HomeMy WebLinkAboutORD 1978-051 �p�., ,
ORDINANCE NO. �g_ 51
DIRECTING THE GIVING OF NOTICE OF INTENTION
TO ISSUE $200,000 CITY OF GRAPEVINE, TEXAS,
CERTIFICATES OF OBLIGATION, SERIES 1978, AND
DECLARING AN EMERGENCY
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
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 CITY OF
GRAPEVINE, TEXAS, CERTIFICATES OF OBLI-
GAT I O N
"THE STATE OF TEXAS �
� ""�"" COUNTY OF TARRANT �
CITY OF GRAPEVINE �
� "NOTICE is hereby given that on the 5th day of September, 1978, the
City of Grapevine, Texas, intends to pass an ordinance authorizing the issuance
of Certificates of Obligation for the purpose of paying cor�tractual obligations to
be incurred for the construction of a public work, to-wit: a public street and
highway same being the extension of Main Street and paying all or a portion of
the cor�tractual obligations for professional services of engineering, attorneys
and financial advisors in connection with said public improvement and Certificates
of Obligation. Such Certificates shall be issued in an amount not to exceed
Two Hundred Thousand Dollars ($200,000), they shall bear interest at a rate not
to exceed IOpIo per annum, and shall have a maximum maturity date of not later
than forty (40) years after their date, Said Certificates shall be payable from
the levy of a direct and continuing annual ad valorem tax against al) taxable
property within said City sufficient to pay the interest on this series of Certificates
as due and to provide for the payment of the principal thereof as the same matures,
as authorized by Section 8(b) of Article 2368a. 1, V.T.C.S,, as amended and
supplemented and from the revenues of the City's combined Waterworks and Sewer
System remaining after payment of all operation and maintenance expenses thereof,
and all debt service , reserve and other requirements in connection with all of the
'"'� City's revenue bonds (now or hereafter outstanding) which are payable from all or
any part of the net revenues of the City's combined Waterworks and Sewer System.
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'?HIS NOTICE is given in accordance with law and as directed by the
City Council of the City of Grapevine, Texas.
"GIVEN this the day of , 1978.
City Secretary"
2. The foregoing notice shall be published once a week for two consecutive
weeks, the first of which publications shall be at least fourteen (14) days prior to the
date set in the foregoing notice for passage of the ordinance authorizing said Certifi-
cates of Obligation.
3. The City Council does hereby find that this Ordinance and the nature
of the project in question relate to the immediate preservation of the public peace,
� health and public welfare pursuant to Section 3..11 of the City Charter and the
requirement of reading an ordinance on two (2) of several days is hereby dispensed
with in accordance with this finding, 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 15tl�py of August , 1978.
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Mayor, City o Grapevine, Texas
ATT EST:
City S retar , Ci y of Grapev' , Texas
APPROVED AS TO LEGALITY:
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City Attorney
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