HomeMy WebLinkAboutORD 1985-005 r"_=
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ORDINANCE NO. 85-05
AN ORDINANCE RELATING TO THE GMNG OF NOTICE OF
INTENTION TO ISSUE NOT MORE THAN �3,600,000 CITY OF
GRAPEVINE, TEXAS COMBINATION TAX AND REVENUE CERTI-
FICATES OF OBLIGATION, SERIES 1985
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
l. That the City Secretary of the City of Grapevine, Texas, is hereby
authorized and directed to issue a Notice in substantially the following form:
"NOTICE OF INTENT TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
��� THE STATE OF TEXAS §
COUNTY OF TARRANT §
CITY OF GRAPEVINE §
NOTICE is hereby given that on the 5� day of March , 1985,
the City of Grapevine, Texas, at �;30 p.m. at a Regular Meeting of
the City Council to be held at the City Hall, 413 Main Street, Grapevine, Texas,
the regular meeting place of the City Council, intends to pass an ordinance
authorizing the issuance of Combination Tax and Revenue Certificates of
Obligation, for the purpose of paying contractual obligations to be incurred for
the construction of a public work, to-wit: the construction, improvement,
enlargement, equipment and maintenance of civic center convention buildings in
and for said City and parking areas or facilities located at or in the immediate
vicinity of the convention center facilities and for the payment of necessary and
incidental expenses related thereto. Said Certificates shall be issued in an
amount not to exceed Three Million Six Hundred Thousand Dollars ($3,600,OOQ);
they shall bear interest at any rate or rates as shall be determined within the
discretion of the City Council, and shall have a maximum maturity date of not
later than forty (40) years after their date. Said Certificates shall be payable
from a combination of (i) the levy of a direct and continuinb annual ad valorem
tax against all taxable property within said City and (ii) a portion of the revenue
derived by the City from the levy and collection of a hotel occupancy tax
authorized by Article 1269j-4.1, Vernon's Texas Civil Statutes, as amended, both
of which together shall be sufficient to pay the interest on said Certificates as
� due and to provide for the payment of the principal thereof as the same
matures, as authorized by Article 2368a.1, Vernon's Texas Civil Statutes, as
amended and supplemented.
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THIS NOTICE is given in accordance with law and directed by the City
Council of the City of Grapevine, Texas.
GIVEN this the day of , 1985.
City Secretary"
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2. The foregoing Notice shall be published once a week for two
consecutive weeks, the date of the first publication being at least fourteen (14)
days prior to the date set forth in the foregoing Notice for passage of the
ordinance authorizing said Combination Tax and Revenue Certificates of
Obligation. Such Notice shall be published in a newspaper of general circulation
in the area of the City of Grapevine, Texas.
PASSED, APPROVED AND EFFECTIVE, this the 31st day of January,
1985.
G�'
Mayor, City of Grapevine, Texas
ATTEST:
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� Cit Secretary, ity of Grapevine, Texas
(SEAL]
APPROVED:
City Attorney, City of Gr vine, Texas
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