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O-87-2283 - 3/31/1987Ordinance No 2283 CERTIFICATE FOR ORDINANCE THE STATE OF TEXAS COUNTY OF WILLIAMSON CITY OF ROUND ROCK We, the undersigned officers of said City, hereby certify as follows: 1. The City Council of said City convened in SPECIAL MEETING ON THE 31ST DAY OF MARCH, 1987, at the City Hall, and the roll was called of the duly constituted officers and members of said City Council, to -wit: Mike Robinson, Mayor Mike Heiligenstein, Mayor Pro Tem Joanne Land, City Secretary Glen T. King Pete Correa Trudy L. Lee Charles Culpepper Ronnie Jean and all of said persons were present, except the following absentees: (VIAE 1-1EILIcEmSTE10i 6,1EI)I1/4)1<frOc P&Th CbRkE4 thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS, AUTHORIZING THE EXECUTION OF A PURCHASE CONTRACT, DIRECTING THE REDEMPTION OF BONDS, APPROVING AN OFFICIAL STATEMENT ANIS THE EXECUTION OF AN ESCROW AGREEMENT was duly introduced for the consideration of said City Council and read in full. It was then duly moved and seconded that said Ordinance be passed; and, after due discussion, said motion carrying with it the passage of said Ordinance, prevailed and carried by the following vote: AYES: All members of said City Council shown present above voted "Aye". NAYS: None. 2. That a true, full and correct copy of the aforesaid Ordinance passed at the Meeting described in the above and foregoing paragraph is attached to and follows this Certifi- cate; that said Ordinance has been duly recorded in said City Council's minutes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said City Council's minutes of said Meeting pertaining to the passage of said Ordinance; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said City Council as indicated therein; that each of the officers and members of said City Council was duly and sufficiently notified offi- cially and personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said Ordinance • would be introduced and considered for passage at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose, and that said Meeting was open to the public and public notice of the time, place and purpose of said meeting was given, all as required by Vernon's Ann. Civ. St. Article 6252-17. 3. That the Mayor of said City has approved and hereby approves the aforesaid Ordinance; that the Mayor and the City Secretary of said City have duly signed said Ordinance; and that the Mayor and the City Secretary of said City hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Ordinance for all purposes. SIGNED AND SEALED the 31st day of March, 1987. ty Secretary Mayor SEAL ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS, AUTHORIZING THE EXECUTION OF A PURCHASE CONTRACT, DIRECTING THE REDEMPTION OF BONDS, APPROVING AN OFFICIAL STATEMENT AND THE EXECUTION OF AN ESCROW AGREEMENT THE STATE OF TEXAS COUNTY OF WILLIAMSON CITY OF ROUND ROCK WHEREAS, there are presently outstanding the following bonds of the following series or issues of bonds and certif- icates of obligation of the City of Round Rock (the "Is- suer") which are a portion of the Issuer's outstanding bonds and certificates of obligation, as follows: City of Round Rock, Texas General Obligation Bonds, Series 1980-A, dated September 1, 1980, now outstanding in the principal amount of $1,900,000 (the "Series 1980-A Bonds") maturing on August 1 of the years 1987 through 2000; City of Round Rock, Texas General Obligation Bonds, Series 1981-B, dated February 1, 1981, now outstanding in the principal amount of $2,645,000 (the "Series 1981-B Bonds") maturing on August 1 of the years 1987 through 2001; City of Round Rock, Texas Combination Tax and Revenue Certificates of Obligation, Series 1982, dated May 1, 1982, now outstanding in the principal amount of $560,000 (the "Series 1982 Certificates") maturing on August 1 of the years 1987 through 1997; City of Round Rock, Texas General Obligation Bonds, Series 1983, dated October 1, 1983, now outstanding in the principal amount of $2,750,000 (the "Series 1983 Bonds") maturing on August 1 of the years 1987 through 2000; City of Round Rock, Texas General Obligation Bonds, Series 1985, dated May 1, 1985, now outstanding in the principal amount of $725,000 (the "Series 1985 Bonds") maturing on August 1 of the years 1987 through 1998; City of Round Rock, Texas Combination Tax and Revenue Certificates of Obligation, Series 1985, dated May 1, 1985, now outstanding in the principal amount of $7,450,000 (the "Series 1985 Certificates") maturing on August 1 of the years 1987 through 2005; 1 City of Round Rock, Texas General Obligation Bonds, Series 1985-A, dated November 1, 1985, now outstanding in the principal amount of $12,150,000 (the "Series 1985-A Bonds") maturing on August 1 of the years 1987 through 2005; WHEREAS, the Issuer now desires to refund the Series 1980-A Bonds maturing August 1 of the years 1996 through 2000, aggregating $1,125,000 in principal amount, the Series 1981-B Bonds maturing August 1 of the years 1997 through 1999, aggregating $700,000 in principal amount, the Series 1983 Bonds maturing August 1 of the years 1994 through 2000, aggregating $2,025,000 in principal amount, the Series 1985-A Bonds maturing August 1 of the years 1996 through 2005, aggregating $8,825,000 in principal amount, the Series 1985 Bonds maturing August 1 of the years 1996 through 1998, aggregating $250,000 in principal amount, the Series 1982 Certificates maturing August 1 of the years 1993 through 1997, aggregating $335,000 in principal amount, and the Series 1985 Certificates maturing August 1 of the years 1996 through 2005, aggregating $5,425,000 in principal