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Home My WebLink AboutORD 1968-004 C?RDINEINCE NUMBER fa8—�. ORDINANG�. 1�LT�'�I(7�ZZ�NG THE I�SUfiNCE 0� �EV�NUE �ONDS THE STATE OP TEXAS COUNTY OF T�RRANT . CITY OF GRAPEVINE , �"""' WHEREAS, the b�nds hereinafter authori.zed were duly anc� £avorably votc�d a� an election held in said City on the 5th day af �,, Decernber, 1967; and WHEKEA�, the bonds hereiz�after authariz�d are to be iss�1ed and delivered pursuant to Vernon' s Ar�icles 11.11 through 1118 . THEREFORE, BE IT O�ZDAINFD B�' 'I`HE CITY COUNCIL OF THE CITY OI' GRAPEVINE, TEXAS: SecCion I. That said City`s bonds , to be desi.gna�ed the r'CT.TY OF GRAPEVINE W�,TERWOI:KS AND �E�nTER SYSTEM REVENUE BONDS, �ERIES �.96$," are h�reby a.uthori�ed to be is sued and (��.1VerEC� in �he principal dmounL- of_ $200,000, FOP� THE PTJP.POSE OF PROVIDING $175, 000 FOR ZMPRt?VING AND EXTENDING SAID CTTY'S WATER[dORKS SYSTEM, and $25,000 FOR IMPROVING �ND EXTENDING SAID CITY'S SEWER SYSTEMQ Section 2 . That said bonds shall b� dated FEBRUARY l, . 1968, shall be i,n the denon�inaL-ion of $5 ,000 EACH, sha11 be numbered consecutively fro�n 1 THROUGH 40, and sha11 mature serially on MAY 1. i.n each o� the year� , and in the amoants, respectively, a� set for�h � i.n the follocaing schedule: y„�,,, YEARS AMQU�ITS YEARS AMOUNTS l��o � s,000 i�s� �la,aoo 1971 5,000 1982 I0,000 1.972 5,000 I983 10,00Q 1973 5,000 1984 10,000 1974 5,000 1985 10,000 1975 S,OOU 1986 1Q,00a 1976 5 ,000 1987 10,000 1977 5,000 1988 10,Q00 1978 10,000 1989 10,Q00 1979 10,000 1990 40,000 1980 10,000 : Sai.d bonds may be redeemed priar ta �heir scheduled maturities , at the option af said City, on the dates �tated, and in the manner provided, in the FOI�Z OF BOND se� �orth in this Ordinance. Section 3. That the bands scheduled to mature during �h� � years , respec�ive7_y, set forth below sl-tall bear interest from �heir � date, until maturity ar redemption, at the f�llowing rates per annum: � �.,,,,., ma�urities 1970 thr-ough 1975, 6% � maGurities 1976 through 1990, 5% _1._ � ____—. Said in�erest sha11 be evidenced by irxteres� coupons which shaZl apper�ain ta said bonds , and which shall be payable on the dates stated i.n the FORM aF BOND set farth in this Urclinance. Section 4. That said bonds and interest coupons shall b� payable, sha11 have the char�c�eristics , and shall be signed and � execu�ed (and said bonds shall be sealed) , a11 as provicled, and in ` the manner indicated, in the FORM OF BOND set for�h in this Ordinance. � � Sec�ion S . That the form of said bonds, including the farm of Regi_stra�ion Certificate of the Comptroller of Public Accounts of the S�Gate of Texas to be printed and endorsed on each of said bonds, and the forrn af the aforesaid interes� coupans which shall apper- . tain and be attached ini�ially to each• of said bond� , shall be, respectiv�ly, substantially as follows: FORM OF BOND• N0, $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CIT'Y OF GRAPEVINE WATERWORKS AND SETn�R SYST�M REVENUE BOND - SERIES 1968 � ON MAY 1, 19 , THE CITY OF GRAPEVINE, in the Coun�y o� Tarrant, State of Texas , promises �o pay to bearer the principal y„�,,,, amo un t a f FIVE THOUSAND DOLLARS and ta gay in�ere�t thereon, fr�rn the dat� hereof, at the ra�e o� lo per annum, evidenced by interest coupons payable NOVEMBER l, , 19G8, and semi-annually �h�rea�ter on each MAY 1. and NOVEMBER 1 while this bond is autstanding. The princzpal af this. bond and �h� interest coupons appertaining here�o shall be payable to bearer, in lawful money of the Unit�d S�a�es af America, wa..thout exchange ar collec�ion charges �o the bearer, upon presenta�ian and �urrender af this bond ar proper interest cougan, at the FIRST NATIONAL B.�NK IN DALLAS, DALLAS, TEXAS, which place shall be Ghe paying agent for this Series o� bonds, , THIS BOND is ane of a Series of bonds dated FESRUARY l, I.96$, issued in the principal amount of $2QO,OQO, FC}R THE PURPOSE OF PRC?VIDING $175 ,Q00 FQR �I�IPROVING Ai.