HomeMy WebLinkAboutORD 1977-056 ORDiNANCE N0.77-56
� DIRECTING THE GIVING OF NO_TICE OF INTENTION
TO ISSUE $200,000 CIN OF GRAPEVINE GENERAL
OBLIGATION CERTIFICATES OF OBLIGATION, SERIES
�, , 1977, AND DECLARING AN EMERGENCY
THEREFORE, BE IT ORDAINED BY THE ClTY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
1. That the City Secretary of the City of Grapevine, Texas, is hereby
authorized and directed to issue a notice in substantially the following form:
"NOTICE OF INTENTtON TO ISSUE GENERAL
OBLIGATION CERTIFICATES OF OBLIGATION
"THE STATE OF TEXAS X
COUNTY OF TARRANT X
CITY OF GRAPEVINE X
"NOTICE is hereby given that on the 6th day of December ,
1977, the City of Grapevine, Texas, intends to pass an ordinance
, authorizing the issuance of Genera) Obligation Certificates of 061igation,
for the purpose of renovating and completing a building presently owned
� by the City for use by the Police Department, and as a library and
�„, , community room. Such Certificates shal) be issued in an amount not to
exceed Two Hundred Thousand Dollars ($200,000), they shall bear interest
at a rate not to exceed 10% per annum, and shalf have a maximum maturity
date of not later than forty (40) years after their dafie. Said Certificafies
shall be payable from fihe levy of a direct and continuing annual ad valorem
tax against all taxable property within said City sufficient to pay the
interest on this series of Certificafies as due and to provide for the payment
of the principal thereof as the same matures, as authorized by Section 8(b)
of Article 2368a.1, V.T.C.S., as amended and supplemented.
"THIS NOTICE is given in accordance with law and as directed by
the City Council of fihe City of Grapevine, Texas.
"GIVEN this the �5th day of November , 1977.
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Cit cretary"
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2. The foregoing notice shall be publish�d once a week for fiwo consecutive
� weeks, the firsfi of which publications shall be at least fourteen (14) days prior to
the date set in the foregoing notice for passage of the ordinance authorizing said
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Certificates of Obligation.
3. The City Council does hereby find that this Ordinance and the nature
of the project in question refate to the immediate preservation of the public peace,
health and public welfare pursuant to Section 3.11 of the City Charter and the
requirement of reading an ordinance on two (2) of several days is hereby dispensed
with in accordance with fihis finding, and that the meeting at which this ordinonce
was passed was open to the public, and-public notice of the time, place, and
purpose of snid meefiing was given os required by Article 6252-17, V.T.C.S.,
as amended.
PASSED AND APPROVED this the 15fih day of November, 1977.
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�^�r'�. - ,`, /`Q=
Mayor, City of Grapevine, Texas
ATTEST:
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City S cretary ' ifiy of Grapevine�exas
APPROVED AS TO LEGALITY:
[SEA L] �"""'°°� �„r
Ci ty Attorney
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