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� ORDINANCE NO. 82-16
� AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF
j GRAPEVINE, TEXAS, AUTHORIZING THE ISSUANCE AND SALE
� OF CITY OF GRAPEVINE, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1982, IN THE AGGREGATE PRINCIPAL AMOUNT
OF �2,370,000, FOR THE PURPOSE OF PROVIDING FUNDS WITH
WHICH TO A�AKE VARIOUS PERMANENT PUBLIC IMPROVE-
MENTS FOR AND WITHIN SAID CITY; PRESCRIBING THE FORM
OF SAID BONDS AND THE INTEREST COUPONS TO BE INITIAL-
LY ATTACHED THERETO; LEVYING AND REQUIRING ASSESS-
� MENT AND COLLECTION OF AN ANNUAL AD VALOREM TAX •
, ON ALL TAXABLE PROPERTY WITHIN THE CITY TO PAY THE
- INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND
FOR THE PAYMENT THEREOF AT MATURITY; ENACTING
OTHER PROVISIONS RELATING TO THE SUBJECT; AND DE-
CLARING AN EMERGENCY
��'HEREAS, the bonds hereinafter authorized were duly and favorably
voted as required by the Constitution and laws of the State of Texas, at an
election held in said City on the 19th day of January, 1980;
WHEREAS, at said election, the following were among the purposes and
the amounts of general obligation bonds authorized, the amounts previously
issued for said purposes pursuant to the voted authorizations indicated, the
amounts therefrom being issued pursuant to this Ordinance, and the respective
balances which remain unissued for the purposes indicated after the issuance of
the bonds herein authorized, to-wit:
Amount Amount
Election Amount Previously Being Unissued
Purpose Date Voted Issued Issued Balance
Street Improvements 1-19-80 $4,155,000 $1,925,000 �1,445,000 �785,000
Park & Recreational �
__ � Facilities 1-19-80 675,000 325,000 350,000 -0-
Municipal Services
Center 1-19-80 770,000 445,000 325,000 -0-
Vehicle AZaintenance _
Garage 1-19-80 250,000 -0- 250,000 -0-
WHEREAS, the City Council considers it in the best interest of the City
at this time to authorize the issuance and delivery of the amounts thus
reflected, all in a sinale issue, and alI in accordance with the laws of the State
. of Texas and the Charter of the City;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF GRAPE�RNE, TExAS:
Section 1. That said City's coupon bonds to be desibnated "City of
Grapevine, Te�as, General Obligation Bonds, Series 1982," are hereb57 authorized
to be issued and delivered in accordance with the Constitution and laws of the
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State of Texas and the Charter of the City, said bonds to be issued in the
; aggregate principal amount of $2,370,OOQ for the purpose of providing funds with
which to make the following various permanent public improvements for and
within the City and in the following amounts: $1,445,000 for constructing
improvements to the streets in and for said City, including sidewalks, storm
drainage improvements, parking facilities, traffic control and maintenance
facilities necessary and incidental thereto; $350,000 for improving and acquiring
land for park purposes for said City and developing recreational facilities in
connection therewith; $325,000 for improving, acquiring, constructing, recon-
structing, renovating and equipping a Municipal Services Center for said City,
for the purpose of providing miscellaneous municipal services to the inhabitants
thereof, and acquiring any necessary land for the expansion of the same; and
$250,000 for improving, acquiring, constructing, renovating and equipping a
� - vehicle maintenance garage.
Section 2. That said bonds shall be dated May 1, 1982, shall be
numbered consecutively from One (1) through Four Hundred Seventy-four (474),
shall be in the denomination of $5,000 each, and shall mature and become due
and payable on May 1 in each of the years, and in the amounts, respectively, as
set forth in the following schedule: -
�
BONDS YEARS ARZOUNTS
1-5 1984 $25,000
6-13 1985 40,000
14-22 1986 45,000
23-32 - 1987 50,000
�: . 33-43 � 1988 55,000
44-56 1989 65,000
5 r-70 1990 70,000
71-86 1991 80,000
87-104 1992 90,000
105-124 1993 � 100,000
125-147 1994 115,000
148-173 1995 130,000
� 174-202 1996 145,000
203-235 1997 165,000
236-272 1998 185,000
273-314 1999 21u,000 �
315-361 2000 235,000
362-414 2001 265,000
415-4r4 2002 300,000
Section 3. That as to said bonds scheduled to mature on and after D4ay
1, 1994, said City shall have the right and option to redeem such bonds prior to
their scheduled maturities, in whole or any part, on May 1, 1993, or on any
interest payment date thereafter, for the principal amount thereof plus accrued
interest to the date fiaed for redemption.
At least thirty (30) days prior to any interest payment date upon which .
any of said bonds are to be redeemed, notice of redemption signed by the City
Secretary (specifying the serial numbers and amount of bonds to be redeemed)
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shall be filed with the paying agent and p��blished at least once in each of two
financial publications, one of which shall be published in the City of New York,
�� Ne�v York, and the other in the State of Texas.�By the date fixed for any such
redemption, due provision shall be made with the paying agent for the payment
of the principal amount of the bonds to be so redeemed, plus accrued interest
thereon to the date fixed for redemption. If the notice of redemption is filed and
published, and if due provision for payment is made, all as provided above, the
bonds, which are to be so redeemed, thereby automatically shall be redeemed
prior to maturity, and they shall not bear interest after the date fixed for
redemption, and shall not be regarded as being outstanding except for the
purpose of receiving the funds so provided for such payment.
