HomeMy WebLinkAboutORD 1981-036 � � ORDINANCE NO.
' 81-36
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF
�"� GftAPEVINE, TEXAS, AUTHORIZING THE ISSUANCE AND SALE
OF CITY OF GRAPEVINE, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1981, IN THE AGGREGATE PRINCIPAL AMOUNT
OF $2,200,000, FOR THE PURPOSE OF PROVIDING FUNDS WITH
WHICH TO MAKE VARIOUS PERMANENT PUBLIC IMPROVE-
MENTS FOR AND WITHIN SAID CITY; PRESCRIBING THE FORM
OF SAID BONDS AND THE INTEREST COUPONS TO BE INITIAL-
LY ATTACHED THERETO; LEVYING AND REQUIftING ASSESS-
MENT AND COLLECTION OF AN ANNUAL AD VALOREM TAX
ON ALL TAXABLE PROPERTY WITHIN THE CITY TO PAY THE
INTEREST ON SAID BONDS AND TO CftEATE A SINKING FUND
FOR THE PAYMENT THEREOF AT MATURITY; ENACTING
OTHER PftOVISIONS RELATING TO THE SUBJECT; AND DE-
CLARING AN EMERGENCY
WHEREAS, the bonds hereinafter authorized were duly and favorably
voted as required by the Constitution and laws of the State of Texas, at an
election held in said City on the 19th day of January, 1980;
WHEREAS, at said election, the following were among the purposes and
__ � . the amounts of general obligation bonds authorized, the amounts previously
issued for said purposes pursuant to the voted authorizations indicated, the
amounts therefrom being issued pursuant to this Ordinance, and the respective
. �,,,,�� balances which remain unissued for the purposes indicated after the issuance of
the bonds herein authorized, to-wit:
Amount Amount
Election Amount Previously Being Unissued
Purpose Date Voted Issued Issued Balance
Street Improvements 1-19-80 $4,155,000 $550,000 $1,375,000 $2,230,000
Fire Station 1-19-80 600,000 200,000 300,000 100,000
Park & Recreational
Facilities 1-19-80 675,000 -0- 325,000 350,000
Municipal Services
Center 1-19-80 770,000 245,000 200,000 325,000
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 amounts thus reflected,
all in a single issue, and all in accordance with the laws of the State of Texas
and the Charter of the City;
'.��_ - THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
a
OF GRAPEVINE, TEXAS:
,� Section 1. That said Citg's coupon bonds to be designated "City of
` � � Grapevine, Texas, General Obligation Bonds, Series 1981," are hereby authorized
to be issued and delivered in accordance with the Constitution and laws of the
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State of Texas and the Chart�r of the City, said bonds to be issued in the
aggregate principal amount of $2,200,000 for the purpose of providing funds with
which to make the following various permanent public improvements for and
"�"� within the City and in the following amounts: $1,375,000 for constructing
improvements to the streets in and for said City, including sidewalks, storm
drainage improvements, parking facilities, traffic control and maintenance
facilities necessary and incidental thereto; $300,000 for improving, acquiring and
equipping fire stations and fire training facilities, including sites therefor, in and
for said City; $325,000 for improving and acquiring land for park purposes for said
City and developing recreational facilities in connection therewith; and $200,000
for improving, acquiring, constructing, reconstructing, renovating and equipping a
Municipal Services Center for said City, for the purpose of providing mis-
cellaneous municipal services to the inhabitants thereof, and acquiring any
necessary land for the expansion of the same.
Section 2. That said bonds shall be dated May 1, 1981, shall be numbered
consecutively from One (1) through Four Hundred Forty (440), shall be in the
denomination of $5,000 each, and shall mature and become due and payable on
May 1 in each of the years, and in the amounts, respectively, as set forth in the
following schedule:
BONDS YEARS AMOUNTS
�N a
1 - 5 1983 $25,000
6 - 10 1984 25,000
11 - 15 1985 25,000
�...:u
16 - 25 1986 50,000
26 - 35 1987 50,000
36 - 50 1988 75,000
51 - 70 1989 100,000
71 - 90 1990 100,000
91 - 115 1991 125,000
116 - 140 1992 125,000
141 - 170 1993 150,000
171 - 200 1994 150,000
201 - 235 1995 175,000
236 - 270 1996 175,000
271 - 305 1997 175,000
306 - 345 1998 200,000
346 - 390 1999 225,000
391 - 440 2000 250,000
Section 3. That as to said bonds scheduled to mature on and after May
1, 1993, said City shall have the right and option to redeem such bonds prior to
their scheduled maturities, in whole or any part, on May l, 1992, or on any
interest payment date t.�ereafter, for the principal amount thereof plus accrued
interest to the date fixed for redemption.
