Bond shall be executed by the registered owner or its duly authorized attorney or representative, to evidence the assignment hereof. A new Bond or Bonds payable to such assignee or assignees (which then will be the new registered owner or owners of such new Bond or Bonds), or to the previous registered owner in the case of the assignment and transfer of only a portion of this Bond, may be delivered by the Paying Agent/Registrar in conversion of and exchange for this Bond, all in the form and manner as provided in the next paragraph hereof for the conversion and exchange of other Bonds. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and 11 charges for making such transfer, but the one requesting such transfer shall pay any taxes or other governmental charges required to be paid with respect thereto. The Paying Agent/Registrar shall not be required to make transfers of registration of this Bond or any portion hereof (1) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or any portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date. The registered owner of this Bond shall be deemed and treated by the Issuer and the Paying Agent/Registrar as the absolute owner hereof for all purposes, including payment and discharge of liability upon this Bond to the extent of such payment, and the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary. ALL BONDS OF THIS SERIES are issuable solely as fully registered bonds, without interest coupons, in the denomination of any integral multiple of $5,000, As provided in the Bond Ordinance, this Bond, or any unredeemed portion hereof, may, at the request of the registered owner or the assignee or assignees hereof, be converted into and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, payable to the appropriate registered owner, assignee, or assignees, as the case may be, having the same maturity date, and bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000 as requested in writing by the appropriate registered owner, assignee, or assignees, as the case may be, upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in the Bond Ordinance. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for transferring, converting, and exchanging any Bond or any portion thereof, but the one requesting such transfer, convey. sion, and exchange shall pay any taxes or governmental charges required to be paid with respect thereto as a condition precedent to the exercise of such privilege of conversion and exchange. The Paying Agent/Registrar shall not be required to make any such conversion and exchange (1) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date. IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond Ordinance that it promptly will appoint a competent and legally qualified substitute therefor, and promptly will cause written notice thereof x9 be mailed to the registered owners of the Bonds. IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly authorized, issued, and delivered pursuant to the laws of the State of Texas; that all acts, conditions, and things required or proper to be performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this Bond and the Series of which it is a part have been performed, existed, and been done in accordance with laws that m this Bond is a special obligation of said Issuer, and that the principal of and interest on this Bond, together with other outstanding revenue bonds of the Issuer, are payable and secured by a first lien on and pledge of the Net Revenues of the Issuer's Utility System, being the Waterworks, Sewer and Electric System. THE ISSUER has reserved the right, subject to the restrictions stated, and adopted by reference, in the Ordinance authorizing this Series of Bonds, to issue additional parity revenue bonds which also may be made payable from, and secured by a first lien on and pledge of, the aforesaid Net Revenues. THE REGISTERED OWNER HEREOF shall never have the right to demand payment of this Bond or the interest hereon out of any funds raised or to be raised by taxation, or from any sources whatsoever other than those described in the Bond Ordinance. BY BECOMING the registered owner of this Bond, the registered owner thereby acknowledges all of the terms and provisions of the Bond Ordinance, agrees to be bound by such terms and provisions, acknowledges that the Bond Ordinance is duly recorded and available for inspection in the official minutes and records of the governing body of the Issuer, and agrees that the terms and provisions of this Bond and the Bond Ordinance constitute a contract between each registered owner hereof and the Issuer. IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the facsimile signature of the Mayor of the Issuer and countersigned with the facsimile signature of the City Secretary of the Issuer, and has caused the official seal of the Issuer to be duly impressed, or placed in facsimile, on this Bond. _(facsimile si ng aturel City Secretary facsimile si ng atureL Mayor FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE (To be executed if this Bond is ]JUL accompanied by an executed Registration Certificate of the Comptroller of Public Accounts of the State of Texas) It is hereby certified that this Bond has been issued under the provisions of the Bond Ordinance described in the text of this Bond; and that this Bond has been issued in conversion or replacement of, or in exchange for, a bond, bonds, or a portion of a bond or bonds of a Series which originally was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas. Dated Ameritrust Texas National Association Dallas, Texas By Authorized Representative FORM OF ASSIGNMENT: ASSIGNMENT FOR VALUE RECEIVED, the undersigned registered owner of this Bond, or duly authorized representative or attorney thereof, hereby assigns this Bond to (Assignee's Social Security (print or type Assignee's name or Taxpayer Identification Number and address, including zip code) and hereby irrevocably constitutes and appoints attorney to transfer the registration of this Band on the Paying Agent/Registrar's Registration Books with full power of substitution in the premises. Dated Signature Guaranteed: NOTICE: This signature must be guaranteed by a member of the New York Stock Exchange or a commercial bank or trust company. .-' Registered Owner NOTICE: This signature must correspond with the name of the Registered Owner appearing on the face of this Bond in every particular without alteration or enlargement or any change whatsoever. 24 Section 8. DEFINITIONS. For all purposes of this ordinance and in particular for clarity with respect to the issuance of the Bonds herein authorized and the pledge and appropriation of revenues for the payment of the Bonds, the following definitions are provided. (a) The term "Utility System" as used in this Ordinance, shall mean and include the Issuer's entire Waterworks, Sewer and Electric System, together with all future improvements, extensions, enlargements, and additions thereto, and replacements thereof. (b) The term "Net Revenues," as used in this Ordinance, shall mean gross revenues of the Utility System, after deducting the expenses of operation and maintenance A the Utility System, including all salaries, labor, materials, repairs and extensions necessary to render efficient service, provided, however, that only such repairs and extensions, as in the judgment of the City Council of said Issuer, reasonably and fairly exercised by the passage of appropriate ordinances, are necessary to keep the Utility System in operation and render adequate service to said Issuer and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the Bonds and any Additional Bonds shall be deducted in determining "Net Revenues." Depreciation, and payments into and out of the Interest and Sinking Fund, Reserve Fund, and Emergency Fund hereinafter created, shall never be considered as expenses of operation and maintenance. (c) The term "Bonds" shall mean the Bonds authorized to be issued and delivered by this Ordinance and the outstanding Series 1973 Bonds and Series 1976 Bonds. (e) The term "Additional Bonds" shall mean the additional parity revenue bonds which the Issuer reserves the right to issue and deliver in the future, as provided by this Ordinance. Section 9. PLEDGE. The Bonds and all Additional Bonds, and the interest thereon, are and shall be payable from and secured by an irrevocable first lien on and pledge of the Net Revenues of the Utility System. The Bonds authorized by this Ordinance are parity Additional Bonds as defined and permitted in the ordinance that authorized the City of Sanger, Texas Utility System Revenue Bonds, Series 1969, and Sections 9 through 27 of the ordinance that authorized the City of Sanger, Texas Utility System Revenue Bonds, Series 1969 are hereby adopted by reference and shall be restated and be applicable to the Bonds authorized by this Ordinance in Sections 8 through 25 hereof for all purposes except to the extent hereinafter specifically modified and"supplemented. Section 10. RATES. The Issuer covenants and agrees with the holders of the Bonds and all Additional Bonds, as follows: (a) That it will at all times fix, maintain, charge and collect for services rendered by the Utility System, rates and charges which will produce gross revenues at least sufficient 71 to pay all operating, maintenance, depreciation, replacement and betterment expenses, and other costs deductible in determining "Net Revenues" as herein defined and to produce each month Net Revenues which together with other pledged revenues will be adequate to pay promptly all of the principal of and interest on the Bonds and all Additional Bonds, and to accumulate and maintain the Funds created and established by this Ordinance, and (b) That if the Utility System should become legally liable for any other indebtedness, the Issuer shall fix, maintain, charge and collect additional rates for services rendered by the Utility System sufficient to establish and maintain funds for the payment thereof. Section 11. FUNDS, All gross revenues of the Utility System shall be kept separate and apart from all other funds of the Issuer and the following Special Funds have been created and shall be established and maintained in an official depository bank of the Issuer, so long as any of the Bonds or Additional Bonds, or interest thereon, are outstanding and unpaid: (a) City of Sanger Utility System Revenue Bonds Revenue Fund, hereinafter called the "Revenue Fund." (b) City of Sanger Utility System Revenue Bonds Interest and Sinldng Fund, hereinafter called the "Interest and Sinking Fund." (c) City of Sanger Utility System Revenue Bonds Reserve Fund, hereinafter called the "Reserve Fund." (d) City of Sanger Utility System Revenue Bonds Emergency Fund, hereinafter called the "Emergency Fund." Section 12. REVENUE FUND. All gross revenues of every nature received from the operation and ownership of the Utility System shall be deposited from day to day as collected into the Revenue Fund. The reasonable, necessary, and proper expenses of operation and maintenance of the Utility System shall be paid from the gross revenues of the Utility System. The revenues remaining in the Revenue Fund shall be deposited into the other Funds, in the manner and amounts hereinafter provided, and each of such Funds shall have priority as to such deposits in the order in which they are treated in the following sections. Section 13. INTEREST AND SINKING FUND, There shall be deposited into the Interest and Sinking Fund the following: (a) such amounts, in equal monthly installments commencing on or before the tenth day of each month hereafter, as will be sufficient to pay the interest scheduled to come due on the Bonds on the next interest payment date; and 22 (b) such amounts, in equal monthly installments, made on or before the tenth day of each month, commencing December 10, 1991, as will be sufficient to pay the next maturing principal of the bonds. Section 14. RESERVE FUND. That, in addition to all other amounts now required by the ordinances that authorized the outstanding Bonds, there shall be