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ORDINANCE NO. cig3 , ----
ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY
OF $8,650,000 IN AGGREGATE PRINCIPAL AMOUNT OF "CITY OF
CIBOLO, TEXAS GENERAL OBLIGATION BONDS, SERIES 2011";
SECURING THE PAYMENT THEREOF BY AUTHORIZING THE LEVY
OF AN ANNUAL AD VALOREM TAX; AND APPROVING AND
AUTHORIZING THE EXECUTION OF A PAYING AGENT/REGISTRAR
AGREEMENT, A PURCHASE CONTRACT, AN OFFICIAL
STATEMENT AND ALL OTHER INSTRUMENTS AND PROCEDURES
RELATED THERETO
DATE OF APPROVAL:AUGUST 23,2011
_ _
TABLE OF CONTENTS
Recitals 1
Section 1. AMOUNT AND PURPOSE OF THE BONDS; DEFINITIONS 2
Section 2. DESIGNATION, DATE, DENOMINATIONS,NUMBERS, AND
MATURITIES OF THE BONDS 2
Section 3. INTEREST 3
Section 4. CHARACTERISTICS OF THE BONDS 3
Section 5. FORM OF BONDS 7
Section 6. INTEREST AND SINKING FUND; TAX LEVY; SECURITY INTEREST 16
Section 7. CONSTRUCTION FUND 17
Section 8. INVESTMENTS 17
Section 9. DEFEASANCE OF BONDS 18
Section 10. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS . 19
Section 11. CUSTODY,APPROVAL, AND REGISTRATION OF BONDS;
BOND COUNSEL'S OPINION; CUSIP NUMBERS; AND
OTHER MATTERS 20
Section 12. COVENANTS REGARDING TAX-EXEMPTION OF INTEREST
ON THE BONDS 20
Section 13. SALE AND DELIVERY OF BONDS 23
Section 14. APPROVAL OF OFFICIAL STATEMENT 23
Section 15. MUNICIPAL BOND INSURANCE POLICY 24
Section 16. AUTHORITY FOR OFFICERS TO EXECUTE DOCUMENTS
AND APPROVE CHANGES 24
Section 17. ORDINANCE A CONTRACT; AMENDMENTS 24
Section 18. INTERESTED PARTIES 25
i
Section 19. COMPLIANCE WITH RULE 15c2-12 25
Section 20. = REMEDIES IN EVENT OF DEFAULT 28
Section 21. INCORPORATION OF RECITALS 29
Section 22. SEVERABILITY 29
Section 23. EFFECTIVE DATE 29
SIGNATURES
FORM OF PAYING AGENT/REGISTRAR AGREEMENT Exhibit A
FORM OF PURCHASE CONTRACT Exhibit B
REQUIREMENTS OF THE INSURER WITH RESPECT TO THE
MUNICIPAL BOND INSURANCE POLICY Exhibit C
DESCRIPTION OF ANNUAL FINANCIAL INFORMATION Exhibit D
ii
ORDINANCE NO.
ORDINANCE. AUTHORIZING THE ISSUANCE, SALE AND DELIVERY
- OF $8,650,000 IN AGGREGATE PRINCIPAL AMOUNT OF "CITY OF
CIBOLO, TEXAS GENERAL OBLIGATION BONDS, SERIES 2011";
SECURING THE PAYMENT THEREOF BY AUTHORIZING THE LEVY
OF -AN ANNUAL AD VALOREM TAX; AND APPROVING AND
AUTHORIZING THE EXECUTION OF A PAYING AGENT/REGISTRAR
AGREEMENT, A _ PURCHASE CONTRACT, AN OFFICIAL
STATEMENT AND ALL OTHER INSTRUMENTS AND PROCEDURES
_ RELATED THERETO
THE STATE OF TEXAS §
COUNTY OF GUADALUPE §
_ CITY OF CIBOLO §
- WHEREAS, the CITY OF CIBOLO,TEXAS (the "City") in Guadalupe County, Texas, is a
political subdivision of the State of Texas operating as a home-rule city pursuant to the Texas
Local Government Code and its City Charter which was initially approved by the qualified
voters of the City on September 11, 2004; and
WHEREAS, at an election held on November 4, 2008, the qualified voters of the City
approved the issuance of general obligation bonds for certain purposes, and the City Council
deems it necessary and advisable to issue and deliver pursuant to this Ordinance $8,650,000 in
principal amount of general obligation bonds pursuant to such voted authorization (which will
constitute the second installment of general obligations bonds approved at such election), all
pursuant to Chapters 1251 and 1331, Texas Government Code, as amended, and other applicable
laws of the State of Texas, and as further specified below:
BONDS BONDS BONDS
DATE AMOUNT PREVIOUSLY ISSUED THIS AUTHORIZED
VOTED PURPOSE VOTED($) ISSUED($) SERIES($) BUT UNISSUED($)
11/04/08 Public Safety Improvements 6,400,000 6,400,000 0.00 0.00
11/04/08 Streets and Related Drainage 4,200,000 4,200,000 0.00 0.00
11/04/08 Drainage Improvements 9,200,000 150,000 5,350,000 3,700,000
11/04/08 Athletic Field Improvements 3,300,000 0.00 3,300,000 0.00
11/04/08 Recreation Center 4,800,000 0.00 0.00 4,800,000
TOTAL *** 27,900,000 10,750,000 8.650,000 8,500,000
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WHEREAS, the City Council of the City hereby finds and declares a public purpose and
deems it advisable and in the best interests of the City to issue a series of bonds (defined in
Section 2 hereof as the "Bonds"), the proceeds from which will be used to pay costs of issuance
and construct drainage improvements and to construct and equip ballfields and purchase land
related thereto pursuant to the voted authorization described above; and
=WHEREAS, the Bonds hereinafter authorized and designated are to be issued and
delivered pursuant to Chapters 1251 and 1331, Texas Government Code; and
WHEREAS, it is hereby officially found and determined that .the meeting at which this
Ordinance was passed was open to the public, and public notice of the time, place, and purpose
of said meeting was given, all as required by Chapter 551, Texas Government Code;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CIBOLO, TEXAS: _.
SECTION 1. AMOUNT AND PURPOSE OF THE BONDS; DEFINITIONS. (a)
General obligation bondsof the City are hereby authorizedto be issued and delivered in the
_ aggregate principal amount of$8,650,000 FOR THE PURPOSE OF PROVIDING FUNDS TO
CONSTRUCT DRAINAGE IMPROVEMENTS, CONSTRUCT AND EQUIP BALLFIELDS
AND ACQUIRE LAND RELATED THERETO,AND PAY COSTS OF ISSUANCE.
SECTION 2. DESIGNATION, DATE, DENOMINATIONS, NUMBERS AND
MATURITIES OF BONDS.
(a) Designation, Date, Denominations and Numbers. Each Bond issued pursuant to
this Ordinance shall be designated: "CITY OF CIBOLO, TEXAS GENERAL OBLIGATION
BOND, SERIES 2011" (a "Bond" and collectively, the "Bonds") and initially there shall be
issued, sold and delivered hereunder one fully registered bond, without interest coupons, dated as
of August 1, 2011, with Bonds issued in replacement thereof being in the denomination of
$5,000 or any integral multiple thereof, and with Bonds issued and delivered in substitution for
the Initial Bond being numbered consecutively from R-1 upward, all payable to the initial
registered owner thereof(with the Initial Bond being payable to the initial purchaser designated
in Section 13 hereof), or to the registered assignee or assignees of said bond or any portion or
portions thereof(in each case, the "Registered Owner").
