HomeMy WebLinkAboutORD 1978-032 O,v�. � o �� 3 z— '
� AN ORDtN/�NCE BY THE CITY COUNCIL OF THE CIN OF
GRAPEVINE, TEXAS, AUTHOfiIZiNG THE ISSUANCE OF ,
i $1,750,�00 CITY OF GRAPEVINE, TEXAS, GENERAL
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OBL(GATIO'N REFUNDING BONDS, SERI�S 1978," DATED
JULY 1, 1978, FOR THE PURPOSE OF PAYING OFF,
DiSCHARGING, CANCELLING AND REFUNDING A LIKE
PRINCIPAL AMOUNT OF "CITY OF GRAPEVINE, TEX/�S,
GENERAL OBLIGATION BONDS, SERIES 1977," DATED
MAP.CH 15, 1977 AN� °ClTY OF GRAPEV INE, TEXAS,
GENERAL OBLIGATION CERTIFICATES OF OBLIGATION,
SERIES 1977," DATED DECEMBER i5, 1977; PRESCRIBING
THE FORM OF THE BONDS AND THE FORM OF THEIR
INTEREST COUPONS; LEVYING A CONTINUING DIRECT �
ANNUA! AD VALOREM TAX ON ALL TAXABLE PROPERTY
� WITHfN THE LIMITS OF SAID CIN TO PAY THE INTEREST
ON SAID QONDS AND TO CREATE A SINKING FUND FOR
THE REDEMPTION THEREOF, AND PROVIDING FOR THE
ASSESSMENT AND COLLECTION OF SUCH TAXES;
ENACTING PROVISIONS RELATIVE TO THE EXCHANGE •
�F SAiD BONDS FOR THE OBLIGATIONS BEING REFUNDED;
'�""°� ENACTING OTHER PROVISIONS REWTING TO THE SUBJECT;
' AND DECI.ARING AN EMERGENCY.
�'� 1NHEREA5, i-he following General Obligation 8onds and General Obligation
Certificai-es of Oblication of said City are presenfily oufistanding:
$1,550,000 Cifiy of Grapevine, Texas, General Obtigafiion Bonds�
Series 1977, dated March 15,1977, numbered consecutively
from 1 fihrough 78, wifih Bonds Nos. 1 throvgh 20 in the
denominafiion of $5,OD0 each, and Bonds Nos. 21 through
78 in fihe denomination of $25,000 each, maturing on
Sepi-ember 15 in each of the years 1979 through 1994,
bearing ini-erest from their date, unfii) maturity or redemption,
cai- the i��low�n5 �esp�ctive rates and fot fihe periods indicated:
3-15-77 through 3-]5-7$ -------------` 6.75°l0•
3-16-78 through 9-15--78 ------------�' 7.OQ°lo;
9-16-78 through 3-15-79 �-----_-______- 7,50%;
' 7.75°l0;
3-16-79 and thereaffier ---------"��"
�°N said interest being payable on March 15, 1978, and semi-annually
thereaffier on September 15 and March 15 while outstanding,
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with an option of prior redemption on all of said bonds prior fio
their scheduled maturities in whole, or in part, on September 15,
�,� 1977, or at any fiime thereafter, for the principal amount thereof
plus accrued interesl' ta the dQte fixed for redemption.
�200,000 City of Grapevine, Texas, General Obligation Certificates of
. Obligation, Series 1977, dated December 15, 1977, numbered
consecutively from 1 through 80, with Certificates Nos, 1 through
50 in the denomination of �1,000 each, and Certificates numbered
51 fihrough 80 in the denomination of �5,000 each, maturing on
December 15 in each of the years 1979 through 1995, bearing
ini-erest from their date and while outstanding to December 15,
1978 at the rafie of 7-1/2°lo per annum, and beg i nn i ng
-� December 15, 1978 and thereafter shal( bear interest while
oufistanding at the rate of 8-1/2°lo per annum, said interest
being payable on December 15, 1978, and semi-ar.nually
thereafter on each June 15 ond December 15 thereaffier unti 1
maturify or redemption, with an option of prior redemption on
all Cerfiificafies prior to their scheduled mafiurities, in whole, or
in part in inverse numerical order, on June 15, 1978, or at any
�"� ° time thereafter for the principal amount thereof p(us accrued
interesfi to the dafie fixed for redemption.