amount (collectively the "Refunded Bonds"); and WHEREAS, TEX. REV. CIV. STAT. ANN. art. 717k (Vernon), as amended (hereinafter "Article 717k") authorizes the Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof, and any other available funds or re- sources, directly with a place of payment (paying agent) for the Refunded Bonds, and such deposit, if made before such payment dates, shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Bonds; and WHEREAS, Article 717k further authorizes the Issuer to enter into an escrow agreement with any paying agent for the Refunded Bonds with respect to the safekeeping, investment, reinvestment, administration and disposition of any such deposit, upon such terms and conditions as the Issuer and such paying agent may agree, provided that such deposits may be invested and reinvested only in direct obligations of the United States of America, including obligations the princi- pal of and interest on which are unconditionally guaranteed by the United States of America, and which shall mature and bear interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payment or prepayment of the Refunded Bonds; and WHEREAS, MBank Round Rock or First City Bank of Dallas are the paying agents for the Series 1980-A Bonds, Series 1981-B Bonds and Series 1982 Certificates and First City National Bank of Austin is the paying agent for the Series 1983 Bonds, the Series 1985 Bonds, the Series 1985-A Bonds and the Series 1985 Certificates, and the Escrow Agreement hereinafter authorized constitutes an escrow agreement of the kind authorized and permitted by said Article 717k; and WHEREAS, the City Council of the Issuer deems it advisable to refund the Refunded Bonds in order to achieve a consolidation and restructuring of the debt service require- ments of the Issuer and a present value savings on the debt service requirements of the Issuer and to restructure the Issuer's cash flow; and WHEREAS, all the Refunded Bonds mature or are subject to redemption prior to maturity within 20 years of the date of the bonds hereinafter authorized; and WHEREAS, the Issuer deems it appropriate that the Series 1980-A Bonds be called for redemption on August 1, 1995, the Series 1981-B Bonds be called for redemption on August 1, 1996 (except for the Series 1981-B Bonds which mature on August 1, 2000 and August 1, 2001), the Series 1983 Bonds be called for redemption on August 1, 1993, the Series 1985 Bonds be called for redemption on August 1, 1995, the Series 1985-A Bonds be called for redemption on August 1, 1995, the Series 1982 Certificates be called for redemption on August 1, 1992 and the Series 1985 Certifi- cates be called for redemption on August 1, 1995. THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ROUND ROCK: Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bonds of the City of Round Rock (the "Issuer") are hereby author- ized to be issued and delivered in the aggregate principal amount of $22,550,000 FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND PART OF THE ISSUER'S OUTSTANDING TAX BONDS AND ITS OUTSTANDING COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION (all as described in the preamble hereto). Section 2. DESIGNATION, DATE, DENOMINATIONS, NUMBERS AND MATURITIES OF BONDS. Each Bond issued pursuant to this Ordinance shall be designated: "CITY OF ROUND ROCK, TEXAS GENERAL OBLIGATION REFUNDING BONDS, SERIES 1987," and initially there shall be issued and delivered hereunder fully registered bonds, without interest coupons, dated March 15, 1987, in the respective denominations and princi- pal amounts hereinafter stated, numbered consecutively from R-1 upward, payable to the respective initial registered owners thereof (as designated in Section 13 hereof), or to the registered assignee or assignees of said bonds or any portion or portions thereof (in each case, the "Registered Owner"), and said bonds shall mature and be payable serially on August 1 in each of the years and in the principal amounts, respectively as set forth in the following schedule: YEAR AMOUNT YEAR 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 $ 335,000 130,000 135,000 140,000 145,000 285,000 355,000 550,000 565,000 1,800,000 1997 1998 1999 2000 2001 2002 2003 2004 2005 AMOUNT $2,135,000 2,270,000 2,630,000 1,930,000 1,600,000 1,695,000 1,810,000 1,960,000 2,080,000 The term "Bonds" as used in this Ordinance -shall mean and include collectively the bonds initially issued and deliv- ered pursuant to this Ordinance and all substitute bonds ex- changed therefor, as well as all other substitute bonds and replacement bonds issued pursuant hereto, and the term "Bond" shall mean any of the Bonds. Section 3. INTEREST. The Bonds scheduled to mature during the years, respectively, set forth below shall bear interest from the dates specified in the FORM OF BOND set forth in this Ordinance to their respective dates of maturity, or redemption prior to maturity, at the following rates per annum: Said the Maturity Maturity Maturity Maturity Maturity Maturity Maturity Maturity Maturity Maturity 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 4.00% 4.25% 4.50% 4.75% 5.00% 5.20% 5.40% 5.60% 5.80% 6.00% Maturity 1997, 6.20% Maturity 1998, 6.40% Maturity 1999, 6.50% Maturity 2000, 6.60% Maturity 2001, 6.70% Maturity 2002, 6.80% Maturity 2003, 7.00% Maturity 2004, 7.00% Maturity 2005, 7.00% interest shall be payable in the manner provided and on dates stated in the FORM OF BOND set forth in this Ordinance. Section 4. CHARACTERISTICS OF THE BONDS. Registra- tion, Transfer, Conversion and Exchange; Authentication. (a) The Issuer shall keep or cause to be kept at the principal corporate trust office of MBank Austin, N.A., Austin, Texas (the "Paying Agent/Registrar") books or records for the registration of the transfer, conversion and exchange of the Bonds (the "Registration Books"), and the Issuer hereby appoints the Paying Agent/Registrar as its registrar and transfer agent to keep such books or records and make such registrations of transfers, conversions and exchanges under such reasonable regulations as the Issuer and Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such registrations, transfers, conversions and exchanges as herein provided. 