(b) Maturities. The Bonds shall mature on February 1 in each of the years and in the
respective principal amounts as set forth below:
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YEAR OF PRINCIPAL YEAR OF PRINCIPAL YEAR OF PRINCIPAL
MATURITY AMOUNT($) MATURITY AMOUNT($) MATURITY AMOUNT($)
2012 435,000 2019 380,000 2026 465,000
2013 475,000 2020 385,000 2027 485,000
2014 340,000 2021 395,000 2028 500,000
2015 350,000 2022 410,000 2029 525,000
2016 355,000 2023 420,000 2030 545,000
2017 365,000 2024 435,000 2031 565,000
2018 370,000 2025 450,000
SECTION 3. INTEREST. The Bonds shall bear interest calculated on the basis of a 360-
day year composed of twelve 30-day months from the dates specified in the FORM OF BONDS
set forth in this Ordinance to their respective dates of maturity or prior redemption at the rates
per annum as set forth below:
YEAR OF INTEREST YEAR OF INTEREST YEAR OF INTEREST
MATURITY RATE(%) MATURITY RATE(%) MATURITY RATE(%)
2012 2.000 2019 2.000 2026 3.500
2013 2.000 2020 2.300 2027 4.000
2014 2.000 2021 3.000 2028 4.000
2015 2.000 2022 3.000 2029 4.000
2016 2.000 2023 3.000 2030 4.000
2017 2.000 2024 3.000 2031 4.000
2018 2.000 2025 3.500
Said interest shall be payable in the manner provided and on the dates stated in the FORM OF
BOND set forth in this Ordinance.
SECTION 4. CHARACTERISTICS OF THE BONDS.
(a) Registration, Transfer, and Exchange; Authentication. The City shall keep or
cause to be kept at the designated corporate trust or commercial banking office (initially located
in Austin, Texas) of BOKF,NA DBA BANK OF TEXAS (the "Paying Agent/Registrar") books or
records for the registration of the transfer and exchange of the Bonds (the "Registration Books"),
and the City hereby appoints the Paying Agent/Registrar as its registrar and transfer agent to
keep such books or records and make such registrations of transfers and exchanges under such
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reasonable regulations as the City and Paying Agent/Registrar may prescribe; and the Paying
Agent/Registrar shall make such registrations, transfers and exchanges as herein provided.
Attached hereto as Exhibit A is a copy of the Paying Agent/Registrar Agreement between the
City and the Paying Agent/Registrar which is hereby approved in substantially final form, and
the Mayor, Mayor Pro-Tern and City Secretary of the City are hereby authorized to execute the
Paying Agent/Registrar Agreement and approve any changes in the final form thereof.
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. To the extent possible and
under reasonable circumstances, all transfers of Bonds shall be made within three business days
after request and presentation thereof. The City 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. The Paying Agent/Registrar's standard
or customary fees and charges for making such registration, transfer, exchange and delivery of a
substitute Bond or Bonds shall be paid as provided in the FORM OF'BOND set forth in this
Ordinance. Registration of assignments, transfers and exchanges of Bonds shall be made in the
manner provided and with the effect stated in the FORM OF BOND set forth in this Ordinance.
Each substitute Bond shall bear a letter and/or number to distinguish it from each other Bond.
Except as provided in (c) below, an authorized representative of the Paying
Agent/Registrar shall, before the delivery of any such Bond, date and manually sign the Paying
Agent/Registrar's Authentication 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 paid Bonds and Bonds surrendered for transfer and exchange. No additional
ordinances, orders, or resolutions need be passed or adopted by the governing body of the City or
any other body or person so as to accomplish the foregoing transfer and exchange 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
composition printed on paper with lithographed or steel engraved borders of customary weight
and strength. Pursuant to Subchapter D of Chapter 1201, Texas Government Code, the duty of
transfer and exchange of Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar,
and, upon the execution of said Certificate, the transferred and exchanged Bond shall be valid,
incontestable, and enforceable in the same manner and with the same effect as the Bonds which
initially were issued and delivered pursuant to this Ordinance, approved by the Attorney General,
and registered by the Comptroller of Public Accounts.
(b) Payment of Bonds and Interest. The City hereby further appoints the Paying
Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds,
all as provided in this Ordinance. The Paying Agent/Registrar shall keep proper records of all
payments made by the City and the Paying Agent/Registrar with respect to the Bonds.
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(c) In General. The Bonds (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, (ii) may be redeemed prior to their scheduled maturities (notice of which shall be
given to the Paying Agent/Registrar by the City at least 50 days prior to any such redemption
date), (iii) may be transferred and assigned, (iv) may be exchanged for other Bonds, (v) shall
have the characteristics, (vi) shall be signed, sealed, executed and authenticated, (vii) the
principal of and interest on the Bonds shall be payable, and (viii) shall be administered and the
Paying Agent/Registrar and the City shall have certain duties and responsibilities with respect to
the Bonds, all as provided, and in the manner and to the effect as required or indicated, in the
FORM OF BOND set forth in this Ordinance. The Initial Bond is not required to be, and shall
not be, authenticated by the Paying Agent/ Registrar, but on each substitute Bond issued in
exchange for the Initial Bond issued under this Ordinance the Paying Agent/Registrar shall
- execute the PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE, in the
form set forth in the FORM OF BOND. In lieu of the executed Paying Agent/Registrar's
Authentication Certificate described above, the Initial Bond delivered on the closing date (as
further described in subparagraph (i) below) shall have attached thereto the Comptroller's
Registration Certificate substantially in the form set forth in the FORM OF BOND below,
manually executed by the Comptroller of Public Accounts of the State of Texas or by his duly
authorized agent, which certificate shall be evidence that the Initial Bond has been duly approved
by the Attorney General of the State of Texas and that it is a valid and binding obligation of the
City, and has been registered by the Comptroller.
(d) Substitute Paving Agent/Registrar. The City covenants with the registered
owners of the Bonds that at all times while the Bonds are outstanding the City will provide a
competent and legally qualified bank, trust company, financial institution, or other entity 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 and shall be an entity registered with the
Securities and Exchange Commission. The City 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 City 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 thereof), along with all other pertinent books and records relating to the Bonds, to the new
Paying Agent/Registrar designated and appointed by the City. Upon any change in the Paying
Agent/Registrar, the City 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.
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(e) Book-Entry Only System for Bonds. The Bonds issued in exchange for the Bonds
initially issued to the purchaser specified in Section 13 herein shall be initially issued in the form
of a separate-single fully registered Bond for each of the maturities thereof. Upon initial
issuance, the ownership of each such Bond shall be registered in the name of Cede & Co., as
nominee of The Depository Trust Company of New York ("DTC"), and except as provided in
subsection(i)hereof, all of the outstanding Bonds shall be registered in the name of Cede & Co.,
as nominee of DTC.
_ With respect to Bonds registered in the name of Cede & Co., as nominee of DTC, the
City and the Paying Agent/Registrar shall have no responsibility or obligation to any securities
brokers and dealers,banks, trust companies, clearing corporations and certain other organizations
on whose behalf DTC was created ("DTC Participant") to hold securities to facilitate the
clearance and settlement of securities transaction among DTC Participants or to any person on
behalf of whom such a DTC Participant holds an interest in the Bonds. Without limiting the
immediately preceding sentence, the City and the Paying Agent/Registrar shall have no
responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede& Co. or
any DTC Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any
DTC Participant or any other person, other than a registered owner of the Bonds, as shown on
the Registration Books, of any notice with respect to the Bonds, or(iii) the payment to any DTC
Participant or any other person, other than a registered owner of Bonds, as shown in the
Registration Books of any amount with respect to principal of or interest on the Bonds.