�ID EXTENDING SAID CITY�S t�'ATERWORKS SYSTEM, and $25,QOQ FOR IMPRQ�ING AND. EXTENDING SAID �, CITY'S SE[��R SYSTEM. QN MAY l, 1983, QR ON ANY INTEREST PAYI�IEi�T DATE THEREAFTER, �"""" any outstandir�g bands of this Series may be redeemed przor to their scheduled maturities, at the optian of saicl City, II� Gv'HOLE, OR IN PA�T, for the px�ncip�.l �mount .t'raereof anci accrued in�erest ther�on to the da�e fixed far redemp�ion. A� least thirty days priar to the -2- a � ___--- . date �ixed for any such redernption said City shall cause a written notice of such redamption �o be publ.ished at 1.east once in a finan- � cial publication publ,ished in the City of New York, New York. By the date fixed far any such rederng�io��. due provision sha1l be made with �he paying agent �or �he paym�nt o� the principal amaunt of �he bonds which are to be so redeemed and accrued interest the reon to �^ the dat� �ixed for r�demption. I� such wr. itten notice o£ redemption `' is pubii.shed and if d�e pravision far such payment is made, all. as i�w provided above, �he bonds which are to be sa redeemed �hereby automatically shall be redeemed prior ta �heir scheduled maturi.ties , and they sha11 nat bear in�erest after �Y�e da�e fixed for redemp�ion, and they shall not be regarded as� bein,g outstanding except far the purgose of bein,� paid by the paying agent with the funds sa provided far such payment . IT IS HEREBY cer�ified, recited, and covenantecl �hat this band has been duly and validly issued and delivered; that all acts, canditions, and things required or praper ta be perfarmed, exist, and be done preced�nt to or in the issuance and delivery of �his bond have been per�ormed, existed, and •been dane in accordance with 1aw; and that the in�erest on and principal of this bond, and the Seri.es of which . it is a part, together with ofiher ou�standing wa�er- work.s and sewer system revenue bonds of said City, are secured by and payabl.e from a first lien on and pledge of �he Net Revenues of said City's Waterworks and Sewer System. SAID CTTY has reserved the righ�, subjec� to the r�s�ric- �, tions sta�ed, or adopted by reference, in the Ordinance au�horizing this Seri�s of bonds, �o issue additianal parity revenue bands �„ which alsa may be secured by and made payable from a first Iien an and pledge af the Net Revenu�s of said Ci�y' s Wate�warks and S�wer Sys�em. - _ THE HOLDER HEREOF sha11 never have �he right ta demand payment o� �his obliga�ion out of any funds raised or to be raised by taxa�ian. IN WITNESS WHEREOF, this bond and the interest coupons appertaining hereta have been signed wi�h the facsimile signature o� �.he Mayor of said City and countersigned with th e facsimile signa�ure of the City Secr�tary of said City, and the of�icial seal of said City has been duly impressed, or plac�d in facsimile, on this bond. xxxxxxx� xxxxxxxx City Secretary, City o�' Grapevine Mayor, City af Grapevine FORM OF REGISTR.ATION CERTIFICATE ; � COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NOo i �. I hereby .cer�i£y that this bond ha-s been examineci, certi- fied as to validity, and approved by �he Attorney General af the S�ate o� Texas, and �hat this bond has been register�d by �he Camptroller of Public Accoun�s af the S�ate o� Texas . Witness my signa�ure and seal this xxxxxxx� � - Cornp�roller of Public Accouzats of the �ta�e of. Te�� . --3- . � . __ ---- F012M OF �II�TEREST COUPON ; NOo � ON 1, 19 �"'" THE CITY OF GR�,PEVINE, in th�. County af Tarrant, State of Texas, promises �o pay to b�arer Ghe amoun� shawn an this interes� coupon, � in lawful money of the Uni�ed States of America, without exchange or collecGion ch arges �o the bearer, unless due provision has been made �or �he redemFti_on prior to ma�urity of �he bond to which this � interes� coupc�n appertains, upon pres�n�atian and surrender of this interest coupon, at the FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS, said amaunt being in�erest due that day on �he bond, bearing the number hereinafter designa�ed, of thafi issue of CTTY OF GRAPEV�NE WATERWORKS AND SEt��R SYSTEM REVENUE BONDS, SERIES 196$, LATED FEBRUARX 1, 19b�, The holder hereof sha11 never have the righ� �o demand paymen� of this obligation out of any �unds raised or ta be raised by taxationo Bond No. � �xxxxxxx xxxxxxxx City �ecretary Mayor • Section 6. That the terrn "Outstanding Bonds", as used herein, shal.l mean the outstanding bonds of the follawing issues o� said City: � Wa#:erworks arzd Sewer System Rev�nue Refui�ding Bonds, Series 1950, au�horized by ordinance. dated irr.