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 circum- stances, all transfers of Bonds shall be made within three business days after request and presentation thereof. The Issuer shall have the_ right to inspect the Registration Books during regular business hours of the Paying Agent/Reg- istrar, 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, conversion, 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, conversions 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. An authorized representative of the Paying Agent/Regis- trar 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 conversion and exchange. No addi- tional ordinances, orders, or resolutions need be passed or adopted by the governing body of the Issuer or any other body or person so as to accomplish the foregoing conversion 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 pre- scribed 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 Article 717k-6, and particularly Section 6 thereof, the duty of conversion and exchange of Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of said Certificate, the converted 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 Ordin- ance, approved by the Attorney General, and registered by the Comptroller of Public Accounts. e (b) Payment of Bonds and Interest. The Issuer 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 Issuer and the Paying Agent/Registrar with respect to the Bonds. (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 transferred and assigned, (iii) may be converted and exchanged for other Bonds, (iv) shall have the characteristics; (v) shall be signed, sealed, executed and authenticated, (vi) shall be payable as to principal and interest, (vii) may be redeemed prior to their scheduled maturity (notice of which shall be given to the Paying Agent/Registrar by the Issuer at least 30 days prior to any such redemption date) and (viii) shall be administered and the Paying Agent/Registrar and the Issuer shall have certain duties and responsibilities with respect to, 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 Bonds initially issued and delivered pursuant to this Ordinance are not required to be, and shall not be, authenticated by the Paying Agent/Regis- trar, but on each substitute Bond issued in conversion of and exchange for any Bond or Bonds issued under this Ordi- nance the Paying Agent/Registrar shall execute the PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE, in the form set forth in the FORM OF BOND. (d) Substitute Paying Agent/Registrar. The Issuer covenants with the Registered Owners of the Bonds that at all times while the Bonds are outstanding the Issuer will provide a competent and legally qualified bank, trust company, financial institution, or other agency to act as and perform the services of Paying Agent/Registrar for the Bonds under this Ordinance, and that the Paying Agent/Reg- istrar will be one entity and shall be an entity registered with the Securities and Exchange Commission. The Issuer 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 Issuer coven- ants 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 Issuer. Upon any change in the Paying Agent/Registrar, the Issuer 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. Section 6. FORM OF BONDS. The form of the Bonds, including the form of Paying Agent/Registrar's Authentica- tion 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 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. FORM OF BOND UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF WILLIAMSON CITY OF ROUND ROCK GENERAL OBLIGATION REFUNDING BONDS SERIES 1987 NO. R - PRINCIPAL AMOUNT INTEREST RATE MATURITY DATE ORIGINAL ISSUE CUSIP NO. March 15, 1987 ON THE MATURITY DATE specified above, CITY OF ROUND ROCK, in Williamson County, Texas (the "Issuer"), being a political subdivision of the State of Texas, hereby promises to pay to (hereinafter called the "Registered Owner") the principal amount of and to pay interest thereon from March 15, 1987, on August 1, 1987 and semiannually on each February 1 and August 1 thereafter to the maturity date specified above at 7 the interest rate per annum specified above, or the date of redemption prior to maturity, at the interest rate per annum specified above; 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, how- ever, 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 presenta- tion and surrender of this Bond at maturity, at the princi- pal corporate trust office of MBank Austin, N.A., Austin, 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/Regis- trar on, and payable solely from, funds of the Issuer required by the order authorizing the issuance of 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 pre- paid, on each such interest payment date, to the registered owner hereof, at its address as it appeared on the fifteenth 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. Any accrued interest due at maturity as provided herein shall be paid to the registered owner upon presentation and surrender of this Bond for payment at the principal corporate trust office of