Notwithstanding any other provision of this Ordinance to the contrary, the City and the Paying
Agent/Registrar shall be entitled to treat and consider the person in whose name each Bond is
registered in the Registration Books as the absolute owner of such Bond for the purpose of
payment of principal and interest with respect to such Bond, for the purpose of registering
transfers with respect to such Bond, and for all other purposes whatsoever. The Paying
Agent/Registrar shall pay all principal of and interest on the Bonds only to or upon the
Ordinance of the registered owners, as shown in the Registration Books as provided in this
Ordinance, or their respective attorneys duly authorized in writing, and all such payments shall
be valid and effective to fully satisfy and discharge the City's obligations with respect to payment
of principal of and interest on the Bonds to the extent of the sum or sums so paid. No person
other than a registered owner, as shown in the Registration Books, shall receive a Bond
certificate evidencing the obligation of the City to make payments of principal and interest
pursuant to this Ordinance. Upon delivery by DTC to the Paying Agent/Registrar of written
notice to the effect that DTC has determined to substitute a new nominee in place of Cede&Co.,
and subject to the provisions in this Ordinance with respect to interest checks being mailed to the
registered owner at the close of business on the Record Date, the words "Cede & Co." in this
Ordinance shall refer to such new nominee of DTC.
(f) Successor Securities Depository; Transfers Outside Book-Entry Only Systems. In
the event that the City determines that DTC is incapable of discharging its responsibilities
described herein and in the representation letter of the City to DTC or that it is in the best interest
of the beneficial owners of the Bonds that they be able to obtain certificated Bonds, the City shall
(i) appoint a successor securities depository, qualified to act as such under Section 17(a) of the
Securities and Exchange Act of 1934, as amended, notify DTC and DTC Participants of the
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appointment of such successor securities depository and transfer one or more separate Bonds to
such successor securities depository or (ii) notify DTC and DTC Participants of the availability
through DTC of Bonds and transfer one or more separate Bonds to DTC Participants having
Bonds credited to their DTC-accounts. In such event, the Bonds shall no longer be restricted to
being registered in the Registration Books in the name of Cede & Co., as nominee of DTC, but
may be registered in the name of the successor securities depository, or its nominee, or in
whatever name or names registered owners transferring or exchanging Bonds shall designate, in
accordance with the provisions of this Ordinance.
(g) Payments to Cede & Co. Notwithstanding any other provision of this Ordinance
to the contrary, so long as any Bond.is registered in the name of Cede & Co., as nominee for
DTC, all payments with respect to principal of and interest on such Bond and all notices with
respect to such Bond shall be made and given, respectively, in the manner provided in the
representation letter of the City to DTC.
(h) DTC Letter of Representations. The officers of the City are herein authorized for
and on behalf of the City and as officers of the City to enter into one or more Letters of
Representation, if necessary, with DTC establishing the book-entry only system with respect to
the Bonds.
(i) Delivery of Initial Bond. On the closing date, one Initial Bond representing the
entire principal amount of the Bonds and, payable in stated installments to the initial registered
owner named in Section 13 of this Ordinance or its designee, executed by manual or facsimile
signature of the Mayor or Mayor Pro-Tem and City Secretary of the City, approved by the
Attorney General of Texas, and registered and manually signed by the Comptroller of Public
Accounts of the State of Texas, will be delivered to the initial purchaser or its designee. Upon
payment for the Bonds, the Paying Agent/Registrar shall cancel the Initial Bond and deliver to
the initial registered owner or its designee one registered definitive Bond for each year of
maturity of the Bonds, in the aggregate principal amount of all of the Bonds for such maturity.
SECTION 5. FORM OF BONDS. The form of the Bonds, including the form of Paying
Agent/Registrar's Authentication Certificate, the form of Assignment and the form of
Registration Certificate of the Comptroller of Public Accounts of the State of Texas (to be
attached only to the Bonds initially issued and delivered pursuant to this Ordinance), shall be,
respectively, substantially as follows, with such appropriate variations, omissions, or insertions
as are permitted or required by this Ordinance.
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FORM OF BOND
R-1 UNITED STATES OF AMERICA - _ PRINCIPAL
STATE OF TEXAS - AMOUNT
COUNTY OF GUADALUPE
CITY OF CIBOLO,TEXAS $
GENERAL OBLIGATION BOND
SERIES 2011 -
INTEREST RATE MATURITY DATE DATE OF SERIES CUSIP NO.
February 1,20= August 1,2011 116403
REGISTERED OWNER:
PRINCIPAL AMOUNT: DOLLARS
ON THE MATURITY DATE specified above, the CITY OF CIBOLO, TEXAS (the
"City"), being a political subdivision and home-rule municipality of the State of Texas, hereby
promises to pay to the Registered Owner set forth above, or registered assigns (hereinafter called
the "Registered Owner") the Principal Amount set forth above, and to pay interest thereon from
August 1, 2011, at the Interest Rate per annum specified above, on February 1, 2012, and
semiannually on each February 1 and August 1 thereafter to the Maturity Date specified above or
date of redemption prior to redemption; except that if this Bond is required to be authenticated
and the date of its authentication is later than the first Record Date (hereinafter defined), 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 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; provided, however, that if on the date of
authentication hereof the interest on the Bond or Bonds, if any, for which this Bond is being
exchanged or converted from is due but has not been paid,then this Bond shall bear interest from
the date to which such interest has been paid in full.
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 redemption prior to maturity, at the designated corporate trust or commercial
banking office (initially located in Austin, Texas) of BOKF,NA DBA BANK OF 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 City required by the ordinance authorizing the issuance of
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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 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 its address as it appeared on thefifteenth 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. In addition, interest may be paid by such other
method, acceptable to the Paying Agent/Registrar, requested by,-and at the_risk and expense of,
the Registered Owner. In the event of a non-payment of interest on a scheduled payment date,
and for 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 City. 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 business days prior to the Special Record Date-by United States
mail, first-class postage prepaid, to the address of each owner of a Bond appearing on the
Registration Books at the close of business on the last business day next preceding the date of
mailing of such notice. 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 arid
surrender of this Bond for redemption and payment to the Paying Agent/Registrar at the
designated office (unless the redemption date is a regularly scheduled interest payment date, in
which case accrued interest on such redeemed Bonds shall be payable in the regular manner
described above). The City covenants with the Registered Owner of this Bond that on or before
each principal payment date and 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 ANY PAYMENT DUE on this Bond shall be a Saturday, Sunday, a
legal holiday, or a day on which banking institutions in the city where the designated office of
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 A SERIES OF BONDS, dated as of August 1, 2011,
authorized in accordance with the Constitution and laws of the State of Texas in the principal
amount of $8,650,000 FOR THE PURPOSE OF PROVIDING FUNDS TO CONSTRUCT
DRAINAGE IMPROVEMENTS, CONSTRUCT AND EQUIP BALLFIELDS AND
ACQUIRE LAND RELATED THERETO,AND PAY COSTS OF ISSUANCE.
ON FEBRUARY 1, 2020, OR ON ANY DATE THEREAFTER, the Bonds maturing on
and after February 1, 2021, may be redeemed prior to their scheduled maturities, at the option of
the City, with funds derived from any available and lawful source, as a whole, or in part
(provided that a portion of such Bond may be redeemed only in an integral multiple of$5,000 in
principal amount) at the redemption price equal to the principal amount being called for
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redemption plus unpaid accrued interest. If less than all of such Bonds are to be redeemed, the.
particular Bonds to be redeemed shall be selected by the Paying Agent/Registrar at random and _ _.
by lot.
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 sent by the Paying
Agent/Registrar by United States mail, first-class postage prepaid, at least 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 appeared on the Registration Books maintained by the Paying Agent/Registrar on
the day such notice of redemption is mailed. Any notice of redemption so mailed shall'be ' Y
conclusively presumed to have been duly given irrespective of whether received by the
Registered Owner. The notice with respect to the optional redemption of Bonds may state (1)
that it is conditioned upon the deposit of moneys, in an amount equal to the amount necessary to
effect the redemption, with the Paying Agent/Registrar no later than the redemption date, or (2) -
that the City retains the right to rescind such notice at any time prior to the scheduled redemption
date if the City delivers a certificate of an authorized representative to the Paying
Agent/Registrar instructing the Paying Agent/Registrar to rescind the redemption notice, and
such notice and optional redemption shall be of no effect if such moneys are not so deposited or
if the notice is so rescinded. 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. If such written notice of redemption is
mailed (and not rescinded), 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 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 an 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 City, all as provided in the Bond Ordinance.