� At least thirty (30) days prior to any interest payment date upon which
any of said bonds are to be redeemed, notice of redemption signed by the City
� Secretary (specifying the serial numbers and amount of bonds to be redeemed)
- shall be filed with the paying agent and 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. By the date fixed for any such
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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 notice of redemption is filed and
�� published, and if due provision for 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 the funds so provided for such payment.
Section 4. That said bonds shall bear interest from their date, until
maturity or redemption, at the following rates per annum:
Bonds maturing in each of the years 1983 through 1990 11.500
Bonds maturing in the year 1991 9.60%
Bonds maturing in the year 1992 9.80%
Bonds maturing in each of the years 1993 through 1994 10.00%
Bonds maturing in the year 1995 10.20%
Bonds maturing in the year 1996 10.30%
Bonds maturing in the.year 1997 10.400
Bonds maturing in the year 1998 10.500
Bonds maturing in the year 1999 10.60%
Bonds maturing in the year 2000 10.000
with said interest to be evidenced by interest coupons payable on May 1, 1982,
� , and semiannually thereafter on each November 1 and May 1.
Section 5. That the principal of and interest on said bonds 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
proper bond or interest coupon, at The Fort Worth National fiank, Fort Worth,
Texas, which place shall be the paying agent for said bonds.
Section 6. That each of said bonds and interest coupons shall be signed
by the imprinted or lithographed facsimile signature of the Mayor of said City
and countersigned by the imprinted or lithographed facsimile signature of the
City Secretary of said City, and the official seal of said City shall be impressed
or printed, or lithographed on each of said bonds.
Section 7. That the form of said bonds, including the form of
Registration Certificate of the Comptroller of Public Accounts of the State of
Texas to be printed and endorsed on each bond, and the form of the interest
coupons to be attached to said bonds, shall be, respectively, substantially as
follows:
(FOftM OF BOND)
NO. �
UNITED STATES OF AMERICA
� STATE OF TEXAS
COUNTY OF TARRANT
�;,r; CITY OF GRAPEVINE, TEXAS
GENERAL OBLIGATION BOND
SERIES 1981
On May 1, , the City of Grapevine, in the County of Tarrant,
State of Texas, promises to pay to bearer the principal amount of
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FNE T.HOUSAND DOLLARS
($5,000) and to pay interest thereon, from the date hereof, at the rate of
% per annum, evidenced by interest coupons payable on May 1, 1982, and
semiannually thereafter on each November 1 and May 1 while this bond is
outstanding. 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 Fort Worth National
Bank, Fort Worth, 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, 1981, issued
in the principal amount of $2,200,000 for the purpose of providing funds with
which to make the following various permanent public improvements for and
within the City and in the following amounts: $1,375,000 for constructing
improvements to the streets in and for said City, including sidewalks, storm
drainage improvements, parking facilities, traffic control and maintenance
facilities necessary and incidental thereto; $300,000 for improving, acquiring and
equipping fire stations and fire training facilities, including sites therefor, in and
for said City; $325,000 for improving and acquiring land for park purposes for
said City and developing recreational facilities in connection therewith; and
$200,000 for improving, acquiring, constructing, reconstructing, renovating and
�..:� equipping a Municipal Services Center for said City, for the purpose of providing
miscellaneous municipal services to the inhabitants thereof, and acquiring any
necessary land for the expansion of the same.
�f.�
The bonds of this Series scheduled to mature on and after May 1, 1993,
may be redeemed prior to their scheduled maturities, in whole or in part, at the
option of said City, on May l, 1992, 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 any interest payment date upon
which any of said bonds are to be redeemed, notice of redemption signed by the
City Secretary (specifying the serial numbers and amounts of bonds to be
redeemed) shall be filed with the paying agent and 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. 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 notice of
redemption is filed and published, and if due provision for payment is made, all
as provided above, the bonds, which are to be so redeemed, thereby auto-
matically 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 the funds so provided for such
payment.
� It is hereby certified and recited that the issuance of this bond and the
Series of which it is a part is duly authorized by law; that all acts, conditions
and things required to be done precedent to and in the issuance of this Series
�,, of bonds, and of this bond, have been properly done and performed and have
happened in regular and due time, form and manner as required by law; that
sufficient and proper provision for the levy and collection of taxes has been
made which, when collected, shall be appropriated exclusively to the payment of
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this bond, and the Series of which it is a part, and to the payment of the interest
coupons hereto attached as the same shall become due; and that the total
indebtedness of said City, including the entire Series of bonds of which this is
one, does not exceed any constitutional or statutory limitation.
