HomeMy WebLinkAboutORD 1978-014 ORDINANCE NO. 78-14
AN QRDINANCE OF THE ClTY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS, AUTHORIZING AND
� DlRECTING DELIVERY OF A PORTION OF CITY OF
GRAPEVINE, TEXAS, GENERAL OBLIGATION CERTI-
FtCATES OF OBLIGATION, SERIES 1977, AND OTHER
� H REL4TED MATTERS; AND DECLARING AN EMERGENCY
THE STATE OF TEXAS � �
COUNTY OF TARRANT �
CITY OF GRAPEVINE �
WHEREAS, on December 6, 1977, the City Council of the City of Grapevine,
Texas, p�ssed an Ordinance authorizing the issuance of interest bearing Certificates
of Obligati�n, in the principal amount of $200,000 called "City of Grapevine,
Texas, General Obligation Certificates �f Obligation, Series 1977," for the purpose
of renovating and c�mpleting a building presently owned by the City for use by the
Police Department, and as a library and community room, and to pay all necessary
costs incidenfial thereto and to the issuance of said Certificates;
WHEREAS, a construction contract was executed on December 20, 1977,
between the City and Cardinal Builders, Inc., Lewisville, Texas;
,� .,
WHEREAS, Cardinal Builders, Inc, has submitted its App{ication and Certi�cate
for Payment - App[ication No. 3, in the amount of $99,971 .50, a copy of such
' Application being att�ached hereto and made a part hereof as Exhibit "A" for pay�nent
, of a portion of the contractor's fees, which Application has been approved by the
`�`'' Ci ty's Arch i tect, as shown i n Exh i bi t "A", and
WHEREAS, Certificates of Obiigation should now be issued t� the above
named contrnctoro
THEREFORE, BE IT ORUAINED BY THE ClTY COUNCIL OF THE C1TY OF
GRAPEVINE, TEXAS:
Secticn 1 . That it is hereby authorized and directed that there be deliver�d
fio Cardinal Builders, Inc., Lewisville, Texas, Certificates of Obliqat�ion Nos. 1
through 4, both inclusive, ►n the denomination nf $1,000 each, aggregc�tir,g $4,000,
and Certificates of Obligation Nos, bl through 79, both inclusive, in the denominaPion
of $5,000 each, aggregating $95,000, for a total of $99,000, with the remaining
balance of $971 .50 to be included within i�he amount of the next insta(Iment delivery
of Certificates.
Section 2. That it is hereby officially found and determined that a portian
,�„, ,, of the contractor's work has been satisfactori(y performed, and that the Ci ty has
�.,;�
received full value of said work, and said contractor is to be paid the above sum due
�
for said services in accordance with the Construction Contract.
Secti�n 3. That the indebtedness above mentioned was incurred for a purpase
for which said Certificates of Obligotion are authorized, to-wit: for the purpose of
`"' " renovating and completing a building presently owned by the City for use by the Police
DeparPment, and as a library and community room, and to pay all necessary costs
incidental thereto and to the issuance of said Certificates.
Section 4. That the Mayor and City Secretary are hereby instructed to cause
fio be executed and delivered Certificates of Obligation Nos. 1 through 4, both in-
clusive, and Certificates of Obfigation Nos. 61 through 79, both inclusive.
Section 5. It is hereby officially found and determined that a case of emergency
or urgent public necessity being that the proceeds from the sale of the proposed Certi-
ficates of Obligation are required as soon as possible and without defay for necessary
and urgently needed public improvements; and that said meeting was open to the public
and public notice of the time, place, and purpose of said meeting was given, all as
required by Article 6252-17, V.A.T.C.S.
PASSED AND APPROVED this the 7th day of March, 1978.
�, .
� � Mayor, Cit of Grapevine, Texas
ATTEST:
City ecrefia i y of Grap i z, Texas
APPROVED AS TO FORM AND LEGALITY:
�
Ci ty Attorney, Ci ty Grapevi ne, Texas
[SEAL] '
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