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HomeMy WebLinkAboutOrdinance 0267 : w' e e . .' . ORDINANCE NO. 267 AN ORDINANCE APPROVING A RESOLUTION BY TRINITY RIVER AUTHORITY OF TEXAS AUTHORIZING THE ISSUANCE OF TRINITY RIVER AUTHORITY OF TEXAS (WALKER- CALLOWAY PROJECT) REVENUE BONDS, SERIES 1969-B, $80,000 THE STATE OF TEXAS COUNTY OF TARRANT CITY OF NORTH RICHLAND HILLS WHEREAS, this City has heretofore entered into a contract with Trinity River Authority of Texas (herein called ,. "Authority"), dated as of the 18th day of April, 1969 (herein called "Contract"); and , j ~ WHEREAS, pursuant to the Contract, Authority has issued its revenue bonds for the purpose of providing facil- ities to render sewage disposal services for this City; and WHEREAS, Authority proposes to issue completion bonds, as permitted and provided for in the Contract; and WHEREAS, this City should approve the Resolution of Authority which will authorize such bonds; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS: 1. That the Resolution of Authority, attached hereto and made a part hereof, ~hich will be adopted on July 18, 1969, authorizing revenue bonds for the purpose of providing facilities to provide sewage d~sposal services for this City, is hereby in all things approved. 2. That the tax heretofore levied by this City ;1 , Council to provide funds to make payments due under the .... Ii ¡: Contract is hereby ratified and affirmed and is hereby .. relevied. As is provided in the ordinance passed on April 14~ 1969, levying said tax, each year while the Contract is . e e e Ii in force and ef~ect, the City Council shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of the City, with full allow- ances being made for tax deficiencies and costs of tax ~ 1 collections, which will be sufficient to raise and produce the money required to make payments due under the Contract, and said ad valorem tax shall be assessed and collected each Ii such year and used only for the purpose for which it is levied. ;> -------------------- i! r I: II :1 I I: .' . " ,j Ii Ii Ii I! c ;: ¡; I' i¡ " I' I' I' d ,; :\ :1 " ¡: r .... '. i; I . ,. e ,¡ il \\ " '! :J :¡ I: í! , " :¡ " ;i I ~ , 11 Ii e '¡ ;¡ ¡ ¡i ii ' ! Ii >1 e 1\ Resolution No. R-42 RESOLUTION DIRECTING THE ISSUANCE OF TRINITY RIVER AUTHORITY OF TEXAS REVENUE BONDS (WALKER- CALLOWAY PROJECT), SERIES 1969-B; PRE- SCRIBING THE FORM AND TERMS OF SAID BONDS; PROVIDING FOR THE SECURITY AND PAYMENT THEREOF; AND RESOLVING OTHER MATTERS RELATING TO THE SUBJECT 0 WHEREAS, on April 18,1969, the Board of Directors of Trinity River Authority, of Texas adoptgd a resolution (herein called "1969-A Bond Resolution") directing the issuance of Trinity River Authority of Texas (Walker-Calloway P~oject) Revenue Bonds, Series 1969-A, in the amount of $385,000; and WHEREAS, said Bonds were approved by the Attorney General, registered by the Comptroller of Public Accounts of the State of Texas, sold and delivered; and WHEREAS, it is necessary to issue additional bonds to provide funds for the completion of the Trunk ¡ ~ I, ,¡ !\ Sewers as described in the 1969-A Bond Resolution; !, I ¡¡ ¡' ;j ¡¡ 'Í I¡ " BE IT RESOLVED BY THE BOARD OF DIRECTORS OF TRINITY RIVER AUTHORITY OF TEXAS g AUTHORIZATION OF THE BONDS ii ,! Ii i¡ ¡i To provide funds for the completion of the Trunk- Sewers, there shall be issued negotiable bonds designated \i . "Trinity River Authority of Texa's (Walker-Calloway Project) Revenue Bonds, Series 1969-B" in the amount of ~ ¡ i: II !: ¡¡ !: ~¡ $80,000. Said Bonds constitute "Completion Bonds" as defined and permitted by Article VII of the 1969-A Bond Resolution. Said Bonds shall be issued in the manner and with ~ the security hereinafter provided. '. 