HomeMy WebLinkAboutORD 1971-041 71-41
, Ord.---
AN GRDlT?ANCE
AUTHOP.IZING THE ISSL'ANCE OF CITY OF GRApEVINE
.� �
INTEREST BEAR.I�VG CER.'TIFICATES OF OBLIGATION
I � THE STATE OF TEXAS .
�:�
CdUNT�Y OF TARRaNT .
CITY OF GRAPEVINE .
WHERF.AS, the City Council �f the City of Grapevine,
Texas, has heretofore determined that it is to the best irzterest
of the City to construct a pv.blic swimming pool and bathnouse in
the Ci�y of Grapevit'e, Texas , and to contract for same c�ith
Szkes Construction, Inc. ; and
WHEP�EAS , the �ity Council has heretofore, on the 7th
. �
i day of December, I�71, passed an Ordinance authorizing a.n�
��
directing the City Secretary to give Notice to Bidders for the
pur�oses indicated therein; and
WHER�AS, said Notice has been duly publisY�ed in �he
"Grape�vi.r�e Sun", tahich is a newspaper pub�.ished in the City of
Grape�,�ine, Texas, in its issues of December 9, 197I, and ,f
Decernber 16 , 197�; and
WH�REAS , �t is considered to be to the best interest
of the City tizat said interest bearing Certificates of Ob�.igation
of �ven denoniinaticns in �he amo�ant of $1,000 each b� issued; a�d
�
�
WHEREAS, the amounts af maney for which the City wi11
'�,
b� indebted �a the Cr�ntractor f�r said pu�poses wi11. be in
varying amoun�s and 3.n most ins��nces the amounts will not be
in multiples of $1,OQ0, and �laizns evidencing undivided in�erest
�._�
in said Certifica�es of Obligation should be del.iv�red �o such
�� Cantractor; and
WHEREAS, said claims, to the extent i.ssued, should
be assemb7.ed and held un�il the interest bearing Certi�ica�es
o� ObJ.iga�ion of even. denominatio�s can be subs�itu�ed by the
City �herefor cai�h proper provisions for adjusting the cred:�t
balance occasioned by odd amaunts o� the claims and the even
denoma.nation of the Certificates of Obligatian; and
WHEI�EA�, the success�ul bidder has elected to se1.1
attd assign the Certi.�icates af Obligation ta be received from
� , the City �or payment of �he cantract to First Southwest Con�paizy,
�, 900 l�ercant�_le Bank Building, Da11a�, Texas, and to receiv� in
cash �he par value thereof; and
� C�JHEREAS, First Sou�hwest Company, Dallas, Te�as, has
�.greed to purchase said CertifiGateS of Obligation �.nd c�.ainls
. from the owner ther_eaf a� the face amount thereof, or par valu�,
upon deliv�ry to it, and to hold saa.d claims un��l a sufficaent
amoun� therea� shall have been assembled ta jus�ify the del�.ver.y
to it of said i���erest bearing Certifi�ates of Obiigati.an ir
substituti.�n �hereof;
THEREFORE, BE IT OR�AINED BY THE CITY COUNCIL 4F THE
� CITY QF GRAPEVII�E, TEX�iS :
�
�""'* 10 That th� Certi�ica�es of Obli.��tion a� tl�e Ci�y
of Gra�evin�, Texas, �o �e called "Gity of Grapevine Certificat-: ,�
of Obl�ga�ion, Series 1972 ," be issued �nder and by virtue af
the Consti�utian and laws of the Sta�e of T�xas, in the amount
of $110,000.00, for the purpose of cans�ruc�ing a public
swimming paol and bathhou�e in the City of Grapevine, Texas ,
��'..
k and for the purpose of paying all or a part of the Architect' s
�
fees, Financial Advisor' s fee�, legal fe�s, and inspec��.,on
and testing fees .
2 o Tha� said Certificates of Obligation sha17.. be
numbered cansecutively from 1 through 110, ; both inclusi�ae, .
shall be in the d�nomination of $1,000 each, and sha11 become
due and payable on January 1 in each of the years a� Fallows :
YEARS AM(7UNTS'
1.973 $ 5,C00
1974 5,000
1975 5 ,000
1976 5 ,Q00
�.�, 1977 6,000
1978 6 ,Oa0
�, �.979 7,000
1980 7,t�00
1981 8,000
� �l(74 Q'��V �
�.983 9,OOG1
198�+ 9,000
1985 10,000
" �.�s� �.a,00c�
�.987 10,000
3. Tha� said Certific�.t�s of Obliga�.�.�n. �ha11 be dated
January 10, 1972.