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 may, at the request of the Registered Owner or the assignee or
assignees hereof, be assigned, transferred, converted into and exchanged for a like aggregate
amount of fully registered Bonds,without interest coupons,payable to the appropriate Registered
Owner, assignee or assignees, as the case may be, having any authorized denomination or
denominations 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.
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
-10-
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 authorized denomination to the
- assignee or assignees in whose name or names this Bond or any such portion or portions hereof -
is or are to be registered. The form of Assignment printed or endorsed on this Bond may be. , _
executed by the Registered Owner to evidence the assignment hereof, but such method is not
exclusive, and other instruments of assignment satisfactory to the Paying Agent/Registrar may be
used to evidence the assignment of this Bond or any portion or portions hereof from time to time
by the Registered Owner. The Paying Agent/Registrar's reasonable standard or customary fees -
and charges for assigning, transferring, converting and exchanging any Bond or portion thereof
will be paid by the City. In any circumstance, any taxes or governmental charges required to be
paid with respect thereto shall be paid by the one requesting such assignment, transfer,
conversion or exchange, as a condition precedent to the exercise of such privilege. The Paying
Agent/Registrar shall not be required to make any such transfer or exchange of a Bond(i) during
the period commencing with the close of business on any Record Date immediately preceding a
principal or interest payment date for such Bond 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;
provided, however, such limitation of transfer shall not be applicable to an exchange by the
Registered Owner of an unredeemed balance of a Bond called for redemption in part.
WHENEVER THE BENEFICIAL OWNERSHIP of.this Bond is determined by a book
entry at a securities depository for the Bonds, the foregoing requirements of holding, delivering
or transferring this Bond shall be modified to require the appropriate person or entity to meet the
requirements of the securities depository as to registering or transferring the book entry to
produce the same effect.
IN THE EVENT ANY PAYING AGENT/REGISTRAR for the Bonds is changed by the
City, resigns, or otherwise ceases to act as such, the City has covenanted in the Bond Ordinance
that it promptly will appoint a competent and legally qualified substitute therefor, and cause
written notice thereof to 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; 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 have been performed, existed, and been done in accordance
with law; that this Bond is a general obligation of the City, issued on the full faith and credit
thereof; and that ad valorem taxes sufficient to provide for the payment of the interest on and
principal of this Bond, as such interest comes due, and as such principal matures, have been
levied and ordered to be levied against all taxable property in the City, and have been pledged for
such payment, within the limits provided by law.
THE CITY HAS RESERVED THE RIGHT TO AMEND the Bond Ordinance as
provided therein, and under some (but not all) circumstances amendments thereto must be
approved by the registered owners of a majority in aggregate principal amount of the outstanding
Bonds.
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•
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 City, and
agrees that the terms and provisions of this Bond and the Bond Ordinance constitute a contract
between each Registered Owner hereof and the City.
IN WITNESS WHEREOF, the City has caused this Bond to be signed with the manual
or facsimile signature of the Mayor or Mayor Pro-Tern of the City and countersigned with the
manual or facsimile signature of the City Secretary of the City, and has caused the official seal of
the City to be duly impressed, or placed in facsimile, on this Bond.
(facsimile signature) (facsimile signature)
-Peggy Cimics, City Secretary Jennifer Hartman, Mayor
City of Cibolo, Texas. City of Cibolo,Texas
AC „,.
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* \ S-
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
(COMPTROLLER'S SEAL) of the State of Texas
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FORM OF STATEMENT RELATING TO BOND INSURANCE -
STATEMENT RELATING TO BOND INSURANCE
Assured Guaranty Municipal Corp. ("AGM"),New York, New York, has delivered its municipal
bond insurance policy (the "Policy") with respect to the scheduled payments due of principal of
and interest on this Bond to BOKF, NA DBA BANK OF TEXAS, Austin, Texas, or its
successor, as paying agent for the Bonds (the "Paying Agent"). Said Policy is on file and
available for inspection at the principal office of the Paying Agent and a copy thereof may be
obtained from AGM or the Paying Agent. All payments required to be made under the Policy
shall be made in accordance with the provisions thereof. The owner of this Bond acknowledges
and consents to the subrogation rights of AGM as more fully set forth in the Policy.
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
(To be executed if this Bond is not 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 BOKF,NA DBA BANK OF TEXAS
Austin, Texas
Paying Agent/Registrar
By
Authorized Representative
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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
/ 1
(Assignee's Social Security or (Print or typewrite Assignee's name and address,including zip code)
Taxpayer Identification)
and hereby irrevocably constitutes and appoints
attorney to register the transfer of the within Bond on the books kept for registration thereof, -
With full power of substitution in the premises. _ =
Dated:
Signature Guaranteed: -
NOTICE: Signature(s) must be guaranteed NOTICE: The signature above must
by a member firm of the New York Stock correspond with the name of.the Registered
Exchange or a commercial bank or trust Owner as it appears upon the front of this
company. Bond in every particular, without alteration
or enlargement or any change whatsoever. _ -
INITIAL BOND INSERTIONS -
The Initial Bond shall be in the form set forth above except that:
(A) Immediately under the name of the Bond, the headings "INTEREST RATE" and
"MATURITY DATE" shall be completed with the words "As shown below" and
"CUSIP NO. " shall be deleted.
(B) The first paragraph shall be deleted and the following shall be inserted:
"ON THE RESPECTIVE MATURITY DATES specified below, the CITY OF
CIBOLO, TEXAS (the "City"), being a political subdivision and home-rule municipality of the
State of Texas, hereby promises to pay to the Registered Owner specified above, or registered
assigns (hereinafter called the "Registered Owner"), the respective Principal Installments
specified below, and to pay interest thereon (calculated on the basis of a 360-day year composed
of twelve 30-day months) from August 1, 2011 at the respective Interest Rates per annum
specified below, payable on February 1, 2012, and semiannually on each February 1 and August
1 thereafter to the respective Maturity Dates specified below, or the date of redemption prior to
maturity. The respective Maturity Dates, Principal Installments and Interest Rates for this Bond
are set forth in the following schedule:
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_
�y
^FEBRUARY--=-1= - "TAI,�:iv1
v
[Insert information from Sections 2 and 3 above]
(C) The Initial Bond shall be numbered "T-1."
SECTION 6. INTEREST AND SINKING FUND; TAX LEVY; SECURITY
INTEREST.
(a) Interest and Sinking Fund; Tax Levy. A special "Interest and Sinking Fund" is
hereby created and shall be established and maintained by the City at an official depository bank
of the City. Said Interest and Sinking Fund shall be kept separate and apart from all Other funds
and accounts of the City, and shall be used only for paying the interest on and the principal of
said Bonds. Immediately after the issuance and delivery of the Bonds, all accrued interest on the
Bonds, together with.any premium on the.Bonds that is not used by the City to pay costs of
issuance in accordance with the provisions of Section 1201.042(d), Texas Government Code, as
amended, shall be deposited to the credit of the Interest and Sinking Fund. In addition, all ad
valorem taxes levied and collected for and on account of said Bonds shall be deposited, as
collected, to the credit of said Interest and Sinking Fund. For each fiscal year while any of the
Bonds or interest thereon are outstanding and unpaid, the governing body of the City shall
compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and
produce the money required to pay the interest on the Bonds as such interest comes due, and to
provide and maintain a sinking fund adequate to pay the principal of the Bonds as such principal
matures (but never less than 2% of the original principal amount of the Bonds as a sinking fund
each year); and said tax shall be based on the latest approved tax rolls of the City, with full
allowance being made for tax delinquencies and the cost of tax collection. Said rate and amount
of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable
property in the City for each year while any of the Bonds or interest thereon are outstanding and
unpaid; and said tax shall be assessed and collected each such year and deposited to the credit of
the Interest and Sinking Fund created by this Ordinance. Said ad valorem taxes sufficient to
provide for the payment of the interest on and principal of the Bonds, as such interest comes due
and such principal matures, are hereby pledged for such payment, within the limit prescribed by
law.