1 . ·- . e e e ARTICLE I DEFINITION OF TERMS Section 1.01. In each place throughout this " , Resolution wherein the following terms, or any of them, are used, the same, unless the context shall indicate another or different meaning or intent, shall be construed and are intended to have meanings as follows~ '\ ¡1 (a) "Authority" means Trinity River Authority of Texas and any other public body or agency at any time succeed- ; ing to the property and principal rights, powers, and obliga- tions of said Authority. (b) "Resolution" means this resolution and any amendments hereto. H ! Ii Ii Ii (c) "Certified Public Accountant" means any certi- fied public accountant, licensed public accountant or firm il Ii ¡ ~ \1 ¡i of such public accountants of suitable experience and quali- " ;j fications, not regularly in the employ of the Authority, J' Ii r! I: ;j .' seleéted by the Authority. (d) "City" means the City of North Richland Hills, Texas. U Ii (e) "Act" means Chapter 518, Acts of the Fifty- i :1 ¡, Ii Fourth Legislature of the State of Texas, as amended. (f) "Trunk Se~ver s" or "System" means the fac ilit ies :1 Ii ¡: t! of Authority to be constructed with proceeds of the Bonds for . ~ ,I receiving, transporting and disposing of sewage and industrial ¡; Ii Ii !I ,¡ I I, ~ 1 ¡! ¡I ¡¡ if I' ~ ! waste originating from the City, together with such extensions, énlargements and modifications as may be feasible in the future ... and as may be necessary to comply with requirements of regula- tory agencies of the State of Texas and the United States of 2 !ì I ¡i I I I í \ I í I ¡ I \ I í ! i 1-· I - e e e America. (g) "Board of Directors" or "Board" means the Board of Directors of the Authority. (h) "Independent Consulting Engineer" means the Enginèér or engineering firm or corporation at the time employed by the Authority under the provisions of Section 5.13 of this Resolution. '" (i) "Fiscal Year" means each twelve month period beginning December 1 of each year. (j) "Depository" means the bank or banks which the Authority selects (whether one or more), in accordance with law, as its depository. (k) "Contract" means the contract between the " Authority and the City of North Richland Hills, Texas, dated as of April 18, 1969. . (1) "Bond" or "Bonds" means the bonds authorized by this Resolution. (m) "Paying Agent" means The Fort Worth National Bank, Fort Worth, Texas, or its successor. ARTICLE· II FORM, EXECUTION AND DELIVERY OF BONDS Section 2.010 THE BONDSo The Trinity River Authority "i of Texas (Walker-Calloway Project) Revenue Bonds, Series 1969-B, shall be issued in the amount of $80,000, dated April 15, 1969, numbered from 1 through 16, of the denomination of $5,000 each, '" and mature on April 15 in each of the years as follows: d 3 ,. !i i e e e ,'. .9 YEARS AMOUNTS YEARS AMOUNTS 1974 $10,000 1978 $10,000 1975 10,000 1979 10,000 1976 10,000 1980 10,000 1977 10,000 1981 10,000 Section 2.03. INTEREST 0 The Bonds of this Series shall bear interest from their date, until maturity, at the following rates: Bonds maturing 1974 through 1981 ------ 6-1/4% per annum; Bonds maturing 19 - through 19 - ------ % per annum.. Such interest shall be evidenced by attached coupons due April 15, 1970, and semi-annually thereafter on October 15 and " April 15 of each year. The Bonds and the interest thereon shall be payable in lawful money of the United States of America, without ex- change or collection charges to the holder thereof, at The Fort Worth National Bank, Fort Worth, Texas, which place shall ,be the paying agent for said Bonds. ¡, ¡. Section 2.04. FORM 0 The Bonds, the Certificate of the Comptroller of Public Accounts to appear thereon, and the ! '. , ~ . interest coupons shall be in substantially the following form: (FORM OF BOND) UNITED STATES OF AMERICA STATE OF TEXAS TRINITY RIVER AUTHORITY OF TEXAS (WALKER-CALLOWAY PROJECT) REVENUE'BOND SERIES 1969-B NOo $5,000 Trinity River Authority of Texas', a governmental agency and a body politic and corporate and a political sub- division of the State of Texas (herein called "Authority"), for value received hereby promises to pay to bearer, out of revenues hereinafter specified, on the 15th day of April, 19_, the sum. of '. 