HomeMy WebLinkAboutORD 1982-015 � ORDINANCE NO. 82-15
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING THE ISSUANCE OF �600,000
"CITY OF GRAPEVINE, TEXAS, WATERWORKS AND SEWER
SYSTEM REVENUE BONDS, SERIES 1982," DATED MAY 1, 1982,
FOR THE PURPOSE OF IMPROVING AND EXTENDING THE
CITY'S WATERWORKS AND SEWER SYSTEM IN THE AMOUNT
OF �600,000, AS AUTHORIZED BY THE GENERAL LAWS OF THE
STATE OF TEXAS, PARTICULARLY ARTICLE 1111 - 1118,
V.A.T.C.S.; PRESCRIBING THE FORM OF THE BONDS AND THE
FORM OF THE INTEREST COUPONS; PLEDGING THE r�ET
REVENUES OF THE CITY'S COMBINED WATERWORKS AND
- SEWER SYSTEM TO THE PAYMENT OF SUCH BONDS AND THE
INTEREST THEREON; PROVIDING CERTAIN COVENANTS PER-
TAINING TO THE BONDS AND THE FUNDS FftOM WHICH SAME .
ARE TO BE PAID; ENACTING PROVISIONS INCIDENT AND
RELATING TO THE SUBJECT AND PURPOSE OF THIS ORDI-
NANCE; AND DECLARING AN EMERGENCY
WHEREAS, the City Council has found and concluded and does hereby find
and conclude that additional improvements and extensions to the City's
Waterworks and Sewer System should be made; and
WHEREAS, the City did by ordinance authorize and give the required
_ statutory notice of its intention to issue, not to exceed, $600,000 City of
Grapevine, Texas, Waterworks and Sewer System Revenue Bonds, Series 1982 and
said notice designates April 13, 1982 as the date of which it intends to adopt
an ordinance authorizing the issuance of said Bonds in the amount of $600,000
for the purpose of constructing improvements and extensions to the City's
Waterworks and Sewer System, said Bonds to bear interest at a rate not to
exceed 159n per annum and having a maximum maturity date of not later than
forty (40) years after the date to be secured by and payable from a first lien
or pledge of the net revenues of the City's combined Waterworks and Sewer
System; and � _. '
WHEREAS, official notice of the City's intention aforementioned was duly
given by the City Secretary in accordance with law by publication thereof in the
- City's official newspaper, the Fort Worth Star-Telegram, a newspaper whir� the --
City Council has found and does hereby find to be a newspaper of general
circulation within the City, on March 24, 1982 and March 31, 1982, the first said
date af publication being at least fourteen (14) days before the date designated
for passage of this ordinance; and
WHEREAS, the City Council considers it in the best interest of the City
- at this time to authorize the issuance and delivery of the Bonds in the amount
heretofore reflected and for the purposes stated, all in a single issue, and all in
accordance with Articles 1111 - 1118, V.A.T.C.S; and
I WHEREAS, it is officially found and determined that this meeting is open
to the public as required by law and that public notice of the time, place and i
purpose of this meeting was given in the manner prescribed in and as required
'�� by Article 6252-17, V.A.T.C.S.
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THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
—; OF GRAPEVINE, TEXAS:
�I Section 1. Authorization, Principal Amount, Designation. That in order
to borrow the sum o SI� HUNDRED THOUSAND DOLLARS 600,000) for the
purpose of improving and extending the City's Water�a�orks and Sewer System,
the City Council of the City, by virtue of the authority of and pursuant to the
General Laws of the State of Texas, particularly Article 1111 - 1118, V.A.T.C.S.,
has determined that there shall be issued and there is hereby ordered to be
issued a series of coupon bonds in the total principal sum of SIX HUNDRED
THOUSAND DOLLARS ($600,000) , to be designated "CITY OF GRAPEVINE,
TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 1982",
said series of Bonds, together with the previously issued Outstanding Bonds, to
be payable as to both principal and interest solely from and secured by a first
and senior lien on and pledge of the Net Revenues of the City's combined
Waterworks and Sewer System.