deposited into the Reserve Fund, the sum of at least $ until the Reserve Fund shall contain an aggregate amount of $ No deposits shall be required to be made into the Reserve Fund as long as the Fund contains said aggregate amount, but if and whenever said Reserve Fund is reduced below said aggregate amount, the aforesaid monthly deposits into the Fund shall be resumed and continued until such time as the Fund has been restored to said aggregate amount. The Reserve Fund shall be used to pay the principal of or interest on the Bonds and any Additional Bonds falling due at any time when there is not sufficient money available in the Interest and Sinking Fund created for their payment. Money in the Reserve Fund may, upon authorization by the City Council of said Issuer, be invested in direct obligations of, or obligations, the principal of and interest on which are guaranteed by, the United States of America, or invested in direct obligations of the Federal Intermediate Credit Banks, Federal Land Banks, Federal National Mortgage Association, Federal Home Loan Banks or Banks for Cooperatives, provided that each of the aforesaid obligations must mature, or be subject to redemption at the option of the holder thereof, Any obligation in which money in said Reserve Fund is so invested shall be kept and held by the Bank holding said Fund in escrow and in trust for the benefit of the holders of the Bonds and all Additional Bonds, and shall be promptly sold and the proceeds of sale applied to the making of all payments required to be made from the Reserve Fund. Section 15. EMERGENCY FUND. There is presently on deposit in the Emergency Fund $ No deposits shall be required to be made into the Emergency Fund as long as the Emergency Fund contains said aggregate amount, but if and whenever said Emergency Fund is reduced below said aggregate amount, the aforesaid monthly deposits into the Emergency Fund shall be resumed and continued until such time as the Emergency Fund has been restored to said aggregate amount. The Emergency Fund shall be used to pay the cost of any repairs or extensions to the System authorized by Vernon's Article 1113, for the payment of which no other funds are available. Also, the Emergency Fund shall be ; used to pay the principal of or interest on the Bonds and all Additional Bonds, at any time when there are not sufficient amounts in the Interest and Sinking Fund and the Reserve Fund for such purpose. Money in the Emergency Fund may, upon authorization by the City Council, be invested in the same manner and to the same extent as provided for money in the Reserve Fund. Any obligation in which money in the Emergency Fund is so invested shall be kept and held in an official depository bank of the Issuer in escrow and in trust for the benefit of the holders of the Bonds and all Additional Bonds, and shall be promptly sold and the proceeds of sale applied to the making of payments permitted or required to be made from the Emergency Fund. 23 Ott. Section 16. DEFICIENCIES IN FUNDS. If in any month the Issuer shall fail to deposit into any Fund created by this Ordinance the full amounts required, amounts equivalent to such deficiencies shall be set apart and paid into said Funds from the first available and unallocated pledged revenues for the following month or months, and such payments shall be in addition to the amounts otherwise required to be paid into said Funds during such month or months. To the extent necessary, the Issuer shall increase the rates and charges for services of the Utility System to make up for any such deficiencies. Section 17. EXCESS REVENUES. The revenues pledged hereunder, in excess of those necessary to establish and maintain the Funds as required in this Ordinance, or as hereafter may be required in connection with the issuance of Additional Bonds, may be used for any lawful purpose. Section 18. SECURITY FOR FUNDS, All Funds created by this Ordinance shall be secured in the manner and to the fullest extent permitted or required by law for the security of public funds, and such Funds shall be used only for the purposes and in the manner permitted or required by this Ordinance. Section 19. ADDITIONAL BONDS. The Issuer reserves the right to issue additional parity revenue bonds, to be known as Additional Bonds, which when issued and delivered, shall be payable from and secured by a lien on and pledge of the same revenues as those securing the Bonds, and be on a parity with the Bonds and all outstanding Additional Bonds, or any bonds issued to refund same, and the Bonds and all Additional Bonds shall in all respects be on a parity and of equal dignity. The Additional Bonds may be issued in one or more installments or series, provided, however, that no installment or series of Additional Bonds shall be issued unless. (a) A certificate is executed by the Mayor and City Secretary of said Issuer to the effect that no (default exists in connection with any of the covenants or requirements of the ordinance or ordinances authorizing the issuance of all then outstanding Bonds and Additional Bonds; (b) A certificate is executed by the Mayor and City Secretary of said Issuer to the effect that the Interest and Sinking Fund and the Reserve Fund each 111 the amount then required to be on deposit therein; (c) A certificate is executed by a�Certified Public Accountant to the effect that, in his opinion, the Net Earnings of the Utility System, either for the last complete fiscal year of the Issuer, or for any twelve consecutive calendar month period ending not more than ninety days prior to the passage of the ordinance authorizing the issuance of such Additional Bonds, were at least 14/2 times the average annual principal and interest requirements for all then outstanding Bonds and Additional Bonds, and for the installment or series of Additional Bonds then proposed to be issued. The term "Net Earnings" as used in this sub- section (c) shall mean the gross revenues of the Utility System after deducting the expenses 24 of operation and maintenance but not deducting depreciation, bond interest or expenditures which under standard accounting practice should be charged to capital expenditures. (d) The Additional Bonds are scheduled to mature only on May 15, and the interest thereon is scheduled to be paid only on November 15 and May 15. (e) The ordinance authorizing the issuance of such installment or series of Additional Bonds provides that the aggregate amount to be accumulated and maintained in the Reserve Fund shall be increased by an additional amount not less than the average annual principal and interest requirements for said Additional Bonds, and that such additional amount shall be so accumulated within sixty-one months from the date of the Additional Bonds by the deposit in the Reserve Fund of the necessary amount in equal monthly installments; provided, however, that the aggregate amount to be accumulated in the Reserve Fund shall never be required to exceed the average annual principal and interest requirements for all then outstanding Bonds and Additional Bonds; (f) All calculations of average annual principal and interest requirements made pursuant to this Section are made as of and from the date of the Additional Bonds then proposed to be issued. (g) Once the outstanding Series 1973 Bonds and Series 1976 Bonds are retired and are no longer outstanding, subparagraph (c) of this Section shall be replaced by the following substitute subparagraph (c): "(c) A certificate is executed by a Certified Public Accountant to the effect that, in his opinion, the Net Earnings of the Utility System, either for the last complete fiscal year of the Issuer, or for any twelve consecutive calendar month period ending not more than ninety days prior to the passage of the ordinance authorizing the issuance of such Additional Bonds, were at least 1.10 times the average annual principal and interest requirements for all then outstanding Bonds and Additional Bonds, and for the installment or series of Additional Bonds then proposed to be issued. The term "Net Earnings" as used in this subsection (e) shall mean the gross revenues of the Utility System % after deducting the expenses of operation and maintenance but not deducting depreciation, bond interest or expenditures which under standard accounting practice should be charged to capital expenditures." Section 20. MAINTENANCE AN6 OPERATION; INSURANCE.. While any of the Bonds or Additional Bonds are outstanding the Issuer covenants and agrees to maintain the Utility System in good condition and operate the same in an efficient manner and at reasonable expense, and to maintain insurance on the Utility System, for the benefit of the holder or holders of the Bonds and Additional Bonds, of a kind and in an amount which usually would be carried by private companies engaged in a similar type of business. Nothing in this Ordinance shall be construed as requiring the Issuer to expend any funds 25 which are derived from sources other than the Utility System, but nothing herein shall be construed as preventing the Issuer from doing so. Section 21, ACCOUNTS AND FISCAL YEAR. The Issuer shall keep proper books of records and accounts, separate from all other records and accounts of the Issuer, in which complete and correct entries shall be made of all transactions relating to the Utility System, and shall have said books audited once each fiscal year by a certified public accountant. The Issuer agrees to operate the Utility System and keep its books of records and accounts pertaining thereto on the basis of its current fiscal year; provided, however, that the City Council may change such fiscal year by ordinance duly passed, and if such change is deemed necessary by the City Council. Section 22. ACCOUNTING REPORTS, Within ninety days after the close of each fiscal year hereafter., the Issuer will furnish, without cost, to any holder of any outstanding Bonds or Additional Bonds who may so request, a signed or certified copy of a report by a Certified Public Accountant, covering the next preceding fiscal year, showing the following information: (a) A detailed statement of all gross revenues of the Utility System and all expenses A operation and maintenance thereof for said fiscal year; (b) Balance sheet as of the end of said fiscal year; (c) Accountant's comment regarding the manner in which the Issuer has complied with the requirements of this Ordinance and his recommendations, if any, for any changes or improvements in the operation of the Utility System; (d) List of insurance policies in force at the end of said fiscal year, showing, as to each policy, the name of the insurer, and the expiration date; (e) The number of properties connected with the water system, sewer system and electric system, and the gross revenues from the Utility System for said fiscal year. Section 23. INSPECTION. Any holder or holders of any Bonds or Additional Bonds shall have the right at all reasonable times to inspect the Utility System and all records, accounts, and data of the Issuer relating thereto. Section 24. SPECIAL COVENAN'T'S. The Issuer further covenants as follows: (a) That other than for the payment of the Bonds herein authorized, the revenues pledged hereunder have not in any manner been pledged to the payment of any debt or obligation of the Issuer or the Utility System. m (b) That while any of the Bonds or Additional Bonds are outstanding, the Issuer will not sell or encumber the Utility System or any substantial part thereof, and that, with the exception of the Additional Bonds expressly permitted by this Ordinance to be issued, it will not encumber the revenues pledged hereunder unless such encumbrance is made junior and subordinate in all respects to the Bonds and Additional Bonds and all liens and pledges in connection therewith. (c) That no free service of the Utility System shall be allowed, and should the Issuer or any of its agencies or instrumentalities make use of the services and facilities of the Utility System, payment of the reasonable value thereof shall be made by the Issuer out of funds from