4 " ~ ~ ." . e e e FIVE THOUSAND DOLLARS and to pay intere~t thereon at the rate of 6-1/4% per annum. Said interest shall be evidenced by coupons payable April 15, 1970, and semi-annually thereafter on October 15 and April 15 of each year, until the principal shall be paid. Both princi- pal and interest are payable in lawful money of the United States of America, upon presentation and surrender of bond or proper coupon as they severally become due,·at The Fort Worth National Bank, Fort Worth, Texas (herein called 1fpaying Agent"), without exchange or collection charges to the holder her~of. This bond is one of a duly authorized issue of bonds of like date and tenor except as to number and maturity, numbered from 1 through 16, of the denomination of $5,000 each, aggregating $80,000, issued by Trinity River Authority of Texas for the purpose of providing funds for the construction of facilities to provide sewage disposal services for the Çity of North Richland Hills, Texas. As used hereinafter, "Series 1969-13 Bonds" means this Series of bonds. The Series 1969-B Bonds are authorized by a resolution (herein called 1'1969-B Bond Resolution") of the Board of Directors of the Authority. The Authority has outstanding Trinity River Authority of Texas (Walker-Calloway Project), Series 1969-A ("Series 1969=A Bonds"), authorized by a resolution (which resolution is herein called "1969-A Bond Resolution"), and has reserved the right, under conditions specified in the 1969-A Bond Resolution, to issued additional bonds, including Completion Bonds as therein " defined, which will be on a parity with the Series 1969-A Bonds. The Series 1969-B Bonds constitute an issue of such Completioh ï Bonds, and the Authority reserves the right to issue additional ". 5 .". " e e e i bonds for completion purposes, as well as for improvement purposes as provided in the 1969-A Bond Resolution. As used hereinafter, "Bonds" means the. Series 1969-A Bonds and the Series 1969-B ,¡ .1 Bonds. The AutAority and the City of North Richland Hills, Texas, have entered into a contract (herein called "Contract") ; '1 under which the Authority will supply sewage disposal services to sa:Ld. ,City. In the Contract said City has unconditionally agreed to pay the Authority an amount equal to the sum of the amount of the Bonds and the interest thereon as they become due and the fees of the Paying Agent, and to pay the Authority the amount of maintenance and operation expenses as defined in the Contract. The Contract is dated April 18, 1969. For the purpose of providing for the payment and security of the Bonds, the Authority has pledged payments to be received by the Authority under the Contract. The Series I·, " ¡ 1969-B Bonds constitute a first lien on such pledged r~venues on a parity with the lien of the Series 1969-A Bonds. Such pledge of r~venues and income is fully set forth in the 1969-A Bond .Resolution and the 1969-B Bond Resolution. Reference is made to the said Bond Resolutions for a description of the revenues and funds charged with and pledged to the payment of the interest! I on and principal of the Bonds, the nature and extent of the ! ¡ ¡ security thereof, and a statement of the rights, duties, and obligations of the Authority and the right of the holders of the Bonds, to all the provisions of which "the holder hereof, by i; the acceptance of this Bond, assents. \; j The Resolution provides that, to the extent and in the manner permitted by the terms of the Resolution, the ... Resolution may be amended with the consent of the holders of at " least two-thirds in principal amount of all outstanding Bonds, 6 I " r , . e e e provided that no amendment shall: (a) Make any change in the maturity of the Bonds; (b) Re'duce the rate of interest borne by any of the Bond s ; (c) Reduce the amount of the principal payabLe on the Bonds; (d) Modify the terms of payment of principal of or interest on the Bonds, or any of them, or impose any conditions with respect to such payment; (e) Affect the rights of the holders of less than '" all of the outstanding Bonds; (f) Change the minimum percentage of the principal amount of Bonds necessary for consent to such amendmen t . q ~q The ~-A Bond