Loading...
HomeMy WebLinkAboutORD 1971-012 . , jI-/�- . . . � � � �� i � ��, � - � ! ,, � . �� � �; � i`": ORDINANCE AUTHORIZING THE ISSU�INCE 4F P.EVENUE I30NDS ! „ _ _ _.____,. ; r � ;� THE STATE �F TEXAS . ` � ,�,�� � �i COUN`�Y OF TARRAN2 , � � � ' CITY OF GRAPEVINE . - � f� ;j ��'IIEREAS, the bonds hereinafter authorized were law�ully � � and favorably voted at axi election duly held in said City on ! � December 5, 1967; and .�;.. i �- ;; WHEREAS, out of the bonds voted at said electzon , the fol- � ' lowing previausly have been autharized , issuecl , and deliverecl : '� $175,000 aut.o� a voted total o� $34Q,040, represented by the � i! bonds of Ser�es 1968; and � {; WHEREAS, the br�nrls hereinafter authorized and designated ; ;', were voted and are to be issu�d and delivered pursuant to i Vernon' s Articles 1111 through 1118 . � ;; , i � '; TNEREFORE, BE IT ORDAINED BY THE CITY � �; ;i COUNCIL OF THE CITY OF GRAPEVINE, TE�AS: i ,, �i Section l . That the said City ' s bonds are h�reby au- �; thorized to be issued in the aggregate principal amount of i "�"" ;; $125,000 for the purpose of improving and extending said ! ';� Ci�y' s Waterworks Sys�em. � � �� , .. � t' Sectian 2 . That said bands shall be designated as the : ; �" "CITY 4F �RAPEVINE WATERWOR�€S AND SEWER SYSTEM REVENUE BONDS, "�" �( SERIES 197�.". � �} ; ,� Section 3 . That saa.d bonds sha11 be dated April l, 1977., � �; shall be in the denamination af $5 ,000 each, sha11 be numbered � �+ consecutively fram one upward , and shall mat:ure sexially an the i �� ma�urity date, in each af the years , and in the amounts , respec- � ! tively, as set farth in the following schedule ; � �, ��' MATURTTY DATE : MAY 1 � . !, � �� YEARS AMQUNTS �' ; 4i ��70 y� S ?��� � �; � 1979 5,000 � i l�011 S��V� � ?{ 19$1 5,000 . . - - '` . 1982 5 000 � '! ' C �: 1983 5,000 ;' 1984 5,000 � '� 19$5 5,000 � ,.�,:� i� 19$6 5�,000 � �, 1987 S,QQO � ,�„� ' 1988 5 ,000 � � :; 1989 5 ,OC?0 # �� . 199Q 10,000 � ( i; 1991 25 ,OQ0 's ,i 1992 30,000 ` I . ► � r '� � i f ; � � ,� ,� � ;, � _�_ + ,, � � � ,�, — . . s 4� ` . , � i, Section 4 . That the bonds schcduled to mature duxing tlie - � � � ; years , respectively, set forth belaVa sha11 bear interest at the .. following xates per annum: � ;C . � ; �i maturities 19•'�g" through i9�� , �,j'��f % - �� maturities 19�f't�����-�gir—i-�3 .,;��,�% �N � �,.. '� maturities 19�,� thraugh 1X;�, , � % - . ? maturities 19� tlxroiigh 19 , e � ,; maturities 19� thraugh 19�, ° � ;� maturities 19� through 19�, ~% , I, � '; �aid interest shall be evidenced by interest coupons wHich shall `" � '; appertain to said bonds , and which shall be payable in the ananner ;' pravided and on the dates stated in the FORM OF BOND set foxth �� in this Ordinance . . ii C! ` $ectian 5 . That said bands and interest. coupans sha11 be �� sssued , shall be payable , shall. have the characteristics , and '' shall be sign�d and executed (and said bonds shall be sealed) , � al1 as provided, and in the mann�r indicated , in �Ghe FORM OF BOND set £orth in this Ordinance . � � �; ( �' Section 6 . That the form of said bonds , ineluding the farm � ;� of Registratian Certificate of the Comptroller of Public Accounts � ;, o� the State of Texas to be printed and endorsed on each a� said � bonds , and �he foxm of the aforesaid interest coupans which shall � ;� appertain and be attached initially to each of said bonds , shall � � �� be, respecti�ely, substantially as follows : � �� �4RM OF BOND: � � ;i � '� ,� N0. $S ,aoa � �i UNITED STATES OF AMERICA �"°"� '� STATE OF TEXAS �� COUNTY OF TARRANT � �j GITY OF GRAPEVTNE WATERWORKS AND SEt��R SYSTEM � i� REVENUE BOND �! � � SERIES 1971 �{ THE CITY OF GRAPEVINE, IN THE COUNTY 4F TARRANT, STATE OF TEXAS, � hereby pramises to pay to bearer hereaf the principal amaunt of i� � (� FIVE THOUSAND DOLLARS `! 410 I �; and to pay interest �.hereon , from date hereof, a� the rate of ; per ann,um, evidenced by interest coupons payable November 1, 1971� ' and semi-annually thereafter while this band is outstanding . j � �i . � ; �'HE PRINCIPAL of this bond and the interest coupans appex- # ; taining hereta shall be payable to bearer , in lawful money of thef . '� United States of America , without exchange ar callection charges � ta the bearer, upon presentation and surrender of this bond or ' '� proper interest coupan , at the fallawing , which shall constitute ; ,�A • ;' and be defined as the "Paying Agent" for this Series of Bonds : � �� F ZRST NAT IONAL BANK IN DALLA.S, DALLAS, TEXAS. � . I f; � ' � � �f - } �� � i; THIS BOND is one of a Series dated