sources other than the revenues and income of the Utility System. (d) That to the extent it legally may, the Issuer further covenants and agrees that while any of the Bonds or Additional Bonds are outstanding, no franchise shall be granted for the installation or operation of any competing water system, sewer system or electric system; that the Issuer will prohibit the operation of any such competing system; and the operation of any such competing system is hereby prohibited. Section 25. BONDS ARE SPECIAL OBLIGATIONS, The Bonds and Additional Bonds shall be special obligations of the Issuer payable solely from the pledged Net Revenues, and the holder or holders thereof shall never have the right to demand payment thereof out of funds raised or to be raised by taxation. Section 26. DEFEASANCE OF BONDS. (a) Any Bond and the interest thereon shall be deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within the meaning of this Ordinance, except to the extent provided in subsection (d) of this Section 32, when payment of the principal of such Bond, plus interest thereon to the due date (whether such due date be by reason of maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof (including the giving of any required notice of redemption), or (n) shall have been provided for on or before such due date by irrevocably depositing with or making available to the Paying Agent/Registrar for such payment (1) lawful money of the United States of America sufficient to make such payment or (2) Government Obligations which mature as to principal ; and interest in such amounts and at such times as will insure the availability, without rein- vestment, of sufficient money to provide for such payment, and when proper arrangements have been made by the Issuer with the Paying Agent/Registrar for the payment of its services until all Defeased Bonds shall have become due and payable. At such time as a Bond shall be deemed to be a Defeased Bend hereunder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or entitled to the benefits of, revenue pledged as provided in this Ordinance, and such principal and interest shall be pay- able solely from such money or Government Obligations. (b) Any moneys so deposited with the Paying Agent/Registrar may at the written direction of the Issuer also be invested in Government Obligations, maturing in the amounts 27 and times as hereinbefore set forth, and all income from such Government Obligations received by the Paying Agent/Registrar which is not required for the payment of the Bonds and interest thereon, with respect to which such money has been so deposited, shall be turned over to the Issuer, or deposited as directed in writing by the Issuer. (c) The term "Government Obligations" as used in this Section shall mean direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which may be United States Treasury obligations such as its State and Local Government Series, which may be in book -entry form. (d) Until all Defeased Bonds shall have become due and payable, the Paying Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Bonds the same as if they had not been defeased, and the Issuer shall make proper arrangements to provide and pay for such services as required by this Ordinance: Section 27. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS. (a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated, lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and delivered, a new bond of the same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or destroyed Bond, in replacement for such Bond in the manner hereinafter provided. (b) Application for Replacement Bonds. Application for replacement of damaged, mutilated, lost, stolen, or destroyed Bonds shall be made by the registered owner thereof to the Paying Agent/Registrar. In every case of loss, theft, or destruction of a Bond, the registered owner applying for a replacement bond shall furnish to the Issuer and to the Paying Agent/Registrar such security or indemnity as may be required by them to save each of them harmless from any loss or damage with respect thereto. Also, in every case of loss, theft, or destruction of a Bond, the registered owner shall furnish to the Issuer and to the Paying Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such Bond, as the case may be. In every case of damage or mutilation of a Bond, the registered owner shall surrender to the Paying Agent/Registrar for cancellation the Bond so damaged or mutilated. (c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in the event any such Bond shall have matured, and no default has occurred which is then continuing in the payment of the principal of, redemption premium, if any, or interest on the Bond, the Issuer may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished as above provided in this Section. (d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement bond, the Paying Agent/Registrar shall charge the registered owner of such Bond with all ) legal, printing, and other expenses in connection therewith. Every replacement bond issued pursuant to the provisions of this Section by virtue of the fact that any Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the Issuer whether or not the lost, stolen, or destroyed Bond shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and proportionately with any and all other Bonds duly issued under this Ordinance. (e) Authority for Issuing Replacement Bonds. In accordance with Section 6 of Vernon's Ann. Tex. Civ. St. Art. 717k-6, this Section of this Ordinance shall constitute authority for the issuance of any such replacement bond without necessity of further action by the governing body of the Issuer or any other body or person, and the duty of the replacement of such bonds is hereby authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall authenticate and deliver such bonds in the form and manner and with the effect, as provided in Section 4(d) of this Ordinance for Bonds issued in conversion and exchange for other Bonds. Section 28. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS; BOND COUNSEL'S OPINION; CUSIP NUMBERS; AND CONTINGENT INSURANCE PROVISION, IF OBTAINED. The Mayor of the Issuer is hereby authorized to have control of the Initial Bond issued hereunder and all necessary records and proceedings pertaining to the Initial Bond pending its delivery and its investigation, examination, and approval by the Attorney General of the State of Texas, and its registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of the Initial Bond said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate on the Initial Bond, and the seal of said Comptroller shall be impressed, or placed in facsimile, on the Initial Bond. In addition, if bond insurance is obtained, the Bonds may bear an appropriate legend as provided by the Insurer. Section 29. COVENANTS REGARDING TAX EXEMPTION. The Issuer covenants not to take any action which would adversely affect, and to take any required action to ensure, the treatment of the Bonds as obligations described in Section 103 of the Internal Revenue Code of 1986 (the "Code"), the interest on which is not includable in the "gross income" of the holder for purposes of federal income taxation. In furtherance thereof, the ' Issuer covenants as follows: (a) to take any action to assure that no more than 10 percent of the proceeds of the Bonds (less amounts deposited to a reserve, fund, if any) are used for any "private business use," as defined in Section 141(b)(6) of the Code or, if more than 10 percent of the proceeds are so used, that amounts, whether or not received by the Issuer, with respect to such private business use, do not, under the terms of this Resolution, or any underlying arrangement, directly or indirectly, secure or provide for the payment of more than 10 percent of the debt service on the Bonds, in contravention of Section 141(b)(2) of the Code, (b) to take any action to assure that in the event that the "private business use described in SubSection (a) hereof exceeds 5 percent of the proceeds of the Bonds (less amounts deposited into a reserve fund, if any) then the amount in excess of 5 percent is used for a "private business use" which is "related" and not "disproportionate," within the meaning of Section 141(b)(3) of the Code, to the governmental use; (c) to take any action to assure that no amount which is greater than the lesser of $5,000,000, or 5 percent of the proceeds of the Bonds (less amounts deposited into a reserve fund, if any) is directly or indirectly used to finance loans to persons, other than state or local governmental units, in contravention of Section 141(c) of the Code; (d) to refrain from taking any action which would otherwise result in the Bonds being treated as "private activity bonds" within the meaning of Section 141(b) of the Code; (e) to refrain from taking any action that would result in the Bonds being "federally guaranteed" within the meaning of Section 149(b) of the Code; (f) to refrain from using any portion of the proceeds of the Bonds, directly or indirectly, to acquire or to replace funds which were used, directly or indirectly, to acquire investment property (as defined in Section 148(b)(2) of the Code) which produces a materially higher yield over the term of the Bonds, other than investment property acquired with - (1) proceeds of the Bonds invested for a reasonable temporary period of 3 years or less or, in the case of a refunding bond, for a period of 30 days or less until such proceeds are needed for the purpose for which the bonds are issued, (2) amounts invested in a bona fide debt service fund, within the meaning of Section 1.103-13(b)(12) of the Treasury Regulations, and (3) amounts deposited in any reasonably required reserve or replacement no to the extent such amounts do not exceed 10 percent of the proceeds of the Bonds; (g) to otherwise restrict the use of the proceeds of the Bonds or amounts treated as proceeds of the Bonds, as may be necessary, so that the Bonds do not otherwise contravene the requirements of Section 148 of the Code (relating to arbitrage) and, to the extent applicable, Section 149(d) of the Code (relating to advance refundings); (h) to pay to the United States of America at least once during each five-year period (beginning on the date of delivery of the Bonds) an amount that is at least equal to 90 percent of the "Excess Earnings," within the meaning of Section 148(f) of the Code and to pay to the United States of America, not later than 60 days after the Bonds have been paid in full, 100 percent of the amount then required to be paid as a result of Excess Earnings under Section 148(f) of the Code; and (1) to maintain such records as will enable the Issuer to fulfill its responsibilities under this Section and Section 148 of the Code and to retain such records for at least six years following the final payment of principal and interest on the Bonds. In order to facilitate compliance with the above covenants (g), (h), and (i), a "Rebate Fund" is hereby established by the Issuer for the sole benefit of the United States of America, and such Fund shall not be subject to the claim of any other person, including without limitation the bondholders. The Rebate Fund is established for the additional purpose of compliance with Section 148 of the Code. It is the understanding of the Issuer that the covenants contained herein are intended to assure compliance with the Code and any regulations or rulings promulgated by the U.S. Department of the Treasury pursuant thereto. In the event that regulations or ruling are hereafter promulgated which modify, or expand provisions of the Code, as applicable to the Bonds, the Issuer will not be required to comply with any covenant contained herein to the extent that such modification or expansion, in the opinion of nationally -recognized bond counsel, will not adversely affect the exemption from federal income taxation of interest on the Bonds under Section 103 of the Code. In the event that regulations or rulings are hereafter promulgated which impose additional requirements which are