4e Tha� sa�.d Certificates of Obligation �ha1�
bear interest from their date, a� the ra�e of 6�% per az�.num,
� evidenced by interest coupons payable on January 10, 1973 ,
a
�""" and semi-�r�nually thereaf�er an each July 10 and J�r�.uary 10.
5 . That the principal of and interest on said Certi�
' ficates of Obligation shall be payable in lawful money of the
United States of America, upan presentation and surrender of
Certificate of Obligation or proper coupon, at the First
�`� National Bank, Grapevine, Texas , without exchange or collection
� charges to the owner or holder thereof.
6 . That each of said Certif_icates of Obligation ahall
be signed by the Mayor and countersigned by the City Secreta-ry,
and the seal of said City shall be impressed, or placed in
facsimile, upon each of them,
7. That the facsimile signatures of the Mayar and
City Secretary may be lithographed ar p�inted on the coupons
attached to said Certificates of Obligation, and said print�d
�,.�,
ar lithographed signatures sha11 have the same effect as ��
� they had been executed m�.nua�ly by said cfficers.
8. That the form of said Certificates of Obligatior�
sha11 be substantially as fcllows , to-wit :
(FORM OF CERTIFICATE OF OBLIGATION)
N0. $1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF GRAPEVINE CERTIFICATE OF OBLIGATZON
SERIES 1972
ON JANUARY 10, 19_, �he CI'1'�' OF GRAPEVINE, TEXAS ,
�""�"" in the County of Tarrant, State of Texas , prvmises to pay to
�
�._ bearer the princi�al arnount of
`�� ONE THOUSAND DOLLARS
and to pay interest therean, from the date hereaf, at the
rate of 64Q/o per annum,evidenced by interest coupons payable
��
� January 10, 1973 , and semi-annually thereafter on each July 1G
�
�„ and January 10 while this bond is outstanding, The principal
of this Certificate of Obligatioiz and the interest coupons
appertaining hereto shall be payable to bearer, in l�.wful money
of the United Sta.tes of America, without exchange or collection
charges to the bearer, upon presentation and surrender of this
Certificate of Obligation or proper interest coupon, at the
FIRST NATIONAL SANK, GRAPEVINE, TEXAS , which place sha11 be
the paying agent for this S�ries of Certificates of Obligation.
��"
� THIS CERTIFICATE OF OBLIGATION is one nf a Series of
�
�
Certificates of Obligation dated JANUARY 10, 1972, issued in the
principal amount of $110,000.00, FOR THE PURPOSE OF CONSTRUCT-
ING A PUBLIC SWIMMING POOL AND BAT'rTHOUSE IN THE CITY OF GRAPEVINE,
TEXAS, AND FOR THE PURPOSE OF PAYING ALL OR A Pt�RT OF THE
ARCHTTECT' S FEES, FINANCIAL ADVISOR' S FEES, LEGAL FEES, AND
INSPECTION AND TESTING FEES.
IT IS HEREBY certif�ed, recited, and covenanted that
this Certificate of Obligation has been duly and validly issu�d
and delivered; that all acts, conditions, and things required or
� proper to be performed, exist, and be done precedent to or in the
�
= issuance and delivery of this Certificate of Obligation hav�e t��en
�
performed, existed, and been done in accordance with la���; and
that the City has received ful�. value for this Certificatz of
Obliga�ion; that �his Cer��ficate of Obligation is a general
obligation of said Ci�y, issued an the fu11 faith and credit
thereo�; and that annu�l ad v�Iorem taxes sufficien� to provid�
for the paymen� of the in�ere�t an a�d principal of �his Certifi-
.��
ca�e o� Oblzga�ion, as such interest comes due and such pri.ncipal
matures, h�.ve been levied and ordered to be levied against a11
taxable praper�y in said City, and have been pledged irrevocably
for such payment, within the limi� prescribed by lawo
IN WITNESS WHER.EOF, thi� Certa.ficate of Obligation
has been signed by the Mayor af said City and countersigned by
the Ci�Gy Secre�ary of said Ci�y, and �he offa.cia]. seal of said
Ci�y has been duly impressed, or �laced in facsi.mile, o� thi�
Certi�icat� of Obliga�ion, and the interest coupans �.ppertai.ning
hereto hav� been s�gned with �he facsimile signaCure� o� the
� M�.yor and City Secretary of said City.
��
�
City Secre�ary, City of Mayor, C�.�y of Grapevina, Texa.s
Grapevine, Texas
9a Tha� the form af coupon shall be substantially
as fo�lows .