(b) Security Interest. Chapter 1208, Texas Government Code, applies to the issuance
of the Bonds and the pledge of the ad valorem taxes granted by the City under Section 6(a) of
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- this Ordinance, and is therefore valid, effective, and perfected..'If Texas law is amended at any
time while the Bonds are outstanding and unpaid such that the pledge of the ad valorem taxes'
granted by the City under Section 6(a) of this Ordinance is to be subject to the filing
requirements of Chapter 9, Texas Business & Commerce Code, then in order to preserve to the
_ registered owners of the Bonds the perfection of the security interest in said pledge, the City
agrees to take such measures as it determines are reasonable and necessary under Texas law to "
_ , comply with the applicable provisions of Chapter 9, Texas Business & Commerce Code, and ,
' enable a filing to perfect the security interest in said pledge to occur.
SECTION 7. CONSTRUCTION FUND. There is hereby created and established in the
depository of the City, a fund to be called the City of Cibolo, Texas General Obligation Bonds
(Series 2011) Construction Fiend (herein called the "Construction Fund"). Proceeds from the
sale and delivery of the Bonds (other than proceeds representing accrued interest on the Bonds _
- = and any premium on the Bonds thatisnot used by the City to pay costs of issuance in accordance
with the provisions of Section 1201.042(d), Texas Government Code, as amended,'which shall
be deposited in the Interest and Sinking Fund) shall be deposited in the Construction Fund.
Money in the Construction Fund shall be subject to disbursements by the City for payment of all
- costs incurred in carrying out the purpose for which the Bonds are issued, including but not
limited to costs for construction, engineering, architecture, financing, financial consultants and
legal services related to the project being financed with proceeds of the Bonds, and to pay costs
of issuance of the Bonds. All funds remaining on deposit in the Construction Fund upon
completion of the projects being financed with the proceeds from the Bonds, if any, shall be
transferred to the Interest and Sinking Fund.
SECTION 8. INVESTMENTS. Funds on deposit in the Interest and Sinking Fund and
the Construction Fund shall be secured by the depository bank of the City in the manner and to
the extent required by law to secure other public funds of the City and may be invested from time
to time in any investment authorized by applicable law, including but not limited to the Public
Funds Investment Act (Chapter 2256, Texas Government Code), and the City's investment
policy adopted in accordance with the provisions of the Public Funds Investment Act; provided,
however, that investments purchased for and held in each Interest and Sinking Fund shall have a
final maturity no later than the next principal or interest payment date on which such funds will
be needed, and investments purchased for and held in the Construction Fund shall have a final
maturity of not later than the date the City reasonably expects the funds from such investments
will be required to pay costs of the projects for which the Bonds were issued. Income and profits
from such investments shall be deposited in the respective Fund which holds such investments;
however, any such income and profits from investments in the Construction Fund may be
withdrawn by the City and deposited in the Interest and Sinking Fund to pay all or a portion of
the interest next coming due on the Bonds. It is further provided, however, that any interest
earnings on proceeds which are required to be rebated to the United States of America pursuant
to Section 12 hereof in order to prevent the Bonds from being arbitrage bonds shall be so rebated
and not considered as interest earnings for the purposes of this Section.
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SECTION 9. 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, when payment
of the principal of such Bond, plus interest thereon to the due date (whether such due date be by
,reason of maturity or otherwise) either (i) shall have been made or caused to be made in
accordance with the terms-thereof, or(ii) shall have been provided for on or before such due date
by irrevocably depositing with or making available to the Paying Agent/Registrar in accordance
with an escrow agreement or other instrument (the "Future Escrow Agreement") for such
payment (1) lawful money of the United States of America sufficient to make such payment -
- and/or.(2).Defeasance Securities that mature as to principal and interest in such amounts and at
such times as will insure the availability, without reinvestment, of sufficient money to provide -
for such payment, andwhen proper arrangements have been made by the City with the Paying
Ageht/Registrar for-the payment of its services until all Defeased Bonds shall have become due
and payable..- At such time as a Bond shall be deemed to be a Defeased Bond hereunder, as
aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or
entitled to the benefits of, the ad valorem taxes or revenues herein levied and pledged as
provided in this Ordinance, and such principal and interest shall be payable solely from such
money or Defeasance Securities. Notwithstanding any other provision of this Ordinance to the
contrary, it is hereby provided that any determination not to redeem Defeased Bonds that is made
in conjunction with the payment arrangements specified in subsection(a)(i) or(ii) of this Section
shall not be irrevocable, provided that: (1) in the proceedings providing for such payment
arrangements, the City expressly reserves the right to call the Defeased Bonds for redemption;
(2) gives notice of the reservation of that right to the owners of the Defeased Bonds immediately
following the making of the payment arrangements; and (3) directs that notice of the reservation
be included in any redemption notices that it authorizes.
(b) Any moneys so deposited with the Paying Agent/Registrar may at the written
direction of the City be invested in Defeasance Securities, maturing in the amounts and times as
hereinbefore set forth,.and all income from such Defeasance Securities received by the Paying
Agent/Registrar that is not required for the payment of the Bonds and interest thereon, with
respect to which such money has been so deposited, shall be turned over to the City, or deposited
as directed in writing by the City. Any Future Escrow Agreement pursuant to which the money
and/or Defeasance Securities are held for the payment of Defeased Bonds may contain
provisions permitting the investment or reinvestment of such moneys in Defeasance Securities or
the substitution of other Defeasance Securities upon the satisfaction of the requirements specified
in subsection (a)(i) or (ii) of this Section. All income from such Defeasance Securities received
by the Paying Agent/Registrar which is not required for the payment of the Defeased Bonds,
with respect to which such money has been so deposited, shall be remitted to the City or
deposited as directed in writing by the City.
(c) The term "Defeasance Securities" means (i) direct, noncallable obligations of the
United States of America, including obligations that are unconditionally guaranteed by the
United States of America, (ii) noncallable obligations of an agency or instrumentality of the
United States of America, including obligations that are unconditionally guaranteed or insured
-17-
by the agency or instrumentality and that, on the date of the purchase thereof are rated as to
investment quality by a nationally_recognized investment rating firm not less than AAA or its
equivalent, (iii) noncallable"obligations of a state or an agency or a county, municipality, or other
political subdivision of a state that have been refunded and that, on the date on the date the
governing body of the City adopts or approves the proceedings authorizing the financial
arrangementsare rated as to investment quality by a nationally recognized investment rating firm
not less than AAA or its equivalent, and (iv) any other then authorized securities or obligations
` under applicable state law that may be used to defease obligations such as the Bonds.
(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 City shall make proper arrangements to
-provide and pay for such services as required by this Ordinance.
(e) • In the event that the City elects to defease less than all of the principal amount of
Bonds of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such
amount. of Bonds by such random method as it deems fair and appropriate.
. SECTION 10. 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 City 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 City and to the Paying
Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such Bond. 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 or interest on the Bond, the City 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.
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(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 City 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 Chapter 1201, Texas
Government Code, as amended, 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 City 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(a) of this Ordinance for Bonds issued in conversion and exchange for other Bonds.
