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Home My WebLink AboutR-2-6-54THE STATE OF TEXAS COURTY OF COLLIE TOWS OF ALLEN On this the a� 9 day of Jure, 1954, the Town Council of the Town of Allen, Texas, convened in Special Meeting, at the regular meeting place, with the following members present, to -wit: Mr. V. B. Watson, Mayor, 0. E. Lynge, T. H. Cundiff, Glenn Butler, Aldermen E. L. Leach, W. E. Ford, t A. C. Story, Town Secretary, with the following absent: �2'A Q constituting a quorum of the City Coueeii, at which time the following proceedings were had: Alderman introduced a resolution and made a motion that it be adopted. The motion was seconded by AldermaaAL.. The motion carrying with it the adoption of the resolution prevailed by the following vote: AYES: Aldermen Lynge, Cundiff, Butler, Leach and Ford and Mayor Watson. BOSS: Bone. The resolution as passed is as follows: RESOLUTION AUTHORIZING THE MAKING OF A CONTRACT WITH REFERENCE TO THE DEPOSIT AND DISBURSEMENT OF FUNDS RECEIVED FROM THE SALE OF TOWN OF ALLEN, TEXAS, WAT=MKS SYSTEM REVENUE BONDS, SERIES 1954 AND WATERWOR= (TAX SUPPORTED) BOND76, SERIES 1954. WHEREAS, the Town Council of the City of Allen, Texas, has passed ordinances authorizing the issuance of Town of Allen Waterworks System Revenue Bonds, Series 1954, $55,000.00, and Waterworks System Tax Bonds, Series 1954, $25,000.00; and WHEREAS, for reasons stated in the form of contract hereinafter prescribed, the contract should be entered into between this Town and the purchasers of said bonds with reference to the deposit and the disbursement of funds derived from the sale of said bonds, ALL®, TEXAS: BE IT RESOLVED BY TAE TOWN COUNLIL OF THE TOWN OF 1. That a contract be entered into between the Town of Allen and the purchaser of the Town of Allen, Texas, Waterworks System Revenue Bonds, Series 1954, in substantially the following form: TMS AdMMORT entered into on this the day of Dims, 1954, between the Town of Allen, Collin County, Tess, hereinafter called "TONS" sed M. A. EsEberg end Co., Inc., of Dallas, Tessa, hereinafter called "0' O—Op" SEA the Central Rational beak, McKinney, Texas, hereinafter celled »111W i WITRESHETEt WHEREAS, on the 7th day of June, 1954, the Town Council of the Town of Allen, Taxes, passed me ordlnanne authorising the issuance of $55,0DO•00 of Town oiAllen, Texas, Iaterworks system Revenue Bonds, series 1954, dated Jun 1, 1954, for the purpose of purcbmeing, improving and extndIng a waterworks system for said Town; and WHEREAS, add bonds ars payable solely from the not revenues of such Weterwrks System, and the purchaser of said Bonds and the subsequent holders thereof should be assured of the application of the peoneeds of the bends eel the proceeds of the tax supported bands hereinafter mentioned to the saatawOlated imlemvanents and extension in accordance with Sound engineer- ing and sowomic Practice to the and that the net revenues will be sufficient to PW $aid Revem10 Bonds; and 400"0, the company hes SV**d to purchase the $55,000•W of Remoras Dow" an the condition that a portion of the proceeds from the rale thnmof oA the proceeds of the Town of Allen Naterwarks System Tax Bonds, Series 1954, dated ,isms 1, 1954, $25,000.00, will be deposited in a special fund and AlArsm�eed as provided in this Agreement; IT I9 ADR® � TOO PARTIES BERM AS P07 Mt sale of the two issues of Bonds above 608W be6 will be deposited in the Bank in a find to be called "Taw of Allen, TOxay Watsrwrks System Construction Fund. II. The Bent agrees to snares Such fund w required by law for securing public funds by pledging direct obligations of the United States I. $ 44,300.00 of Priasipal amount received from the sale of the two issues of Bonds above 608W be6 will be deposited in the Bank in a find to be called "Taw of Allen, TOxay Watsrwrks System Construction Fund. II. The Bent agrees to snares Such fund w required by law for securing public funds by pledging direct obligations of the United States Qo"wwsst is the aaovat always equal in market value to the total amount of said 7aad aid further agrees to deliver said securities to the Bank, Texas, to be held by it subject to the order and for the account of the Bank and the Tow in accordance with the terms and conditions of this Agreement. M. It is bather agreed that the Bank shall from time to time, if and when the occasion arises, have the right to withdrew all or any of smah securities at may time by substituting other United States obligations of equal value. Also it is understood and agreed that the Bank shall from ties to time have the right to withdrew such ®count or amounts of the securities pledged to the extent that the market value of such securities exceeds the amount on