applicable to the Bonds, the Issuer agrees to comply with the additional requirements to the extent necessary, in the opinion of nationally -recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Bonds under Section 103 of the Code. Section 30. DESIGNATION AS QUALIFIED TAX-EXEMPT OBLIGATIONS. The Issuer hereby designates the Bonds as "qualified tax-exempt obligations" as defined in Section 265(b)(3) of the Code. In furtherance of such designation, the Issuer represents, covenants and warrants the following: (a) that during the calendar year in which the Bonds are issued, the Issuer (including any subordinate entities) has not designated nor will designate obligations, which when aggregated with the Bonds, will result in more than $10,000,000 of "qualified tax-exempt obligations" being issued; and (b) that the Issuer reason- ; ably anticipates that the amount of tax-exempt obligations issued, during the calendar year in which the Bonds are issued, by the Issuer (or any subordinate entities) will not exceed $1090001000. Section 31. SALE OF INITIAL BOND. The Initial Bond is hereby sold and shall be delivered to Southwest Securities Incorporated for cash for the price of $ , which represents the par amount of such Bonds less an underwriter's discount for such Bonds of $ . It is hereby officially found, determined, and declared that the Initial Bond has been sold pursuant to the terms and provisions of a Purchase Contract in substantially the form attached hereto as Exhibit A, which the Mayor of the Issuer is hereby authorized and directed to execute and deliver and which the City Secretary of the issuer is hereby authorized and directed to attest. It is hereby officially found, determined, and declared that the terms of this sale are the most advantageous reasonably obtainable. The Initial Bond shall be registered in the name of Southwest Securities Incorporated. Section 32. APPROVAL OF OFFICIAL STATEMENT. The Issuer hereby approves the form and content of the Official Statement relating to the Bonds and any addenda, supplement or amendment thereto, and approves the distribution of such Official Statement in the reoffering of the Bonds by the Underwriter in final form, with such changes therein or additions thereto as the officer executing the same may deem advisable, such determination to be conclusively evidenced by his execution thereof. Section 33. APPROVAL OF ESCROW AGREEMENT AND TRANSFER OF FUNDS. The Mayor of the Issuer is hereby authorized and directed to execute and deliver and the City Secretary of the Issuer is hereby authorized and directed to attest an Escrow Agreement in substantially the form attached hereto as Exhibit B. In Addition, the Mayor is authorized to execute such subscription for the purchase of U. S. Treasury Securities, State and Local Government Series, and to authorize the transfer of such funds of the Issuer, as may be necessary for the Escrow Fund. Section 34. NOTICE OF REDEMPTION. That there is attached to this Ordinance, as Exhibit C, and made a part hereof for all purposes, a notice of prior redemption for the Refunded Bonds to be redeemed prior to stated maturity, and such Refunded Bonds described in said notice of prior redemption are hereby called for redemption and shall be redeemed prior to maturity on the date, place, and at the price as set forth therein. Section 35. NOTICE TO PAYING AGENT. The Refunded Bonds described in Exhibit C attached hereto are so called for redemption, and Ameritrust Texas IN Association, Dallas, Texas is hereby directed to make appropriate arrangements so that such Refunded Bonds may be redeemed at said bank on the redemption date. A copy of such Notice of Redemption shall be delivered to the Paying Agent bank so mentioned. Section 36. REASONS FOR REFUNDING. That the Issuer deems it advisable to issue the refunding bonds in order to change the bond covenants for the issuance of additional bonds and to permit the issuance of additional bonds for improvements to the Utility System, with a limited increase to the annual debt service requirements of the Issuer, with an approximate increase to the debt service of $� 32 CITY OF SANCrER P. O. BOX 578 SANDER, TEXAS 76266 MEMORANDUM # 1025 TO: Honorable Mayor & Members of the City Council FROM: John Hamilton, City Manager Gt DATE: November 18, 1991 `UJ SUBJECT: Frontier Waste Management Rate Request Regarding Frontier Waste's request for a rate increase, staff recammenda that the Consumer Price Index increase of 4.0% requested by Frontier. Waste be rejected outright. Regarding their request for a rate increase based on the one dollar ($1.00) per ton state levy increase, the following unscientific information is presented for your consideration: [Based on a $1.00 per Tan increase due the State and using the following assumptions:] 1210 Residential Customers # pounds of solid waste #households Cost per per month, per household per Ton Ton 35 lbs. - 1 Ton = 57 $.018 50 lbs. - 1 Ton = 40 $.025 75 lbs. - 1 Ton = 27 $.037 100 lbs. - 1 Ton = 20 $.05 125 lbs. - 1 Ton = 16 $.0625 150 lbs. - 1 Ton = 13 $.08 Staff has no basis for these figures other than an estimate of personal solid waste disposal by an "average" family. You might recall that during the October 21st meeting, Mr. Benny Johnson of Frontier Waste estimated that his vehicles made 2.5 trips to the landfill and he estimated that each trip totaled 20 Tons of solid waste; 2.5 trips would therefore equal 50 Tons or 100,000 lbs. of solid waste divided by 1210 residential customers would equal 82.64 pounds of solid waste per household. 045 ouncil desires, staff , ecortuner, 0 CL resideritil mere<Ase WA . per resldentil ei�strner.�?�fo) tesred iito the current rite f. l �)er month. This would reduce the City's S.48 per month collection to .fi t an d increase i°a tier° rite from i 6.62 t w7 per month. 'lie cost to t"' e �it would lie. 11C� residexitil ei�st ers x AB 580.80 ity's current collection per month 1lti resideixtil e€ist ers AO M ityx's proposed collection per month 484sOO 6*80 loss per month to City v7% franchise fee per month 6a78 increase in per month th franchise fee unto 90vO2 net cost to City per month tiff v�rld �ls� ree� errd the 1.°/a i"eren.se An everyr class �f e� erei�l eUSLOLML served UY L UYltier wastev tt any member desires any specific information, please let me know prier ��r the meeting and staff will endeavor to meet the request. chargecollection. If his landfill . ffould need to generate an additional $209.00 per month to cover this state nandated er ton is increasing bV $LOOr then he 1347. If you equally share this revenuestated "unscientific" assumptions; if our residential customers generated 150 lbs. per household per month, each household's share of the per ton increase mandated by the state would be $.08 times 1212 customers, would equal increased residentialapplied to the 67 commercial hand pick�up customers, an additional $5.36 per month would be generated for a total hand collection revenue of $102.32The absorbed structure as previously stateLA. All commercial increases would be passed revenueto individual customers, The 68 dumpster customers would need to r, x tote �n�teci �,ndfill Inerease 1.(�€� �� 'I`n a Frontier Waste's average monthly tannage, 209 (418,000 lbs,) 0 1212 esidential Customers 0 67 Commercial Hand P/U Customers 0 68 Commercial Durnpster Customers 0 Current Residential mate, $7.10 per month, $.48 to City 6.62 to Frontier Waste 8 Current Commercial viand p/U 050 ® Current Dumpster Rates .are $7.94 to $219.64 47 situ of $omeploce Speclai IaATEa November 10, 1991 Frontier Waste Management P. O. Box 758 Sanger, Texas 76266 Gentlemen: Enclosed is a City of Sanger check in the amount of $ 11.3%68 representing payment to Frontier Waste Management for the contract agreement provided for in the City of Sanger/Frontier Waste Management Agreement. This payment covers the month of act ber 1991 and is computed as follows: Total Residential Customers Billed _1212 at $ 7.10 rate per customer Less $0.48 per customer billed as per Contract Total Other Customer Classes Less 796 Franchise Fee Approved for payment Rost lie Garcia, City Secretary 8x7.4S8 7930 81y$58.4Y8o FAX MEMORANDUM # 1036 TO: FROM: DATE: SUBJECT: CI I I OF SANGER P. O. BOX 578 BANGER, TEXAS 76266 Honorable Mayor &Members of the City Council John Hamilton, City Manager November 15, 1991 City Administrator's Report 1}. As you are aware, our grant for $103,125 from the Texas Parks and Wildlife Department, to construct a swimming pool has been approved. At this writing, we have still not received the final contract; however, our engineers are prepared to issue a bid document sometime in January for this project. The grant is funded by cigarette tax. 2�. From the enclosed letter, the Land donation from the_ Catholic Church A s being handled for us by Den -Tex Title in Denton. 3). City Hall will be closed Thanksgiving Day and the Friday after, 11-28/ 29-91. JH:es Enclosure i Diocese of Fort Worth t av 14. IszjI • Mr. John Hamilton City Manager City of Sanger 201 Bolivar Street P. 0. Box 578 Sanger, Texas 76266 November 11, 1991 rw/mnk/76103 #748 euu v N oMON Re: Donation of lot described as R58777 (96913) 0 T Sanger, Block 46, Lot 2 Dear Mr. Hamilton: Our Chancellor has approved the donation of the above lot to the City of Sanger. Please use any Title Company you wish and our Bishop, Joseph P. Delaney will sign the Deed of Trust. MNK/mcr f. Sincerely, Mary N. vKing Director of Parish Services The Catholic Center • 800 West Loop 820 South • Fort Worth, Texas 76108-2919 • 817/560-3300 CITY OF SANDER P. O. BOX 578 BANGER, TEXAS 76266 MEIt�IORANDUM # ld3$ TO: Honorable Mayor &Members of the City Council FROM: John Hamilton, City Manager DATE: November 14, 1991 SUBJECT: Pond Creek Access Site - Mari n Today, in person, I met with Michael jtV, Herring, Chief, Parlc Special Services with the Texas Parks and Wildlife Department, in an attempt to again determine the status of the proposed marina at Lake Ray Roberts. A summary of facts as I know them regarding the project are: • On August 29, 1991, the Corps of Engineers, responding to a meeting held with Rep. Dick Armey in Lewisville, mailed they TPWD a draft lease agreement endorsed by the Cities of Denton. and Dallas. The draft contained 36 provisions. • On November ?, 1991, the Ft. Worth Office of the Corps ai Engineers received the unsigned lease agreement back truth TPWD with several exceptions, the most notable being the request for a 50 year lease rather than the 20 year lease proposed by thke Corps. • The 29 year lease was proposed by the local office of the Corps in order to avoid the lease having to be approved in Washing1.o::, D.C. If the lease goes to D.C., local representatives of the Corps guess the process would be stalled for 6 to 12 months. • Mr. Herring of TPWD, on 11-1.4-91, verbally stated that it is his intention to recommend to the TPWD Executive Director, Andrew Sansom, that the 20 year lease agreement by acr.epted in order to expedite the process of bringing a marina to Ray Roberts. • Mr. Herring also stated that their # 1 bidder on the project is still ready and eager to proceed. • Mr. Herring also stated that he believes he can answer our question of when will a marina be built by mid -week -- around Wednesday, 11-20-91. As more information develops, you will be notified. JH:es Qv� ■ HUNTER AS S O C I AT E S, I N C. J. TRAVIS ROUERTS, JR., P E. PAUL S. 130EDEKER, P.E. . ENGINEERS/PLANNERS/SURVEYORS HALf3.JONEs,P.E. 0140 WALNUT HILL LANE ONE GLEN LAKES SURE 500 DALLAS, �X 15291.4050 211i�59-9171 SAM C. MCKEN2IE, JR., P.E. I IOfi CLAYTON LANE SUITE 010E AUS�IN, 1 EMAS 70729� 109:1 slva5a�a�la JOHN D. FRIEE3ELE, P.E. DAVID J. PHEWETT, P.E. CHARLES W. SCHELER, P.E. RICHARO K. ST. JOHN. P.E. CHARLES A. DAVIS, P.E. j�j JOHN L. MEARS, P.E. November 4, 1991 NOV 0 � 1991 Mr. Gary Dill Dill Backhoe Service C.l3Y OF BANGER 320 S. Red River Gainesville, TX 76240 Re: Water System Improvements (Interstate Highway 35) Sanger, Texas Dear Mr. Dill: This letter constitutes the Notice to Proceed for the construction of the above referenced