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ORD CC 11/12/74 - Issuance of $400,000 water-sewer bondsORDINANCE NO. 74 -17 ORDINANCE AUTHORIZING THE ISSUANCE OF $400,000 CITY OF HUNTSVILLE, TEXAS, WATERWORKS AND SANITARY SEWER SYSTEM REVENUE BONDS, SERIES 1974 WHEREAS, the City of Huntsville now has outstandin: and payable from the net revenues derived from the operatio of its waterworks and sanitary sewer system the outstandin bonds of the City's Waterworks and Sanitary Sewer Syste Revenue Bonds: (1) Series 1950, dated June 1, 1950, ( Series 1960, dated June 1, 1960, (3) Series 1965, dated June 1, 1965, and (4) Series 1970, dated December 1, 1970, a said bonds ( "Outstanding Bonds ") being payable from a first lien on and pledge of the net revenues from the operati n of said waterworks and sanitary sewer system; and WHEREAS, at an election held in said City on Augus 27, 1974, the duly-qualified resident electors of the City oted in favor of issuing bonds for the purpose of constructs g permanent improvements, to -wit: improving, enlarging, extending or repairing the City's waterworks and sanita y sewer system as follows: $300,000 waterworks system; $250,000 sanitary sewer system (South Huntsville Sewer Laterals); and $1,300,000 sanitary sewer system (North Huntsville Sewer Plant), said bonds to be secured by and payable from a pledge of the net revenues derived from the operation of said City's waterworks and sanitary sewer system, and said bonds to be on a parity in all respects as to said net revenues with the Outstanding Bonds; and WHEREAS, said election was called and notice ther-a was given and said election was held in accordance and in conformity with the Constitution and laws of the State Texas and the United States; and WHEREAS, this City Council now deems it advisable to issue, sell and deliver: 5300,000 waterworks system bonds and $100,000 san tary sewer system (North Huntsville Sewer Plant) bonds, lea ing the remaining $250,000 sanitary sewer system (South Hu ville Laterals) bonds and the remaining $1,200,000 sanitary sewer system (North Huntsville Sewer Plant) bonds, ,.to.b issued, sold and delivered hereafter when needed to car y out the voted purposes; and WHEREAS, -the City Council wishes to combine said $300,000 waterworks system revenue bonds. and $100,000 sanitary sewer system bonds into one installment of bones on a parity in all respects with the Outstanding Bonds, al as hereinafter set forth; Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE: SECTION 1: NAME, AMOUNT, PURPOSE AND AUTHORIZATION: That the serial, coupon, revenue bonds of the City of Huntsville, Texas, be issued in the principal amount of $400,000, to be known and designated as "CITY OF HUNTSVILLE, TEXAS, WATERWORKS AN SANITARY SEWER SYSTEM REVENUE BONDS, SERIES 1974" for t e purpose of constructing permanent improvements, to -wit: -2- Improving, enlarging, extending or repairing the City's waterworks system and sanitary sewer system (North Hunt ville Sewer Plant), under and in strict conformity wit the Constitution and laws of the State of Texas, particularly Articles 1111 to 1118, both inclusive, V.T.C.S., as ame ded, and as authorized by vote of the duly qualified electors of said City voting at an election held within said City o the 27th day of August, 1974. SECTION 2: DATE, NUMBERS, DENOMINATION AND MATURITIES: That .aid revenue bonds shall be dated December 1, 1974, shall be num- bered consecutively from 1 to 80, both inclusive, shall be in the denomination of $5,000 each, aggregating $400,00 and shall become due and payable serially in their pume teal order, without option of prior redemption, on the lst day of June in the respective amounts shown in the following schedule, to -wit: $10,000 1975 15,000 1976 20,000 1977/79 75,000 1980 25,000 1982/84 30,000 1985 35,000 1986 50,000 1987/88 SECTION 3: INTEREST RATES AND INTEREST PAYMENT DATES: That s -id Bonds shall bear interest per annum at the following ra es, respectively: - 3- Bonds maturing 1975 through 19 Iq , 1.0 %, Bonds maturing 19P9 through 19 6.0)%, Bonds maturing 1512 through 19% , 6750 %, Bonds maturing 19$6 through 19 , S-'�� z, Bonds maturing 19QL through 19 ,'9) x, Bonds maturing 19% through 19 , 6&P x, interest payable June 1, 1975, and semiannually thereaf on December 1 and June 1 in each year until the princip sum is paid. er al SECTION 4: MEDIUM OF PAYMENT, CHARACTERISTICS AND EXECUTION OF BONDS AND INTEREST COUPONS: That said Bonds, and the in- terest coupons appertaining thereto, shall be payable, shall have the characteristics, and shall be signed and exec ted (and said Bonds shall be sealed), all as provided and in the manner