In witness whereof, this bond and the interest coupons attached hereto
have been signed by the imprinted or lithographed facsimile signature of the
Mayor of said City and countersigned by the imprinted or lithographed facsimile
signature of the City Secretary of said City, and the official seal of said City
has been duly impressed, or printed, or lithographed on this bond.
City Secretary, City o Grapevine, Mayor, City o Grapevine,
Texas Texas
(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLERS'S REGISTRATION CERTIFICATE: REGISTEft 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 Texas.
w Witness my signature and seal this
�.<,.�
Comptroller o Public Accounts o the
State of Texas
(SEAL]
(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 Fort titi'orth National Bank, Fort Worth,
Texas, said amount being interest due that day on the Bond, bearing the number
hereinafter designated, of that issue of "City of Grapevine, Texas, General
Obligation Bonds, Series 1981," dated May l, 1981. Bond No.
� City Secretary Mayor
� :.,
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� Section 8. That to provide for the paym ent of the debt service
requirements on the said bonds, being (a) the interest on said bonds, and (b) a
sinking fund for their redemption at maturity or a sinking fund of 2°.6 (whichever
"� °� amount shall be greater), there shall be and there is hereby levied for the
current year and each succeeding year thereafter while said bonds or interest
thereon shall remain outstanding and unpaid, a sufficient tax on each one
hundred dollars' valuation of taxable property in said City, adequate to pay such
debt service requirements, full allowance being made for delinquencies and costs
of collection; said tax shall be assessed and collected each year and applied to
the payment of the said debt service requirements, and the same shall not be
diverted to any other purpose. The taxes so levied shall be paid into a fund
known as "City of Grapevine, Texas, General Obligation Bonds, Series 1981,
Interest and Sinking Fund," which is hereby established for the payment of the
obligations herein authorized. The City Council hereby declares and covenants
that it will provide and levy a tax legally and fully sufficient for such bonds, it
having been determined that the existing and available taxing authority of the
City for such purpose is adequate to permit a legally sufficient tax in
consideration of all other outstanding obligations.
Section 9. That said bonds are hereby sold in accordance with law and
shall be delivered to , for the principal
amount thereof and accrued interest to the date of delivery, plus a premium of
$
�.��
Section 10. That the purchaser`s obligation to accept delivery of the
bonds herein authorized is subject to their being furnished the final opinion of
�;,..:�
Hutchison Price Boyle & Brooks, Dallas, Texas, Bond Counsel for the City, such
opinion approving such bonds as to their validity, said opinion to be dated an
delivered as of the date of delivery and payment for such 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 11. That the Mayor of the City is hereby authorized to have
control of said bonds and all necessary records and proceedings pertaining to said
bonds pending their delivery and their investigation, examination, and approval
by the Attorney General of the State of Texas, and their registration by the
Comptroller of Public Aecounts of the State of Texas. Upon registration 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 prescribed herein to be printed and endorsed on each bond, and the
seal of said Comptroller shall be impressed, or printed or lithographed on each
of said bonds.
Section 12. That the proceeds derived from the sale of the bonds herein
authorized shall be utilized promptly for the purposes for which issued; and such
proceeds shall be invested only for the temporary period pending such use; and
in no event shall any investments of such proceeds be made in securities of such
type or kind or for such period of time or bearing such rates of interest on
.�.,. producing such yield, and no other act or action shall be taken by the City, as
will cause said bonds to be treated as "Arbitrage Bonds" within the meaning of
Section 103(c) of the Internal Revenue Code of 1954, as amended, or under any
Regulations or Rulings issued thereunder by the Department of the Treasury, or
the Internal Revenue Service of the United States.
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Section 13. That the form and substance of the Official Statement, dated
April 20, 1981�, and 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 same and deliver
appropriate numbers of executed copies thereof to the purchasers of the bonds
herein authorized and described therein. The City Secretary is hereby
authorized and directed to include and maintain a copy of the Official Statement
thus approved among the permanent records of this meeting.
Section 14. That the public importance of this measure and the fact that
it is to the best interest of the City to provide for the construction of the
improvements herein contemplated at the earliest possible date constitutes an
emergency and creates a necessity for the immediate preservation of the public
peace, health and safety of the citizens of the City, which requires that this
ordinance be passed and take effect as an emergency measure, and it is
accordingly ordained that this ordinance shall be in full force and effect from
and after its passage, 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 19th day of May, 1981.
Mayor, City o rapevine, Texas
�ti_..�
� ATTEST:
Crty Se retar , i o Grapev' , Texas
[SEAL]
APPROVED AS TO LEGALITY:
\.
City Attorney
�:
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