Resolution provides for the creation of an Interest and Sinking Fund and fòr the payment into said ! Fund of a sufficient amount to pay the interest on and 'the principal of the Bonds as the same become due and payable, and provides for the creation of a Reserve Fund for such purpose. The revenues under the Contract (other than those " for maintenance and operation) and the special funds so pro- .! vided have been and are hereby pledged to and charged with the payment of the interest on and tne principal of the Bonds, without preference, priority or distinction as to lien or' otherwise of any Bond over any other Bond. Under the terms and conditions as provided in the Resolution, the Authority reserves t~e right to issue completion bonds, additional improvement bonds and refunding bonds which .., will be on a parity with the Bonds of this issue and which will be pa~able from revenues under the Contract and any amendments 0. thereto. 7 I '. -, e e e '! The date of this Bond in conformity with the Resol- ution above mentioned is April IS, 1969. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws " of the State of Téxas to happen, exist and be performed precedent to and in the issuance of this issue of Bonds, the adoption of the Resolution, the making of the Contract and j the pledge of said revenues and funds have happened, exist and have been performed as so required. IN WITNESS WHEREOF, Trinity River Authori.ty of Texas has caused this Bond to be signed by the imprinted or litho- graphed facsimile signature of the President of the Authority , .' and attested by the facsimile signature of its Secretary and the corporate seal of the Authority to be duly impressed, or printed, or lithographed on this Bond, and has caused the coupons hereto attached to be executed with the facsimile sig- Ii j natures of said officials. President ATTEST: Secretary j I , (FORM OF COUPON) NOo $ ON THE 15TH DAY OF , 19_ Trinity River Authority of Texas will pay to bearer, out of revenues specified in the Bond to which this coupon is attached, at The Fort Worth National Bank, Fort Worth, Texas, without exchange or collection charges .to the owner or holder hereof, the sum shown on this coupon, in lawful money of the ..... : United States of America, for interest then due on its Trinity 0. River Authority of Texas (Walker-Calloway Project) Revenue Bond, 8 : ~ , . e e e I· ,j \; u r, ~ ¡ I, ! " " I: I: II I' Ii il n 'I 'I \. " I' ,j I' ,I " ,: ¡; ~ q !1 II / Ii II II ,I .¡ Ii ,/ jl ,I ~ ' !I ;, !\ n ,. i! ¡1 ;1 " !i " ; ~ ,¡ I' 1\ :1 ¡1 !I ìì Serie5 1969-B, dated April 15, 1969, numbered President ATTEST: Secretary (FORM OF STATE COMPTROLLER'S CERTIFICATE) OFFICE OF COMPTROLLER . . STATE OF TEXAS I HEREBY CERTIFY that there is on file and of fecord in my office a certificate of the Attorney General of the State of Texas to the effect that this Bond has been examined by him as required by law, and that he finds that it has been !, issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding special obligation of Trinity River Authority of Texas and that-the Contract therein mentioned is valid and has been approved, and said Sond has this day been registered by me. WITNESS MY HAND and seal of office at Austin, Texas, Comptroller of Public Accounts of the State of Texas I i j i ¡ , , I I I I Section 2.05. EXECUTION OF BONDS 0 The Bonds and interest coupons shall be signed by the imprinted or litho~ graphed facsimile signature of the President of the' Authority I . and attested by the facsimile ,signature of the Secretary of the Authority, and the official seal of the Authority shall be I " t affixed thereto, or a facsimile of such seal shall be printed ¡ or lithographed thereon. All facsimile signatures shall have' I I ,.. I 9 I " e e e If the same effect as though they were manual signatures. In case any officer whose signature or facsimile signature shall appear on any Bond or coupon shall cease to be such offi- cer before the delivery of such Bonds, such signature or facsimile signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Section 