indicated in the FORM OF BONDS set forth in thi ordinance. SECTION 5: FORM OF BONDS, COMPTROLLER'S REGIST; AND FORM OF INTEREST COUPONS: FORM OF BONDS: No. TION CERTIFICATE UNITED STATES OF AMERICA COUNTY OF WALKER CITY OF HUNTSVILLE, TEXAS, WATERWORKS AND SANITARY SEWER SYSTEM REVENUE BOND, SERIES 1974 FOR VALUE RECEIVED,. the City of Huntsville, in th County of Walker, State of Texas, hereby acknowledges -4- $5,000 tself indebted to and promises to pay to bearer on the 1st da. of June, 19 , solely from the special fund hereinafter specified, the sum of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at rate of % per annum, evidenced by interest coupo payable June 1, 1975, and semiannually thereafter on De'emT ber 1 and June 1 of each year until the principal sum paid. The principal of this bond and the interest coup «ns appertaining hereto shall be payable to bearer in any c.in or currency which on the respective dates of payment of such principal and interest is legal tender for the payment debts due the - United States of America, without exchang= or collection charges to the bearer, upon presentation and surrender of this bond or proper coupon at The Huntsville National Bank, Huntsville, Texas, or, at the option of t holder at the First National Bank, Huntsville, Texas, which shall be the paying agents for this series of bonds. THE DATE OF THIS BOND, in conformity with the ordinance hereinafter mentioned, IS DECEMBER 1, 1974. THIS BOND IS ONE OF A SERIES OF 80 SERIAL SPECIAL 0 LIGATION BONDS of like tenor and effect, except as to se ial number, interest rate and maturity, being numbered con- secutively from 1 to 80, both inclusive, in the denomina on of $5,000 each, AGGREGATING $400,000, and, together with the other bonds of said series is issued for the purpose of constructing permanent improvements, to -wit: improving, -5- enlarging, extending or repairing the City's waterwork system and sanitary sewer system (North Huntsville Se Plant), under and in strict conformity with the Consti.ution and laws of the State of Texas, particularly Articles 111 to 1118, both inclusive, V.T.C.S., as amended, and by authority of an election held within said City on the .7th day of August, 1974, and pursuant to an ordinance lawf lly adopted by the City Council of said City and duly reco ded in the official minutes of said City Council, to all t provisions of which ordinance the owner or holder of t bond by the acceptance thereof expressly assents. THIS BOND (the "Bond ") SHALL NOT BE DEEMED TO CON- STITUTE A DEBT. of the City of Huntsville or a pledge of its faith and credit, but shall be payable, as to principal and interest, together with the other bonds of this series bonds (the "Bonds ") and the outstanding City of Huntsville, Texas, Waterworks and Sanitary Sewer System Revenue Bon Series 1950, dated June 1, 1950, Series 1960, dated Jun 1960, Series 1965, dated June 1, 1965, and Series 1970, dated December 1, 1970 (the "Outstanding Bonds "), solel from the revenues derived from the operation of the City's waterworks and sanitary sewer system, including all add tions, extensions and improvements thereto which may he e- afer be made, after deduction of the reasonable expense of maintenance and operation of said system (the Bonds and the Outstanding Bonds being in all respects on a parity wit one another). The holder hereof shall never have the right to -6- demand payment of this obligation out of any funds rai ed or to be raised by taxation. THE CITY EXPRESSLY RESERVES THE RIGHT TO ISSUE ad•i- tional bonds payable from the net revenues of said wat=r- works and sanitary sewer system, and such additional bends may be on a parity in all respects with the Bonds and •he Outstanding Bonds, but such additional parity bonds ma be issued only pursuant to and subject to the restriction covenants and limitations contained in the ordinance a tho- razing this issue of Bonds, to which reference is here.y made for all particulars. IT IS HEREBY •CERTIFIED, RECITED AND DECLARED that the issuance of this Bond, and the series of which it is a part, is duly authorized by law; that all acts, conditions a things required to be done precedent to and in the iss ance of this Bond and this series of Bonds to render the s- e lawful and valid have been properly done and performed and have happened in regular and due time, form and manner, as required by law; that due provision has been made for t payment of the principal of and interest on this Bond a the other Bonds of the series of which it is a part by irrevocably pledging, as aforesaid, the net revenues of said waterworks and sanitary sewer system; and that the issu =nce of this