the Paying Agent/Registrar. The Issuer covenants with the registered owner of this Bond that on or before each princi- pal payment date, interest payment date, and accrued inter- est 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 8 institutions in the city where the principal corporate trust office of the Paying Agent/Registrar is located are autho- rized by law or executive order to close, or the United States Postal Service is not open for business, 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, or the United States Postal Service is not open for business; 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 March 15, 1987, authorized in accordance with the Constitu- tion and laws of the State of Texas in the principal amount of $22,550,000 for the purpose of providing funds to refund part of the Issuer's outstanding City of Round Rock, Texas General Obligation Bonds, Series 1980-A, Series 1981-B, Series 1983, Series 1985, and Series 1985-A and City of Round Rock, Texas Combination Tax and Revenue Certificates of Obligation, Series 1982 and Series 1985. ON AUGUST 1, 1997 or on any interest payment date thereafter, the Bonds of this Series may be redeemed prior to their scheduled maturities, at the option of the Issuer, with funds derived from any available and lawful source, as a whole, or in part, and, if in part, the particular Bonds, or portions thereof, to be redeemed shall be selected by the Paying Agent/ Registrar and approved by the Issuer (provided that a portion of a Bond may be redeemed only in an author- ized denomination), at a redemption price equal to the principal amount to be redeemed plus accrued interest to the date fixed for redemption. AT LEAST 30 days prior to the date fixed for any redemption a written notice of such redemption shall be given to the Registered Owner of each Bond or a portion thereof being called for redemption by depositing such notice in the United States Mail, postage prepaid, addressed to each such Registered Owner at his address shown on the Bond registration books of the Paying Agent/Registrar. By the date fixed for any such redemption due provision shall be made by the City with the Paying Agent/Registrar for the payment of the required redemption price for the Bonds or the portions thereof which are to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If such written notice of redemption is given, and if due provision for such payment is made, all as provided above, the Bonds, or the portions thereof which are to be so redeemed, thereby automatically shall be redeemed prior to their scheduled maturities, shall not bear interest after the date fixed for their redemption, and shall not be regarded as being outstanding except for the right of the Registered Owner to receive the redemption price plus accrued interest to the date fixed for redemption from the A 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 authorized denomination or denominations, at the written request of the Registered Owner, and in aggregate principal amount equal to the unredeemed portion thereof, will be issued to the Registered Owner upon the surrender thereof for cancella- tion, at the expense of the Issuer, all as provided in the Bond Ordinance. ALL BONDS OF THIS SERIES are issuable solely as fully registered Bonds, without interest coupons, in the denomina- tion of any integral multiple of $5,000. Asprovidedin 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 principal amount of fully registered Bonds, without interest coupons, payable to the appropriate Registered Owner, assignee or assignees, as the case may be, having the same denomination or denominations in any inte- gral multiple of $5,000 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 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 integral multiple of $5,000 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 one requesting such conversion and exchange shall pay the Paying Agent/Registrar's reasonable standard or customary fees and charges for converting and exchanging any Bond or portion thereof. 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 foregoing notwith- standing, in the case of the conversion and exchange of a portion of a Bond which has been redeemed prior to maturity, as provided herein, and in the case of the exchange of an assigned and transferred Bond or Bonds or any portion or portions thereof, such fees and charges of the Paying 10 Agent/Registrar will be paid by the Issuer. The Paying Agent/Registrar shall not be required to make any such transfer, conversion, or exchange (i) during the period commencing with the close of business on any Record Date 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 30 days prior to its redemption date . IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer 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 Issuer, 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 Issuer, and have been pledged for such payment, within the limit prescribed by law. 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 Issuer, and agrees that the terms and provisions of this Bond and the Bond Ordinance constitute a contract between each Registered Owner hereof and the Issuer. IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the facsimile signature of the Mayor of the Issuer and countersigned with the facsimile signature of the City Secretary of the Issuer, and has caused the official seal of the Issuer to be duly impressed, or placed in facsimile, on this Bond. (facsimile signature) (facsimile signature) City Secretary Mayor (SEAL) 11 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 MBANK AUSTIN, N.A. Paying Agent/Registrar By Authorized Representative FORM OF ASSIGNMENT: ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer Identification Number of Transferee (Please print or typewrite name and address, including zip code of Transferee) the within Bond and all rights thereunder, 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: 12 NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. NOTICE: The signature above must correspond with the name of the registered owner as it appears upon the front of this Bond in every par- ticular, without alteration or enlargement or any change whatsoever. 