project. Time charges for this project will commence on Thursday, November 14, 1991; however, you may begin work prior to this date. Please notify the City of Sanger, Public Works Department, advance of any construction activity on this project. Sincerely, HUNTER ASSOCIATES, INC. �o e hn L. M ars, P.E. Project Engineer JLM/akh cc: John Hamilton City of Sanger BSN/BKHOPRCD.AKN/BSN 1 0 ,�. �m...iaP in a�� ,' ance. "This (knowledge) will enable highway engineers to design pavement structures that take full advantage of asphalt's chemical and physical proper- ties," says Damian Kulash, executive director of the program• "It also will enable refiners and manufacturers to modify asphalt rnaterials so they will perform better• "We no�v have an entirely new un- derstanding of asphalt chemistry that has tremendous implications." Asphalt is about 90 percent carbon and hydrogen; the remaining l0 percent is sulfur, nitrogen, oxygen and trace metals• These elements attach to the hy- drocarbon molecules in side groups called polar functional groups, which control performance by determining whether the asphalt molecules will stick together to give the material strength while allowing it to flow like a viscous liquid. An amphoteric material is one that serves as both an acid and a base in the same molecule. Although these materi- als constitute only 10-1� percent of as- phalt, they appear to exert major con- trol over the formation of molecular matrices, which in turn affect the as- phalt's tendency to form pavement cracks, ruts and potholes. If the network is not strong enough, the asphalt will not be elastic enough to resist rutting. If it is too strong, the pavement will be prone to cracking. Moisture sensitivity also is a function of the network because the polar mole- cules cause the asphalt to adhere to the aggregate, and it rs t�ti lion at — breaks down in pavements suffering moisture -induced damage. Ground Broken For Philadelphia Gateway When the federal government and the Pennsylvania Department of Transportation began planning with the City of Brotherly Love to build a new crosstown expressway, a major concern arose. Would fife improved access from the suburbs and two other interstate highways result in additional traffic congestion For the already overbur- dened center -city streets? So plans for the pew• Vine Street Ex- pressway included a parking garage to be built at the foot of the ramps coming from the express�vay's major center city interchange. This would be the city's first interceptor parking garage, in which cars coming into the city would be collected in a large parking facility before adding to downtown Philadel- phia congestion. That was 10 years ago. Last spring, ground was broken on the first phase of the $350-million, mixed -use develop- ment that will give the city its much - needed interceptor parking facility, while providing a model for successful public/private collaborations. In the intervening l0 years severalle- gal and Financial challenges arose. The first involved who would be responsible for developing the land. PennDOT des- ignated the Philadelphia Parking Au- thority as the proper agent, and the two ment as to how the project would be built. The next obstacle was paying for the project. Several developers bid on the project, and the authority selected Re- alen Properties. According to the de- tailed collaboration agreement, the Parking Authority, which leases the land from PennDUT, subleases the land to the developer and vests it with the development rights and responsibilities .for the property. Once completed, rev- enues generated by the parking garage are to be shared between the three bod- ies. New York City: In hopes of letting New Yorkers breathe a little easier, h[etro- pane [nc. has opened the city's First natural gas conversion facility. Located on Staten island, the facility will con- vert vehicles to run on natural gas. The vehicles still will be able to run on gas- oline with a flip of a dashboard - mounted switch. The conversion will cost between $2,500 and $3,500 per ve- hicle. SOUTH � � -=.� r� Baltimore Solves Sludge Problem fter being up to its pressure valves and treatment pumps in sludge only two years ago, Baltimore has made remarkable progress in reducing the t to Xc, �F..,L .i. %...,.. .r.,f `. i-. .�_t5i _.. dd ty t�?Aa. �.4 �.., L.',+.r.. `i.. .r -. _� ti. ._� a.. �7 .._. F�retruck Is Caforing `Contest �Prie' � `` ' ` � `` � � `` `a �' '�`4 �' � � # � ` f '. ,' t i ��. � A,. �� ',;� j��fl t .: �', F f ,ir ' �, `' j > � I x: ts.`i: '; �or every thr(d whdever wanted to' :The company will award the truck reel, Federal Stgnal Vision hghtbar, . be�:a firefighter, �;wq companies' ta,the' winning child's community . 6,000-watt generator and, a rear vt �:. :° haye teamed�up to provide a unique;'--.Th�'contest kicked `off in Se tem- "•sion backtip camera $ysteiti�''a d '� opportunity.;'�Twelve montli§ � from' '` • ' P full com 1 � n :• now,'; a, childsomewhgre'in'North�' ,giber, wilLrun thiough August 1, 1992, - Y A ies with�tfienevV firetrµck ,", 'and the winner wil(.be chosen. in a `standards adopted by, the National ` America, v�ill>'"w►n a':iire truck• well, �, =;Fire Protection Association ' = ,} a c � , ,.;. r.. `random drawing onAugusE` 13 , not exactly; f"ar; his'or her' personal ' - � ,, a:: usel',�'hg truck, ;an Emergency One . Children must be at least 12 years The. winner;"along with,his or herN , ' old to enter � � parents, will, also,receive a three day', .� J Towrx;8t Country' :Classic pµmper fi-;, 7 � � . : retruclt,{gqunted on an International ' � The truck, valued at $150,000, in � two -night, expenses paid trip to An '`' s !cludes.'an all-aluinmttiti;"rust-resin ' �� aheim, Calif;,,where the truck will be `�� 4900 four door crew cab chassis, rs , •presented at the 1992 International `` r ', the. prize to"a coloring contest spon � f 1nt body,`�aS'�SO-gallon-water ,tank, v Assgciation`of Fire, Chiefs'confer ,{�': sored�bytE One s �^'� � top -mounted pump controls. booster ','ence; The trip. also includes�a;day at, �`' t e s..� } +;er � 4� ti f . �;: . ,� ,,. .� ::Disneyland �°` ti ,� '+ ' -� Rules �and�entry forms are''avarla� .,' " '` ble from E-One,. International par=,�" , ---- -- - --- ": ticipating.dealers, local fire depart-.. ` 'menu and by,,writing E-One Fire � _ -��, � � � Truck Contest, P,O. Box 285, Deer- _.. '.'field, III. 6W51. t , p �.."'j---------I- y - 4 � t . ''�i',i+:��tl 'a�'�N��rfi! This flnfruck will be Ivan aura °+�" !-,.` next Auyusf as the prize fore; -;colarinfl confpsf for chlldren,`f � ,� - throughout Norfh America. -; — •�. Amerfean Clfy d, County/November 1991 O r•I 61 Q O a N C 7 O U U w a rs x N m •- t' C Y- 7 o a 01 y r0 v L d ...I O L a+ a E O V x xxxxxxxxx*xxxxxxxxxxxxxx:exxxx xx x. 1' COq- MPJN D C` O IOnNTnTWnN.• .•+ 7nJu1MMq !flN U1 p fA COt11NOU1TAn MU1iONJPJMMN nNiflnn.rnT nrr+ n'"•' Ot C O MCO tO DOJO^Jr%1 nil1T.+Ptl10.ONMTMNS ni2'1 o iJ O NM O A .•n M J.•r .r .rM .r .• Yi-a .••I O NON. .-1 M I t 1 1 N N I r" c x in.. Inr+aaancoaaoaaoJMOMnroui-,.• Nu nndautco oM t C NnP G-r .•+NPOJMTd-+Nn D nJrr11f1 T ^- J O .Od `n n N Y N C NNNV1N d.OJONOd 1 WndWJNnlftn TO .tidJ Jd M C CD PdONJMq.-1001J'IM NNd ulJMdlndA-+JJntf1 .-•r0 hL1 d y of u.T-+apMd.tMd nOMn o.,aMP.oq-.o,nn-+NnN oN r ao Tfp 1!1 Ord TiRMnJ1 + W `JOnP.-r NaOT 4'10' -+JOdO Pd q O. 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BOX 578 SANGER, TEXAS 76266 MEMORANDUM # 1039 TO: Honorable Mayor &Members of the City Council FROM: John Hamilton, City Manage DATE: November 18, 1991 SUBJECT: Financial Report Effective 2 p.m., Monday, November 18, 1991, the following fund balances were on deposit for the City: Checking..Accounts All accounts are interest bearing.) Enterprise Fund - $111,124 General Fund - 12,426 Bond Construction - 4,406 Electric Deposit - 8,339 Water Deposit - 5.316 $141,611 Pass Book Accounts Eight (8� Accounts - $ 39,403 Total - $544,355 Bond Reserve - 242,000 Reserves - 252,355 Deposits - 500000 Total Deposits all Funds - JH:es $725.369 11,,_, t91 08:55 CITY OF BANGER PAGE 1 8.3 OF YEAR COMPLETED P.O. BOX 518 SRNGER, TEXAS 16266 REVENUE SUMMARY FOR CURRENT PERIOD FROM 10 01 91 TO 10 31 91 FISCAL MONTHLY TO DATE � APPROPRIATION AMOUNT AMOUNT OF BUDGET GENERAL FUND REVENUES .'' RD VALOREM TAXES 336,300 16,629.63 16,629.63 4.9 PENALTY G INTEREST TAXES 11,040 1,104.16 1,104.18 10.0 SALES TAX 110,500 9,218.21 9,218.21 8.3 FRANCHISE FEES 91,50D 1,161.54 1,161.54 1.3 FIRE SERVICE - OENTON COUNTY 18,100 1,190.00 1,190.00 6.6 i SOLID lJASTE COLLECTION 153,840 13,666.60 13,666.60 8.9 LANDFILL PERMITS 4,900 118.00 118.00 3.6 CONSTRUCTION PERMITS 8,504 361.50 367.50 4.3 MUNICIPAL COURT 15,400 J8.50 18.50 .5 LIBRARY - DENTON COUNTY 10,150 .00 .00 HEALTH PERMITS 1,200 150.00 150.00 12.5 S4IIMMING PODI 8,000 .00 .00 OTHER INCOME 15,100 128.40 128.40 4.8 INTEREST INCOME 5,300 31.98 31.98 .1 SUBTOTAL (REVENUES) 190,390 44,511.14 44,511.14 5.6 TRANSFERS 321,445 40,930.62 40,930.62 12.5 TOTAL FUNDS AVAIL. TO G.F. 1,117,835 65,441.16 85,441.16 1.6 ENTERPRISE FUND WATER SALES 355,400 31,113.53 31,113.53 8.9 41ASTEWATER SERVICES 26D,0D0 20,819.14 20,819.14 8.0 PENALTIES U1IlITIES 40,000 5,100.22 5,100.22 12.8 lJR1ERjSE41ER TAPS 5,000 350.0@ 350.00 1.0 CONNECT�TRANSFER FEES 8,000 900.00 900.00 11.3 ELECTRIC SERVICE 2,343,000 140,923.00 140,923.00 6.0 OTHER INCOME 14,450 114.96 114.98 1.2 INTEREST INCOME 40,500 3,042.51 3,042.51 7.5 SUB -TOTAL 3,066,350 203,083.98 203,083.98 6.6 TRANSFERS (32],445) (40,930.62) (40,930.62) 12.5 TOTAL FUNDS AVAIL. TO E.F. 2,138,905 162,153.36 162,153.36 5.9 TOTAL REVENUES 3,656,140 241,595.12 241,595.12 6.4 Mayor &Council Administration Public Works Adm Vehicle Maint Library Police Sanitation Street Contractual Services -Taxes Ambulance Contractual Services Healtr Senior Center Fire Dept Parks Summer Youth Program GF Swimming Pool Community Center Sub -Total Required Savings Debt Service Total G. F. Expenditures ENTERPRISE FUND Water Wastewater Wastewater Collection Electric utility willing Mayor &Council Administration Vehicle Maint. Public Works Adm. Contingency Fund Required Savings Debt Service Total E.F. Expenditures Total Expenditures L*XPM DIT URM SUMMARY 14,720.00 104,649.00 35,78200 22,994.00 42,383.00 2850118000 150,897M 162,243.00 5010100 11,600*00 1/800600 90050000 95,119600 9001200 4,500.00 24,873.00 4,350.00 984,192.00 5,100.00 123,968.00 1,113,260.00 193,875.00 112,920.00 137956100 1,621,393.00 1081000*00 14,720.00 104,649*00 22,994.00 359782 00 131,843.00 5,484.oa 254,258.00 2,743,480A0 3,856,740.00 2,190.11 6AM 12 62.53 3;51Z65 27,957.41 14,511.70 10,379A3 550.67 0000 0.00 259.91 2,326.80 319.36 0000 0000 625.34 69,750.56 425.00 0.00 70,175.56 17,o66s6 13,6$4.11 524.64 128,714M 11,418.07 10603001 23,887.02 3,686.99 1,125.03 0600 457.00 45.50 202,21233 272,388.29 01 fu 1 626.93 2,190011 6,428612 62.53 3,512.65 27,957.41 14,511970 10,379*03 550,67 0900 o.00 259.91 2,326.80 319036 0000 0000 625.34 69,750.56 425.00 0.00 70,175.56 17,o66.s6 13,684.11 524.64 128,714.50 11,41s.07 11603001 23,887.02 3,686.99 1,125A3 0000 457.00 45.50 202,212.73 272,388.29 4.30 2.10 ls.o0 a.30 8.30 9.80 9.60 6.40 10.