series of Bonds does not exceed any constitutio al or statutory limitation. IN TESTIMONY WHEREOF, this Bond and the interest c•upons appertaining hereto have been signed with the facsimile -7- signature of the Mayor of the City and countersigned w th the facsimile signature of the City Secretary of the C ty, and the official seal of the City has been duly impres-ed, or placed in facsimile, on this Bond. Mayor, City of Huntsvill-, Texas COUNTERSIGNED: City Secretary City of Huntsville, Texas (SEAL) FORM OF REGISTRATION CERTIFICATE: COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER N I hereby certify that this bond has been examined, cer tified as to validity, and approved by the Attorney Gen =ral of the State of Texas, and that this bond has been reg tered by the Comptroller of Public Accounts of the Stat= of Texas. WITNESS MY SIGNATURE AND SEAL this (SEAL) No. Comptroller of Public Acco n of the State of Texas FORM OF INTEREST COUPONS: ON 1, 19_ the CITY OF HUNTSVILLE, TEXAS, in the County of Walker, - 8- State of Texas, PROMISES TO PAY TO BEARER the amount shown on this interest coupon, in any coin or currency which such date is legal tender for the payment of debts due he United States of America, without exchange or colleotio charges to the bearer, upon presentation and surrender this coupon, at The Huntsville National Bank, Huntsvill Texas, or, at the option of the holder, at the First Na Tonal Bank, Huntsville, Texas, said amount being interest due that date on the bond bearing the number hereinafter designa ed of that issue of City of Huntsville, Texas, Waterworks :nd Sanitary Sewer System Revenue Bonds, Series 1974, dated December 1, 1974. The holder hereof shall never have t e right to demand payment of this obligation out of any f nds raised or to be raised by taxation. Bond No. Mayor City Secretary SECTION 6: MARKET OPINION AND CUSIP NUMBERS: The approving opinion of Vinson, Elkins, Searls, Connally & Smith, Houston, Texas, and Cusip Numbers may be printed on the backs of the Bo ds, but errors or omissions in such opinion or errors or om scions of such numbers shall no effect whatever on the valid it of such Bonds. -9- SECTION 7: DEFINITIONS: That, as used in this ordinance, the following terms shall mean and include, and are defined, as follows, to -wit: (a) City - the City of Huntsville, Texas, and, wh re appropriate, the City Council thereof. (b) System - the waterworks and sanitary sewer sy•tem of the City, including all present and future extension additions, replacements and improvements thereto. (c) Net revenues - the gross revenues of the System less the reasonable expense of operation and maintenanc- of said System, including all salaries, labor, materials, repairs and extensions necessary to render efficient se'- vice, provided, however, that only such repairs and ex- tensions, as in the judgment of the City Council, reaso ably and fairly exercised, are necessary to keep the plant a utility in operation and render adequate service to the City and the inhabitants thereof, or such as might be necess -ry to meet some physical accident or condition which would otherwise impair the Outstanding Bonds, the Bonds and the Additional Bonds (said terms being hereinafter defined) shall be deducted in determining "net revenues." (d) Bonds - the Four Hundred Thousand Dollars ($401,000) Series 1974 Revenue Bonds authorized by this ordinance. (e) Outstanding Bonds - the outstanding bonds of t City's Waterworks and Sanitary Sewer System Revenue Bond (1) Series 1950, dated June 1, 1950; (2) Series 1960, dated -10- June 1, 1960; (3) Series 1965, dated June 1, 1965, and (4) Series 1970, dated December 1, 1970. (f) 1950 Ordinance - the ordinance adopted by th City Council on June 2, 1950, authorizing the issuance of t Series 1950 Bonds. (g) 1960 Ordinance - the ordinance adopted by th = City Council on April 27, 1960, authorizing the issuance of the Series 1960 Bonds. (h) 1965 Ordinance - the ordinance adopted by th = City Council on September 24, 1965, authorizing the issuanc= of the Series 1965 Bonds. (i) 1970 Ordinance - the ordinance adopted by th = City Council on January 12, 1971, authorizing the issuance •f the Series 1970 Bonds. (j) Additional Bonds - the additional parity reve'ue bonds that the City expressly reserves the right to iss a in the Bonds and in Section 10 of this ordinance. (k) Interest and Sinking Fund - the interest and sinking fund for the Outstanding Bonds, Bonds and Add it onal Bonds, which fund is established in Section 13 of the 1'50 Ordinance. (1) Reserve Fund - the reserve fund for the Outstanding Bonds, Bonds and Additional Bonds, which fund is establ shed in Section 