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Home My WebLink AboutORD 1987-056 ORDINANCE NO. g�-56 AN ORDINANCE CONSTITUTING EVIDENCE OF INDEBTEDNESS OF THE CITY OF GRAPEVINE, TEXAS, AND PROVIDING FOR PAYMENT OF SAID INDEBTEDNESS BY A PLEDGE OF FUTURE AD VALOREM TAXES AND NOT FROM REVENUES BUDGETED FOR CURRENT MAINTENANCE AND OPERATING EXPENSE; PROVIDING A SEVERABILITY CLAUSE; AND DECLARING AN EMERGENCY AND PROVIDING AN °"� EFFECTIVE DATE WHEREAS, on October 24, 1979, the City Council passed a � motion approving the purchase and acquisition of 27+ acres of land in the G. B. Knight and J. S. Bird Surveys, Tarrant County, Texas; and WHEREAS, the City paid the purchase price by trading five (5) acres of land as a down payment and executed a Real Estate Lien Note in the amount of �100, 140 .00 on the unpaid balance; and WHEREAS, the Lien Note requires the City to make annual payments on October 1 of each year for ten (10) years commencing on October l, 1979, with all unpaid amounts being due on October l, 1989; and WHEREAS, pursuant to Resolution No. g'7.�17 approved on March 17, 1987, the City Council approved the purchase of a 12 .15 acre tract located in the William Dooley Survey, Tarrant County, Texas; and WHEREAS, the total purchase price was �1,270,209.60 which was paid by the payment of �254,041.92 in cash at the closing �,,,._� and the execution of a Note in the amount of �1,016, 167 .68 with interest of 8 1/2� per annum payable over a five (5) year period and the principal payable at the end of the five (5) �� year period; and WHEREAS, interest payments on the Note are due and payable on May 1 and November 1 of each year; and WHEREAS, the City desires to pledge ad valorem taxes to the payment of the interest and principal due and payable on both heretofore described Notes . NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section l . That all of the above premises are found to be true and correct and are incorporated into the body of this ordinance as if copied in their entirety. Section 2 . This ordinance shall constitute evidence of indebtedness of the City for payment of the obligations imposed by the terms of both Real Estate Lien Notes . The balance of the obligations are secured by the City' s pledge of future Ad Valorem Property Tax sufficient to meet the obligations and �„ said obligations shall not be payable from revenues budgeted for current maintenance and operating expenses and shall be payable solely from Property Ad Valorem Tax Revenues necessary to discharge both obligations, and such tax revenues are hereby appropriated for payment of said obligations. A schedule of the principal and interest payments for both Notes is attached hereto and labeled Exhibit "A" . Section 3 . If any section, article, paragraph, sentence, clause, phrase or word in this ordinance, or application thereto any person or circumstances is held invalid or unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of the remaining portions of this ordinance and the City Council hereby declares it would have passed such remaining portions of the ordinance despite such invalidity, which remaining portions shall remain in full force and effect. Section 4. The fact that the present ordinances 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 the public business, property, health, safety, and general �„ welfare of the public which requires that this ordinance become effective from and after the date of its passage and it is accordingly so ordained. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this lst day of September , 1987 . Mayor, City of Grapevine, Texas ATTEST: Cit Secret ry APPROVED AS TO FORM: .�_, �!4'Is��' �•,� City Attorney � �rr -2- 70030 EXHIBIT "A" , PAGE 1 TO ORDINANCE NO. 87-56 CITY OF GRAPEVINE PROPOSID DEBT PAYMII�IT SCHEDULE PAYMIIV'I5 FOR 12.15 ACFtES OF LAND ON NASH STREET PRINCIPAL AMOUNT 1,016,154.24 � INTII�FST RATE PER ANNUM 8.75% DATE SOLD 09-Apr-87 TERM IN YEARS 5 �" PAYMENT BDGINNING PRINCIPAL INT�.EST SIIvII-ANNUAL FISCAL YR. DATE BALANCE PAYMIIVT PAYMIIVT PAYMIIVT PAYMIIVT O1-Nov-87 1,016,154 50,181.32 50,181.32 01-May-88 1,016,154 44,456.75 44,456.75 94,638.06 O1-Nov-88 1,016,154 44,456.75 44,456.75 O1-May-89 1,016,154 44,456.75 44,456.75 88,913.50 O1-Nov-89 1,016,154 44,456.75 44,456.75 01-Ma.y-90 1,016,154 44,456.75 44,456.75 88,913.50 O1-Nov-90 1,016,154 44,456.75 44,456.75 O1-May-91 1,016,154 44,456.75 44,456.75 88,913.50 O1-Nov-91 1,016,154 - 44,456.75 44,456.75 01-May-92 1,016,154 44,456.75 44,456.75 88,913.50 ------------------------------------- 450,292.05 450,292.05 450,292.05 ,�.., ��a �v� LOrTtJS:DEBTSCf-IE EXHIBIT "A" , PAGE 2 TO ORDINANCE NO. 87-56 AMO�TIZATION StHEDULE 1 ' LOAN�VUMBER ' � �F"Y-UF GFtAF'EVINE-VILdERT � /` � ; � � - : . I � :RM PAYMENT RATE°�n PERIOD AMOUNT OF LOAN i 0 � 15894. 16 • 10.000 ANNUA� � q7660.00 � • ' � � ENT PAYMENT ON „ --::�DATE .'�''.t 3ER TOTAL PAYMENT �NTEREST PRINCIPAL LOAN BALANCE � �;pAID � ' � 15894. 1� , 97�6.00 6129. 16 91531 .84 ',�,:.:,,,,.y,t � ,J . 15394.16 • .: 9153. 18 6740.98 � 84790.86 � •��=='�:=`�>� �'' 15894. 16 8479. OH _ 7415.08 77375.78 - ��P' 15894. 16 - 7737.57 8156.59 69219. 19 -.. ._.--•• �- ��U1589k. 1h 6921 .91 6972.25 60246.94 ,6-��b 1589:+.l b ' ' . 6024.69 - 9869.47 50377.47 - - . � ��7 15894. 16 5037�74 1O85d.42 - 39521 .05 . .. 8 0� 15894. 16 3y52. 10 11942.06 27578.99 . . . • y Oc�� 15ti94. 16 2757.89 1:�136.27 14�+42.72 . . 1� �� 15Rt�6.99 . 1444.27 14442.72 .�0 - . . 158934.43 61274.43 y7bh0.0(i ��y��s7_ ,�/'��-'ciP� _ �A�Ib'%�� /G �'��b--To-��r95 �53 �aD,l7 �5�� J . 1N��Y .�,UY�`��% . �.,. b v� yJv� , � � $ � �5�.�( $�3�153-/.GS �� itr� ��l �7Lf��.3 -� ��G''�:a . - ��' > , , ,� . �«� �. PREPARED BY: SOUTHERN COMPUTER SERVICE, INC. P.O. 60X 278, HI1L560R0, TEXAS 76645 '