HomeMy WebLinkAboutORD 1977-065 ORDINANCE NO. 77-65
AN ORDINAIVCE OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING THE ISSUANCE OF
CTTY OF GRAPEVINE, TEXAS , GENERAL OBLIGATION
CERTIFICATES Or OBLIGRTION, SERIES 1977, IN
THE AGG�EGATE PRINCIPAL- AMOUNT OF $200,000,
FOR THF PURPOSE OF RENOVATION AND GOMPLETION
OF A PUBLIC BUILDING nWNED BY THE �ITY; PRE-
� SCRIBING THE FORM OF SAID CERTIFICATES AND
INTERF,ST COUPONS Tn BE INITIAI_LY A�'TACHED
THERETO: LEVYING AND REQUIRING ASSESSMENT AND
� CC�LL,ECTION OF ANNLJAI_, AD VAL,OREM TAX ON .ALL
T11Xf�BLE PROPERTY T�JITHIN THF CITY TO PAY THE
INTEREST ON THE. CERTIFICATES AND TO CREATE A
SINKING FUND FOR THE PAYMENT THEREOF AT MATURITY;
ENACTING OTHER PROVISIONS RELATING TO THF_. SUB-
J ECT; DECI.,AR ING AN EME RGENCY.
WHEREAS, the City Council of the City of Grapevine, Texas,
adopted a certain ordinance on the 1.5th da;� of November, 1977,
Directing the Giving of Notice of the City�s Intention to pass
an ordinance on the 6th day of December, 1977, authorizin� the
issuance of Certi.ficates of Obligation for the purpose of re-
novating and completin� a building presently owned by the Ci.ty
for use by the PC1iCe Department and as a librarST and community
room; and
t�JF-IEREAS , said Nc�ti,ce has �een duly �ublished in the Grapevi.ne
S>>.r� , v,rhich is a n�wspaper ptx�lished in the County �f Tarrant anc�
havina �eneral circulation in the City o.f Grap�vine , Texas , in
its issues of_ November 20, 1977 and November 27, 1977; and
'"�' ��3HEREAS, the Ca_ty has heretofo.re, oz� the lSth day of
Novemhe.r_ , 1977, passed an Ordinar_ce as amended by a.r. ordi.nance
� adopted NovembPr 22, 19?7, authorizing and directi.ng the City
Secretary to giv� Noti�e to Bidders f�r the pur�ose indicated
therein• ane�
?tiTH�'�F:�S, it is cons�_dered to be t� the best inter2st o.f the
City that said interest bearing Certificates of 01?la.gation each
be iss�_led in order to pay for such per_manent capital improvemerts;
and
�y�TI-�..EREAS, the successful bid�er is required in saa.d Notice
to Bidders to elect whether it will either accept such Ce.rti.ficates
from the City in paym�nt of all or a par_t of the cantract grice ,
or that it will as�ign si.ich Cextificates to ar.othe� and receive
in casY� the par value thereof; an�l
�VHEREAS , Firs t South��,Tes t Company, Dallas, Texas , k�as an reed
to t�urchasP sai� Certificates of Ohlic�ation from thP owner thereof
at the face amount thereof, or par value, upon deliver�� to it;
THEREF(�RE, BF. IT ORDAIZVET� RY THE CITY COUNCII., OF' THE CITY
OF GRAPEVINE, TEXAS:
�
l . That the Certificates of Obligation of the City of
� Grar�evine, Texas , to be called "City of Grapev�_ne , Texas , General
C�hlicsation Certificates of Qbligation, Series 1977, "he issea.ed
under and by virt�a.e of the Constitution and la�n�s of' the State of
Texas , in the amount of_ $200,000, f_or the purpose of renovating
and compl�tinq a building presently owned hy tne City for use by
the Police Department, and as a library and community room, and
to pay all necPssary costs incidental theret� and to the isstiance
of said Certificates .
2. That said Certificates of Obliqation shall be numbered
consecutively .from 1 through 80, both inclusive. Certificates
numbered 1 thraugh 50, both inclusive, shall be in the denomina-
tion of $1,000 each, and Certificates numbered 51 through 80,
both inclusive, shall be in the denomination of $5,000 each and
all of said Certificates shall become due and payable on Decemher
15 of eac� of the years , as follows :
� YERRS AMOUNTS YEARS AMOUNTS
1979 $5,000 1988 $15,000
�„ 1980 5,000 1989 15,000
1981 5,000 1990 15,000
1982 10,000 1991 15,000
1983 10,000 1992 15,000
1984 10,000 1993 15,OU0
1985 10,000 1994 15,000
1986 10,000 1995 15,000
1987 15,000 '
3. That said Certificates of Obligation shall be dated
December 15, 1977.