� Apr�i_1 27 , 1951; Waterworks and Sewer R�vc�nue Bonds , Series 1954, authorized by ardinance dated January 15 , 1954; Waterworks and Sewer Systern Revenue Bands, Series 1959, authori2ed by ordinance dated Jtzly 2, 195�. The Series 1�68 Bonds au�harized hereby are parity ,�Addi�ional Bonds" as defined and permit�ed in the afc�resaid ardinance dated April. 27 , 1951. Sec�ions l3 through 19, and Sections 21 thrau�h 26, o� said ordinance, and Sections 13 and 14 of �.h� aforesaid . ordi.nance dated Januar�r 15 , 1954, are adopt�d by reference for all purposes , except to �h� ex�ent hereinafter specifically modi- . fied and suppl.emented . The Series 196$ Bands and the 4utstanding . Boncls are and shall be secured by and payable fxc��z a first lie�� on and pledge af the Net Revenues c�� said Ci_�y' s Waterworks and Se�aer System, and all af said qbl.igatians sha11 be on a parity and of equal dignity in all respects . �"""" S�.ction 7 . That, i.n add�tion to a11 other amou��ts re- quired by the ar.dinances, respectively, authorizing the Outstanding �""` Bands , �here shall be depc�sited into the Bond Fund, created �or �h� benefi.t o� tt�e said Qutstanding Bonds and alI �d�itia�al Bonds, the• fallowing: -4- ! . . " (a) such amounts � in equal monthly installments, made on or before the lOth day of each month hereafter, as will be sufficient to pay the interest scheduled to come due on said Series 196f3 Bonds on the next interest payment date; and �.. (b) such amounts, in equal monthly installments, made on or before the lOth day of each month, commencing j� May 10, 1969, as will be sufficient to pay the next maturing principal of said Series 1968 Bonds . Section 8 . That, in addition to a11 other amounts re- quired by the ordinances, respectively, authorizing the Oustanding Bonds, there shall be deposited into the Reserve Fund, created for the benefit of said Outstanding Bonds and all Additional Bonds , on March 10, 1968 , and on or before the lOth day of each month there- after, the sum of at least $250 until the aggregate amount of $52,000 shall have been accumulated in said Reserve Fund. There- after said aggregate amount shall be maintained therein, for the benefit of the Outstandi_ng Bonds , the Series 1968 Bonds , and all Additional Bonds , in accordance with the procedures, as herein modified and supplemented, set forth in the ordinances authorizing the Outstanding Bonds . Section 9. Th at the Series 1968 Bonds are and sha]_1 be special obligations of said City, and the holder or holders there- of sha7_1 never have the right to demand payment of said obligatians �,,, out of any funds raised or to be raised by taxation. � Section 10. Tr.at the Mayor of said City is hereby authorized to have control of said bonds and all necessary recards and proceedings pertaining to said bonds pending -tlieir delivery and their investigation, examination, and approval by the Attarney General of the State of Texas , and their registration by the Comptroller of Public Accounts of the State of Texas . Upon regis- tration of said 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 printed � and endorsed on each of said bonds , and the seal of said Comptroller shall be impressed, or placed in facsimile, on each of said bonds . Section 11 . That said bonds are hereby sold and shall be del ivered to FIRST SOUTHWEST COMPANY, DALLAS, TEXAS _ ____�,�, for the principal amount thereof and accrued interest to the date of delivery, plus a prem�.um of $ 148.00 Section 12 . That this Ordinance is hereby finally passed . on one reading as an emergency measure, to be effective immediately, � such emergency being th at the proceeds from the sal.e of the bonds � au.thorized by this Ordinance are required as soon as possible for ['; � the immediate preservation of the public peace, health, or Public �' Welfare. - ---------------------------------�--------------- -5-