SECTION 11. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS;
BOND COUNSEL'S OPINION; CUSIP NUMBERS; AND OTHER MATTERS. The
Mayor or Mayor Pro-Tem of the City is hereby authorized to have control of the Bonds initially
issued and delivered hereunder and all necessary records and proceedings pertaining to the
Bonds pending their delivery and their investigation, examination, and approval by the Attorney
General of the State of Texas, and their registration by the Comptroller of Public Accounts of the
State of Texas. Upon registration of the Bonds said Comptroller of Public Accounts (or a deputy
designated in writing to act for said Comptroller) shall manually sign the Comptroller's
Registration Certificate attached to such Bonds, and the seal of said Comptroller shall be
impressed, or placed in facsimile, on such Certificate. The approving legal opinion of the City's
Bond Counsel (with an appropriate certificate pertaining thereto executed by facsimile signature
of the City Secretary of the City) and the assigned CUSIP numbers may, at the option of the
City, be printed on the Bonds issued and delivered under this Ordinance, but neither shall have
any legal effect, and shall be solely for the convenience and information of the registered owners
of the Bonds. In addition, if bond insurance is obtained, the Bonds may bear an appropriate
legend as provided by the insurer.
SECTION 12. COVENANTS REGARDING TAX EXEMPTION OF INTEREST ON
THE BONDS. (a) Covenants. The City covenants to take any action necessary to assure, or
refrain from any action which would adversely affect, the treatment of the Bonds as obligations
described in section 103 of the Internal Revenue Code of 1986, as amended (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 City covenants as follows:
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(1) to take any action to assure that no more than 10 percent of the proceeds of
the Bonds or the projects financed therewith (less amounts deposited to a reservefund, 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 of the Bonds or the projects financed
therewith are so used, such amounts, whether or not received by the City, with respect to
such private business use, do not, under the terms of this Ordinance 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; ,
(2) to take any action to assure that in the event that the "private business use"
described in subsection (1) hereof exceeds 5 percent of the proceeds of the Bonds or the
projects financed therewith (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;
(3) 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;
(4) 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;
(5) 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;
(6) 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--
(A) proceeds of the Bonds invested for a reasonable temporary period of
three years or less until such proceeds are needed for the purpose for which the
Bonds are issued,
(B) amounts invested in a bona fide debt service fund, within the meaning
of section 1.148-1(b) of the Treasury Regulations, and
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(C) amounts deposited in any reasonably required reserve or replacement
fund to the extent such amounts do not exceed 10 percent of the proceeds of the
Bonds;
(7) 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); and
(8) 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.
(b) Rebate Fund. In order to facilitate compliance with the above covenant (8), a
"Rebate Fund" is hereby established by the City 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.
(c) Proceeds. The City understands that the term "proceeds" includes "disposition
proceeds" as defined in the Treasury Regulations and, in the case of refunding bonds, transferred
proceeds (if any) and proceeds of the refunded bonds expended prior to the date of issuance of
the Bonds. It is the understanding of the City 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 rulings are
hereafter promulgated which modify or expand provisions of the Code, as applicable to the
Bonds, the City will not be required to comply with any covenant contained herein to the extent
that such failure to comply, 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 City 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. In furtherance of such intention, the City hereby authorizes and
directs the Mayor, the City Manager or the Director of Finance of the City to execute any
documents, certificates or reports required by the Code and to make such elections, on behalf of
the City, which may be permitted by the Code as are consistent with the purpose for the issuance
of the Bonds.
(d) Allocation of, and Limitation on, Expenditures for the Project. The City covenants
to account for the expenditure of sale proceeds and investment earnings to be used for the
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purposes described in Section 1 of this Ordinance (collectively referred to herein as the
"Project") on its books and records in accordance with the requirements of the Internal Revenue
_ Code. The City recognizes that in order for the proceeds to be considered used for the =,
reimbursement of costs, the proceeds must be allocated to expenditures within 18 months of the -
later of the date that (1) the expenditure is made, or(2) the Project is completed; but in no event
later than three years after the date on which the original expenditure is paid. The foregoing
notwithstanding, the City recognizes that in order for proceeds to be expended under the Internal
Revenue Code, the sale proceeds or investment earnings must be expended no more than 60 days
after the earlier of(1)the fifth anniversary of the delivery of the Bonds, or(2) the date the Bonds
are retired. The City agrees to obtain the advice of nationally-recognized bond counsel if such
= =- expenditure fails to comply with the foregoing to assure that such expenditure will not adversely
affect the tax-exempt status of the Bonds. For purposes hereof, the City shall not be obligated to
comply with this covenant if it obtains an opinion that such failure to comply will not adversely
affect theexcludability for federal income tax purposes from gross income of the interest.
(e) Disposition of Project. The City covenants that the property constituting the
projects financed or refinanced with the proceeds of the Bonds will not be sold or otherwise
disposed in a transaction resulting in the receipt by the City of cash or other compensation,
unless the City obtains an opinion of nationally-recognized bond counsel that such sale or other
disposition will not adversely affect the tax-exempt status of the Bonds. For purposes of the
foregoing, the portion of the property comprising personal property and disposed in the ordinary
course shall not be treated as a transaction resulting in the receipt of cash or other compensation.
For purposes hereof, the City shall not be obligated to comply with this covenant if it obtains an
opinion that such failure to comply will not adversely affect the excludability for federal income
tax purposes from gross income of the interest.
(f) Designation as Qualified Tax-Exempt Obligations. The City hereby designates
the Bonds as "qualified tax-exempt bonds" as defined in section 265(b)(3) of the Code. In
furtherance of such designation, the City represents, covenants and warrants the following: (i)
that during the calendar year in which the Bonds are issued, the City(including any subordinate
entities) has not designated nor will designate bonds, which when aggregated with the Bonds,
will result in more than $10,000,000 of"qualified tax-exempt bonds" being issued; (ii) that the
City reasonably anticipates that the amount of tax-exempt obligations issued, during the calendar
year in which the Bonds are issued, by the City (or any subordinate entities) will not exceed
$10,000,000; and, (iii) that the City will take such action or refrain from such action as
necessary, and as more particularly set forth in this Section, in order that the Bonds will not be
considered "private activity bonds" within the meaning of section 141 of the Code.
SECTION 13. SALE AND DELIVERY OF BONDS. The Bonds are hereby initially
sold and shall be delivered to SAMCO CAPITAL MARKETS, INC., as the representative of the
initial purchasers of the Bonds (the "Underwriters"), at a price of$8,804,509.10 (which amount
is equal to par, plus net original issue premium on the Bonds of $210,479.10, and less
Underwriters' discount on the Bonds of $55,970.00), plus accrued interest on the Bonds from
August 1, 2011, all pursuant to the terms and provisions of a Purchase Contract in substantially
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"the form attached hereto as Exhibit B which the Mayor or Mayor-Pro Tem is hereby authorized
- and directed to execute and deliver. The City will deliver to the Underwriters an Initial Bond in
the aggregate principal amount of$8,650,000 payable in principal installments on the dates and
in the principal amounts shown in Section 2 hereof, and bearing interest at the rates for each
respective maturity as shown in Section 3 hereof. The Bonds shall initially be registered in the
name of SAMCO CAPITAL.MARKETS,INC.
SECTION 14. APPROVAL OF OFFICIAL STATEMENT. The City Council 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 the Official Statement in the
reoffering of the Bonds by the Underwriters in final form, with such changes therein or additions
thereto as"the officer executingthe same may deem advisable, such determination to be
conclusively evidenced by his execution thereof. The distribution and use of the Preliminary
Official Statement for the Bonds, dated August 10, 2011, prior to the date hereof is hereby
ratified and confirmed. The City Council finds and determines that the Preliminary Official
Statement and the Official Statement were and are "deemed final" as of each of their respective
dates within the meaning, and for,the purpose, of Rule 15c2-12 promulgated under authority
granted by the Federal Securities and Exchange Act of 1934.