4. That said Certificates of Obligation shall bear interest ,
from their date, to their respecti��e maturities, or to their re-
spective dates of redemption prior to maturity, at the following
zates :
Certificates maturing during the year 1977-�978 7-1�2°� per annum
Certificates maturing during the years 1979-1995 8-1�2% per annum
Interest on said Certificates shall be evidenced by coLtpons pay-
able December 15, 1978, and semi-annually thereafter on .7une 15
and December 15, so long as said Certificates remain outstanc�ing .
�, 5. That the City shall have the right and option t� redeeem
such Certificates prior to their scheduled maturities , in whole,
or in part in inverse numerical order, on June 15, 1978, or at
anv time for the principal amount thereof plus accrued interest
thereon to the date fixed for redemption .
At least ten days prior to the date .fixed for any such re-
demption, the City shall cause a writter� notice of such redemp-
tion to be mailed postag� prepaid to the Paying Agent specifying
the date of redemption and the numbers of such Certi.f.icates o�
C?bligation being redeemed. By the date fixed for any such re-
dempti_on, di�e pr.ovision shall be made with the PaVina Agent for
the payment of the principal amount of the C�rtificates of
Obligation to hP sa redeemed, plus accrued interest thereon to
the date fixed .for redemntion. If the written notice of re-
demption is given, and if due provision fo.r such payment is made ,
all as provided above, the Certificates of Ohligation whicl� arP
to be so redeemed therebSr autamatically shall be redeemed prior
to maturity, and they shall not bear interest after the date
fixed far redemption, and shall not be regarded as being out-
standing except for the purpose of receiving the Func�s so pzo-
�id.ed for such payment.
�
6. That the principal of and interest on said Certific�tes
of nblic�ation shall he payable in lawful money of the United
� States of .America, upon presentation and surrender of Cexti�icate
of Obligation or pronez interest coupan, at the Lewisville
National Sank, Lewisville , Texas, without exchanae or collection.
charges to the owner or holder thereof.
7. That each o.f_ said Certificates of_ Obligation shall be
signed and executed by the signatu.re of the Mayor, attested by
the sinnature of the City SPcretary, and the corporate seal of
the City shall be impressed upon each of said Certificates of
nbligation.
8. That the facsimile signatures of the Mayor and Ci.ty
Secretary ma�� be lith�araphed a.r printe_d on the inter.est coupons
�"^� attached to said Certifica+..es of Obliaati.on and said pri7ted �r
litho�raphecl si�natures shall have the sa�P effect as if they
ha� been executed ma�u�lly by said officPrs , all in accorda�ce
�,,, with an�a Wlt�'1 the affect �rovided i.n �rticle 717j-1, V.A.T.C.S .
9. T}�at the form of said �'ertif_icatPs of nbli�at�_on shall
�� cta�-��tantial ly a�= fol.to�,vs , t�_,.R�i_t:
UlVITED �TATES O� AMER�CA
STATE �F TEXAS
COUNTY OF TAI'R�.NT
�ITY Qr GP.APEVTNF., TFX,A.S , GEl�'ErZAI. OBJ,TGATI7N
r�?TIrICATE C'F !JS?. TG�TI!�N
�FR7E� 1977
O:a DFce�:bFr_ 1.5, .l�_._..�., t?�e �it�� e�f �rapevi:�e, zn tre Coi_�nty
of Tarran+ , State �f T�xa� , promises to pay to be�rer t?:e t?.r.inci-
�al a�no��.nt of
G'NE TN_C?tTS,�1�1i� DOL.L.AnS
(F I VE THC'U:AND L�O1_i_��?�1
an�l Lo r>ay int�rest there�n, frc�m th� d�.te here�f, at tl�e ra+e �f
� per annum, e��i�enced r;,r in+,..�Yest co��.pons paya�]e �r
Dec�mb�r 15, 1978, and semi-ararzually thereafter on each J?zne 15
and Decem�Pr 1� �.vh.ilP tri_s ^er.ti�'i.cate of �'�li�at�on is outstan�i-
ing . Th.� princ�.��l. nf thzs rQrtificate of nhli�aatzorz an� th�
int�rest coupons appertaining hereto shal,] be pay�ahle to bearer,
�, in lawfz;l mon�y of the L?nit.ed St�tPs �F _?mer.ica, witholzt �x-
ch.an,e or collection charge� to the '�ea_rer, upc�n pr�sen;:ati�n
ar.d surrendez' of this r'ertificate of O?�la_�ati.on �r propeY in-
f:E�T'4�'�t COL:�?O?Z� a.t t}�P_ I.PWl�V7_21^ Nd+10,^.dl �c'�L]�C, Lewisville � T�Xc1S �
wrich pla�e sha.11 he tk�e Payinc Ag�nt f�,- thi.s Series c�� Certifi-
cates of Ohliaation.