2.06. COMPTROLLER'S REGISTRATION 0 Before the delivery of the Bonds, there shall be endorsed on each of them a certificate of registration duly executed by or on behalf of the Comptroller of Public Accounts of the State of Texas. ,. Section 2.07. NEGOTIABILITY 0 The Bonds shall constitute negotiable instruments. Nothing contained in the Bonds or in this Resolution shall affect or impair the [. negotiability of the Bonds. I· ~ \ I Section 2.08. MUTILATED OR LOST BONDSo In case II ~ny Bond shall become mutilated or destroyed or lost, the Authority may cause to be executed and delivered a new bond of like date, number, maturity and tenor with appropriate interest coupons in exchange and substitution for and upon the cancellation of the mutilated Bond and its interest coupons, or in lieu of and in substitution for the Bonds and its coupons destroyed or lost, upon the holder's filing with the Authority evidence satisfactory ùQ it of such destruction or loss and, if the Authority shall so require, indemnity satisfactory to it, and upon paying all reasonable expenses and charges in connection with such exchange or substitution. ARTICLE III ADOPTION OF PROVISIONS OF SERIES 1969-A BOND RESOLUTION .... Articles III through IX of the 1969-A Resolution are '. hereby adopted and made a part hereof and shall be applicable 10 . . e e e :! to the Series of Bonds herein authorized except as altered ,or supplemented hereby. ARTICLE IV REVENUES AND APPLICATION THEREOF Section 4~01. The Interest and Sinking Fund and . the Reserve Fund created in the 1969-A Bond Resolution shall ¡: . ¡i constitute trust funds and shall be held in trust by the pay- ing Agent for the benefit of the holders of the Series 1969-A Bonds and the Bonds herein authorized. Section 4.02. PAYMENT BY CITYo In addition to the deposits to the Revenue Fund required by the 1969-A B9nd Resolution, all payments received by the Authority under the Contract shall be deposited in the Revenue Fund and dispersed from said Funq in the manner and at the times provided in the 1969-A Bond Resolution and as said resolution is supplemented herein. Section 4.03. PAYMENT OF PRINCIPAL AND INTEREST 0 The payment of interest on the Bonds for twelve (12) months from the date of the Bonds is provided for in Section 7.02 here= of. Not less than fifteen (15) days prior to October 15, 1970 and not less than fifteen (15) days prior to each April 15 and October 15 thereafter, in addition to the transfers required~y the 1969-A Bond Resolution, there shall be transferred from the ¡! ¡i '.Revenue Fund to the Interest and Sinking Fund sufficient money :to pay the next maturing principal and interest as it· is ,; " ;1 ¡:scheduled to come due on the Bonds herein authorized. J"r 'i !: ;i Section 4.04. PLEDGE. The Interest and Sinking I: , '¡Fund, the Reserve Fund and all income hereby required to be " .' ;, ',deposited into said Funds are hereby pledged for the payment artd ;,security of the Bonds herein authorized and the Series 1969-A ! Ii 'i ., 11 ,¡ " ¡ I \1 ... ..,,, . _... . . -~.- .. ~ ,~ -- - . . .: _. ...~ .. -.., .... .- ~ f" ! ! ¡ , ( ~ i , Bonds t ! '. I I ¡ , í ¡ 1 I , I '---- H '. . .. d iJ The Bonds herein authorized and the Series 1969-A " 4IÞ Bonds shall be on a parity and of equal dignity in all respectso ARTICLE V BUDGETS AND ACCOUNTING The Authority covenants that except for the pledge ,I :! :¡ ¡¡ " " , ¡, I! :' of revenues in the 1969-A Bond Resolution there is not nÐW out- standing and that the Authority will not at any time create or ¡ I " allow to accrue or to exist any lien upon the System, or any , part thèreof, or the revenues pledged herein to the payment of ;i ; ~ the principal of and interest on the Bonds and the Series 1969-A i¡ n Bonds, at any time derived from the operation thereof, or any ,. I' i\ of its funds, except as authorized by Article VII of the 1969-A I e .' Bond Resolution; that the security of the Bonds will not be ~ f !i impaired in any way as a result of any action or any non-action ;! , ,i on the part