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ORDINANCE NO. 98-125 <br /> AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE,T�XAS, <br /> CALLING A BOND ELECTION TO BE HELD WITHIN SAID CITY; MAKING <br /> PROVISION FOR THE CONDUCT OF THE ELECTION AND OTHER PROVISIONS <br /> " INCIDENTAL THERETO;AND DECLARING AN EMERGENCY <br /> WHEREAS, the City Council (the"City Council") of the City of Grapevine,Texas (the "City") <br /> finds and determines that an Elec�ion should forthwith be called and held in the City for the purpose <br /> of submitting certain propositions for the issuance of bonds for the purposes herein set forth; <br /> WHEREAS, the City Council further finds and determines that holding said election on a date <br /> other than a uniform election date is in the public interest; <br /> WHEREAS, the City Council finds and declares that the meeting at which this Ordinance is <br /> considered is open to the public as required by law, and that public notice of the time, place and <br /> purpose of said meeting was given as required by Chapter 551, Texas Government Code; therefore, <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OI+GRAPEVIN�, TCXAS: <br /> Section 1. Findin�s. The statements contained in the preamble to this Ordinance are hereby <br /> adopted as findings of fact and as a part of the operative provisions hereof. <br /> Section 2. Election Ordered:Date: Proposition. An Election(the"Election")shall be held for <br /> and within the City of Grapevine,Texas,on Saturday, December 5, 1998 (the"Election Day"), at which <br /> ''" " Election tlle following proposition(s) shall be submitted in accordance with law: <br /> �k� PROPOSITION NO. 1 <br /> "Shall the City Council of the City of Grapevine,Texas, be authorized to issue and sell <br /> general obligation bonds of the City, in one or more series or issues, in the aggregate <br /> principal amount of$30,245,000,with the bonds of each series or issue, respectively, to <br /> mature serially in such installments as may be fixed by the City Council, the maximum <br /> maturity being not more than forty (40)years from their date, to be issued and sold at <br /> any price or prices and to bear interest at any rate or rates as shall be determined within <br /> the discretion of the City Council at the time of issuance, for the purpose of providing <br /> funds for permanent public improvements,to wit:constructing,improving and widening <br /> streets and thoroughfares and related utility relocation,drainage,landscaping,sidewalk <br /> and signalization improvements,and acquiring land and interests in land therefor; and <br /> to provide for the payment of the principal of and interest on the bonds by levying a taY <br /> sufficient to pay the annual interest on and to create a sinking fund sufficient to pay said <br /> bonds as they mature?" <br /> PROPOSITION NO.2 <br /> "Shall the City Council of the City of Grapevine,Texas,be authorized to issue and sell <br /> general obligation bonds of the City, in one or more series or issues, in the aggregate <br /> �� principal amount of$6,750,000,with the bonds of each series or issue, respectively, to <br /> mature serially in such installments as may be fixed by the City Council, the maximum <br /> maturity being not more than forty (40)years from their date, to be issued and sold at <br /> 6.1�F:�FINAMGRA325U3001�ELEC ORD. <br /> 10/16N8:(920am) <br />