THIS CERTIFICATE OF OBL:IGATION is on.e of a Seri.¢s of Certifz-
cates c�f O�ligatian "dated December �5, 1977, issued in the princi-
pal amotznt of $200,000, for the purpose o� rerovating and complet-
ing a buildzn� pr..esently owned by the City for use by the PolicP
Departme.rrt and as a libra.ry and commur.ity room.
The CQrtificates of Obl.i�ation o� this Series may :�� rec�eemed
prior to their schedul�d maturi_ties , in whole, or in part in in--
versP nizzr�er�cal �rder, at the c�ption of said City, on June 15,
1978 , or at any time th�r.E�after, for th� principal amount the.re-
of plus accr.�.zed interest th�reon to the clate fixe� fo.r. red.emption.
At least tez� days priar to the c�ate fixec� for. any s�.xch redempt�on,
the City shall caiasP a wri.tten rzc�tice of such redemPtiar. tc? bP
mailPd posta�e prepaid t� the Payin� A�ent specifyin� thP date
of r_edemt�tian and the numhPzs af suc1� Cer+i.ficatPs of nbligati.on
'""�"' bein� redeemed. By the date fixe�t for any siich redemption, due
pr_o�risi_on shall h� mad.e with the Paying Rgent fox' the payment of
the principal amovn t of th.e Certificates of Obligation to b? so
�, redeemed , plus accrued inter.est thereon to the date fixed for
rP�e:npti�n. If the written notice of redem�tian is gi�Ten, and
if d.ue provi.sion for suc'� payment is macie , all as provided
abouP, the Ce.r.tificates of Qbligatiar. which are to he so r�-
�eemed thereby autcimatically �hall be redeemec� prior to maturity,
and thev shall not bear. interest after the date fixed for. _re-
de;.nption, and shall not �e r_egarded as being outstanding except
for the purpose of_ recei_ving the furzds so provided _for suck� payment.
IT IS HEREBY certified, recited, and covenanted that this
Certificate of Obligati.an has been duly and validly issue�, an�
delivered; that all acts , conditions , and things required or
proper to be perform�d, exist, and be done precendent to or in
the issuar.c� and delivery of this Certificate of Ohligati�n
have been perfnrmed, existed, an� been done in accordance with
law; and that the City has received full value for this Certifi-
cate of Obligation; that this Certificate of Obligation is a
� general obligation af said City, issued on the full. faith and
credit the.reof; and that anrn�,al a� valorem taxPs sufficient to
provid.� for the payment of the int�rest on and principal of
� this Certificate of Obligation, as such interest comes due and
such principal matures , have heen levied and ordered to be
levied against all taxable property in said City, and have been
pledged irrevocably for such payment , within the limit prescribed
by law.
IN WITNESS VJHEREOF, the City Council of the City of Grapevine,
Texas, has caused the seal of said City to be impressed hereon ,
an�3 this Certificate of Obligation to be signed by the signature
of its Mayor and attested by the signature of its City Secretary,
and +he ir.terest �coupons appertaining hereto have been signed
with the facsimile signatures of the May�r and the City Secretary
of said City.
City Secretary, City of Grapevine, Mayoz, City of Grapevin�, TQxas
Texas
(�F,AL}
�' 10. That the form of coupon shall be substantially as follows :
�, (F'ORM OF INTEREST COLJPON 1
NO. $
ON 15, 19 , THE CITY OF' GRAPEVINE, in the
County of Tarrant , State of Texas , promises to pay to the bearer,
unless due provision has been znade for the redemption prior. to
maturity of the Certificate of Obligation to which this interest
c�upon apper_tains , the amount shown on this interest coupon , in
lawful money of the iJnited States of A.mexica, without exchange
or collection charc�es to the bearer_ , upon presentation and sur_-
render of thi_s lI2'tP_ZP.S't coupon, at the Lewisville Natianal Bank,
Lewisville, Texas said amoiznt being interest due af that issue
of "CITY OF G�2l�PEVIIV,�, TEXAS , GENERAL OBLIGATION CERTIFICATES OF
OBLIGATION, SERIES 1977, "dated December 15, 1977. CERTIFICATE NC?.