14 of the 1950 Ordinance. (m) Contingencies Fund - the special fund for con'in- gencies, which fund is established in Section 15 of the 1950 Ordinance. SECTION 8: ADOPTION OF PROVISIONS OF 1950 ORDINANCE: That t e Bonds authorized by this ordinance shall be issued upon the erms and conditions contained in Section 9 to 25, both inci sive, of the 1950 Ordinance, and the designated portions of said 1950 Ordinance shall apply with equal force to the Bons hereby authorized as though such provisions were fully set forth herein; provided, however, that where said designated provisions of the 1950 Ordinance may be inconsistent or in conflict with the terms or provisions of this ordinance, then the terms or provisions of this ordinance shall go ern. The Bonds and the Outstanding Bonds are in all respects on a parity and of`equal dignity with one another. SECTION 9: 9.01 - ADDITIONAL PAYMENTS INTO THE INTEREST AND SINKING FUND: After the payment of all maintenance and operati.n ex- penses of the system as provided in Section 12 of the 150 Ordinance and in addition to the payment into the Inter and Sinking Fund required by the 1950 Ordinance, the 19h0 Ordinance, the 1965 Ordinance and the 1970 Ordinance an at the same time payments are made into said Interest and Sinking Fund under the provisions of said 1950, 1960, 1 "65 and 1970 Ordinances, on or before the 1st day of each m.nth, from moneys in the Revenue Fund, shall make the followi g deposits into the Interest and Sinking Fund: -12- On December 1, 1974, and continuing through May 1975, an amount not less than one -sixth (1/6) of the next maturing interest on the Bonds and one - sixth (1/6) of the next maturing principal of th Bonds, and Beginning June 1, 1975, and continuing until all o the Bonds have been paid an amount not less than one -sixth (1/6) of the next maturing interest on the Bonds and one - twelfth (1/12) of the next ma- turing principal of the Bonds. If in any month the City shall, for any reason, fail o pay into said Interest and Sinking Fund the full amounts -hove stipulated, the amounts equivalent to such deficiencies shall be set apart and paid into said Interest and Si ling Fund from the first available and unallocated revenues of the following month or months and shall be in addition to the amounts hereinabove provided to be otherwise paid 'nto said Interest and Sinking Fund each month. 9.02 - ADDITIONAL PAYMENTS INTO RESERVE FUND: Th ;t, in addition to the payments into the Reserve Fund require . by the 1950 Ordinance, the 1960 Ordinance, the 1965 Ordin ®nce and the 1970 Ordinance and at the same time payments a e made into said Reserve Fund under the provisions of sa d 1950, 1960, 1965 and 1970 Ordinances, the City, on or Before the 1st day of each month, beginning with the month of December, 1974, shall pay into the Reserve Fund each month an amount which is not less than $600.00 and such montly payments shall be continued until such time as there i• in the Reserve Fund (in addition to the balance of $14310 0 required to be in said Reserve Fund by the 1950, 1960, 1965 and 1970 Ordinances) a balance of not less than $36,00 -13- When said balance of not less than $36,000 is reached i the Reserve Fund, as above provided, then insofar as these :onds are concerned, no further payment need be made into sai Reserve Fund; however, in the event that the balance re quired to be in the Reserve Fund by this ordinance 1s e e reduced to an amount less than $36,000, the monthly pay ents as above provided, shall be resumed and continued until said balance of $36,000 is again reached and maintained. If in any month the City shall, for any reason, fail to pay i to said Reserve Fund the full amount above stipulated, amo nts equivalent to such deficiencies shall be set apart and .aid into said Reserve Fund from the first available and un- allocated revenues of the following month or months and shall be in addition to the amount hereinabove provided to be otherwise paid into said Reserve Fund each month. 9.03 - NO ADDITIONAL PAYMENTS REQUIRED FOR CONTING FUND: That, insofar as the Bonds of this issue are concerned, no additional payments need be made into the Contingent e Fund (other than the payments into said Contingencies F nd required by the 1950 Ordinance and the 1960 Ordinance). 