Bonds maturing in the years 1984 through 1994 13.8090
Bonds maturing in the year 1995 11.80°ro
_ Bonds maturing in the year 1996 12.00°0
Bonds maturing in the year 1997 12.20°ro
Bonds maturing in the year 1998 12.40%
Bonds maturing in the years 1999 through 2000 12.50°� -
Bonds maturing in the years 2001 through 2002 12.60% _ _
with said interest to be evidenced by interest coupons payable on May 1, 1983,
and semiannually thereafter on each November 1 and i�Zay l.
Section 5. That the principal of and interest on said bonds shall be
payable to bearer, in lawful money of the United States of America, without
exchange or collection charges to the bearer, upon presentation and surrender of
proper bond or interest coupon, at The Fort til�orth National Bank, Fort Vvorth,
Texas, which place shall be the paying agent for said bonds.
Section 6. That each of said bonds and interest coupons shall be signed
by the imprinted or lithographed facsimile signature of the Mayor of said City
and countersigned by the imprinted or lithographed facsimile signature of the
City Secretary of said City, and the official seal of said City shall be impressed
or printed, or lithographed on each of said bonds.
Section 7. That the form of said bonds, including the form of
Registration Certificate of the Comptroller of Public Accounts of the State of
` Teaas to be printed and endorsed on each bond, and the form of the interest
coupons to be attached to said bonds, shall be, respectively, substantially as
follows: � -
(FORM OF BOND)
NO. $ 5,000
UNITED STATES OF ANIERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF GRAPEVINE, TEXAS
� GENERAL OBLIGATION BOND
SERIES 1982
On May 1, , the City of Grapevine, in the County of Tarrant,
State of Texas; promises to pay to bearer the principal amount of
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FNE THOUSAND DOLLARS
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(�5,000), and to pay interest thereon, from the date hereof, at the rate of
90 per annum, evidenced by interest coupons payable on May 1, 1983, and
semiannually thereafter on each November 1 and May 1 while this bond is
outstanding. The principal of this bond and the interest coupons attached hereto
shall be payable to bearer, in lawful money of the United States of America,
without exchange or collection charges to the bearer, upon presentation and
� surrender of this bond or proper interest coupon, at The Fort Worth National
Bank, Fort Worth, Texas, which place shall be the paying agent for this issue of
bonds.
_ This bond is one of a Series of coupon bonds dated May 1, 1982, issued
in the principal amount of $2,370,000 for the purpose of providing funds with
which to make various permanent public improvements for and within the City.
The bonds of this Series scheduled to mature on and after May l, .1994,
may be redeemed prior to their scheduled maturities, in whole or in part, at the
option of said City, on May 1, 1993, or on any interest payment date thereafter,
for the principal amount thereof plus accrued interest to the date fixed for
redemption. At least thirty (30) days prior to any interest payment date upon
which any of said bonds are to be redeemed, notice of redemption signed by the
City Secretary (specifying the serial numbers and amounts of bonds to be
redeemed) shall be filed with the paying agent and published at least once in
each of two financial publications, one of which shall be published in the City
of New York, New York, and the other in the State of Texas. By the date fixed
for any such redemption, due provision shall be made with the paying agent for
the payment of the principal amount of the bonds to be so redeemed, plus
accrued interest thereon to the date fixed for redemption. If the notice of
redemption is filed and published, and if due provision for payment is made, all
as provided above, the bonds, which are to be so redeemed, thereby auto-
maticall�� shall be redeemed prior to maturity, and they shall not bear interest
after the date fixed for redemption, and shall not be regarded as being
outstanding except for the purpose of receiving the funds so provided for such
payment.
It is hereby certified and recited that the issuance of this bond and the
Series of which it is a part is duly authorized by law; that all aets, eonditions
and things required to be done precedent to and in the issuance of this�Series �
of bonds, and of this bond, have been properly done and performed and have
happened in regular and due time, form and manner as required by law; that
sufficient and proper provision for the levy and collection of taxes has been
made which, when colleeted, shall be appropriated exclusively to the payment of
this bond, and the Series of which it is a part, and to the payment of the interest
coupons hereto attached as the same shall become due; and that the total
indebtedness of said City, including the entire Series of bonds of which this is
one, does not e�ceed any constitutional or statutory limitation.
In witness whereof, this bond and t}ie interest coupons attached hereto
have been signed by the imprinted or lithographed facsimile signature of the
11�ayor of said City and countersigned by the imprinted or lithographed facsimile
� signature of the City Secretary of said City, and the official seal of said City
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has been duly impressed, or printed, or lithographed on this bond.