• 'WHEREAS, the City Council has found and determined and hereby finds and
'�°" determines that it is imperotive, necessary and in the public infierest fihat the
"City�of Grapevine,`Texas, Genernl Obligation Bonds, Series t977;` dated
March 15, 1977, in the amounfi of $1,550,000, and the "City of Grapevine, Texas,
General Obligation Certificates of Ubligation, Series 1977," dated December 15,
1977, in the amount of $200,000 (hereinaffier col(ectively called the "Oufisfianding
Obligafiions") be refunded pursvant to the terms of this ordinance thereby extending
� the maturities thereof and reducing the interest rote thereon, and, accordingly, fulf,
adequate and proper consideration and benefit therefor having been and being hereby
found and determined, and with the consent and agreement of the owners af the
Outstanding Obligafiions having been had, obtained and received, the City Council
hersby ad�p�s, passes and enacts t{,is ard;nance; and
WHEREAS, it is officially found and determined thdt `rfi is appropriate and
necessnry in the interest of the City fihat refunding bonds be authorized at this m�eting;
fihat this meeting is open to the public as required by law, and that public notice
of the time, place and purpose of this meeting was g+ven in the manner prescribed
in and as required by Article 6252-17, Vernon's Texas Civi[ Statutes, as amended. -
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THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CtTY OF
� �3�. GRAPEVINE, TEXAS: �
Secfiion 1. That each and every one of the recitals, findings and determinations
contained in the recitals of fihis ordinance aforesaid are hereby repeated and incorporated
herein as due, proper, fina) and formal findings and determinations of this City Council.
Section 2. That, for the purpose of paying off, discharging, cancelling and
refunding a11 of the indebtedness of and against the City represented by the Outsfianding
Obligafiions, hereinabove des•cribed, there shall be and there are hereby ordered to be
issued fihe bonds of snid City to be known as "CITY OF GRAPEVINE, TEXAS, GENERA!
OBLIGATION REFUNDING BONDS, SERIES 1978," (hereinafter called the "Refunding
- � Bonds"), in the principal sum of One Million Seven Hundred Fifty Thousand Dollars
(�1,750,�00), under cnd pursuant to the Censfiiivtion and �aws of the Sfiate of T�xas,
particularly Arfiicle 717k-3, Vernon's Texas Civil Stai-utes, as amended.
Sectian 3. That the Refunding Bonds shall be numbered consecutively fram ,
One (1) through Three Hundred Fifty (350), shall be in the denominafiion of Five
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Thousand Dollars ($5,000) each, aggregating the sum aforesaid.
Section 4. That the Refunding Bonds shall be dated J�ty 1, 1978, and shall
become due and payable serially on July 1 in the years and amounts specified in fihe
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following schedule, fio-wit: �
YEARS AMOUNTS YEARS AMOUNTS
1980 $ 50,000 1990 $ 85,000
�98� 50,000 1991 90,000
�982 50,000 1992 95,000
1983 55,000 1 S'93 � 100,000
1984 60,000 1994 '- 110,000
1985 65,000 1995 � 115,000
1986 65,000 1996 i20,000
1987 70,0�0 1997 130,000
�988 75,000 1998 140,OOQ
1989 80,000 1999 1�5,000
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Section 5. That the Refunding Bonds shall bear interest from dat� fio mafiurity
"�"� or redemption at fihe folfowing rates per annum:
(a) Bonds mofiuring in each of the years 1980 fihrough 1985 ------------- 7.�0%; -
��� (b) Bonds maturing in fihe year 1986 ------_____________________-____ 6.70°l0;
(c) Bonds maturi ng i n the year 1987--------------------------"----- 5.2�°�0;
(d) Bonds moturing in the year 1988 -------------------------------- 5.30°l0;
(e) Bonds maturing in the year 1989 ------------------�---------�--- 5.40°l0;
(fi� Bonds maturing in the year 1990 -------------------------'-----" 5.50%;
(g) Bonds maturing in fihe year 1991 ---------------�------`---------- 5.60°l0;
(h) Bonds maturing in the year 1992 -------------------------------- 5.75°fo;
(i) Bonds maturing in the year 1993 ---�----------------------------- 5.90°l0;
(j) Bonds maturing in the year 1994 ---------�_____.�--------------- 6.00°l0;
(k) Bonds maturing in fihe year 1995 ---______________.�-_--_-_--_---- 6.10°l0:
(I) Bonds maturing in fihe year 1996 --______.._______________..__----- 6.20°l0; -
-- (m) Bonds maturing in the yeor 1997-------------------....___-__-_--- 6.30°l0;
(n) Bonds mnturing in the year 1998 �-------------------------------- 6.40°l0;
(o) Bonds mafvring in the year 7999 -�_..._-----------------------^--- 6.40°l0; �
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such interest to be evidenced by proper coupons attached fio each of the Refunding
�-k Bonds, ptiyable on July 1, 1979, and semi-annuQ{ly thereafter on January 1 and
July 1 in each year.
