HomeMy WebLinkAboutORD 1982-010 ORDINANCE NO. 82-10
AN ORDINANCE DIRECTING THE GIVING
OF NOTICE OF INTENTION TO ISSUE
$600 ,000 CITY OF GRAPEVINE, TEXAS
WATERWORKS AND SEWER SYSTEM REVENUE
BONDS , SERIES 1982 ; AND DECLARING
AN EMERGENCY
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS :
Section 1 . 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 INTENTION TO ISSUE WATERWORKS AND
SEWER SYSTEM REVENUE BONDS
"THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF GRAPEVINE
"NOTICE is hereby given that on the 13th day of April ,
1982 , the City of Grapevine, Texas, 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 Waterworks and Sewer System Revenue Bonds for
the purpose of improving and extending the City' s Water and
Sewer System. Said Bonds shall be issued in an amount not
to exceed Six Hundr�d Thousand ($600 ,000) Dollars; they
shall bear interest at a rate not to exceed Fifteen Per
Cent (15%) per annum, and shall have a maximum maturity date
of not later than Forty (40) years after their date. Said
Bonds shall be secured by and payable solely from a first
lien on and pledge of the net revenues of said City ' s com-
bined Waterworks and Sewer System, sufficient to pay the
interest on this Series of Bonds as due and to provide for
the payment of the principal thereof as the same matures,
as authorized by Article 1111 et. seg. , V.A.T.C.S. , as
amended and supplemented.
"THIS NOTICE is given in accordance with law and as
directed by the City Council of the City of Grapevine,
Texas.
"GIVEN this the 16th day of March, 1982 .
City Secretary"
Section 2. The foregoing Notice shall be published in
a newspaper of general circulation in the area on the same
day of each of two successive weeks , the first of which
publications shall be at least fourteen (14) days prior to
the date set forth in the foregoing Notice for passage of
the ordinance authorizing said Waterworks and Sewer System
Revenue Bonds.
Section 3 . Emergency. The fact that the present ordi-
nances and regulations of the City of Grapevine, Texas, are
inadequate to properly safeguard the health, safety, morals,
peace and general welfare of the inhabitants of the City of
Grapevine, Texas , creates an emergency for the immediate
preservation of public business , property, health, safety,
and general welfare of the public which requires that this
ordinance shall become effective from and after the date of
its passage , and it is accordingly so ordained.
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 16th day of March, 1982 .
APPROVED:
Mayor, City of Grapevine, Texas
ATTEST:
City S creta , ity of G pevine, Texas
APPROVED AS TO FORM AND LEGALITY:
City Attorney, ity o Gr evine, Texas