of the Authority, its Board of Directors or officers, or any thereof, and that the Authority has, and will, subject .to the provisions hereof, continuously preserve good and in- defeasible title to the System and each and every part thereof. '! :¡ I, Ii I ARTICLE VI .. Ii '\ Î! Completion Bonds and Improvement Bonds as provided in Article I! The Authority reserves the right to issue additional ': VII of the 1969-A Bond Resolution. ;; e ¡; " ¡J 'I I' r¡ iI ¡I ARTICLE VII APPLICATION OF BOND PROCEEDS , ,¡ 11 Section 7.01. Upon delivery of and payment for d I i: the Bonds, the bank at which such payment ~s made shall, in Ii Ii accordance with a letter to be written by the President of the n " Authority, remit the Bond Proceeds as ,follows: i¡ ~ I íj !j , ii "" 12 i j ~. I i ~ ! ! " I ., Section 7.02. INTEREST AND SINKING FUND 0 There e shall be deposited in the Interest and Sinking Fund an amount , sufficient to pay the interest scheduled to come due on the Bonds for twelve (12) months from the date of the Bonds. The amount so deposited shall be kept invested as provided in the 1969-A Bond Resolution. Interest and profits resulting' from ii ,; such investments shall be deposited in the Administrative and i Contingency Fund. I " !.j I I: Section 7.03. DEBT SERVICE RESERVE FUND. There il ;¡ P ¡i IÎ shall be deposited in the Debt Service Reserve Fund the amount of $10,766. This Fund shall be used to pay the , prine ipal of and interest on the Bonds at any time when there Ii H e is not sufficient money in the Revenue Fund to make the trans- fers to the Interest and Sinking Fund required by Section 4.03. i: ii Any money remaining in this Fund shall be used to pay the last j; I; I' ii maturing principal of and interest on the Bonds. I; ,i :¡ The Reserve Fund shall be invested and reinvested as ¡: ;' provided in the 1969-A Bond Resolution. Interest and profits n ;¡ :: resulting from such investments shall be deposited into the " Ii ~ Administrative and Contingency Fund. i; ;1 . " Ii Section 7.04. CONSTRUCTION FUND 0 After disbursements I, II ìl as provided in Sections 7.02 and 7.03, the remainder of the ~ I I¡ !I Bond proceeds shall be deposited in the Construction Fund. The e Construction Fund shall be subject· to and charged with a lien . in favor of the holders of the Bonds until said Funds are paid :: out as herein provided. The Depos itary sha.ll be required to I í' ~ secure the Construction Fund iri its possession by pledging I , :1 :; obligations of or obligations unconditionally guaranteed by the I ¡i United States; such obligations at all times shall be at leas~ Ii ii equal in value to the amount in the Construction Fund in its 'i ~: : possession. ¡ II ¡ ¡ I I ¡ ! I. i ! ì" " I! 11 n t': 13 ;, 1\ j' , iì 11 . .,,~. - ~;. ". '. , " . e e " ¡: II I 1\ ;1 )1 , ij " " I: d ¡I ¡I ,I . I' I, ¡I 1\ " " il H ¡: ~ ~ i! " Ii II e Ii , ì¡ " :1 ¡, !; " II ,I " " ----- ~ ¡~ I; n " Ii Ii !1 it .' I' ,I /, 11 L 'I I' " ;1 11 " ., ¡. :¡ II ¡ Section 7.05. INVESTMENT. Money in the Construction Fund shall be kept invested as provided in the 1969-A Bond !' Resolution. All ~nterest and profits from such investments 'I I iI Ii 1\ .¡ shall be deposited into the Construction Fund. Section 7.06. DISBURSEMENTS FROM CONSTRUCTION FUNDo (a) Money in the Construction Fund shall be subject " i! to disbursement by the Authority for payment of Project Costs :¡ ! Ii to be incurred in the construction of the System. [I bursements shall be made only upon checks stating the purpose ¡, II ¡i of the payment signed and countersigned by such officers of Such dis- the Authority as may from time to time be designated by ~he Authority by resolution, and duly certified to the Depositaries. Disbursements for payments to construction contractors and disbursements for construction material, supplies and equipment shall be approved by the Consulting Engineers. (b) "Project Costs" as used herein includes all con- struction costs and reconstruction costs as those terms are generally understood in standard accounting practice as applied