N0. ____, �
4N THE DAY dF , 19 , the C�.ty of
Grapeva.�.�e, Texas, wi1_1 pay to bearer �he ama�nt shown an tha.s
in�erest caupon, in lawful. mc�ney of the United S�ates of
America, witho�.t exchange ar coll�ctian char��s to the
hearer, upan presenta�ic�n and surrenc��r af this coupan,
�
� at tl�e First National Bank, Grapevine, Texas , said
�
amount being interest due that day on the Certificate of
Obligation, bearing the number hereinafter designate�, of that
issue of "City of Grapevine Certificates of Obligation, Series
.�.,
k 1972," dated January 10, 1972. NOo .
�
City Secretary, Mayor,
City of Grapevine , Texas City of Grapevine, Texas
10. That said Certificates af Obligation, in the
autho�ized amount of $110,000.00, shall be printed, and with
the printed or lithographed coupons attached, shall be e�ecuted
by the Mayor and countersign�d by the City Secretary, The
Certificates of Obligation thus executed shall be placed in
the custody of the City Secretary and shall be deliv�red in
installments , as and when and in the amount necessary from
� � time to time, to contractors, engineers , architects, lawyers and
�
persons furnishing labor, services, material and equipment, or
to assignees of such contractors, engineers, architects, lawyers
or persons. Under no circumstances shall any of said Certificates
of Obligation be delivered by the City except for the purposes
for which they are authorized, A finding by ths City Council
that a specific item of indebtedness was i.ncurred for a purpose
for wha_ch said Certificates of. Obligation are authorized shall
be conclusive when contained in an Ordinance passed by the City
Councilo
�,,,,,�„ llo After cla�.ms and estimates shall have been ap-
1
proved by the City Council for any purpose for which said.
�
. C�rtificates of Obligat�.on are auth.orized, the Mayor and C�.ty
Secretary shall issue and dcliver to each claimai�t ai1 amcunt af
'� w : •
`�,
Certi£ica�es of Obligation not exceeding the amoun� af the
claim, and, for any amount not cavered by such delivery of
Certifica�es of Obligation, a cldim �.n subs�anta.ally the fo1-
��
lowing form, �o-wit:
�
� Claim No. $�
THI� IS TO GERTIFX that the Ca.ty Cauncil af the City
o� Grapevine, Texas , at a meeting held on , 19�,
audited, approved, and allowed a claim in favor of
�
for
ft�rnished in the construction of a public sw�mm�_ng pool an�. b�th-
hause in �he City. of Grapevine, Texas , �ar which the Ci�y has �
authorized the issuance of "City of Grapevine Certi�ic�tes af
Obligatz�n, Series 1972,"' da�ed ,Tanuary 10, 1972; that �h�
� �" amoun� of sa�d claim which is in excess of Gertifi.cates of
� Qb�igation del.iver_ed therefor, is $ , and thaL said
claimant owns that araoun� af an und�vided interest in said
Certi�ica�es of 4bli.gation not here�ofare delivered.
ISSUED , 19„0
Mayor, Ci�y of Grapev:i.ne, Tex��.s
(�EAL}
City �ecretary, Cit�T of Grapevines
Texas
12p As an when said claims shall have been accumu-
lated from time �o tame in alnounts not less than $�.,000, an�.
�'"'" ti�hen requested by the halder of said clairas, the City Council
� wa.11 pass an Ordinance describi�g sa�a clai.ms an.d author.izing
�he delivery of said i.n4erest U�ari.ng C�rtificates of �b1�,ga••
�ion �n an amau�n�. no�. exceedi_ng the amount of the accwnula�ed
claims , specifying by numbers the Certificates of Obligation
' to be delivered in exchange for said clai.mo Credit balances
may be carried in favor of said holder for succeeding install-
ment deliveriesa On the occasion of the final installment
`� " delivery the City shall make cash adjustment with the holder
� out of funds available therefor,
13o On the occasion of each exchange of claims for
Certificates of Obligation, both the City and the holder shall
execute receipts , each in favor of the other, to show the
surrender to "the City and the receipt thereof of said claims,
and the delivery by the City and receipt thereof of said
Certificates of Obligation.