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 of the State of Texas (COMPTROLLER' S SEAL) Section 6. TAX LEVY. A special Interest and Sinking Fund (the "Interest and Sinking Fund") is hereby created solely for the benefit of the Bonds, and the Interest and Sinking Fund shall be established and maintained by the Issuer at an official depository bank of the Issuer. The Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of the Issuer, and shall be used only for paying the interest on and principal of the Bonds. All ad valorem taxes levied and collected for and on account of the Bonds shall be deposited, as collected, to the credit of the Interest and Sinking Fund. During each year while any of the Bonds or interest thereon are out- standing and unpaid, the governing body of the Issuer 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 its Bonds as such principal matures; and said tax shall be based on the latest approved tax rolls of the Issuer, 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 13 Issuer 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 aforesaid Interest and Sinking Fund. 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. Section 7. 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 8, 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 for such payment (1) lawful money of the United States of America sufficient to make such payment or (2) Government Obliga- tions which 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, and when proper arrangements have been made by the Issuer with the Paying Agent/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 herein levied and pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such money or Government Obligations. (b) Any moneys so deposited with the Paying Agent/Reg- istrar may at the written direction of the Issuer also be invested in Government Obligations, maturing in the amounts and times as hereinbefore set forth, and all income from such Government Obligations received by the Paying Agent/Registrar which 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 Issuer, or deposited as directed in writing by the Issuer. (c) The term "Government Obligations" as used in this Section, shall mean direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which may be United States Trea- sury obligations such as its State and Local Government Series, which may be in book -entry form. 14 (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 Issuer shall make proper arrangements to provide and pay for such services as required by this Ordinance. Section 8. 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 Issuer 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 Issuer 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 fore- going 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 Issuer may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Bond) instead of issuing a replace- ment Bond, provided security or indemnity is furnished as above provided in this Section. (d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement bond, the Paying Agent/Reg- istrar 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 Issuer 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 15 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 Section 6 of Article 717k-6, this Section 9 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 Issuer 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 9. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS; BOND COUNSEL'S OPINION, AND CUSIP NUMBERS. The Mayor of the Issuer 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 Issuer's Bond Counsel and the assigned CUSIP numbers may, at the option of the Issuer, 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. Section 10. COVENANTS REGARDING TAX EXEMPTION OF INTEREST ON THE BONDS. (a) With respect to the Bonds and the facilities financed or refinanced with such obligations, either the "Trade or Business Test" or the "Security Inter- est Test" is not met, or both such tests are not met. (1) Trade or Business Test. The Trade or Business Test is met if more than 10 percent of the proceeds are to be used (directly or indirectly) for any "private business use" by any person other than a governmental unit. (2) Security Interest Test. The Security Interest Test is met if the payment of the principal of, or the interest on, more than 10 percent of the proceeds of 16 the Bonds is (under the terms of the Bonds or any underlying arrangement) directly or indirectly - (A) secured by any interest in - (i) property used or to be used for a private business use, or (ii) payments in respect of such prop- erty, or (B) to be derived from payments (whether or not to the Issuer) in respect of property, or borrowed money, used or to be used for a private business use. The term "private business use" means use (directly or in- directly) in a trade or business carried on by a person other than a governmental unit. For purposes of the preced- ing sentence, use as a member of the general public shall not be taken into account and any activity