9.04 - APPLICATION OF 1950 ORDINANCE: That, excep as provided herein, all the provisions of the 1950 Ordinance relating to the payment or deposit of moneys into the I terest and Sinking Fund and the Reserve Fund and to the maintenance of said Interest and Sinking Fund and said Reserve Fund shall apply to payments or deposits required by this ordinance and to the maintenance of said Interest =nd Sinking Fund and said Reserve Fund. -114- 9.05 - PARITY OF BONDS AND OUTSTANDING BONDS: Tha the Bonds and the Outstanding Bonds are, and shall be, in a respects on a parity and of equal dignity with one anot e SECTION 10: 10.01 - ADDITIONAL BONDS: That, in addition to inferior lien bonds authorized by Chapters 249 and 250, Acts of 51st Legislature of Texas, 1949, as amended, the City r serves the right to issue Additional Parity Bonds, in o e or more installments, and said Additional Bonds, when issu =d, may be secured by and payable from a first lien pn and pledge of the net revenues of the System in the same ma ner and to the same extent as are the Outstanding Bonds and he Bonds, and such Additional Bonds may in all respects be equal dignity with the Outstanding Bonds and the Bonds. 10.02 - SERIES 1950 AND SERIES 1960 UNMATURED: Whi any of the City's $600,000 Waterworks and Sanitary Sewer System Revenue Bonds, Series 1950, and the City's $350,0 Waterworks and Sanitary Sewer System Revenue Bonds, Seri 1960, remain outstanding and unpaid, the provisions of t Section 10.02 shall govern the issuance of the Additiona Bonds and the Additional Bonds may not be issued unless: (a) Each of the funds created by the 1950 Ordinanc contains the amount of money then required to be on depo therein under the provisions of the 1950 Ordinance, the 960 Ordinance, the 1965 Ordinance, the 1970 Ordinance and th ordinance. -15- (b) The net revenues of the System for each of three (3) twelve (12) calendar month periods next prec: ding the adoption of an ordinance authorizing the issuance Additional Bonds shall have been at least one and one - a (1 -1/2) times the maximum debt service requirement com ng due in any calendar year on the Outstanding Bonds, the Bonds, and such proposed Additional Bonds. "Net Earnings" as used in this Section 10.02 shall mean Net Revenues above defined but excluding therefrom all expenditures for capital items, (c) A competent independent engineer certifies i writing his opinion as to the annual expenses and into e and Net Earnings.of the System throughout the life of the ru standing Bonds, the Bonds, and Additional Bonds, and such opinion shows that the Net Earnings from the System will be at least two (2) times the average annual requirement the payment of principal and interest on the Outstandin Bonds, the Bonds, and Additional Bonds. (d) The Additional Bonds are made to mature on Ju e 1 in each of the years in which they are scheduled to mat 10.03 - SERIES 1950 AND SERIES 1960 BONDS MATURED: After the City's $600,000 Waterworks and Sanitary Sewer Syste Revenue Bonds, Series 1950, and the City's $350,000 Wat works and Sanitary Sewer System Revenue Bonds, Series 1 60, have matured and been retired, the provisions of Sectio 10.02 shall not apply. After the City's $600,000 Waterworks nd Sanitary Sewer System Revenue Bonds, Series 1950, and the -16- City's $350,000 Waterworks and Sanitary Sewer System R venue Bonds, Series 1960, have been retired, but while any o the City's Waterworks and Sanitary Sewer System Revenue Bo ds, Series 1965, Waterworks and Sanitary Sewer System Reve ue Bonds, Series 1970 and /or the Bonds remain outstanding and unpaid, the Additional Bonds may not be issued unless: (a) Each of the Funds created by the 1950 Ordinance and this ordinance contains the amount of money_then r =- quired to be on deposit therein, (b) The Net Revenues of the System for either of the following periods: the 12 -month period ending on the last day of the month preceding the month in which the bond ordin ance is adopted authorizing such Additional Bonds, or the then last preceding fiscal year (being the las completed fiscal year preceding the month in which the bond ordinance is adopted authorizing such Ad- ditional Bonds), were equal to at least 1 -1/2 times the average annual p in- cipal and interest requirements on all bonds payable the revenues of the System which will be outstanding of er the Additional Bonds then proposed to be issued are iss ed and sold and delivered. (c) An independent professional engineer registered under the laws of the State of Texas makes a projection of the income of the System during the life of all bonds p -yable from the revenues of the System then outstanding and th= Ad- ditional Bonds then proposed to be issued and such proj =ction shows that, in the engineer's opinion, the average annu Net Revenues of the System will equal at least 1 -1/2 ti e -17- the average annual principal and interest requirements of all bonds payable from the revenues of the System which l be outstanding after the Additional Bonds then proposed be issued are issued, sold