deposit in said Fund, and it is further understood that the Bank is not to pay interest on any of said funds so deposited or which may come Into the possession of the Bank chlor this Agreement. IV. The Town agrees that it will not disburse any money from amid fund except in payment of claims for Improvements and extensions of the Matersarks System approved by Koch b Fowler, Consulting Engineers for the Tom, and by the Tow Council, as hereinafter provided. In the event Koch a Fowler shall cease to act as Consulting Engineers prior to the completion of such construction, the Town will employ another Engineer approved by the Cospargr. The term "Engineers" as used in this contract shall mean Koch a Fowler or an Ingiwer subsequently employed by the Tow Council will the approval of the Cayagy. The Engineers shall be the agent and employee of the Town only. Y. The Engineers shall approve claims for material furnished only to the extent that such material has been furnished and delivered to the City. They shall approve claims for contract work and other work in as amount not in excess of the value of the work to the Tam at the time of the approval of the claim. In approving claims, the Engineer shall certify to the Sava that the material has been delivered to the Town, or that the wrk performed down to the date of claim is at least as much in value as the aimant of the Claim. In the purchase of land or easements, the mgiasers need only to certify that such land or easement is necessary for the construction of the improvements or extensions. 'rhe Toon Council shall approve only such claims as are approved by the Engineers end then only if it finds that the Engineers' certificates are correct. Vi. After approval of claim by the &WInsers and the Town Council, as above provided, the bfsyor and the Twn Secretary sball issue @becks against said Fund for the payment of such Claims, and it is expreasly egramd that no checks shall be issued against said fiord except for the payment of oiaioa so approved. Said checks shall be signed by the I$yc' ani ?own, Reeoetery end be countersigned by the Engineers. VII. After the Completion os the improvements and extensions Of the System, and after the engineers have Certified satisfwvory completion tbereo:, the remainder in amid Fund, if any, myr be transferred to the Interest and Sinking Fund of the teat bond issue and the Rnargency Fund of the Revenue How issue in proportion to the amounts of said issues. VIII. The Rank agrees that it Will pay uo money out of said Fund apt upon checks signed by the aayor aral. 'ZOWU Secretary and countersigned the Engineers. IX. This agreement is nada on bebal3 of the purebseer of the e Honda above described aml the subsequent holders thereof, and all went holders oi' said bonds shall be entitled to aLl rights and, remedies this contract the same as though they Were originally named parties IE WITNESS F7BR W# the Parties bereto have caused this Instrument to be executed by their duly authorised officers and attested ander the hand and seal of their respective duly authorised officers. BY ?*YW ATTEST: town Secretary M. A. HAGBM(; i CO., INC., BY CEWMAL NATICM EAW BY President. h� 2. That said contract shell be signed by the Msyor on behalf of the Tovn, and stall be attested by the Toon Secretary, and the Corporate seal of this City shall be impressed thereon. ADOPTED AND APPROVED this the day of June, 1954. Mayor, Town of , eras AT2=t �-i�Ys own of , Teras THE STATE OF TEXAS COUNTY OF COLLIN TOWN OF ALUM I, the undersigned, Town Secretary of the Town of Allen, Texas, do hereby certify that the above and foregoing is a true, full and correct copy of a resolution adopted by the Town Council of the Town of Allen, Texas (and of the minutes pertaining thereto) on the _;;,A _day of June, 1954, authorizing the making of a contract with reference to the deposit and disbursement of funds received from the sale of Town of Allen, Tax". Waterworks System Revenue bods, Series 1954, and Waterworks (Tax Supported) Bonds, Series 1954, which resolution is of record in the minutes of the Town Council. EXECUTED UNM MY HAND and seal of said Town, this the 'G ydav of June, 1954. Town Secretary, Tam of n, Texas (WL) TIM STAR& OF T ' COUNTY OF COLL33 TOWN OF ALLEN I, the undersipneGo Texas, do hereby certify that the fQ expense of the Waterworks Systsa,(wh for the put five years:. - YEAR EWIRO Imm 0 jx`34 i z31- So . S33y.4f � f-3/ J'2 s•j'IO�S'G I Eacretaxy of the Town of Allen, iv is a schedule of the income and owned by 114,(E, 66&471,0 ) f / l �n r,�trmP-o1g.2G k EST RWMW 3J2. "Ik' (S ZD,)T 36 OZ V° 2 2 Gt- S'3 , 33lrf`37 2 a S'iiY EXECUTED UMM W IM and seal of said Town this the day of Jump 1954. Toren Becletary, TownX�� Bras. (SEAL)