carried on by a natural person shall not be taken into account. All activi- ties of organizations subject to section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code"), the Federal Government (including its agencies and instrumentalities), and other nongovernmental persons who are not natural persons are treated as trade or business activities. (b) For purposes of the trade or business test, a person may be a user of bond proceeds and bond -financed property as a result of (1) ownership or (2) actual or beneficial use of property pursuant to a lease, a management or incentive payment contract, or (3) any other arrangement such as a take -or -pay or other output -type contract. Use on the same basis as the general public (including use as an industrial customer) is not taken into account. However, trade or business use by all persons on a basis different from the general public is aggregated in determining if the 10 percent limit is met. (c) For purposes of the trade or business test, use pursuant to management contracts not exceeding five years (including renewal options) is not treated as private business use if - (1) at least 50 percent of the compensation to any manager other than a governmental unit is on a periodic, fixed -fee basis; (2) no amount of compensation is based on a share of net profits; and 17 (3) the governmental unit owning the facility may terminate the contract (without penalty) at the end of any three year period. (d) For purposes of the security interest test, both direct and indirect payments made by any person (other than a governmental unit) who is treated as using the proceeds of the Bonds are counted. Such payments are counted whether or not they are formally pledged as security or are directly used to pay debt service on the Bonds. Similarly, payments to persons other than the Issue -r may be considered. Reve- nues from generally applicable taxes are not treated as payments for purposes of the"- security interest test; however, special charges imposed on persons -satisfying the use test (but not on members of the public generally) are so treated if the charges are in substance fees paid for the use of bond proceeds. (e) No more than 5 percent of the proceeds of the Bonds will be used for any private business use test that is not related to any governmental use of such proceeds. For this purpose, the term "related" means a use for a facility that is located within or adjacent to any governmental facility to which it is related. (f) No more than 5 percent of the proceeds of the Bonds will be used for any private business use that is disproportionate to the amount of such proceeds used for a related governmental use. The determination of whether a private use which is related to a government use also being financed with the bond proceeds is disproportionate to the government use to which such private use relates is deter- mined by comparing the amount of bond proceeds used for the related private and government uses. The related private use is disproportionate to the related government use to the extent it exceeds such use in amount. Multiple, related private use facilities for any government use are treated as one facility for purposes of this rule. (g) The trade or business test and security interest test are deemed to be met where 5 percent or more of the proceeds of the Bonds are used with respect to any output facility (other than a facility for the furnishing of water) and the amount of proceeds so used exceeds the excess of - (1) f - (1) $15 million, over (2) the aggregate amount of proceeds with respect to all prior tax-exempt issues 5 percent or more of the proceeds of which are or will be used with respect to such output facility (or any other facility which is part of the same project) . 18 There shall not be taken into account under subparagraph (2) above any bond which is not outstanding at the time of the later issue or which is to be redeemed (other than in an advance refunding) from the net proceeds of the later issue. (h) The amount of proceeds of the Bonds which are to be used (directly or indirectly) to make or finance loans to persons other than governmental units will not exceed the lesser of (a) 5 percent of such proceeds or (b) $5 million. (i) The Issuer will not take any action which would adversely affect the exemption from federal income taxation of the interest paid on the Bonds, including without limita- tion any action that would permit any of the Bonds to be treated as "private activity bonds" within the meaning of section 141 of the Code, or as "federally guaranteed" within the meaning of section 149(b) of the Code, and will take, or require to be taken, such acts as may be reasonably within its ability and as may from time to time be required under applicable law or regulation to continue to exempt from federal income taxation the interest on the Bonds, including the preparation and filing of any statements or information reports required to be filed by the Issuer in order to maintain the tax-exempt status of the interest on the Bonds. (j) The Issuer has not taken, has no present intention of taking any action and knows of no action taken or intended which would cause interest on the Bonds to be includable in the gross income of any bondholders for federal income tax purposes. Section 11. COVENANTS REGARDING ARBITRAGE. (a) A Rebate Fund is hereby established by the Issuer. Such Fund shall be for the sole benefit of the United States of America and shall not be subject to the claim of any other person, including without limitation the Registered Owners. The Rebate Fund is established for the purpose of compliance with section 148 of the Code. (b) At the close of each "Bond Year," the Issuer shall compute the amount of "Excess Earnings," if any, for the period beginning on the date of delivery of the Bonds and ending at the close of such "Bond Year" and transfer an amount equal to the difference, if any, between the amount then in the Rebate Fund and the Excess Earnings so computed. The term "Bond Year" means with respect to the Bonds each one-year period ending on the anniversary of the date of delivery of the Bonds. If, at the close of any Bond Year, the amount in the Rebate Fund exceeds the amount that would be required to be paid to the United States of America under paragraph (d) below if the Bonds had been paid in full, such excess may be transferred from the Rebate Fund and paid to the Issuer. 