14o That a special fund or account, to be designated
the 14City of Grapevine Certificates of Obligation, Se�ies 1972,
�.:�,
InteYest and Sinking Fund," is hereby c�eated and shall be
� estaUlished and maintained by saiu City at an official deposi-
tory bank of said Cityo Said Interest and Sinlcing Fund sha11
be kept separate and apart from all other �unds and accounts
of said City, and shall be used only for paying the interesi.
on a.nd pr�ncipal of said Certificates of Obligationo A1]_ ad
valorem taxes levied and collected for and on account of said
Certifi.cates of Obligati.on sha11 be deposited, as collected, to
the cr_edit of said Interest and Sinking Fund, Dur.ing each year
whiie any of said Certificates of Obligation or interest coupons
agpertaining thereto are outstanding and unpaid, the City
t�"" Council of said City shall conzpute an.d ascertain a rate and
�
�
�,,,,,,, amount of aci valorem tax which will b� sufficient to raise and
produce the mc�ney requi.red to pay the interest on said Cer.L�_fi-
cates of Obligation as such intzrest comes due, and to pr_ovide
and maint. in a siniting fund adequate to pay th� pr�_ncipa 1 of
1
`, such Certificates of Obligatior as such principal matures
(but never. less than 2% of the original principal amount of_
said Certi ficates of Obligation as a sinking fund each year) ;
-�N.:y. and said tax shall be based on the latest approved tax rolls of
�
€
` said City, with full all�wance being made for tax delinquencies
�
and the cost of tax collectiono Said rate and amount of ad
valorem tax is hereby levied, and is hereby ordered �o be
levied, against all taxable property in said City for each year
while any of said Certificates of Obligation or interest coupons
appertaining thereto are outstanding and unpaid; and �aid tax
shall be assessed and collected each such year and deposited to
the crEdit of the aforesaid Interest and Sinking Fund. Said ad
valorem taxes sufficient to provide for the payment of the
interest on and principal of said Certificates of Obl:�gation,
� .
as such ir.terest comes due and such principal matures , are
hereby pledged irrevocably for such pa;�ment, within the limit
prescri.bed by lawo
15o The assignees of said claims and the hold�:rs ef
said Gertificates of Obli�atian are hereby subragated to alI
right� which the persons to whom the original Certificates of
Obligation and claims w�re issued had agains� the �City of
Grapevin�, Texas , and the assigr�ment or sale of said Cer�ificates
of Obligation an.d claims shall, without specific merition ther_e-�
of� include all such rights.
16. The Mayor and the City Secretary are hereby
ordered to do an.y and a11 things necessary to accomplish th�
transfer of said mcneys to the interest and sinl:ing fund of
this issue in ample time to pay such itPms of principal and.
interest.
�
. : �
17. That the two publications of the Notice to
',
Bidders that were published on December 9, 1971, and December 16 ,
1971, are hereby ratified and confirmed, �n any and a11 things .
18. That this Ordinance is hereby finally passed on
���� one reading as an emergency measure, to be effective i�nediately,
�
such emergency being that the authorization of the Certificates
of Obligation authorized by this Ordinance are required as soon
as possible for the immediate preservation of the public peace,
health, or public welfareo
� 19. It is hereby officially found and determined that
a case of emergency or urgent public necessity exists which re-
� quires the holding of the me�ting at which this Ordinance is
passed, such emergency or urgent public necessity being that the
proceeds from the praposed Certifi,cates of Obligation are re-
quired as soon as possible and c,rithout delay for necessary and
�:`�
urgently needed publi_c impravemEnts; and that said meeting was
�
open to the public, and public notice of the time, place, and
purpc�se of said meetin� was given, all. as requi.red by Vernon' s
Ann. Civ, Sto Article b252-170
�
�
ACKNOWLEDGMENT OF NOTICE OF SPECItiL N�ETING
� FOIZ .�BSENTEES
THE STATE OF TEXAS .
,�,- �,
COUNTY OF TARRI�NT .
"'�- �' CITX OF GRAPEVINE .
Each of the undersigned officers or members of the
Czr.y Council of said City hereby ackno�aledg�s and certif.ies
that h� was duly and suffi�iently notified, officially and
personally, in advance , of the time, place, and purpose of
the S�'ECIAL MEETING of said C�.ty Council, held at the re�ulax
desi_gn�.ted meeting places on the 23rd day of i�ecemb�7:, 1971;
and that ORDINAVCES ACCEFTING SIDS AND AUTHOKIZINC T��E EXE�LTT�::?�'1
QF C�NTRACTS and AUThO}ZIZING CEI�TIFICATES OF OBLIGATION wo���d b�
�
��tYo�.uced and considered for passagc� a� said meeting, �.nd ti-�at
�
he consented, iri advance , to the holding of s�.id. mPe�:�.ng for
� � �
such purposes,
SI�GNED this the 3oth Mday of December, 19?i,
.�� �� l ����- ' 'j--L.
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