$0 2.90 2.4a 3.50 14.40 7.10 8.30 6.30 s.so 12.10 0.40 7.90 l0.60 10.90 22.80 le.o0 3.10 8.30 0.Q2 7.37 7.00 TEXAS COMMISSIONERS PARKS AND WILDLIFE YGNACIO D. GARZA 4200 Smith School Road • Austin, Texas Chairman, Brownsville JOHN WILSON KELSEY Vice -Chairman Houston November 14, 1991 LEE M. BASS Ft. Worth HENRY C. BECK, III Dallas TERESE TARLTON HERSHEY Houston GEORGE C. "TIM" HIXON San Antonio CHUCK NASH San Marcos Mr. John Hamilton City Manager P. 0. Box 578 Sanger, Texas 76266 Re: Switzer Park II Project Number 48-00997 DEPARTMENT 78744 0 512-3894800 ANDREW SANSOM Executive Director A Vy� � ` Y OF SA114GER BEATRICE CARD PICKENS Dear Mr . Hami 1 ton Dallas I am pleased to inform you that the Parks and Wildlife Commission WAPHREY approved your grant project on November 7, 1991. Your project BeaaumontumontLTER wi l l receive funding through the Land and Water Conservation Fund and the Department will now make application to the National Park Service (NPS). Upon receipt of NPS approval the Department will enter into a grant contract agreement with you for this project. We anticipate that this process will take approximately six to eight weeks. As a result of the delays experienced by the longer than usual review and approval process, the Department is now authorizing you to initiate the first step in the grant process, which is the preparation and submission of construction plans and specifications. Enclosed is a set of "Plans and Specifications guidelines" along with "Standards for Facilities Useable by the Physically handicapped". PLEASE BE ADVISED THAT YOU CANNOT BEGIN CONSTRUCTION ON ANr DEVELOPMENT WHICH IS TO BE GRANT ASSISTED AT THIS TIME. THIS AUTHORIZATION IS FOR THE PREPARATION AND SUBMISSION OF CONSTRUCTION PLANS AND SPECIFICATIONS ONLY. Upon receipt of NPS approval and the execution of a grant contract between the city and the Department, you will receive further instructions on procedures for administering your grant project. Please advise all involved parties of this conditional authorization in order to avoid potential problems with the eligibility of your land acquisition. i Mr. John Hamilton Switzer Park November 14, 1991 Page 2 If you have any questions please call us at 512/389-4947. The Department appreciates your patience with our review process and we look forward to working with you towards the successful completion of this project. Sincerely, • �►.,1 Tim Hogsett Chief Grants -In -Aid Branch TH:SAB:Ib Enclosure HENDERSON BRYA-NT & WOLFE ATTORNEYS & COUNSELORS 123 NORTH CROCKETT STREET DAMES E. HENDERSON IaeriReol P. O. BOX 340 WILLIAM R. BRYANT 0919-1979) JOSEPH W. WOLFE SHERMAN, TEXAS 75091-0340 CURRY H. VOGELSANG (903) 893-9421 RICHARD E. HARRISON RONALD H. CLARK FAX (903) 892-2397 T. SCOTT SMITH NANCY O. WILLIAMS November 15, 1991 Mr. Jim Thornton Claims Director Employers' of Texas Lloyds 4107 Texoma Parkway Sherman, Texas 75090 STACI S. JOHNSON DAMES CORLEY HENDERSON DEBORAH S.BURLESON DEBORAH L. McGREGORY DAMES C. TIDWELL � OV 1 � 1991 CITY OF SANGER Re: 0E-90-32-50404-001; James William Leyhe, et al v. City of Sanger Dear Jim: I enclose a copy of Plaintiffs' First Supplemental Petition, and copy of Brief in Support of Defendant's Motion for Summary Judgment. As mentioned in another letter, the Court postponed the hearing on our Motion for Summary Judgment, which was to have been heard on Friday, November 15. The hearing has now been re- scheduled for 10000 o'clock a.m. on Thursday, November 22. Sincerely yours, seph W. Wolfe JWW/kb enclosure xc: Mr. John Hamilton City Manager City of Sanger pPO. Box 578 "� "'` anger, Texas 76266 HENDERSON BRYA*NT & WOLFE ATTORNEYS & COUNSELORS 123 NORTH CROCKETT STREET JAMES E. HENDERSON (RETIRED) P. 0, BOX 340 STACI S. JOHNSON ' WILLIAM R. BRYANT (1919-1979) -JAMES CORLEY HENDERSON JOSEPH W. WOLFE SHERMAN, TEXAS 75091-0340 DEBORAH S. BURLESON CURRY H. VOGELSANG (903) 693-9421 DEBO L. McGL DEBORAH L. McGREGORY RICHARD E. HARRISON C. RONALD H. CLARK FAX (903) 892-2397 T. SCOTT SMITH NANCY O. WILLIAMS ' 'd. November 15, 1991 � A v k IV U V 1 1991 Mr. Jim Thornton C0�'Y 0� Claims Director Employers' of Texas Lloyds 4107 Texoma Parkway Sherman, Texas 75090 Re: 0E-90-32-50404-001; James William Leyhe, et al v. City of Sanger Dear Jim: SAlUG�R I enclose Agreed Order for Continuance signed on November 13, 1991. I went to Denton today to attend the hearing on our Motion for Summary Judgment, however the hearing was postponed due to another case that was carried over from yesterday. I will keep you informed of developments that come to my attention. Sincerely yours, Joseph W. Wolfe JWW/kb enclosure xc: Mr. John Hamilton City Manager City of Sanger Pe 09 B = ox 578 f.• � Fv Sanger, Texas 76266 ..r v �t1�g Co �- No. 90-50301-367 II'14,g1 JAMES WILLIAM LEYHE, et al § IN THE DISTRICT COURT OF VS. § DENTON COUNTY, TEXAS THE CITY OF SANGER § 367TH JUDICIAL DISTRICT AGREED ORDER FOR CONTINUANCE zr� On the �:> day of November, 1991, came the parties by their attorneys, and came on to be considered Defendant's First Motion for Continuance, and same having been considered by the Court, and the Court being advised that Plaintiffs are in Eigreement that this cause should be continued, it is ORDERED that Defendant's First Motion for Continuance be, and the same is h�e,�rej�by granted, and that this cause be re -set for trial on the �L� day of February, 1992. SIGNED this I� day of November, 1991. APPROVED: W001�.,, SPRINGER & LYLE Y. torneys for Plaintiffs HENDERSON BRYANT & WOLFE By : < A orney� for Defendant AGREED ORDER FOR CONTINUANCE JUDGE PAGE 1 gi�4� �`�: Ja:�i� �AMIL'�0�1,Ci'�Y MI��iIaGFP ��: 11--1.4--�1 ��NCE: `I'�GC�j,�7 VEH�CS,�S, DiS�'OSI`�IO� I�eio�� you'1.�. find t1-ze List of tagged veY-�ir1.e',a that t��e day �l�.ift officer.: tagged and their dia��o�ition. 1. �0� Co�.onia:L 2. 6i3 P� 7t�a. 4. �0�, elm a. 11�3 �1m C�. 1�3 �1m 1. �d� �. �3tlz $. �i13 �I. :3rd �� . 500 �7. 3rd � 0 . 1249 �3olivar 11. 1209 E3o�..ivar 12. �11. Marehal 13. ��4 ��ug��e� 1 �. 4�� I�ug�?ee 15. 801 � 5th 1G 313 Denton 1.? . 712 elm :1.f3. 203 Giood Moved Moved Moved trailer Renters Vie -tagged Maved Laved Moved Moved Moved ��ove�3. Moved Mo�,ed Moved. Veh�.cle c�a� moved to 8t73 � �tk-�, ve1_�ic°fie retagged Vehicle �u1.�ed key City, impounded a.t City Jot ��ioved Moved 91-45 T0: JOHN HAMILTON,CITY MANAGER FROM: BENNY ERWIN,CHIEF �� DATE: 11-14-91 REFERENCE: TAGGED VEHICLES, DISPOSITION ,,, Below you'll find the list of tagged vehicle's that the day shift officers tagged and their disposition. 1. 209 Colonial 2. 613 N 7th 3. 401 Elm 4. 401 Elm 5. 1103 Elm 6. 123 Elm 7. 906 N. 8th 8. 613 N. 3rd 9. 500 N. 3rd 10. 1209 Bolivar 11. 1209 Bolivar 12. 511 Marshal 13. 404 Hughes 14. 404 Hughes 15. 801 N 5th trailer Renters Moved Moved Moved Re -tagged Moved Moved Moved Moved Moved Moved Moved Moved Moved Vehicle was moved to 803 N 5th, vehicle retagged 16 313 Denton Vehicle pulled by City, impounded at City lot 17. 711 Elm Moved 18. 203 Wood Moved 1 OFFICIAL STATEMENT NEW ISSUE RATINGS MOODY'S: "Baa" 'V THE OPINION OF BOND COUNSEL, INTEREST ON THE BONDS W1ZL BE EXCLUDABLE FROM GROSS INCOME FOR PURPOSESOFFEDERALINCOMETAXATIONUNDEREXISTINGLAW. SEE"TAXEXEMPZ70N"HEREINFORADISCUSSION OF BOND COUNSEL'S OPINION, INCLUDING A DESCRIPTION OF THE ALTERNATIVE MINIMUM TAX. THE CITY HAS DESIGNATED THE BONDS AS "QUALIFIED TAX-EXEMPT" BONDS FOR FINANCIAL INSTITUTIONS. $2,230,000 CITY OF SANGER, TEXAS (Denton County) UTILITY SYSTEM REFUNDING AND IlVIPROVEMF.NT REVENUE BONDS, S 1991 Dated: December 1, 1991 Due: May 15, as shown below The Utility System Refunding and Improvement Revenue Bonds, Series 1991 (the "Bonds"), are special obligations of the City of Sanger, Texas (the "City") issued pursuant to a bond ordinance (the "Bond Ordinance") adopted by the City Council of the City and are payable solely from and equally and ratably secured by a first lien on and pledge of the Net Revenues of the City's combined Waterworks, Electric, and Sewer Systems (the "System"), pledged therefor under the Bond Ordinance. The Bonds do not constitute general obligations of the City, the State of Texas or any political subdivision of the State of Texas. The taxing power of neither the City nor the State of Texas is pledged as security for the Bonds. Principal of the Bonds is payable upon presentation at maturity or redemption at the office of the paying agent/registrar (the "Paying Agent/Registrar"), initially Ameritrust Texas National Association, at its office in Dallas, Texas. Interest on the Bonds is payable May 15, 1992, and each November 15 and May 15 thereafter until the earlier of maturity or redemption by check, dated as of the interest payment date, and mailed by the Paying Agent/Registrar to registered owners, as shown on the registration books of the Paying Agent/Registrar on the Record Date, or by such other customary banking arrangements, acceptable to the Paying =gent/Registrar, requested by, and at the risk and expense of, the registered owner. The Bonds are subject to redemption prior to stated maturity on and after May 15, 2001. See "THE BONDS -Optional Redemption" herein. The proceeds of the Bonds will be used to provide funds sufficient (i) to reftmd all of the City's outstanding Series 1977, Series 1982 and Series 1985 utility system revenue bonds, (ii) to construct improvements and extensions to the System and, (iii) to pay the costs related to the issuance of the Bonds. See "PLAN OF FINANCING" herein. u: l: Y .1_ 1 Principal Interest Reoffering Principal Interest Reoffering Amount Maturit Rate Yield a Amount Maturit Rate Yield a $ 15,000 1992 4.70% 4.70% $ 115,000 2002 6.40% 6.40% 15,000 1993 4.90 4.90 125,000 2003 6.55 6.55 20,000 1994 5.10 5.10 130,000 2004 6.70 6.70 25,000 1995 5.25 5.25 140,000 2005 6.80 6.80 85,000 1996 5.40 5.40 150,000 200b 6.90 6.90 85,000 1997 5.60 5.60 160,000 2007 7.00 7.00 90,000 1998 5.80 5.80 170,000 2008 7.05 7.05 100,000 1999 6.00 6.00 185,000 2009 7.15 7.15 105,000 2000 6.15 6.15 195,000 2010 7.15 7.15 110,000 2001 6.25 6.25 210,000 2011 7.15 7.15 (a) The initial offering yields will be established by and are the sole responsibility of the Underwriter. The Bonds are offered for delivery when, as and if issued and are subject to approval of legality by the Attorney General of the State of Texas and the approval of certain legal matters by McCall, Parkhurst &Horton, Bond Counsel, Dallas, Texas. It is expected that the Bonds, in definitive form, will be available for delivery in New York, New York, on or about December 18, 1991. SOUTHWEST SECURITIES INCORPORATED Dated: November 18, 1991 $2,230,000 Baa RATED CITY OF BANGER, TEXAS UTILITY SYSTEDi REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1991 COMBINED DEBT SERVICE --------------------- PERIOD FISCAL PRIOR COMBINED DATE PRINCIPAL COUPON INTEREST TOTAL TOTAL D/S FISCAL TOTAL ------------------------------------------------------------------------------------------------------- 5/15/92 15,000.00 4.700000 67,045.25 82,045.25 82,045.25 62,237.50 144,282.75 5/15/93 15,000.00 4.900000 146,467.50 161,467.50 161,467.50 64,093.75 225,561.25 5/15/94 20,000.00 5.100000 145,732.50 165,732.50 165,732.50 61,050.00 226,782.50 5/15/95 25,000.00 5.250000 144,712.50 ].69,712.50 169,712.50 58,025.00 227,737.50 5/15/96 85,000.00 5.400000 143,400.00 228,400.00 228,400.00 228,400.00 5/15/97 85,000.00 5.600000 138,810.00 223,810.00 223,810.00 223,810.00 5/15/98 90,000.00 5.800000 134,050.00 224,050.00 224,050.00 224,050.00 5/15/99 100,000.00 6.000000 128,830.00 228,830.00 228,830.00 228,830.00 5/15/ 0 105,000.00 6.150000 122,830.00 227,830.00 227,830.00 227,830.00 5/15/ 1 110,000.00 6.250000 116,372.50 226,372.50 226,372.50 226,372.50 5/15/ 2 115,000.00 6.400000 109,497.50 224,497.50 224,497.50 224,497.50 5/15/ 3 125,000.00 6.550000 102,137.50 227,137.50 27.7,137.50 227,137.50 5/15/ 4 130,000.00 6.700000 93,950.00 223,950.00 223,950.00 223,950.00 5/15/ 5 140,000.00 6.800000 85,240.00 225,240.00 225,240.00 225,240.00 5/15/ 6 150,000.00 6.900000 75,720.00 225,720.00 225,720.00 225,720.00 5/15/ 7 160,000.00 7.000000 65,370.00 225,370.00 225,370.00 225,370.00 5/15/ 8 170,000.00 7.050000 54,170.00 224,170.00 224,170.00 224,170.00 5/15/ 9 185,000.00 7.150000 42,185.00 227,185.00 227,185.00 227,185.00 5/15/10 195,000.00 7.150000 28,957.50 223,957.50 223,957.50 223,957.50 5/15/11 210,000.00 7.150000 15,015.00 225,015.00 225,015.00 225,015.00 2,230,000.00 1,960,492.75 4,190,492.75 245,406.25 4,435,899.00 i=UED 6,949.81 6,949.81 6,949.81 2,230,000.00 1,953,542.94 4,183,542.94 245,406.25 4,428,949.19 Dated 12/ 1/91 with Delivery of 12/18/91 Bond Years 28,750.889 Average Coupon 6.818894 Average Life 12.892775 N I C % 6.996513 % Using 97.7100000 I�IiI`�:4�5F 11-18-1991 @ 09:28:57 FILENAME: BANGER KEY: REFUND 1 $2,230,000 Baa RATED CITY OF SANGER, TEXAS UTILITY SYSTEM REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1991 DELIVERY DATE: 12/18/91 Par Accrued Interest Underwriters Discount ( 2.290000 �) All Other Cost of Issuance expenses NON recoverable portion of Cost of Issuance expenses Gross Yield Target Value G R 0 S S Y I E L D 