SECTION 15. MUNICIPAL BOND INSURANCE POLICY. On the date of delivery of
the Bonds, the City will obtain from Assured Guaranty Municipal Corp. (the "Insurer") a
municipal bond insurance policy in support of the Bonds. To that end, for so long as said policy
is in effect, the ordinance requirements of the Insurer, as a condition to the issuance of said
policy, attached hereto as Exhibit C, are incorporated by reference into this Ordinance and made
a part hereof for all purposes, notwithstanding any other provision of this Ordinance to the
contrary. The City is authorized to use proceeds of the Bonds to purchase such policy.
SECTION 16. AUTHORITY FOR OFFICERS TO EXECUTE DOCUMENTS AND
APPROVE CHANGES. The Mayor, Mayor Pro-Tern, City Secretary, City Manager and
Director of Finance of the City, and all other officers, employees, and agents of the City, and
each of them, shall be and they are hereby expressly authorized, empowered, and directed from
time to time and at any time to do and perform all such acts and things and to execute,
acknowledge, and deliver in the name and under the corporate seal and on behalf of the City all
such instruments, whether or not herein mentioned, as may be necessary or desirable in order to
carry out the terms and provisions of this Ordinance, the Bonds, the sale of the Bonds, the
Official Statement, the Purchase Contract, and the Paying Agent/Registrar Agreement. In
addition, prior to the initial delivery of the Bonds, the Mayor, Mayor Pro-Tern, City Secretary,
City Manager, Director of Finance, City Attorney and Bond Counsel are hereby authorized and
directed to approve any technical changes or correction to this Ordinance or to any of the
instruments authorized and approved by this Ordinance necessary in order to (i) correct any
ambiguity or mistake or properly or more completely document the transactions contemplated
and approved by this Ordinance and as described in the Official Statement, (ii) obtain a rating
from any of the national bond rating agencies or satisfy any requirements of the provider of a
municipal bond insurance policy, if any, or(iii) obtain the approval of the Bonds by the Attorney
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General's office. In case any officer whose signature shall appear on any Bond shall cease to be
such officer before the""delivery of such Bond, such signature shall nevertheless be valid and
sufficient for all purposes the same as if such officer had remained in office until such delivery.
The Director of Finance of the City is further authorized to pay to the Attorney General of Texas
prior to the delivery of the Bonds, for the Attorney General's review of the transcript of
proceedings related to the Bonds, the amount required pursuant to Section 1202.004, Texas
Government Code, as amended.
SECTION 17. ORDINANCE A CONTRACT; AMENDMENTS. This Ordinance shall
constitute a contract with the Registered Owners of the Bonds, binding on the City and its
successors and assigns, and shall not be amended or repealed by the City as long as any Bond
remains outstanding except as permitted in this Section. The City may, with prior written notice
to the Insurer but without the consent of or notice to any Registered Owners, amend, change, or
modify this Ordinance as may be required (i) by the provisions hereof, (ii) for the purpose of
curing any ambiguity, inconsistency, or formal defect or omission herein, or (iii) in connection
with any other change which is not to the prejudice of the Registered Owners. The City may,
with the written consent of the Insurer and the Registered Owners of a majority in aggregate
principal amount of the Bonds then outstanding affected thereby, amend, change, modify, or
rescind any provisions of this Ordinance; provided that without the consent of the Insurer and all
of the Registered Owners affected, no such amendment,.change, modification, or rescission shall
(i) extend the time or times of payment of the principal of and interest on the Bonds, reduce the
principal amount thereof or the rate of interest thereon, (ii) give any preference to any Bond over
any other Bond, (ii) extend any waiver of default to subsequent defaults, or (iv) reduce the
aggregate principal amount of Bonds required for consent to any such amendment, change,
modification, or rescission. Whenever the City shall desire to make any amendment or addition
to or rescission of this Ordinance requiring consent of the Registered Owners, the City shall
cause notice of the amendment, addition, or rescission to be sent by first class mail, postage
prepaid, to the Registered Owners at the respective addresses shown on the Registration Books
and to the Insurer. Whenever at any time within one year after the date of the giving of such
notice, the City shall receive an instrument or instruments in writing executed by the Insurer and
the Registered Owners of a majority in aggregate principal amount of the Bonds then outstanding
affected by any such amendment, addition, or rescission requiring the consent of the Insurer and
the Registered Owners, which instrument or instruments shall refer to the proposed amendment,
addition, or rescission described in such notice and shall specifically consent to and approve the
adoption thereof in substantially the form of the copy thereof referred to in such notice,
thereupon, but not otherwise, the City may adopt such amendment, addition, or rescission in
substantially such form, except as herein provided. No Registered Owner may thereafter object
to the adoption of such amendment, addition, or rescission, or to any of the provisions thereof,
and such amendment, addition, or rescission shall be fully effective for all purposes.
SECTION 18. INTERESTED PARTIES. Nothing in this Ordinance expressed or
implied is intended or shall be construed to confer upon, or to give to, any person or entity, other
than the City and the registered owners of the Bonds, any right, remedy or claim under or by
reason of this Ordinance or any covenant, condition or stipulation hereof, and all covenants,
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stipulations, promises and agreements in this Ordinance contained by and on behalf of the City
shall be for the sole and exclusive benefit of the City and the registered owners of the Bonds.
SECTION 19. COMPLIANCE WITH RULE 15c2-12.
(a) Definitions. As used in this Section, the following terms have the meanings
ascribed to such terms below:
"EMMA" means the Electronic Municipal Market Access system being established by
the MSRB.
"MSRB" means the Municipal Securities Rulemaking Board.
"Rule" means SEC Rule 15c2-12, as`amended from time to time.
"SEC'means the United States Securities and Exchange Commission.
(b) Annual Reports. The City shall provide annually to the MSRB through EMMA
within six months after the end of each fiscal year ending in or after 2011, financial information
and operating data with respect to the City of the general type included in the final Official
Statement authorized by this Ordinance being the information described in Exhibit D hereto..
Any financial statements so to be provided shall be (1) prepared in accordance with the
accounting principles described in Exhibit D hereto, or such other accounting principles as the
City may be required to employ from time to time pursuant to state law or regulation, and (2)
audited, if the City commissions an audit of such statements and the audit is completed within
the period during which they must be provided. If the audit of such financial statements is not
complete within such period, then the City shall provide (1) unaudited financial statements for
such fiscal year within such six month period, and (2) audited financial statements for the
applicable fiscal year to the MSRB through EMMA when and if the audit report on such
statements become available.
If the City changes its fiscal year, it will notify the MSRB through EMMA of the date of
the new fiscal year end prior to the next date by which the City otherwise would be required to
provide financial information and operating data pursuant to this paragraph(b).
The financial information and operating data to be provided pursuant to this paragraph
(b) may be set forth in full in one or more documents or may be included by specific reference to
any document (including an official statement or other offering document, if it is available from
the MSRB) that theretofore has been provided to the MSRB through EMMA or filed with the
SEC.
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(c) Event Notices.
(i) The City shall notify the MSRB through EMMA in an electronic format as
prescribed by the MSRB, in a timely manner (but not in excess of ten business days after
the occurrence of the event) of any of the following events with respect to the Bonds, if
such event is material within the meaning of the federal securities laws: -
1. Non-payment related defaults;
2. Modifications to rights of holders;
3. Redemption calls;
4. Release, substitution, or sale of property securing repayment of the Bonds;
5. The consummation of a merger, consolidation, or acquisition involving an
obligated person or the sale of all or substantially all of the assets of the
obligated person, other than in the ordinary course of business, the entry
into a definitive agreement to undertake such an action or the termination
of a definitive agreement relating to any such actions, other than pursuant
to its terms; and
6. Appointment of a successor or additional trustee or the change of name of
a trustee.