19 (c) In general, "Excess Earnings" for any period of time means the sum of (i) the excess of -- (A) the aggregate amount earned during such period of time on all "Nonpurpose Obligations" (including gains on the disposition of such Obligations) in which "Gross Proceeds" of the issue are invested (other than amounts attributa- ble to an excess described in this subparagraph (c)(i)), over (B) the amount that would have been earned during such period of time if the "Yield" on such Nonpurpose Obligations (other than amounts attributable to an excess described in this subparagraph (c)(i) had been equal to the yield on the issue, plus (ii) any income during such period of time attrib- utable to the excess described in subparagraph (c)(i) above. "Excess Earnings" will not include amounts, if any, which need not be taken into account under the special rules of section 148(f)(4)(A) and (B) of the Code relating to bona fide debt service funds and the six-month temporary invest- ment period. The terms "Nonpurpose Obligations," "Gross Proceeds" and "Yield" shall have the meanings prescribed by section 148 of the Code and shall be applied in the manner prescribed in such section. (d) The Issuer shall pay to the United States of America at least once every five -years an amount that ensures that at least 90 percent of the Excess Earnings from the date of delivery of the Bonds to the close of the period for which the payment is being made will have been paid. The Issuer shall 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 under section 148(f) of the Code as a result of Excess Earnings. (e) The Issuer shall keep such records as will enable the Issuer to fulfill its responsibilities under this section and section 148(f) of the Code and shall retain such records for at least six years following the final payment of principal and interest on the Bonds. (f) The Issuer will not use any portion of the pro- ceeds of the Bonds directly or indirectly to acquire "higher yielding investments," or to replace funds which were used directly or indirectly to acquire "higher yielding invest- ments." The term higher yielding investments means any 20 investment property (as defined in section 148(b)(2) of the Code) which produces a yield over the term of the issue which is materially higher than the yield on the issuer (as defined above). The foregoing limitation on higher yielding investments shall not apply to -- (1) proceeds of the Bonds invested for a reason- able temporary period of 3 years or less until such proceeds are needed for the purpose for which the bonds are issued, (2) amounts invested in a bona fide debt service fund if the gross earnings on such fund are less than $100,000 in any bond year, and (3) amounts in any reasonably required reserve or replacement fund which are (a) funded with the proceeds of the Bonds, and (b) not in excess of 10 percent of the proceeds of the Bonds. (g) The Issuer covenants to restrict the use of Bond proceeds in such manner and to such extent, as may be necessary, so that the Bonds will not constitute arbitrage bonds under section 148 of the Code and, to the extent applicable, section 149(d) of the Code (relating to advance refundings). Any authorized representative of the Issuer having responsibility with respect to the issuance of the Bonds is authorized and directed, alone or in conjunction with any other official, employee or consultant of the Issuer to give an appropriate certificate on behalf of the Issuer, for inclusion in the transcript of proceedings for the Bonds, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to section 148 of the Code and, to the extent applicable, section 149(d) of the Code. (h) The requirements of this Section are subject to, and shall be interpreted in accordance with section 148 of the Code. Section 13. SALE OF BONDS. The Bonds are hereby sold and shall be delivered to Prudential-Bache Capital Funding and Texas Capital Markets Incorporated (the "Underwriters"), at a price of $22,234,300 plus accrued interest thereon to date of delivery, pursuant to the terms and provisions of a Purchase Contract in substantially the form attached hereto as Exhibit B which the Mayor of the Issuer is hereby autho- rized and directed to execute and deliver and which the City Secretary of the Issuer is hereby authorized and directed to attest. It is hereby officially found, determined, and declared that the terms of this sale are the most advantageous reasonably obtainable. The Bonds shall initially be registered in the name of Prudential-Bache Capital Funding. 