Section 2. Date, Number, Maturity, Option. That the Series 1982 Bonds
shall be dated ARay 1, 1982; shall be numbered consecutively from One (Z)
through One Hundred Twenty (120}; shall each be in the denomination of Five
Thousand Dollars ($5,OQ0}; and shall become due and payable serially on June 1
in each year in accordance with the following schedule:
BONDS YEARS AMOUNTS
1-4 1984 $ 20,000
5-8 1985 20,000
9-14 1986 30,000
15-21 1987 35,000
22-28 1988 35,000
29-34 1989 30,000
35-40 1990 . 30,000
41-50 1991 50,000
51-60 � 1992 50,000
__ _ 61-?0 1993 50,000
71-80 1994 50,000
81-90 1995 50,000
91-100 1996 50,000
101-110 1997 50,000 '
111-120 1998 50,000
PROVIDED, HOWEVER, the City reserves the right, at its option, to redeem
Series 1982 Bonds maturing June 1, 1994, through June 1, 1998, both inclusive,
in whole or any part thereof, on June 1, 1993, or on any interest payment date
thereafter, at the price of par and accrued interest to the date fihed for
redemption; and PROVIDED, FURTHER, at least thirty (30) days prior to any
interest payment date upon which any of the Series 1982 Bonds are to be
redeemEd, notice of redemption signed by the City Secretary, specifying the
serial numbers and amount of the Series 1982 Bonds to be redeemed shall be
filed with the Paying Agent (named in each of the Series 1982 Bonds) and shail
be published at least once in each of two financial publications, one of which
'— shall be published in the City of New York, New York, and the other in the State
of Texas; and should any Series 1982 Bond or Series 1982 Bonds not be presented
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� for redemption pursuant to such notice the same shall cease to bear interest
from and after the date so fixed for redemption.
j`' Section 3. Interest. That the Series 1982 Bonds shall bear interest from
their date to maturity at the following rates per annum:
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Bonds maturing in the years 1984 through 1988 14.25%
Bonds maturing in the years 1989 13.lOgo
Bonds maturing in the years 1990 through 1991 11.75%
Bonds maturing in the year 1992 11.909b
Bonds maturing in the year 1993 12.10%
Bonds maturing in the year 1994 12.40%
Bonds maturing in the year 1995 12.60°.6
Bonds maturing in the year 1996 12.80R6
_ Bonds maturing in the years 1997 through 1998 - 11.75%
such interest to be evidenced by proper coupons attached to each of the Series
1982 Bonds, payable on December 1, 1982, and semiannually thereafter on June
1 and December 1 in each year.
Section 4. Place of Payment. That both the principal of and interest
on the Series 1982 Bonds shall be payable in lawful money of the United States
of America, without exchange or collection charges to the owner or holders, at
the First National Bank in Dallas, Dallas, Texas, upon presentation and surrender
of said Bonds or proper coupons.
Section 5. Execution of Series 1982 Bonds and Coupons. That the seal
of the City may be impressed on each of the Series 1982 Bonds or, in the
alternative, a facsimile of such seal may be printed thereon. The Series 1982
- Bonds and interest coupons appurtenant thereto shall be executed by the
imprinted or lithographed facsimile signatures of the Mayor and City Secretary
for the City and eaecution in such manner shall have the same effect as if the
Series 1982 Bonds and coupons had been signed by the Mayor and City Secretary
manually. Inasmuch as the Series 1982 Bonds are required to be registered by
the Comptroller of Public Accounts for the State of Texas, only his signature (or
that of a deputy designated in writing to act for the Comptroller) shall be
required to be manually subscribed to the Series 1982 Bonds in connection with
the registration certificate to appear thereon, as hereinafter provided, all in
accordance with the provisions o Article 717j-1, V.A.T.C.S.