and delivered. The term "Net Revenues" as used in this Section 10.0 shall mean all of the net revenues of the System (excludi g income received specifically for capital items) after ded c- tion of the reasonable expenses of operation and maintenance of the System (excluding expenditures for capital items). SECTION 11: FINANCIAL REPORT: That a copy of the financial repor required under Section 22 of the 1950 Ordinance shall be furnished to the original purchasers of the Bonds and to any holder of the Bonds who so requests. SECTION 12: SYSTEM AND REVENUES NOT ENCUMBERED: The City covenan s that neither the properties comprising the System nor the revenues of the System are in any way pledged or hypothe- cated except as the net revenues of the System are pledged to the payment of the Outstanding Bonds, the Bonds and the City's outstanding Waterworks and Sanitary Sewer System Junior Lien Revenue Bonds, Series 1973, dated April 1, 1973 ( "Junior Lien Bonds "); however, the lien on and pledge of the net revenues to said Junior Lien Bonds are in all respects junior and subordinate to the lien and pledge of said net revenues to the Outstanding Bonds and the Bonds. -18- ti SECTION 13: ARBITRAGE: The City certifies that based upon all facts, estimates and circumstances now known or reasonab expected to be in existence on the date the bonds are del v- ered and paid for, the City reasonably expects that the proceeds of the bonds will not be used in a manner that would cause the bonds or any portion of the ,Bonds.Xo be a "arbitrage bond" under Section 103(d)(2) of the Internal Revenue Code of 1954, as amended, and the temporary and proposed regulations heretofore prescribed thereunder,, •. including, without limitation, Sections 1.103 -13 and 1.103 -14 of the proposed regulations published in the Federal Register on May 3, 1973. Furthermore, all officer employees and agents of the City are authorized and direct =d to provide certifications of facts, estimates and circum- stances which are material to the reasonable expectations the City as of the date the bonds are delivered and paid for, and any such certifications may be relied upon by counsel, by the owners or holders of the bonds, or by any person interested in the exemption of interest on the bonds from Federal income taxation. Moreover, the City covenants that it shall make such use of the proceeds of the bonds, regulate investments of proceeds of the bonds, and take suc other and further action as may be required so that the bonds shall not be "arbitrage bonds" under Section 103(d) o the Internal Revenue Code of 1954, as amended, and regulatio s prescribed from time to time thereunder. -19- SECTION 14: SALE OF BONDS: That said Bonds, having been adverti =ed for sale in accordance with the provisions of Section 11. 6, Article XI of the Charter of the said City, and bids havi g been received this date pursuant to -said advertising, the bid submitted by �SS Secoi'l col -es L.Ot' !•Y3 ,cr to purchase said bonds at a price equal to the principal amount thereof plus unpaid accrued interest thereon from the date of said bonds to the date of actual delivery, plu a cash premium of $ 0 , 1's hereby found and determi ed to be the best bid received, and the sale of said ‘onds to said (-Russ SE c u ITS° (ov at said price, subject to the unqualified approving opinio of the Attorney General of the State of Texas and Vinson, Elkins, Searls, Connally & Smith, Houston, Texas, market attorneys, as to the legality of said Bonds is hereby auth rized, ratified, approved and confirmed. When said Bonds have been approved by said Attorney General and registered by the Comptroller of Public Accounts of the State of Texas, they shall be delivered to the purchaser upon receipt of th full purchase price. SECTION 15: APPROVAL AND REGISTRATION OF BONDS: That it shall be the duty of the Mayor to submit the record of the Bonds, and the Bonds, to the Attorney General of the State of Texa for examination and approval, and thereafter to have them registered by the Comptroller of Public Accounts of the State of Texas. -20- SECTION 16: DUTIES OF CITY OFFICERS: That the Mayor, the City Secretary, and other appropriate officials of the City are hereby authorized and directed to do any and all things necessary and /or convenient to carry out the provisions of this ordinance. SECTION 17: EFFECTIVE DATE OF ORDINANCE: That this ordinance sha'l take effect from and after its adoption, AND IT IS SO OR- DAINED. PASSED AND APPROVED this 12th day of November, 1974. ATTEST: City Secretary, City of Huntsville, Texas APPROVED: Mayor, City of Huntsville, T xas City Attorney, City of Huntsville, Texas (SEAL)