R-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
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Eacretaxy of the Town of Allen,
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EXECUTED UMM W IM and seal of said Town this the
day of Jump 1954.
Toren Becletary, TownX�� Bras.
(SEAL)