� Section 6. Form of Series 1982 Bonds, Certificates and Coupons:`That '
the form of the Series 1982 Bonds issued in coupon form, includingthe form of
Registration Certificate of the Comptroller of Public Accounts of the State of
Texas to be printed and endorsed thereon, and the form of interest coupons to
� be initially attached thereto, shall be, respectively, substantially as follows:
(FORM OF SERIES 1982 BOND)
NO. " $5,000
� UNITED STATES OF AMERICA
!; _ STATE OF TEXAS
COUNTY OF TARRANT
'—' CITY OF GRAPEVINE, TEXAS
WATER�4TORKS AND SEWER SYSTEM REVENUE BOND
SERIES 1982
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On June 1, , the City of Grapevine, in the County of Tarrant,
State of Texas, promises to pay to bearer, solely from the revenues and funds
_1
described herein, the principal amount of
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FNE THOUSAND DOLLARS
($5,000), and to pay interest thereon, from the date hereof to the maturity or
earlier redemption of this bond, at the rate of °.6 per annum, evidenced
by initially attached interest coupons payable December 1, 1982, and semi-
annually thereafter on each June 1 and December 1. The principal of this bond
and the interest coupons attached hereto shall be payable to bearer in lawful
money of the United States of America, without exchange or collection charges
to the bearer, upon presentation and surrender of this bond or proper interest
coupon, at the First National Bank in Dallas, Dallas, Texas, which place shall be
the paying agent for this issue of bonds.
This bond is one of a Series of coupon bonds dated May 1, 1982, each in
the denomination of Five Thousand Dollars ($5,000) and of like tenor and effect,
except as to number, interest rate, right of prior redemption and maturity,
issued in the aggregate principal amount of $600,000 for the purpose of
improving and extending the City's Waterworks and Sewer System.
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The Bonds of this Series stated to mature on and after June l, 1994
through June 1, 1998 may be redeemed prior to their scheduled maturities in
whole or in part thereof at the option of said City, on June 1, 1993, or on any
interest payment date thereafter, for the principal amount thereof plus accrued
interest to the date fixed for redemption. At least thirty (30) days prior to the
( date fixed for any such redemption, the City shall cause written notice of such
! . redemption to be given to the paying agent thereof and published at least once
C `"- in each of two financial publications, one of which is published in the City of
New York, New York, and the other in the State of Texas. By the date fixed
for any such redemption, due provision shall be made with the paying agent for
the payment of the principal amount of the bonds to be so redeemed, plus
accrued interest thereon to the date fixed for redemption. If the written notice
of redemption is given and published, and if due provision for such payment is
made, all as provided above, the bonds, which are to be so redeemed, thereby
automatically shall be redeemed prior to maturity, and they shall not bear
interest after the date fixed for redemption, and shall not be regarded as being
outstanding except for the purpose of receiving funds so provided for such
payment.
It is hereby certified and recited that the issuance of this bond and of the
series of which it is a part is duly authorized by law; that all acts, conditions
and things required to exist precedent to and in the issuance of this bond to
render the same lawful and valid have been properly done, have happened and
been performed in regular and due time, form and manner as required by the
Constitution and laws of the State of Texas and the ordinance authorizing this
Series of bonds; that this Series of revenue bonds does not exceed any
constitutional or statutory limitations; and that the interest on and principal of
this bond, and the Series of which it is a part, together with other waterworks
, and sewer system revenue bonds of said City which may be hereafter issued on
I a parity with the bonds of this Series, are secured by and payable from a first
lien on and pledge of the net revenues of said City's Waterworks and Sewer
�-- System. �
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, Said City has reserved the right, subject to the restrictions stated or
adopted by reference, in the Ordinance authorizing this Series of bonds, to issue
additional parity revenue bonds which also may be secured by and made payable
..-.� from a first lien on and pledge of the Net Revenues of said City's combined
� L1'aterworks and Sewer System. �
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� The holder hereof shall never have the right to demand payment of this
Bond out of any funds raised or to be raised by taxation.
In witness whereof, this Bond and the interest coupons attached hereto
have been signed by the imprinted or lithographed facsimile signature of the
iVIayor of said City and countersigned by the imprinted or lithographed facsimile
signature of the City Secretary, and the official seal of said City has been duly
impressed, or printed, or lithographed on this Bond. .
City Secretary, City of Grapevine, Mayor, City of Grapevine,
Texas Texas �
(SEALJ
(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTRATION CERTIFICATE Register No.
I hereby certify that this bond has been examined, certified as to validity,
and approved by the Attorney General of the State of Texas, and that this bond
has been registered by the Comptroller of Public Accounts of the State of Texes.