as of April l, 1971, � � authorized , issued , and deiivered in the principal amount of � �; $125 ,000 for the p�urpose of impraving and extending said City s � � � Waterworks System. ; �' 1 � � � '� l 1 ;� -z- j � . I � I R . �� . �. � � �! � �� IT IS HEREBY certified and covenanted that this band has hee�z � duly and validly autI�orized , issued , and delivered , that all. acts , ; candztians , and things rec�uired or proper ta be performed , exzst , ;� and be done precedent to or in the authoz-ization , issuance , and �� delivery of this bond have been performed , existed , and been done ' ln accardance with law, that this band is a special abligation ; {' and that the principal of and interest on this band , together wi�h �{ ather revenue bonds of said City, are payable from, and secured ""'"'� " by a fzrst lien on and pledge o£, the Net Revenues of said Ci.ty' s �" Watercaorks and Sewer System. SAID CITY has reserved the right , subject to the restrictions r� stated, and adopted by reference , in the 4rdinance autharizing � ..,� �� this Series � of bonds , �o issue additional parity revenue bonds �� w}tich alsa may he made payable �rom, ancl secured by a first lien � on and pledge of, the aforesaid Net Revenues . � � THE HOLDER H�REOF shall never have the righ�. to demand pay- ,; ment of this obligatian out of any funds xa.ised or ta be raised !€ by taxatian. �f IN WITNESS WHEREOF , this bond and the interest coupans apper- � taining here�o have been signed with the facsimile signature o� �� the Mayar of said City and counterszgned with the facsimile signa- ' ture of the City Secretary af said City, and the official seal af M� said City has been duly impressed , or placed in facsimile , on this �+ bond. � � �� xxxxxxxx xxxxxxxx � h � City Secretary Mayor I FORM OF REGISTRATION CERTIFICATE : � - � �� COMPTROLLER'S REGISTRATION CERTIFICATE : REGISTER N0. ,,,�,� �� I hexeby certi�y that this bond has been examined, certi - i� fied as to validity, and approved by the Attorney General of �� the State of Texas , and that this band has been registered by � �� the Cornptroller of Public Accaunts of the State af Texas . Witness my signature and seal �his � � � . � xxxxxxxx Comptroller o Public ACCOUritS o . � the State of Texas . { FORM OF INTEREST COUPON : �j . ;� rro� .. � E orr �-� �-��, �� THE CZTY OF GR.APEVINE, IN THE COUNTY OF TARRANT, STATE QF TEXAS, ;; promxses -to- pay to-bearer- herea€ the -amount shown- on- this in-- �; terest coupon, in lawful money of the United States of America , �{ witltaut. exchange or ca2lection. charges_ ta th� .bearer _ hereof, • � upon presentation and surrender of this interest coupon, at � ,�,,...,� Ij �4 FIRST NATIQNAL BANK IN DALLAS, . ;, DALLAS, TEKAS, � ;', said amaunt being interest coma�ng due that day on the bond , bearing the number hereinafter designated , of that issue of � "CITY 4F GRAPEVINE WATERWORKS AND SEWER SYSTEM REVENUE BONDS, +� SERIES 1971.", DATED AFRIL 1, 1971. The holder herecrf shall !; never have �he right �o dernand gayment af this obligation o�t � . i', o£ any funds raised ar to be raised by taxation. BOND Nt3. j� - _ _., . __ _ -- „ xxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxx � !'. - City Secretary Mayor � �; � ! !! I , , . �� -3- i i i , ��; ; . , II- � i' Section 7 . (a) That the term "Outstandi�lg Ronds ," as herein- j after used in this Ordi�lance , shall mean all of said City ' s pres 1 '� ently outstanding bonds which are payable from, and secured �by .a �� ' first lien on and pledge of, the Net Revenues of said City ' s � . �, Watercaorks and Sewer System. � i �. - � (b) That the bonds authorized hereby are parity "Additional - � Bo�ds" as defined in the ordinance passed on April 27, 1951, M i, u horizing the issuance , sale , and delivery of said City s �; Waterworks and Sewer System Revenue Refunding Bonds, Series 1950. ,�,:.<, �' �` (c) That Sections 13 tl�rough l9, and Sections 21 through 26, ;� of the a�oresaid Ordinance dated Ap-ril 27, 1951, and Sections ` 13 and 14 of the Ordinance dated January 15, 1954, which author- ized the issuance of the Water��orks and Sewer System Revenue j � ° �` Bonds, Series 1954, are adopted by reference and shall be appli- ! cable to the bonds authorized to be issued by this Ordinance i �� - , for all purposes, except to the extent hereinafter specifially � ;' modified and supplemented. The bonds authorized to be issued ;; by this Ordinance and the Outstanding Bonds are and shall be � � on a parity and of equal dignity in all respects, and are and � � shall be payable from, and secured by a first lien on