City Secretary, City of Grapevine, 117ayor, City of Grapevine,
Texas Texas
(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLERS'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
[SEAL]
(FORM OF INTEREST COUPOhT)
NO. �
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� ON 1,
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the City of Grapevine, in the County of Tarrant, State of Texas, unless due
provision has been made for the redemption prior to maturity of the bond to
which this interest coupon appertains, promises to pay to bearer the amount
shown on this interest coupon, in lawful money of the United States of America,
without exchange or collection charges to the bearer, upon presentation and
surrender of this interest coupon, at The Fort Worth National Bank, Fort Worth,
Texas, said amount being interest due that day on the Bond, bearing the number
` hereinafter designated, of that issue of "City of Grapevine, Texas, General
Obligation Bonds, Series 198 2," dated May 1, 198 2. Bond No.
City Secretary Mayor
Section 8. That to provide for the payment of the debt service
� requirements on the said bonds, being (a) the interest on said bonds, and (b) a
sinking fund for their redemption at maturity or a sinking fund of 2°0 (whichever
amount shall be greater), there shall be and there is hereby levied for the
current year and each succeeding year thereafter while said bonds or interest
thereon shall remain outstanding and unpaid, a sufficient tax on each one
hut�dred dollars' valuation of taxable property in said City, adequate to pay such
I debt service requirements, full allowance being made for delinquencies and costs
I of collection; said tax shall be assessed and collected each year and applied to
� the payment of the said debt service requirements, and the same shall not be
diverted to any other purpose. The taxes so levied shall be paid into a fund
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known as "City of Grapevine, Texas, General Obligation Bonds, Series 1981,
Interest and Sinking Fund," which is hereby established for the payment of the
. obligations herein authorized. The City Council hereby declares and covenants
that it will provide and levy a tax legally and fully sufficient for such bonds, it
having been determined that the existing and available taxing authority of the
City for such purpose is adequate to permit a legally sufficient tax in
consideration of all other outstanding obligations.
Section 9. That said bonds are hereby sold in accordance with law and
shall be delivered to Merrill Lynch White 4Veld Capital Markets Group and
Associates for the principal amount thereof and accrued interest to the date of
delivery.
Section 10. That the purchaser's obligation to accept delivery of the
- bonds herein authorized is subject to their being furnished the final opinion of
Hutchison Price Boyle & Brooks, Dallas, Texas, Bond Counsel for the City, such
opinion approving such bonds as to their validity, said opinion to be dated and
delivered as of the date of delivery and payment for such bonds. Printing of a
true and correct copy of the opinion of Hutchison Price Boyle b� Brooks on the
reverse side of each such bond, with appropriate certificate pertaining thereto
executed by facsimile signature of the City Secretary of the City is hereby
approved and authorized.
Section 11. That the Mayor of the City is hereby authorized to have
control of said bonds and all necessary records and proceedings pertaining to said
bonds pending their delivery and their investigation, examination, and approval
by the Attorney General of the State of Teaas, and their registration by the
( Comptroller of Public Accounts of the State of Texas. Upon registration of said
I 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 prescribed herein to be printed and endorsed on each bonct, and the
seal of said Comptroller shall be impressed, or printed or lithographed on each
of said bonds.
Section 12. That the proceeds derived from the sale of the bonds herein
authorized shall be utilized promptly for the purposes for which issued; and such
_ proceeds shall be invested only for the temporary period pending such use; and
in no event shall any investments of such proceeds be made in securities of such
type or kind or for such period of time or bearing such rates of interest on
producing such yield, and no other act or action shall be taken by the Cits, as -
will cause said bonds to be treated as "Arbitrage Bonds" within the meaning o�
Section 103(c) of the Internal Revenue Code of 1954, as amended, or under any
Regulations or Rulings issued thereunder by the Department of the Treasury, or
the Internal Revenue Service of the United States.
Section 13. That the form and substance of the Official Statement, dated
��larch 23, 1982, and presented to and considered at this meeting, is hereby in
all respects approved and adopted by the City Council, and the Mayor and the
City Secretary are hereby authorized and directed to execute the same and
deliver appropriate numbers of executed copies thereof to the purchasers of the
bonds herein authorized and described therein. The City Secretary is hereby
authorized and directed to include and maintain a copy of the Official Statement
thus approved among the permanent records of this meeting.
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Section 14. That the public importance of this measure and the fact that .
` it is to the best interest of the City to provide for the construction of the .
improvements herein contemplated at the earliest possible date constitutes an
emergency and creates a necessity for the immediate preservation of the public
peace, health and safety of the citizens of the City, which requires that this ,
ordinance be passed and take effect as an emergency measure, and it is
accordingly ordained that this ordinance shall be in full force and effect from
and after its passage, and that the meeting at which this ordinance .was passed
was open to the public, and public notice of the time, place and purpose of said
meeting was given as required by Article 6252-17, V.T.C.S., as amended.
PASSED AND APPROVED this the 13th day of April, 1982.
�.. J�a-s_.
Mayor, City of Grapevine, Texas
PnA -.?�-�-�
ATTEST:
City Sec etary it of Grapev' e, Texas �
APPROVED:
City Attorney
(SEALJ
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