4�'itness my signature and seal this
Comptroller of Public Accounts of the
State of Texas
(FORM OF INTEREST COUPON)
NO. �
ON 1,
� The City of Grapevine, in the County of Tarrant, State of Texas, unless'due '
provision has been made for the redemption prior to maturity of the bond to
which this interest coupon appertains, promises to pay to bearer the amount
shown on this interest coupon, in lawful money of the United States of America,
without exchange or collection charges to the bearer, upon presentation and
surrender of this interest coupon, at the First National Bank in Dallas, Dallas,
Texas, said amount being interest due that day on the bond bearing the number
hereinafter designated, of that issue of "City of Grapevine, Texas, Waterworks
and Sewer System Revenue Bonds, Series 1982," dated May 1, 1982. The holder
hereof shall never have the right to demand payment of this obligation out of
any funds raised or to be raised by taxation. Bond No.
�� City Secretary Mayor
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Section 7. (a) That the term "Outstanding Bonds", as used herein, shall
---� mean the outstanding bonds of the following issue of said City: City of
jGrapevine, Texas, Waterworks and Sewer System Refunding and Improvement
� Bonds, Series 1980, authorized by an ordinance passed May 8, 1980 and City of
Grapevine, Texas, Waterworks and Sewer System ftevenue Bonds, Series 1981,
authorized by an ordinance passed April 21, 1981.
(b) That the bonds authorized hereby are parity "Additional Bonds" as
def ined in the ordinance passed on May 8, 1980, authorizing the issuance, sale
and delivery of the above referenced City of Grapevine, Texas, Waterworks and
Sewer System Refunding and Improvement Bonds, Series 1980.
(c) That Sections 8 through 16, Sections 18 through 27 and Section 34
- of the aforesaid Ordinance passed on May 8, 1980, are adopted by reference and
shall be applicable to the Bonds authorized to be issued by this ordinance for all
purposes, except to the extent hereinafter specifically modified and supple-
mented. The Bonds authorized to be issued by this ordinance and the Out-
standing Bonds are and shall be secured by and payable from a first and superior
lien on and pledge of, the Net Revenues of said City's combined waterworks and
sewer system and shall be on a parity and of equgl dignity as to lien and right.
Section 8. That, in addition to all other amounts required by the
ordinance authorizing the Outstanding Bonds, there shall be deposited into the
Interest and Sinking Fund, created for the benefit of said Outstanding Bonds and
all Additional Bonds, the following:
(a) such amounts, in equal monthly installments, commencing June 1,
_ 1982, and on the lst of each.month thereafter, as will be sufficient to pay the
interest scheduled to come due on the Series 1982 Bonds on the next interest
payment date, less any amounts already on deposit therein for such purpose
derived from the proceeds of the Series 1982 Bonds or from any other lawfully
available source; and
(b) such amounts, in equal monthly installments, commencing June 1,
_ 1982, and on the lst day of each month thereafter, as will be sufficient to pay
-- - the next maturing principal of the Series 1982 Bonds.
Section 9. Reserve Fund. So long as the funds on deposit in the
`- Reserve Fund created for the benefit of said Outstanding Bonds and all -
Additional Bonds, are equal to the Reserve Fund Requirement, no deposits need
be made to the credit of the Reserve Fund; but should the Reserve Fund at any
time contain less than the Reserve Fund Requirement, then, subject and
subordinate to making the required deposits to the credit of the Interest and
Sinking Fund, the City shall transfer from the Net Revenues in the Revenue
Fund and deposit to the credit of the Reserve Fund, on the first day of each
month, a sum equal to not less than 1/60th of the total amount then required
to be maintained.therein until the Reserve Fund is restored to the Reserve Fund
Requirement. The money on deposit in the Reserve Fund may be used to pay
the principal of and interest on the Bonds at any time there are not sufficient
funds on deposit in the Interest and Sinking Fund for such purpose. The City
' may, at its option, withdraw all surplus in the Reserve Fund over the Reserve
�,
Fund Requirement and deposit the same in the Revenue Fund.