to p~ojects of this nature, and without limiting the generality of the foregoing, it shall include purchase of equipment, property, rights in property, capitalized interest, costs of land, easements and rights of way, including damages to land and property, engineering, financing, financial consultants, administrative, auditing and legal expenses incurred in con- nection with the performance of this contract. The costs for engineering, financial consultants, administrative and legal , ¡ ¡ , I I I I to land and property, whenever accuring, adj udged under Artic"'le I;, i ¡ expense paid from bond proceeds incurred by the Authority shall be reasonable and at usual and customary rates. Damages Section 17 of the Constitution of Texas shall constitute a part \ '. 14 · e e - of Project Costs. After completion of the System, any residue remaining in the Construction Fund shall be deposited in the Interest and Sinking Fund or the Reserve Fund. ARTICLE VIII The Bonds authorized herein shall be fully secured by this Resolution and also by the 1969-A Bond Resolution, as provided by Section 7.05 thereof. ARTICLE IX APPROVAL AND DELIVERY; SEVERABILITY .. Section 9.01. APPROVAL AND REGISTRATION OF BONDSo That the proper officers of the Authority shall prepare and the Secretary of the Authority shall certify a complete ¡: 'i '! transcript of these proceedings, and such transcript shall thereupon be submitted to the Attorney General of the State of II Ii Texas for his examination with a request that he examine the ¡\ t! " same and approve the Bonds to be issued under the provisions of this Resolution, and no such Bonds shall be issued under I i! the terms of this Resolution unless and until the same shall ii have been approved by the Attorney General of the State of Ii Ii Texas and registered by the Comptroller of Public Accounts of , " the State of Texas as required by law. Upon registration of said Bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manu= ally sign the Comptroller's certificate of.registration prescribed herein to be printed on the back of each Bond, and ,I the seal of said Comptroller shall be ~ffixed to each of said Bonds. 15 ._--~------ .... t ¡ I ¡ ! i I I \ I ¡ I i ! I I·· I I · e - - ~ -__ I 11 Section 9.02. FURTHER PROCEDURESo That the officers, employees and a~ents of the Authority, 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 executed, acknowledge and deliver in the name and under the corporate seal and on behalf of the Authority all such instruments, whether or not herein , , " " mentioned, as may be necessary or desirable in order to carry .1 ,. out the terms and provisions of this Resolution and of the Bonds to be issued hereunder. , Section 9.03. REPEAL; SEVERABILITY. That all I: resolutions or parts thereof, or other corporate action of the Authority or of this Board of Directors, which in any manner or to any extent conflict with any provisions of this Resolution, shall be, and such other resolutions and corporate action are hereby expressly repealed and in case anyone or more of the provisions of this Resolution shall be held to be invalid or ineffective by any court of competent jursidiction as to any person or circumstance, the remainder hereof and the application of such provision or provisions of persons or circumstances other than those as to which it is held invaLid shall not be affected thereby. Section 9.04. SALE OF BONDS. The Bonds are hereby i' I, Ii sold to First Southwest Company, Dallas, Texas, at· a price of ~ ¡ 'I " par and accrued interest to date of delivéry. The Bonds shall ì: r ~ ;\ "i " i: be delivered to said purchaser promptly after approval thereof by the Attorney General and registration by the Comptroller of Public Accounts. ~ ¡~ 1" 16 \, ., ~'Jk e e . ~ ~ I, Îi ADOPTED AND APPROVED this the 18th day of July, 1969. President, Board of Directors, Trinity River Authority of Texas ATTEST: Secretary, Board of Directors, Trinity River Authority of Texas ". i '.' L , ! 17 I. I; " , -- -~-~-'- '. ...' ¡ ¡ ¡ t , ! ! .. I t I I r· 1 ! ¡ I I , .