I Section 6. Thaf as to those Refunding Bonds scheduled to mature on and
�-._,� affier July 1, 1992, said City sha{I have the right and option to redeem such bonds
prior totheir scheduled maturities, in whole or in part, on July 1, 1991, or on an�
infieresfi paymenfi date thereafter, for the principal amounfi thereof plus accrued
interesfi to fihe date fixed for redemption.
At least fihirty days before the date fixed for any such redemption, fihe City
shal) cause a written notice of such redempfiion to be pub{ished at least once in a
financial publication published in the City of New York, New York, By fihe date
fixed for any such redemption� due provision shall be made with the paying agent
for the payment of fihe principal amount of the Refunding Bonds to be so redeemed,
plus accrued interest #hereon to the date fixed for redemption. !f the writfien nofiice
of redemption is published, and if due provision for payment is made, aCl as provided
abo✓e, the Refunding Bonds, which are to be so redeemed, thereby automafiical(y
shall be redeemed prior to maturity, and they shall not be regarded as being outstanding
except for the purpose of receiving the funds so provided for such payment.
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Section 7. That both the principal of and interest on the Refunding Bonds -
�==�n shall be payable in lawful money of the United Stafies of Amer'rca, without exchange
ar collecfiion charges to the owner or holder, dt The Fort Worth National Bank,
Fort Worfih, Texas, pnying agent therefor, upon presentation and surrender fio said
paying agent of the proper Refunding Bonds or coupons when and as due and payab(e.
Section 8. That the corporafie seal of the City may be impressed on each
of the Refunding Bonds, or, in fihe alternative, a facsimile of such seal may be
printed fihereon. The Refunding Bonds and the interest coupons c�ppurtenant thereto
may be executed by the imprinted facsimile signafiures of the Mayor and City Secrefiary
of the City and execufiion in such me�nner shalf have the same effect as if the same
had been signed by fihe Mayor and Cifiy Secretary in person by their manual signatures,
- =.� Inasmuch as such bonds are required fio be registered by fihe Comptroller of Public
A.ccounts of the Ste;e of Texas, only his signature (or fhcrt of cr deputy designated in
writing to act for the Comptroller) shall be required to be manually subscribed
fihereon in connection wifih his regisfiration certificate to appear thereon, as herein- .
after provided; all in accordance with the provisions of Article 717j-1, Vernon's Texas
Civil Stafiutes, as amended.
� Section 9. That the form of fihe Refunding Bonds sha11 be substantially as
fo!I ows:
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N O e $5,000
UN I TED STATES OF AMER I CA
STATE OF TEXAS
COUNIY OF TARRANT
CIN OF GRAPEVIN E, TEXAS
GENERAL OBLIGATION REFUNDING BOND -
SERIES 1978
On July 1, 19 , the City of Grapevine, in the County of Tarran#, State of
Texas, promises to pay to bearer the principaF arnounfi of
FIVE THOUSAND DOLLARS
and to pay interesF thereon, from fihe date hereof, at the rate of °lo per annum,
evidenced by interest coupons payable on July,l, 1979, and semi-annually thereafter
on each January 1 and July 1 while this bond is outstonding. The principal of this
bond and the interest coupons afitached hereto shall be payable to bearer, in lawful
'°�� money of the United Stafies of America, withoufi exchange or collection charges to the
benrer, upon presentation and surrender of fihis bond or proper interest coupon, at The
Fort Worth National Bank, Fort Worth, Texas, which place shall be the paying agent
for this series of bonds,
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"�""° This bond is one of a series of 350 serial bonds, dated July 1, 1978, numbered
consecutively from 1 through 350, each in the denomination of $5,000, aggregating
$1,750,000, and issued by the City of Grapevine for fihe purpose of paying off,
discharging, cancelling and refunding in lieu of a like principal amo�nt of valid ,
subsisting and outsfianding indebtedness of said City represented by its "City of
Grapevine, Texas, General Obligation Bonds, Series 1977," dafied March 15,
i977, and its "City of Grapevine, Texas, General Obligafiion Certificafies of
Oblig�rtion, Series 1977," dafied December 15, T977, said obligafiions being fu1(y
idenfiified and described in the ordinance authorizing this series of bonds; and fihis
bond is issued under and in strict conformity with fihe Constitution and laws of the
Sfiate of Texas, particulurly ArPicle 717k-3, Vernon's Texas Civil Sfiatufies, as
amended, and pursuanfi to an ordinance duly passed by the City Council of said Cifiy
duly recorded in the minutes of said City Council.