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Section 10. That the Series 1982 Bonds are and shall be special
�+�) obligations of said City, and the holder or holders thereof shall never have the
right to demand payment of said obligations out of any funds raised or to be
raised by taxation.
Section 11. That the Mayor of said City is hereby authorized to have
control of the Series 1982 Bonds and all necessary records and proceedings
pertaining to the Series 1982 Bonds pending their delivery and their inves-
tigation, examination and approval by the Attorney General of the State of
Texas, and their registration by the Comptroller of Public Accounts of the State
of Texas. Upon registration of the Series 1982 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 the Series 1982 Bonds, and the seal of said Comptroller shall be
impressed or printed or lithographed on each of the Series 1982 Bonds.
Section 12. That all of the Series 1982 Bonds, being numbered One (1)
through One Hundred Twenty (120), both inclusive, are hereby sold in accordance
with law and shall be delivered to Rotan Mosle Inc., for the principal amount
hereof plus accrued interest to the date of delivery, plus a premium of
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Section 13. That the purchaser's obligation to accept delivery of the
Series 1982 Bonds herein authorized is subject to their being furnished the final
opinion of A�essrs. Hutchison Price Boyle & Brooks, Attorneys at Law, Dallas,
Texas, such opinion approving such Bonds as to their validity, said opinion to be
dated and delivered as of the date of delivery and payment for the Series 1982
Bonds. Printing of a true and correct copy of the opinion of Hutchison Price
Boyle & Brooks on the reverse side of each such Bond, with appropriate
certificate pertaining thereto executed by facsimile signature of the City
Secretary of the City is hereby approved and authorized.
Section 14. That the City certifies that based on facts, estimates and
circumstances known or reasonably expected to exist on the date of the issue of
the Series 1982 Bonds, it is not reasonable to anticipate that the proceeds
-- - thereof will be used in a manner which would cause them to be "arbitrage bonds"
within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as
amended, or regulations thereunder applicable thereto, and the officers charged
`� with such responsibilities in the issuance of the Series 1982 Bonds are authcrized -
and directed to make, execute and deliver certifications as to facts, estimates
and circumstances in existence as of the date of the issue of the Series 1982
Bonds materially change the City's present expectations. Additionally, the City
covenants that so long as the Bonds are outstanding it will diligently comply with
the requirements of Section 103(c) of the Internal Revenue Code of 1954, as
amended, or regulations thereunder applicable thereto, so that the Series 1982
Bonds will not at any time become arbitrage Bonds. .
Section 15. Approval of Official Statement. That the form and
substance of the Official Statement, dated I�Zarch 23, 1982, and any addenda,
; supplement or amendment thereto presented to and considered at this meeting,
' is hereby in all respects approved and adopted by the City Council, and the
� Mayor and the City Secretary are hereby authorized and directed to execute the
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same and deliver appropriate numbers of executed copies thereof to the
purchasers of the Series 1982 Bonds. Said Official Statement as thus approved,
�' executed and delivered, with such appropriate variation� as shall be approved by
the City A�anager and the purchasers of the Series 1982 Bonds, may be used by
. said purchasers in the public offering and sale thereof. The City Secretary is
hereby authorized and directed to include and maintain a copy of the Official
Statement and any addenda, supplement or amendment thereto thus approved
among the permanent records of this meeting.
Section 16. Emergency. That the public importance of this measure
and the fact that it is to the best interest of the City to provide funds for the
purpose of constructing improvements and extensions to the City's Waterworks
and Sewer System at the earliest possible date, for the immediate preservation
; _ of the public peace, property, health and safety of the City and its citizens,
creates an emergency and an imperative necessity that the rule requiring
ordinances to be read at two meetings of the City Council, be suspended, and
said rule is hereby suspended, and this ordinance shall take effect and be in �
force from and after its passage and approval.
FINALLY PASSED, APPROVED AND EFFECTNE, this 13th day of April,
1982. -� �
�� �
Ma �or, City of Grapevine, Texas
i:: �.�s-��
I :�= ATTEST:
City Secretar , ity of Grapev� , Texas
APPROVED:
City Attorney, City of ape � e, Texas � '
� [SEALJ
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