21 } Section 14. PURPOSE OF REFUNDING BONDS. The Issuer hereby finds that it is necessary to refund the Refunded Bonds in order to achieve a consolidation and restructuring of the debt service requirements of the Issuer and a present value savings on the debt service requirements of the Issuer and to restructure the Issuer's cash flow. Section 15. APPROVAL OF OFFICIAL STATEMENT. The Issuer 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 such Official Statement in the reoffering of the Bonds by the Underwriters in final form, with such changes therein or additions thereto as the officer executing the same may deem advisable, such determination to by conclusively evidenced by his execution thereof. Section 16. APPROVAL OF ESCROW AGREEMENT AND TRANSFER OF FUNDS. The Mayor of the Issuer is hereby authorized and Tirected to execute and deliver and the City Secretary of the Issuer is hereby authorized and directed to attest an Escrow Agreement in substantially the form attached hereto as Exhibit B. In addition, the Mayor is authorized to execute such subscriptions for the purchase of United States Treasury Securities, State and Local Government Series, as may be necessary for the Escrow Fund. In addition, offi- cials of the Issuer are directed, upon delivery of the Bonds, to transfer to First City National Bank of Austin, Austin, Texas as Escrow Agent under the Escrow Agreement from the funds on hand an amount necessary to purchase such investments, which amount shall be deposited in the Escrow Fund and used in accordance with the provisions of the Escrow Agreement. Section 17. NOTICE OF REDEMPTION. There is attached to this Order as Exhibit D and made a part hereof for all purposes a Notice of Prior Redemption of Bonds for the Refunded Bonds to be redeemed prior to stated maturity and such Bonds described on said Notice of Prior Redemption are hereby called for redemption and shall be redeemed prior to maturity on the date, place and at the price as set forth therein. Section 18. NOTICE TO PAYING AGENT AND REGISTERED OWNERS AND PUBLICATION. The Refunded Bonds described in Exhibit D attached hereto are so called for redemption and First City National Bank of Austin, Austin, Texas is hereby directed to make appropriate arrangements so that such Refunded Bonds may be redeemed at said bank named in the Notice of Redemption on the redemption date. A copy of such Notice of Prior Redemption shall be delivered to the paying agent bank so mentioned, and a copy of such Notice of Prior Redemption shall be published in a financial publication published in the City of New York, New York. 22 Section 19. SEVERABILITY. That the provisions of this Ordinance are severable; and in case any one or more of the provisions of this Ordinance or the application thereof to any person or circumstance should be held to be invalid, unconstitutional, or ineffective as to any person or circum- stance, the remainder of this Ordinance nevertheless shall be valid, and the application of any such invalid provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby. Section 20. EFFECTIVE DATE. This Ordinance shall become effective immediately upon passage as an emergency ordinance. 23 EXHIBIT A PURCHASE CONTRACT The Purchase Contract has been omitted at this point as it appears in executed form elsewhere in this transcript. EXHIBIT C ESCROW AGREEMENT The Escrow Agreement has been omitted at this point as it appears in executed form elsewhere in this transcript. EXHIBIT D NOTICE OF PRIOR REDEMPTION NOTICE IS HEREBY GIVEN that the City of Round Rock, Texas has called for redemption the outstanding Bonds of the City described as follows: City of Round Rock, Texas General Obligation Bonds, Series 1980-A, Bonds maturing on August 1 in the years 1996 through 2000, aggregating $1,125,000 in principal amount; call date: August 1, 1995; redeemable at par plus accrued interest at MBank Round Rock, Round Rock, Texas or First City Bank of Dallas, Dallas, Texas. On August 1, 1995 interest on the bonds shall cease to accrue and be payable. City of Round Rock, Texas General Obligation Bonds, Series 1981-B, Bonds maturing on August 1 in the years 1997 through 1999, aggregating $700,000 in principal amount; call date: August 1, 1996; redeemable at par plus accrued interest at MBank Round Rock, Round Rock, Texas or First City Bank of Dallas, Dallas, Texas. On August 1, 1996 interest on the bonds shall cease to accrue and be payable. City of Round Rock, Texas Combination Tax and Revenue Certificates of Obligation, Series 1982, Certificates maturing on August 1 in the years 1993 through 1997, aggregating $335,000 in principal amount; call date: August 1, 1992; redeemable at par plus accrued interest at MBank Round Rock or First City Bank of Dallas, Dallas, Texas. On August 1, 1992 interest on the certificates shall cease to accrue and be payable. City of Round Rock, Texas General Obligation Bonds, Series 1983, Bonds maturing on August 1 in the years 1994 through 2000, aggregating $2,025,000 in principal amount; call date: August 1, 1993; redeemable at par plus accrued interest at First City National Bank of Austin, Austin, Texas. On August 1, 1993 interest on the bonds shall cease to accrue and be payable. City of Round Rock, Texas Certificates of Obligation, Series 1985, Certificates maturing on August 1 in the years 1996 through 2005, aggregating $5,425,000 in principal amount; call date: August 1, 1995; redeem- able at par plus accrued interest at First City National Bank of Austin, Austin, Texas. On August 1, 1995 interest on the certificates shall cease to accrue and be payable. City of Round Rock, Texas General Obligation Bonds, Series 1985-A, Bonds maturing on August 1 in the years 1996 through 2005, aggregating $8,825,000 in principal amount; call date: August 1, 1995; redeemable at par plus accrued interest at First City National Bank of Austin, Austin, Texas. On August 1, 1995 interest on the bonds shall cease to accrue and be payable. Mike Robinson, Mayor