(ii) The City shall notify the MSRB through EMMA in an electronic format as
prescribed by the MSRB, in a timely manner (but not in excess of ten business days after
the occurrence of the event) of any of the following events with respect to the Bonds,
without regard to whether such event is considered material within the meaning of the
federal securities laws:
1. Principal and interest payment delinquencies;
2. Unscheduled draws on debt service reserves reflecting financial
difficulties;
3. Unscheduled draws on credit enhancements reflecting financial
difficulties;
4. Substitution of credit or liquidity providers, or their failure to perform;
5. Adverse tax opinions or the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue
(IRS Form 5701—TEB) or other material notices or determinations with
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respect to the tax-exempt status of the Bonds, or other events affecting.the
tax-exempt status of the Bonds;
6. Tender offers;
7. Defeasances;
8. Rating changes; and
9. Bankruptcy, insolvency, receivership or similar event of an obligated
person.
(iii) The City shall notify the MSRB through EMMA, in a timely manner, of
any failure by the City to provide financial information or operating data in accordance
with subsection(b) of this Section by the time required by such subsection.
(d) Limitations, Disclaimers, and Amendments. The City shall be obligated to
observe and perform the covenants specified in this Section for so long as;.but only for so long- -
as, the City remains an "obligated person" with respect to the Bonds within the meaning of the
Rule, except that the City in any event will give notice of any deposit.made in accordance with-
Section 9 of this Ordinance that causes Bonds no longer to be outstanding. -
The provisions of this Section are for the sole benefit of the holders and beneficial
owners of the Bonds, and nothing in this Section, express or implied, shall give any,benefit or
any legal or equitable right, remedy, or claim hereunder to any other person. The City
undertakes to provide only the financial information, operating data, financial statements, and
notices which it has expressly agreed to provide pursuant to this Section and does not hereby
undertake to provide any other information that may be relevant or material to a complete
presentation of the City's financial results, condition, or prospects or hereby undertake to update
any information provided in accordance with this Section or otherwise, except as expressly
provided herein. The City does not make any representation or warranty concerning such
information or its usefulness to a decision to invest in or sell Bonds at any future date.
UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER
OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR
TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY
THE CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY
COVENANT SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND REMEDY OF
ANY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH
BREACH SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC
PERFORMANCE.
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No default by the City in observing or performing its obligations under this Section shall
- comprise a breach of or default under this Ordinance for purposes of any other provision of f this
Ordinance.
Nothing in this Section is intended or shall act to disclaim, waive, or otherwise limit the -
• duties of the City under federal and state securities laws.
The provisions of this Section may be amended by the City from time to time to adapt to
changed circumstances that arise from .a change in legal requirements, a change in law, or a
change in the identity, nature, status, or type of operations of the City, but only if (1) the
provisions of this Section, as so amended, would have permitted an underwriter to purchase or
sell Bonds in the primary offering of the Bonds in compliance with the Rule, taking into account
any amendments or interpretations of the Rule since such offering as well as,such changed - - -
circumstances and (2) either (a) the holders of a majority in aggregate principal amount (or any
greater amount required by any other provision of this Ordinance that authorizes such an
amendment) of the outstanding Bonds consent to such amendment or (b) a person that is
unaffiliated with the City (such as nationally recognized bond counsel) determined that such
amendment will not materially impair the interest of the holders and beneficial owners of the
Bonds. The City may also amend or repeal the provisions of this continuing disclosure
agreement if the SEC amends or repeals the applicable provision of the Rule ora court of final
jurisdiction enters judgment that such provisions of the Rule are invalid,.but only if and to the
extent that the provisions of this sentence would not prevent an underwriter from lawfully
purchasing or selling Bonds in the primary offering of the Bonds. If the City so amends the
provisions of this Section, it shall include with any amended financial information or operating
data next provided in accordance with paragraph (b) of this Section an explanation, in narrative
form, of the reason for the amendment and of the impact of any change in the type of financial
information or operating data so provided.
SECTION 20. REMEDIES IN EVENT OF DEFAULT. In addition to all the rights and
remedies provided by the laws of the State of Texas, it is specifically covenanted and agreed
particularly that in the event the City (i) defaults in the payment of the principal, premium, if
any, or interest on the Bonds, (ii) defaults in the deposits and credits required to be made to the
Interest and Sinking Fund, or (iii) defaults in the observance or performance of any other of the
covenants, conditions or obligations set forth in this Ordinance and the continuation thereof for
30 days after the City has received written notice of such defaults, the Holders of any of the
Bonds shall be entitled to seek a writ of mandamus issued by a court of proper jurisdiction
compelling and requiring the governing body of the City and other officers of the City to observe
and perform any covenant, condition or obligation prescribed in this Ordinance.
Notwithstanding the foregoing, the Insurer shall have the right to direct all remedies upon an
event of default, and the Insurer shall be recognized as the registered owner of the Bonds for the
purposes of exercising all rights and privileges available to the Holders.
No delay or omission to exercise any right or power accruing upon any default shall
impair any such right or power or shall be construed to be a waiver of any such default or
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acquiescence therein, and every such right and power may be exercised from time to time and as
often as may be deemed expedient. The specific remedy herein provided shall be cumulative of
all other existing remedies, and the specification of such remedy shall not be deemed to be
exclusive.
SECTION 21. INCORPORATION OF RECITALS. The City hereby finds that the
statements set forth in the recitals of this Ordinance are true and correct, and the City hereby
incorporates such recitals as a part of this Ordinance.
SECTION 22. SEVERABILITY. If any provision of this Ordinance or the application
thereof to any circumstance shall be held to be invalid, the remainder of this Ordinance and the
- - application thereof to other circumstances shall nevertheless be valid, and this governing body
hereby declares that this Ordinance would have been enacted without such invalid provision.
SECTION 23. EFFECTIVE DATE. Pursuant to the provisions of Section 1201.028,
Texas Government Code, this Ordinance shall become effective immediately after its adoption
by the City Council.
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PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF CIBOLO,
TEXAS AT A REGULAR MEETING HELD ON THE 23RD DAY OF AUGUST, 2011, AT
WHICH MEETING A QUORUM WAS PRESENT.
Jennifer Hartman, Mayor
City of Cibolo, Texas
ATTEST:
Peggy Cimics, City Secretary
City of Cibolo, Texas
(City Seal)
** ** ** ** **
EXECUTION PAGE TO THE ORDINANCE AUTHORIZING THE ISSUANCE OF
CITY OF CIBOLO,TEXAS GENERAL OBLIGATION BONDS,SERIES 2011
EXHIBIT A
THE PAYING AGENT/REGISTRAR AGREEMENT IS OMITTED AT THIS POINT AS IT APPEARS IN
EXECUTED FORM ELSEWHERE IN THIS TRANSCRIPT OF PROCEEDINGS.
EXHIBIT B
THE PURCHASE CONTRACT IS OMITTED AT THIS POINT AS IT APPEARS IN EXECUTED FORM
ELSEWHERE IN THIS TRANSCRIPT OF PROCEEDINGS. -
B-1
EXHIBIT C
REQUIREMENTS OF THE INSURER
WITH RESPECT TO THE MUNICIPAL BOND INSURANCE POLICY
None
c-i
EXHIBIT D
DESCRIPTION OF ANNUAL FINANCIAL INFORMATION
The following information is referred to in Section 19 of this Ordinance.
Annual Financial Statements and Operating Data
The financial information and operating data with respect to the City to be provided _ __
annually in accordance with such Section are as specified (and included in the Appendix or
under the headings of the Official Statement referred to)below:
1. The annual audited financial statements of the City or the unaudited financial
statements of the City in the event audited financial statements are not completed within six -
months after the end of any fiscal year.
2. - All quantitative financial information and operating data with respect to the City -
of the general type included in the Official Statement under Table 1 in the main body of the
Official Statement and in Tables 1 through 14 of Appendix A thereof. -
Accounting Principles
The accounting principles referred to in such Section are the accounting principles
described in the notes to the financial statements referred to in paragraph 1 above.
D-1