and pledge f ,'� of, the Net Revenues of said City' s Watenvorks and Sewer System. � i; 4. _ �! Section S . That in addition to alI other amounts requir- " ed by the ordinances , respectively, authorizing' the Outstanding �� Bonds , there shall be deposited into the Interest and Sinking ' Fund (created for the benefit of said Outstanding Bonds and all �� Additional Bonds) the following : :��=� �i ;: (a) such amounts , in approximately equal monthly install- �� ments , deposited on or before the lOth day of each � " �� month hereafter, as will be sufficient to pay the in- �i terest scheduled to come due on the bonds authorized by ± this Ordinance on the next interest payment date ; and � � �I (b} such amounts , in approximately equal monthly install- ;� ments , deposited on or before the lOth day of each � i� month hereafter, commencing on or before May 10, 1977, � '� as will be sufficient to pay the next maturing prin- � �' cipal of the bonds authorized by this Ordinance . ' � � �� Section 9. That in addition to aIl other amounts required by � . ,� the ordinances , respectively, authorizing the Outstanding Bonds , '' there shall be deposited into the Reserve Fund (created for the � � benefit of said Outstanding Bonds and alI Additional Bonds) on or I ;; before the lOth day of each month hereafter , the amount of $200.00; until there has been accumulated the aggregate amount of $70;000.00 ;� in said Reserve Fund . Thereafter , said aggregate amount shall t ' be maintained in said Reserve Fund , for the benefit of the Out- � ;� standing Bonds , the bonds authorized by this Ordinance , and all , '; other Additional Bonds , in accordance with the procedures , as � herein modified and supplemented, set forth in the ordinances , � _ `: respectively, authorizing the Outstanding Bonds . 3 � '� Section I0 . That the bonds authorized by this Ordinance are + - -- '� and shall be special obligations of said City, and the holder � ,�.,.:� �; or holders thereof shall never have the right to demand payment � of said obligations out of any funds raised or to be raised by ! taxation. j � f �� Section 11 . That the Mayor of said City is hereby authorized � �, to have control of said bonds and all necessary records and pro- � • �,� ceedings pertaining to said bonds pending their delivery and , : their investigation, examination, and approval by the Attorney j '� General of the State of Texas , and their registration by the ; ?' Comptroller of Public Accounts of the State of Texas�. Upon ' �' � i � � i + , � �'. �I , ; , � I ;' . �I , ( f ` �` re istratian of said boixds said Com troller of Publi_c Accounts Fr � � � � ', (or a deptity desig�lated in writing ta acfi. for said Co�iiptroller) �� shall manual�y sign the Coniptrol3.er ' s Registratia3� Certificate , printed and endorsed on each of said bc�ncls , and the seal of said 4Contptroller shall be impressed , or placecl in facsimile , an each af s�id Bonds . � �ection 12 . That said City hereby cavenants that the pro- ceeds from the sale of sazd bonds will be used as soon as prac- � � f� ticabl� for the pur��ose far which said bonds are issued ; that such proceeds will not be invested in any securiti.es or obliga- }` tions except for the temporary periad pending such use ; and that a� su�h proceeds will not be used directly or indirectly so as to cause aI1 or any part of said bonds to be or becc�me "arbitrage � �� bands" within the meaning af Section 103 (d) of the Internal � � `� Revenue Code of 1954 , as amended , or any regulations or rulings � ;! prescribed or made pursuant thereto . ' �� Section 13 . That it is hereby officially £ound and deter- mi,neci. that a case of emergency ox urgent public necessity �j exa.sts iahich requires the holdi.ng af the meeting at which this ' Ordinance is passed , such emergei�cy or urgent public necessity `# being that the proceeds from the sale of sazd bonds are reQuired �� as soon as possible and caithaut delay fflr necessary and urgently l� needed public impravements ; and th�t said m�eting was open to the public, and public notice af the time , place , and purpose �� of said meeting was given, all as rec{uired by Vernon' s Ann. 'iCiv. St . Article 6252-17 . � Section 14 . That said bands are hereby sold and shal2 be �� THWEST Cf�MPANY DALLAS TE�AS for the ,� � del.ivered to FIRST �OU , , , �� amaunt of par value thereof and accrued interes� thereon to �he � '� date of delivery. � - --- -- ---- -- -- ---- -- - ---- - -- - - - -- - - -- - - - -- - -- - - - - - - -- -- � �.� � . E � � � � � � , . � � � ��� �� � � � � � � . . i � � , � �� � �'! -$- I �� .