' The bonds of this series scheduled to mature on and after July 1, 1992, may
be redeerned prior to their scheduled ma�urities, in whole or in part, afi the option
of said City, on July 1, 199i, or on any interesfi payment date thereafter, for the
principal amount thereof plus accrued interesfi to the date fixed for redemption.
At least thirfiy days before the date fixed for any such redemption the City shall ,
cause a w�itten nofiice of such redemption to be published in the City of New York,
�� = New York. By the dafie fixed for any such redemption, due provision sha11 be made
with the paying agenfi for the paymenfi of the principal amounfi of the bonds to be .
redeemed, plus accrued interest therean to the date fixed for redemption. If the
written notice of redemption is published.��ch C6 f'O E�@ SOSCECI2@t716a� therebynt is
�<;h� made, all as provided above, the bonds w _
automafiically shall be redeemed prior to maturity, and they sha11 not bear interesf
after the date fixed for redemption, and shall not be regarded as being ovtsfianding
except for the purpose of receiving the funds so provided for such paymerrt.
IT IS HERESY CERTIFIED, RECITED AND REPRESENTED that all acts, conditions
and fihings required by the Constitufiion and laws of the State of Texas to be done
precedent to and in the issuance of this bond and said series of bonds, have been
done� have happened and have been performed in cegular and due time, form and
manner as required by law; that proper provisions have been made for the Ievy and
collection annually of fiaxes upon ali fiaxable property in said City sufficienfi to pay
fihe interesfi on this series of bonds as due and to provicie for the payment of each
installment of principat as the same matures; that when so collected,. such taxes
shall be appropriated exclusbond and fihe serie�sof wh c hh t�is one��do s not xceed
of said City, �ncluding th s
any Constitutional, stat-utory or other legal li�nifiation.
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IN WITNESS WHEREOF, this bond and fihe interest coupons att4chec} hereto
have been signed by the imprinted or lithographed facsimile sigr�ature of the Mayor "
`�"=� of said City and counfiersigned by the imprinted or lifihogrophed facsimile signa�ure
of the City Secretary of said City, and fhe official sea{ of said Cifiy has been duly
impressed, or printed, or lithographed on thi� bond,
City Secrefiary, City of Grapevine, Texas Mayor, Cifiy of Grapevine, Texas
Sectian 10. That fihe form of the interest coupons which shall be attached
fio each of the Refunding Bonds in the proper numbers shall be substantially as follows:
NO. �
ON 1, 19
The Cifiy of Grapevine, in the County of Tarranfi, State of Texas, unless due provision
has been made for the redemption prior fio maturity of the bond to which fihis infierest .
coupon appertains, promises to pay to benrer the amount shown on this interest coupon,
�.-... in Iawful money of the United States of America, without exchange or collection
charges to fihe bearer, upon presentation and surrender of this interest coupon, at
The Fcrt Worth Nafiional Bank, Fort Worth, Texas, said amount being infierest due
fihat dtiy on the bond, bearing fihe number hereinaffier designated, of that issue of
�..,: City of Grapevine, Texas, General Obligation Refunding Bonds, Series 1978, dated
July 1, 1978. Bond No. .
ity Secretary ayor
Secfiion 1 i, That the following cerfiificate shall be printed on the back of
each Refunding Bond:
OFFICE OF COMPTROLLER X REGISTER NO.
STATE OF TEXAS X
1 HEREBY CERTIFY thaf there is on file and of record in my office a certificate
of the Afitorney General of the State of Texas to fihe effect that fihis bond has been
examined by him as required by law, and thofi he finds thafi ifi has been issued in
conformifiy with the Constitution and laws of th� State of Texas, and that it is a
valid and binding oblignfiion upon said Cifiy of Grapevine, Texas, and said bond •
�.�� has this day been registered by me.