6.76726431 % RUNDATE: 11-18-1991 @ 09:29:33 FILENAME: SANGER 2,230,000.00 6,949.81 -51,067.00 -33,000.00 84,067.00 2,236,949.81 KEY: REFUND 2 $1,340,000 Baa RATED CITY OF BANGER, TEXAS 60% PORTION ATTRIBUTABLE TO SERIES 1991 REFUNDING BONDS FOR SAVINGS CALCULATION PURPOSES -------------- SAVINGS REPORT -------------- - - - - - - - - PROPOSED DEBT SERVICE - - - - - - - - PRIOR CUMULATIVE DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS 5/15/92 10,000.00 4.700000 40,291.61 50,291.61 124,913.75 78,798.71 78,798.71 5/15/93 10,000.00 4.900000 87,975.00 97,975.00 178,292.50 80,317.50 159,116.21 5/15/94 10,000.00 5.100000 87,485.00 97,485.00 181,737.50 84,252.50 243,368.71 5/15/95 15,000.00 5.250000 86,975.00 101,975.00 188,912.50 86,937.50 330,306.21 5/15/96 50,000.00 5.400000 86,187.50 136,187.50 249,180.00 112,992.50 443,298.71 5/15/97 50,000.00 5.600000 83,487.50 133,487.50 245,210.00 111,722.50 555,021.21 5/15/98 55,000.00 5.800000 80,687.50 135,687.50 246,510.00 110,822.50 665,843.71 5/15/99 60,000.00 6.000000 77,497.50 137,497.50 249,220.00 111,722.50 777,566.21 5/15/ 0 65,000.00 6.150000 73,897.50 138,897.50 229,900.00 91,002.50 868,568.71 5/15/ 1 65,000.00 6.250000 69,900.00 134,900.00 5,475.00-129,425.00 739,143.71 5/15/ 2 70,000.00 6.400000 65,837.50 135,837.50-135,837.50 603,306.21 5/15/ 3 75,000.00 6.550000 61,357.50 136,357.50-136,357.50 466,948.71 5/15/ 4 80,000.00 6.700000 56,445.00 136,445.00-136,445.00 330,503.71 5/15/ 5 80,000.00 6.800000 51,085.00 131,085.00-131,085.00 199,418.71 5/15/ 6 90,000.00 6.900000 45,645.00 135,645.00-135,645.00 63,773.71 5/15/ 7 95,000.00 7.000000 39,435.00 134,435.00-134,435.00-70,661.29 5/15/ 8 105,000.00 7.050000 32,785.00 137,785.00-137,785.00-208,446.29 5/15/ 9 110,000.00 7.150000 25,382.50 135,382.50-135,382.50-343,828.79 5/15/10 120,000.00 7.150000 17,517.50 137,517.50-137,517.50-481,346.29 5/15/11 125,000.00 7.150000 8,937.50 133,937.50-133,937.50-615,283.79 ---------------------------------------------------------------------- 1,340,000.00 1,178,811.61 2,518,811.61 1,899,351.25-615,283.79 RUED 4,176.57 4,176.57 1,340,000.00 1,174,635.04 2,514,635.04 1,899,351.25-615,283.79 Dated 12/ 1/91 with Delivery of 12/18/91 N 0 T E Savings on 5/15/92 Include Accrued Interest of 4,176.57 Net Present Value Savings at: 6.7673% Equals 61,401.40 or 4.5822% of Par of the Current Issue or 4.9517% of Par of the Prior Issue NOTE: PAR AMOUNT OF $1,340,000 REPRESENTS A PRO-RATA PORTION OF THE SERIES 1991 BONDS WHICH IS DEEMED TO BE APPLICABLE TO THE REFUNDING BONDS (60%). PAR AMOUNT OF BONDS BEING REFUNDED PAR AMOUNT OF NEW MONEY 800,000 (40%) $2,040,000 3 CITY OF SANGER, TEXAS COMBINED DEBT SERVICE REQUIREMENTS TO FIRST CALL DATE SERIES 1977, 1982 AND 1985 REVENUE BONDS _____________________ DEBT SERVICE SCHEDULE DATE PRINCIPAL IN`PEREST PERIOD TOTAL 5/15/92 460,000.00 59,913.75 519,913.75 11/15/92 36,555.00 36,555.00 5/15/93 15,000.00 36,555.00 51,555.00 11/15/93 35,692.50 35,692.50 5/15/94 15,000.00 35,692.50 50,692.50 11/15/94 34,830.00 34,830.00 5/15/95 750,000.00 34,830.00 784,830.00 __---___®_____ __________®___ ___--_____.a_-_ 1,240,000.00 274,068.75 1,514,068.75 ACCRUED 56,320.83 56,320.83 1,240,000.00 217,747.92 1,457,747.92 Dated 11/15/91 with Delivery of 12/18/91 RUNDATE: 11-15-1991 C� 09:30:27 FILENAME: SANGER FISCAL TOTAL 519,913.75 88,110.00 86,385.00 819,660.00 I{EY: PRICALL2 0 CITY OF BANGER, TEYAS TYPE SLGS SLGS SLGS SLGS SLGS SLGS SLGS 6Yi131Y�Y�J1 COMBINED DEBT SERVICE REQUIREMENTS TO FIRST CALL DATE SERIES 1977, 1982 AND 1985 REVENUE BONDS COST OF CANDIDATES FOR ESCROW PORTFOLIO DELIVERY DATE: 12/18/91 MATURITY D A T E COUPON -------- --------- 5/15/92 4.630000 11/15/92 4.740000 5/15/93 4.870000 11/15/93 5.280000 5/15/94 5.500000 PAR AMOUNT PRICE ----------------------- 490,700 100.000000 11,700 100.000000 27,200 100.000000 11,900 100.000000 27,300 100.000000 11/15/94 5.670000 12,200 5/15/95 5.850000 762,500 1,343,500 BEGINNING CASH COST OF SECURITIES TOTAL COST OF ESCROW RUNDATE: 11-18-1991 40.39 1,343,500.00 1,343,540.39 100.000000 100.000000 ACCRUED COST INTEREST ---------------- ---------------- -- 490,700.00 0.00 11,700.00 0.00 27,200.00 0.00 11,900.00 0.00 27,300.00 0.00 @ 08:36:15 FILENAME: BANGER 12,200.00 762,500.00 1,343,500.00 KEY: PRICALL2 0.00 0.00 0.00 TOTAL COST 490,700.00 11,700.00 27,200.00 11,900.00 27,300.00 12,200.00 762,500.00 -------------- 1,343,500.00 5 Princeton, I'J.ti., 15Jotiernber 1�� t��Bl'�J) --- The Trea.s�_rr��! Depa.rtrnent's `��tate a.r�d Loca.1 Gr_r„ernment series f.`=�LU�;�) r,o.t.es For ` f'do��,rernber 18 shni.�i no cf-range f turn Fr i da�� i n the one n��onth i n�.iest.rnent period, r�ii th t.f-�e 30—gea.r-• rate increasing feu t.r,�o Basis points a.nil the annualized effer_ti��.ie rate remaining the sa.�tte, the Treasur�t r)epart.n-�ent said. The a.nrn_ra.l i zed of f ect i �� e ra.te for hdo'�:�ertil_�er 10 i s 3.10X and the da. i 1 u factor i=� 0.000085536035, t.f-�e Treasur�a Iiepartrnent said. The tune deposit. r�•,�.tes are; FPOt1 Tf-IF'OIJir�l-1 FF'Oi�1 TNF'OU�,N ''(F'--h10 YF-I'10 FATE 'YP-f•10 'YP-I'10 FATE iJ - 1 OP�IL't' 4. �h,i 6 - 9 6 -11 6.0�3°/ 0 - 3 OI��1L'`( 4.60� ? - 3 ? - 5 6 , 91 �o 0 - 4 OI'��aL'( 4 , 63 ? - 6 ? - � 6.941 �i - 5 01'��lLY' 4.66! ? - 9 ? -11 6.90; 0-0 01'•ILi 4,rLr> 0-(,, 8-0 ?.U9/, 0 - 9 OhIL1' L1. ?�! 0 - 9 0 -11 '� .:12% 0 -11 LJ'��IL''r' 4.?5<`. 9- 3 9- 5 ?.1?fa 1- () 1- 2 4. ?6i; 9- 6 9- 0 ? .19 1-3 1-5 4.8?,! 9-9 9-11 ?.20�. 1 - 6 1 - 8 5. �;[?� 1t)— 0 10-11 ? , �1rh 1 — 9 1 —11 5.7g% 11- 0 11-11 ?.�4n 2 - �i 2 - � 5.411 1L- 0 12-11 ?.Z6 2 - 3 � - 5 5.50 is 13- O 13-11 ? . 291, 2-6 �-0 5.5�% 14—i1 14-11 ?.31% 2 - 9 2 -].1 5.6?°� 15- 0 15-11 ? . 34% 3 - i) .3 - ? 5 . ? 6'/, 16- 0 16-11 ? . 36�' 3- 3 3- 5 5.85! 1?- 0 1?-11 ?.39% :�-6 3-8 5.9:3% 10—i) 10-11 ?.41% 3 - 9 3 -11 6.02i 19- 0 19-11 7.44E 4- 0 4- � 6.11 �0- 0 �0-11 ?.46r; 4- 3 4- 5 6.�i)I �1- 0 Z1-11 ?.49% 4 - 9 4 -11 6.3?�e �3- 0 23-11 ?.54% 5 - 0 5 - � 6.46% �4- 0 �4-11 ?.56% 5- 3 5- 5 6.54% 25- 0 �5-11 ?.59% 5- 6 5- S 6.6Ci'/, �6- 0 26-11 7.61l, 5 - 9 S -11 6. �6% ??- i) 2?-11 ?. 64'I. 6 - 0 6 - 2 6. ?1:! �8- 0 28-11 7.66'/. 6 - 3 6 - 5 6 . ? 5l 29- 0 �9-11 ? . 69°!, 6 - 6 6 - 8 6. ?9I 30- 0 OI�dL'`( 7. ?1'I. 0 The "Bond Buyer's" 20-Bond Index is an important guide to the Municipal Bond Industry. It is used to determine trends and movements of interest rates in the market during a specific time period as compared to another. Each week a poll is taken of several large investment banking houses on the 20 year yield of the outstanding general obligation bonds of a select group of municipalities across the nation with an approximate average single A bond rating. Week 1985 1986 1987 1988 1989 1990 1991 January 1 9.87 8.33 6.70 7.83 7.44 7.03 7.09 2 9.60 8.04 6.65 7.83 7.40 7.03 7.15 3 9.51 8.10 6.54 7.61 7.29 7.14 7.10 4 9.21 8.05 6.56 7.51 7.27 7.19 7.06 5 7.86 7•00 February 1 9.37 7.73 6.57 7.49 7.29 7.24 6.86 2 9.52 7.62 6.67 7.40 7.38 7.20 6.81 3 9.64 7.44 6.62 7.55 7.54 7.16 6.97 4 9.71 6.98 6.59 7.52 7.55 7.27 7.01 March 1 9.71 6.88 6.54 7.47 7.56 7.25 7.06 2 9.75 6.89 6.61 7.67 7.52 7.25 7.06 3 9.76 7.34 6.68 7.75 7.52 7.32 7.13 4 9.82 7.21 6.79 7.89 7.72 7.31 7.14 5 9.75 6.93 7.90 7.64 7.33 April i 9.63 7.15 7.27 7.80 7.56 7.33 7.06 2 9.39 7.25 7.90 7.81 7.54 7.31 7.02 3 9.25 7.16 7.82 7.87 7.44 7.39 6.98 4 9.39 7.22 7.85 7.77 7.40 7.51 7.01 5 May 1 9.37 7.33 7.86 7.84 7.36 7.54 6.95 2 9.11 7.36 7.82 7.85 7.36 7.39 6.93 3 8.86 7.53 8.31 7.97 7.18 7.29 6.94 4 8.91 7.78 8.03 7.96 7.11 7.26 6.98 5 8.81 7.70 7.15 7.26 6.97 June 1 8.60 7.97 7.97 7.87 6.95 7.21 7.06 2 8.66 8.09 7.83 7.78 6.88 7.20 7.19 3 8.69 7.82 7.63 7.73 7.08 7.28 7.15 4 8.80 7.59 7.72 7.77 7.02 7.27 7.13 5 7.81 7.74 July 1 8.82 7.51 7.67 7.75 7.00 7.24 7.10 2 8.81 7.45 7.66 7.77 6.92 7.21 7.07 3 8.73 7.45 7.72 7.77 6.95 7.17 7.04 4 8.87 7.60 7.73 7.76 6.95 7.15 7.00 5 9.01 7.54 August 1 9.02 7.53 7.86 7.69 6.86 7.08 6.99 2 9.12 7.33 7.79 7.83 7.02 7.22 6.94 3 9.18 7.06 7.81 7.85 7.09 7.26 6.88 4 9.09 6.93 7.80 7.80 7.15 7.56 6.86 5 7.16 7.47 6.85 September 1 9.07 7.00 8.05 7.76 7.15 7.41 6.86 2 9.26 7.15 8.38 7.67 7A6 7.35 6.81 3 9.35 7.14 8.32 7.59 7.33 7.41 6.78 4 9.38 7.15 8.30 7.62 7.40 7.53 6.73 5 8.53 7.64 October 1 9.33 7.19 8.66 7.53 7.27 7.48 6.64 2 9.25 7.06 9.17 7.52 7.19 7.56 6.66 3 9.12 7.08 8.72 7.45 7.19 7.48 6.67 4 8.95 7.11 8.43 7.36 7.22 7.43 6.73 5 8.76 6.94 6.69 November 1 8.68 6.94 7.90 7.33 7.24 7.29 6.71 2 8.60 6.92 8.03 7.44 7.20 7.24 6.69 3 8.37 6.78 7.91 7.50 7.12 7.15 4 8.51 6.74 7.96 7.58 7.09 7.13 5 7.04 7.08 December 1 8.54 6.77 7.90 7.66 7.00 7.06 2 8.42 6.94 8.10 7.68 6.99 7.05 3 8.38 6.92 8.01 7.66 6.96 7.11 4 8.36 6.83 7.95 7.57 6.97 7.14 5 6.85 7.86 7.50 F G x w 0 z H A ' H O W z z H W Cf (la' Pa' WVW F WO W z o+ C/] W or a F O www aam Z F t-e W W z w al C7 z o /-+ r/TpHy ] H [27 O A Cd way wzw `a H Q i iz O A cHi Z H- vrioo oz Q ^ N . w W era W a U aow W U 0 W H v iz W H w A m F Z H O D o w 7+ c7 v wz w z -+ xoA w 3 H Z H moo H O y+ ?+ O F M O W O W caws woa www c` a z o ¢¢c amn z w o > a cn z F x A 3 co n000000000000000000 I on n00000 n n n000000 no 1 m I - i 000000c ti00000uic- ri -7 C7^ 1 cDO W Nd'c0N'-1 t'iMO)Mo0Nnr1OO•-i Q'7.. 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N P'a 0 z 1 $2,230,000 CITY OIL' SANGER, TEXAS UTILITY SYSTEM REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1991 PV DATE: 12/18/1991 with 2 Compoundings using 30/360 Year Basis PV RESULTS: PV TOTAL CASH - FLOW SUBTOTAL 5/15/1992 5/15/1993 5/15/1994 5/15/1995 5/15/1996 5/15/1997 5/15/1998 5/15/1999 5/15/2000 5/15/2001 5/15/2002 5/15/2003 5/15/2004 5/15/2005 5/15/2006 5/15/2007 5/15/2008 5/15/2009 5/15/2010 5/15/2011 i e �i7��1e�� AMOUNT 92,667.06 89,865.75 87,685.50 89,520.50 94,740.00 93,660.00 98,020.00 93,910.00 73,550.00 -146,457.50 -147,437.50 -152,797.50 -147,330.00 -151,680.00 -150,220.00 -148,270.00 -145,810.00 -147,905.00 -144,097.50 -144,915.00 -813,301.19 -21,044.41 PV RATE = 6.7673000000 -813,301.19 RAZE PV FACTOR PV AMOUNT ------------------------------------- RUNDATE: 11-18-1991 C 10:09:47 6.7673000 0.97319002 90,182.66 6.7673000 0.91052930 81,825.40 6.7673000 0.85190311 74,699.55 6.7673000 0.79705168 71,352.46 6.7673000 0.74573196 70,650.65 6.7673000 0.69771657 65,348.13 6.7673000 0.65279274 63,986.74 6.7673000 0.61076141 57,356.60 6.7673000 0.57143636 42,029.14 6.7673000 0.53464332-78,302.52 6.7673000 0.50021928-73,751.08 6.7673000 0.46801169-71,511.02 6.7673000 0.43787785-64,512.54 6.7673000 0.40968424-62,140.91 6.7673000 0.38330593-57,580.22 6.7673000 0.35862604-53,173.48 6.7673000 0.33553520-48,924.39 6.7673000 0.31393112-46,431.98 6.7673000 0.29371806-42,324.04 6.7673000 0.27480645-39,823.58 FILENAME: SANGER -21,044.41 KEY: SAV1 2 r r H w x YC W C7 z N O r+ W ey' .' V] 41' Ri X U H W H O W O U wz C7 w zAo ¢zx chow ova o o a w A mz w H w W z U z M w H O U' W az OA fY, W A w ao H (Ya 6 3H i zH O V] O O O O ' O ^w W'Od: woE-+ wuw moo acw. cti W w U Z [X H w A H z C7 O o w O O A W Q 3 H W W R3 z H O WooO EO Y' C /2 O 2 o w woa wwc*+ aUo w z > -' z aHz w o U w H W (Yi a cn z H A z in w V] z O M U' z W U A H w z cn > a + !Y. w V M ' aF-'x E'wW O A zwz W U O A 2 w zww W C 9 H W O z [Y, z w o cn W O woaoz c. o o H '}'} t :t W O 'rP. 6:OZMp WOOd'w W z A z H 1 a z ma a Ho nwx H A H I I tarn o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ontntn00000tntntn000000'no r-tntci000000r-r- 00000tnntri fD tp 00 N cM CDN ri to tnMrnMOpN n.-IOrn rl cD CO co to ncaOrntn d'd'n MtDNN00rn0 rn N rn n rn d' M CO M M CO n N n '-1 O 00 to n 'd' d' rn W CO uo rn rn rn rn n d' d' to d'tn to d' d' cN d' d' UJ r-1 .-/ r-1 ri r-1 .-- •-i '-i -i r-i rl O to 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 t t) N « O O O O O P t[ O O O O O O u O . . . . . . . . . . . . . . . . . . . . v'.-+Nn00000Nnn00000 nn n r-1 c0 OOMOHtnMMnrnMtn d•NnnCO to r/ n tnnnd'000 CO OOM <I'.-INNnMri .-1010 M tf) O n 00 M d' M n CO d' n Mtn to to d' n M O N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N O tn00 tnnoo n c o to M rntnN N O O O N d' r-i W CO CO CO 00000000000000000000 otntntn00000tntntn000000tno n n N N 0 0 0 0 0 N n n O 0 0 0 0 t t 7 n t n n co M,-ao,-I nMMnrnMlnd'Nnnoo n,-1 d' d'n nd'oo OOO OOM eN.