Witness my signafiure and seal this •
Comptrol ler of Pu ic Accounts of t e State of
Texas
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Section 12. That a specia! fund or accounfi, to be designated the "City
of Grapevine, Texas, General Obfigation Refunding Bonds, Series 197$, (nfierest
�� and Sinking Fund," is hereby created and shall be esfiablished and mainfiained by
said City at an official depository bank of said Cifiy. Said Interest and Sinking
Fund shall be kept separai-e and apart frorn all other funds and accounts of said
City, and shall be used only for paying the interest on and principal of said
Refunding Bonds. A11 ad valorem taxes levied and collecfied for and on account
of said Refunding Bonds shall be deposited, as collected, to the credit of said
(nterest and Sinking Fund. During each year whi[e any of said Refunding Bonds
or interesfi coupons appertaining fiherefio are oui-stnnding and unpaid� the City Council
of said City shall compute and ascertain a rate and amount of ad valorem tax which
will be sufficient to raise and produce fihe money required to pay the infierest on
said bonds as such infierest comes due, and to provide and mainfiain a sinking fund
- adequate fio pay the principal of such Refunding Bonds as such �rincipal matures
(bvt never less thun 2°l0 of the orir�inai prin�ipa{ amount of said Refunding Bonds
as a sinking fund each year); and said tax shall be based on the fatest approved tox
rolls of said Cifiy, wifih full allowance 6eing made for fiax delinquencies and fihe cost
of tax collecfiion, Said rate and amount of ad valorem tax is hereby levied, and .
is hereby ordered to be levied, against all taxable property in said City for each
,�, ,� year while any of said Refunding Bonds or interest coupons appertaining thereto
are oui-standing and unpaid; and said tax shal{ be assessed and collecfied each such
year and deposited to the credit of the aforesaid Interesfi and Sinking Fund, Said
� ad valorem taxes sufficient fio provide for the paymenf of fihe interest on and
�.�, principal of said Refunding Bonds, as such interest comes due and such principal
matures� are hereby pledged irrevocably for such payment, within the limit
prescribed by law.
Secfiion 13. That the proporfiion of the balance on hand in the Interest and
Sinking Fund pertaining to fihe O�fistanding Obligations being refunded and accumufated
for the purpose of paying fihe principal of and the interesfi on the Ovi-sf'dnding Obf igations
shall be firansferred and credified to the Interest and Sinking Fund created above for
the Refunding Bonds, as shall also be transferred the same proportion of taxes
uncollected from levies heretofore made for the Outsfianding Obligations, when and
as collecfied; provided, however, that an amount equal to the unpaid interest accrued
on the Oustanding Ob{igatior�s to t�ze date of their cancellafiian, sha(t be paid fio th�
holders of fihe Outsfianding Obligations from said funds. . . -
Section 14. Ifi shall be the dufiy of the Mayor of saici City (or attorneys
acfiing for the City) to submit the record of the Refunding Bonds to the Attomey General
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of the State of Texas for approvol. The Mayor shall be and is hereby authorized to -
take and have charge of alt necessary records, orders and proceedings pending
�� investigation by the Atfiorney General and sha11 take and have charge and control ,
of the Refunding B�nds pending such approval, their registration by the Comptroller
of Public Accounfs, the exchange therefor for the Outstanding Obligafiions and
the cancell4tion of the latter by the Comptroller of Public Accounts. The
Compiroller shall be and is hereby reyuzsfied fio register fihe Refunding Bonds only
upon receipt for concellation of all of the Outstanding Obligations and is requested
i�o forward the Ou#standing Obligafiions when cancelled to i-he City Manager of the City
at i-he City Hall, Grapevine, Texas. The Mayor and ofiher officers of the City
shall have the authority to execute such documents and certificates in connection
wifih such bonds as may be considered necessary and appropriate by fihe Mayor.
- Section 15. Printing of a true and correcfi copy of fihe final approving
� opinion of N!essrs. Hufichison Price Boyle & Brooks, Attorneys at Lcrw, Da11as, Texas,
on the reverse side of each Refunding eonds, with appropriate certificate pertaining
fihereto execufied by the facsimile signafiure of fihe Cifiy Secretary of the City, is
hereby approved and aufihorized. ,
Section 16. That the public importance of this measure and the fact that it
is to the best inferesfi of the City to make the exchange of the Outstanding Obtigations
for fihe Refunding Bonds at the earliest possible date creafies an emergency and an
imperafiive necessity for the immediafie preservafiion of the public peace, health
and safety of the citizens of fihe City, which requires fihat this ordinance be passed
"� ' and take effect as an emergency measure, and it is accordingly ordained that this
ordinance shall be in ful) force and effect from and after its passage, and fihafi
the meeting afi which this ordinance was passed was open to the public, and public
notic� of fihe time, place, and purpose of said meefiing was given as required by
Article 6252-17, V.T.C.S., as amended. -
PASSED AND APPROVED this fiheo'I��'' day of June, 1978.
Mayor, City of rapevine, Texas
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ATTEST:
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City S crefiary, City of Grapevine, exas
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A - VED AS TO L LITY:
[SEAL]
'�'�� � C+t of ra evine Texas
ity Attorney, y p .
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