-i 6 NnM'-IH O O .-/ e-1 to rnOOM d'conc0 d'n Mtn tl91n d'nM d• (D CO CD N N N N N N N N N N N N N N N N rl .-1 t-1 r-1 N N N N N N N N N N N N N N N N E9 ec> o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 tn000000a000000000000 -iNooc000000tri0000000000 00 N cD to M n n d' CO rl CD d' N CD O O tD CO cp O M d'<f'N.-I rNO n M6 O MCD to to .-IMNM i to «')d'nMnNN'-1rnn W tO MtL>n 00 Cfi 0)O rn ri ri ri N rl N N O n n n n n n n n n n 00 N M M M M M M M M Ef} C/ 1 cD0000000000000000000 z1tnO000000000000000000 Ao ltr,0000000000000000000 W O I r-1 d'00 Nf0 <D CO N00 d't0 d'N COOOCO 00 CDO CfOO O I MOtDMrnNt[y to d' d'O MCO to to •-IM NoO ri G- 0,"7 I rnMr-1OMNtn Mr/d'n d'tD MtonCOrnrnO O o z l d' n n n n n n n n n n n n n n n n n n o0 t ao W I w a`aw al v H O H 1 Ww0.i I W D V] I W W E 1 ww c A 1 I i 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 cD nco OOOOOOOtn cD OO CO M00 e-i.-iNOn O Mnrn.i NttJNTd' nNNCDrntntDrnrnt[) d' d' d' d''d' d• d' d' N N N N N N N N N N a ca I ¢' 'X.O I NM V'tn tDnOOrnOr-iN M<M u7 cO nO0 Q10 ri U wM I rn O O Q O O Q Q 0000000000.-i .--1 (n W A I 1 rn rn rn rn rn rn rn rn 0 0 0 0 0 0 0 0 0 0 0 0 r-I e-1+-ie-/r-/.-i'-i r/NNNNNNNNNNNN W',r+wrn ; I I II n II • II o M 11 II rn I I d' II .. 1 d' u II I I u o I u I N I1 I rn 11 I O II 1 d' II 1 N II I d' II 1 va u A w z O C*a W Ri C7 z W w w H z n to n M rr rn W O H z a w x C--' z H E z w a r-I rn to M W a U z H M rn 0 n ri rn v> M d' w dE rn O H Q A W d a U a Q U M m 0 a M x H w 0 W a z W O W a W x H A W A z 0 W W x 0 z H w w 0 w H H H H z d' m W O M to H W H O z O O O 000 000 to O to Dorn .- N n zzz 000 co n ,-, rn rn o 1 I I N N N rn rn rn nNtn n co co rn rn rn '-1 rl r-1 W W W H H w www M M M vi vi vi A A A zzz O O O www zzz www y W W W xrxca www M M M E H H H w w aaa H H w H E H O a O rn rn ri W 9 O z 3 $2,230,000 CITY OF SANGER, TEXAS UTILITY SYSTEM REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1991 PV DATE: 12/18/1991 with 2 Compoundings using 30/360 Year Basis PV RESULTS: PV TOTAL =-93,786.93 PV RATE = 5.6900000000 CASH - FLOW SUBTOTAL =-813,301.19 DATE AMOUNT RATE PV FACTOR PV AMOUNT 5/15/1992 92,667.06 5.6900000 0.97735064 90,568.2.1 5/15/1993 89,865.75 5.6900000 0.92402567 83,038.26 5/15/1994 87,685.50 5.6900000 0.87361015 76,602.94 5/15/1995 89,520.50 5.6900000 0.82594534 73,939.04 5/15/1996 94,740.00 5.6900000 0.78088115 73,980.68 5/15/1997 93,660.00 5.6900000 0.73827570 69,146.90 5/15/1998 98,02,0.00 5.6900000 0.69799484 68,417.45 5/15/1999 93,910.00 5.6900000 0.65991173 61,972.31 5/15/2000 73,550.00 5.6900000 0.62390646 45,888.32 5/15/2001-146,457.50 5.6900000 0.58986566-86,390.25 5/15/2002-147,437.50 5.6900000 0.55768216-82,223.26 5/15/2003-152,797.50 5.6900000 0.52725461-80,563.19 5/15/2004-147,330.00 5.6900000 0.49848721-73,442.12 5/15/2005-151,680.00 5.6900000 0.47128938-71,485.17 5/15/2006-150,220.00 5.6900000 0.44557549-66,934.35 5/15/2007-148,270.00 5.6900000 0.42126456-62,460.90 5/15/2,008-145,810.00 5.6900000 0.39828006-58,073.22 5/15/2009-147,905.00 5.6900000 0.37654960-55,693.57 5/15/2010-144,097.50 5.6900000 0.35600478-51,299.40 5/15/2011-144,915.00 5.6900000 0.33658090-48,775.62 SUBTOTAL-813,301.19-93,786.93 RUNDATE: 11-18-1991 @ 12:36:06 FILENAME: SANGER I{EY: SAV1 4 Baa - RATED $2,230,000 CITY OF SANGER, TEXAS UTILITY SYSTEM REVENUE REFUNDING AND IMPROVEMENT BONDS SERIES 1991 SOURCES AND USES OF FUNDS SOURCES OF FUNDS: PAR AMOUNT OF ISSUE $2,230,000.00 ACCRUED INTEREST 69949.81 --------------- TOTAL $29236,949.81 --------------- USES OF FUNDS: PURCHASE U.S. GOVERNMENT SERIES FOR ESCROW $1,343,500.00 CASH DEPOSIT TO ESCROW ACCOUNT 40.39 DEPOSIT TO CONSTRUCTION FUND 8009000.00 COSTS OF ISSUANCE 33,000.00 UNDERWRITER'S DISCOUNT 519067.00 DEPOSIT TO INTEREST AND SINKING FUND 6,949.81 CONTINGENCY 2,392.61 --------------- TOTAL --------------- --------------- NOVEMBER 18, 1991 C11Y OF BANGER, TEXAS Utility System Revenue and Refunding Bonds, Series 1991 Estimated Costs of Issuance Bond Counsel Verification Agent Calculation Fee Escrow Fee Paying Agency Fees on Refunded Bonds Paying Agent/Registrar Acceptance Fee Official Statement Printing Bond Printing Bond Ratings Notice of Redemption Publication Attorney General Processing Fee Miscellaneous Total $ 7, 500.00 23500.00 500.00 3,000.00 3,425.00 150.00 500.00 1,500.00 91000800 3,000.00 750.00 1,175.00 _ 33 000_00 JAMES E. HENDERSON Iaenaeol WILLIAM R. BRYANT 0919-1979) JOSEPH W. WOLFE CURRY H. VOGELSANG RICHARD E. HARRISON RONALD H. CLARK T. SCOTT SMITH NANCY O. WILLIAMS HENDERSON BRYA#NT & WOLFE ATTORNEYS 6 COUNSELORS 123 NORTH CROCKETT STREET P. O. BOX 340 SHERMAN, TEXAS 76091-0340 1903) 893-942I FAX (903) 892-2397 November 15, 1991 Mr. Jim Thornton Claims Director Employers' of Texas Lloyds 4107 Texoma Parkway Sherman, Texas 75090 STACI S. JOHNSON JAMES CORLEY HENDERSON DEBORAH S. BURLESON DEBO RAH L. McGREGORY JAMES C. TIDWELL NOV 18 1991 CITY OF SANGER Re: 0E-90-32-50404-001; James William Leyhe, et al v. City of Sanger Dear Jim: I enclose a copy of Plaintiffs' First Supplemental Petition, and copy of Brief in Support of Defendant's Motion for Summary Judgment. As mentioned in another letter, the Court postponed the hearing on our Motion for Summary Judgment, which was to have been heard on Friday, November 15. The hearing has now been re- scheduled for 10*00 o'clock a.m. on Thursday, November 22. Sincerely yours, �Q seph W. Wolfe JWW/kb enclosure xc: Mr. John Hamilton City Manager City of Sanger fjpo0. Box 578 anger, Texas 76266 HENDERSON BRYA•NT & WOLFE ATTORNEYS 6 COUNSELORS 123 NORTH CROCKETT STREET JAMES E. HENDERSON (RETIRED) P. O. BOX 340 WIL..LIAM R. BRYANT (1919-1979) JOSEPH W. WOLFE SHERMAN, TEXAS 75091-0340 CURRY H. VOGELSANG RICHARO E. HARRISON (903) 693-9421 RONALD H, CLARK FAX (903) 892-2397 T. SCOTT SMITH NANCY O. WILLIAMS November. 15, 1991 I�Ir. Jim Thornton Claims Director Employers' of Texas Lloyds 4107 Texoma Parkway Sherman, Texas 75090 STACI 5. JOHNSON -JAMES CORLEY HENDERSON DEBORAH S.BURLESON DEBORAH L. McGREGORY JAMES C. TIDWELL CIT �Y OF SANGER Re: 0E-90-32-50404-001; James William Leyhe, et al v. City of Sanger Dear Jim: I enclose Agreed Order for Continuance signed on November 13, 1991. I went to Denton today to attend the hearing on our Motion for Summary Judgment, however the hearing was postponed due to another case that was carried over from yesterday. I will keep you informed of developments that come to my attention. Sincerely yours, Joseph W.,Wolfe JWW/ kb enclosure xc: Mr. John Hamilton City Manager City of Sanger Pe O. Box 578 •�F� Sanger, Texas 76266 Texas Department of Health Robert A. MacLean, M.D. Acting Commissioner NOV 1 4 1991 Honorable Nel Armstrong Mayor of Sanger P.O. Box 578 Sanger, Texas 76266 1100 West 49th Street Austin, Texas 78756-3199 (512) 4584111 N OV 18 1991 CliiY OF SAfVG�R Subject: Solid Waste - Denton County City of Sanger -- Permit. No. 142.4, 1.1 Miles NE of IS-35 & FM-455 Int and 0.4 Mile E of IH-35 Dear Mayor Armstrong. The Department has received a letter, dated September 23, 1991, from Mr. John L. Mears, P.E., Hunter Associates, Inc., requesting information regarding the transfer of liability for the subject site if the landf ill tract is sold. The City, which is the permittee, is responsible for post -closure maintenance of the subject site. The initial post -closure maintenance period is the first five years. This period can be extended if problems arise which necessitate remedial action. The remediation of any problems that occur after the first five years of post -closure maintenance will be the City's responsibility. If you have any questions concerning this letter or if we may be of any assistance to you regarding solid waste management, you may contact Mr. Philip A. Spry, P.E., of my staff here in Austin at telephone number (512) 458-7271 or you may prefer to contact the Regional Director of Environmental and Consumer Health Protection at 2561 Matlock Road, Arlington, Texas 76015; telephone number (817) 460-3032. Michael D. Graeber, P.E., Chief Enforcement Branch Surveillance and Enforcement Division Bureau of Solid Waste Management PAS:mat LA.;. Region 5, TDH, Arlington Denton County Environmental Health Services Sanger City Manager L. CITY OF SANGER PAGE 1 8.3 OF YEAR COMPLETED 1' �91 08c55 P.O. 8 0 X 618 SANGER, TEXAS 16266 REVENUE SUMMARY FOR CURRENT PERIOD FROM 10 61 91 TO 10 31 91 FISCAL MONTHLY TO GATE 8 APPROPRIATION AMOUNT AMOUNT OF BUDGET GENERAL FUND REVENUES AD VALOREM TAXES 3361300 161629.63 161629.63 4.9 PENALTY & INTEREST TAXES 111000 1,104.1E 1,1D4.78 10.0 SALES TAX 1101500 90218.21 91218/21 8.3 FRANCHISE FEES 91,500 11161.54 11161.54 1.3 FIRE SERVICE - DENTON COUNTY 18,100 11190.00 11190400 6.6 SOLID WASTE COLLECTION 153,840 13,666160 13,666660 8.9 LANDFILL PERMITS 4,900 178.00 178.00 3.6 CONSTRUCTION PERMITS 8,500 361.50 367.50 4.3 MUNICIPAL COURT 15,400 18.50 78.50 .5 LIBRARY - DENTON COUNTY 10,150 .00 .00 HEALTH PERMITS 11200 150.00 150.00 12.5 SWIMMING POOL 8,000 .00 .00 OTHER INCOME 15,100 728.40 728.40 4.8 INTEREST INCOME 5,300 31.98 31.98 .1 SUBTOTAL (REVENUES) 790,390 441511.14 441511.14 5.6 TRANSFERS 321,445 40,930.62 40,930.62 12.5 TOTAL FUNDS AVAIL. TO G.F. 1117,835 85,441.76 851441.76 1.6 ENTERPRISE FUND WATER SALES 355,400 31,173.53 311713.53 8.9 WASTEWATER SERVICES 2601000 201819.14 201819a74 8.0 PENALTIES UTILITIES 40,000 5,100622 5,100.22 12.8 WATER/SEWER TAPS 50000 350.00 350.00 1.0 C0NNECT/TRANSFER FEES 8,000 900.00 900.00 11.3 ELECTRIC SERVICE 21343,000 140,923.00 140,923.00 6.0 OTHER INCOME 14,460 174.98 174.98 1.2 INTEREST INCOME 40,500 3,042a51 3,042151 1.5 SUB -TOTAL 31066,350 203,083,98 203,083498 6.6 TRANSFERS (327,445) (40,930.62) (40,930.62) 12.5 TOTAL FUNDS AVAIL. TO E.F. 21738,905 1621l53o36 162,153.36 549 TOTAL REVENUES 31856,140 2411595a12 2411595.12 6.4 Mayor &Council Administration Public Works Adm. Vehicle Maint. Library Police Sanitation Sheet Contractual Services -Taxes Ambulance Contractual Services Healtr Senior Center Fire Dept Parks Summer Youth Program GF Swimming Pool Community Center Sub -Total Required Savings Debt Service Total G. F. Expenditures ENTERPRISE FUG Water Wastewater Wastewater Collection Electric Utility Billing Mayor & Council Administration Vehicle Maint. Public Works Adm. Contingency Fund Required Savings Debt Service Total E.F. Expenditures Total Expenditures EXPENDITURE* SUMMARY 14,720.00 104,649.00 35,782.00 22,994.00 42,383.00 285,118.00 150,897.00 162,243.00 5,102.00 11,600.00 1,800.00 90050000 95,119.00 91012.00 4,500.00 24,873900 4,350.00 5,100.00 123,968.00 1,113,260.00 193,875.00 112,920.00 137,562.00 1,621,393.00 1080000000 14,720.00 104,649.00 22,994.00 35,782.00 131,843.00 5,484.00 254,258.Q0 2,743,480.00 3,856,740.00 626.93 2,190011 6,428.12 62.53 3;612.65 27,957.41 14j5l 1v70 10,379.03 550.67 0.00 0.00 259.91 2,326.80 319.36 0.00 o.oa 625.34 69,750.56 425.00 0.00 70,175.5B 17,066.86 13,684.11 524.64 128,714.50 11,418.07 19603901 23,867.02 3,686.99 1,125.03 0800 457.00 45.50 20Z212.73 272,388.29 igfalful 826.93 2,190.11 6,428.12 6153 3,512.65 27,957.41 14,511.70 10,379a03 550.67 0.00 0.00 259.91 2,326.80 319.36 0.00 0000 625.34 69,750.56 425.00 0.00 70,175.56 17,066.86 13,684.11 524.64 128,714.50 11,418w07 1,603.01 23,887A2 39686.99 1,125.03 0000 457.00 45.50 2a2,212.73 272,388.29 4.3Q 2.10 18.00 0.30 8.30 9.80 9.60 6.40 10.80 2.90 2.40 3.50 14.4a 7.10 8.30 6.30 8.80 12.1Q 0.40 7.90 l0.60 10.90 22.80 16.00 3.10 8.30 Q.02 7.37 7.oa CITY OF ZANC.III'.R P. O. BOX 578 SANGER, TEXAS 76266 MEMORANDUM # 1039 TO: Honorable Mayor fit Members of the City Council FROM: John Hamilton, City Manage DATE: November 18, 1991 SUBJECT: Financial Report Effective 2 p.m., Monday, November 18, 1991, the following fund balances were on deposit for the City: Checking.Accounts All accounts are interest bearing.) Enterprise Fund - � 111,124 General Fund - 12,426 Bond Construction - 4,406 Electric Deposit - 80339 Water Deposit - 5.316 $141,611 Pass Book Accounts Eight (8) Accounts - � 39,403 Total - $544,355 Bond Reserve - 2421000 Reserves - 252,355 Deposits - 50,000 Total Deposits all Funds - JH:es $725.369