City Secretary, City of � Mayor, City of Grapevine , Texas
Gra�.?Pv%ne , Texas
11 . That a£ter their issuance the Certificates shall he
placec� i.r the custody of the City Secreta.ry and shall. be delivered
�'"'"'" in installr�ents , as anc� when and in the amounts necessa.r_y .f. rom
time to time , to contractors , enc�ineers , arch.itects, lavv}.�ers ,
and persons .f_urnishinc� labor, servic_es , material and equipmen 4 ,
�w or_ to assigness of s��ck� contractors , enc�ineers , architects ,
lawt,��r.s or �ersons . Under no ca..rcumstances shall any of said
CertificatPs be delivPred by the City exc:ept fo.r. the p?_irpos�s for
W121_CI"� they are author.ized. A finding �y the City Council that a
specific item of ir.debtedness was incurred for a �ur��se for
which :;aid Ce,rta.ficates a.re authorized shall be canclusive wher.
contained i:� ai� Ordinarce passed by th� City Council.
12. That a speczal :Fund or account , to be designated tre
"CITY OF GRAPE�TINE, TEXAS , GENER.A.L OBLIG�TIQl�' CEF,TIFIC�TES OF�
QBLIG�.TION, SERTE� 19??, INTEREST AND STNICING FL�TD, " is herPby
crea.t�d and shall be estahlished and maintair.ed h;� said Cit;T at
an o.f:f�_c�_al c�e�ository bank of sai.d City. Said Interest anc�
Sinkin� �un� shall be kept separate ar:d apart fr_ozn all othe.r
funds and accounts of said Cit;�, ar.d shall be u=ed only f�r
paying the interest on an�l principal of said �=ertificates of
� rJbli.�atzan. A11 ad valorem taxes levi�d and collectp�? for
and on account of said Certif_icat�s of Obligation shall be
depositec�, as coll_ected, to the crPdit of sai� Interest and
y� Sirzkin� Fund. During each 3�ear while any of said Certificates
of Ohligatian or interest coupons apper_taini�, thereto are
outstandir�� and unpaid, tlie City Council of sai� City shall
campute and ascertain a rate and amount �f ad valor_em tax
wh�_ch will be sufficient to raisP and produce the mone�,� Ye-
quired to pay the interest on said Certif_icates of Obligation
as such inter_est comes due , and to provide an.d maintain a
sinkir_g ft�nd adequate to nay th.e pxincipal of such Certi�icatPs
of Obligati.an as such principal matures (but never less than 2%
of the oriainal amount of said Certificates of Obliaation as a
sinkin� fund each year) ; and said tax shall be based on the
latest approved tax rolls of said City, with f�all allowance
beina ma�le for tax delinquencies and the cost of tax collection.
Said rate and amount of ad valor.em tax is hereby le��iPd, and is
hereby ordered to be levied, against all taxable progerty in said
City, for eacYz year while any of said Certificates of Obligatic�n
or. interest coupons appertaining thereto are outstanding and un-
paid; and said tax shall be assessed and collected each such
year an�1 depos.ited to the credit o.f the aforesaid Znterest and
Sinking Fund. Said ad valorem taxes sufficient to provide for
the payznent of the interest on and principal of said Certificates
of Obligation, as such interest comes due and such principal
�"�"' matures , are hereby pledged irrevocably for such payment, within
the limit prescribed b;� law.
�
13. The holders of said Certificates of nbliqata_�n are
hereby subrogated to all rights which the persons to �vhom the
original Certificates of Obligation were issued had against the
City of Grapevine, Texas , and the assignment or sale of said
� Certificates of Oblic�ation and claims shall , without specific
mention thereof, include all such right� .
14. The Mayor and the City Secretary are hereby ordered to
do any and all things necessary to accomplish the transfer of
moneys to the �nterest and Sinking Fund of this issue in ample
time to pay such items of princ.ipal and interest.
15. That the two puhlications of the Notice ta Bidders
that were published on � anc� , are hereby
ratified and confirmed, in any and all things .
16. That this Ordinance was read once by the City Council ,
and it was deemed by said City Council that upon passage of said
Ordinance, it sha11 take effect �_mmediately.
17. It is hereby officially found and determined that a
�" case of emergency or urgent public necessity k�eing that the pro-
ceeds f rom the sale of the proposed Certificatates o.f Obligation
ar.e required as soon as possible and withot�t delay for necessary
�rrw arxj urg�ntly nQeded public improvements ; and that said meetin� was
open to the puhlic and public notice of the time, place and pur-
pase of said meetinc was given, all as required by Verr�on 's Ann.
Civ.St. , Article 6252-17, V.A.T.C.S.
PASSFD AND APPROVED this the 6th day of Decemb�r, 1977.
�� �
Ma�or, Cit�� af Grapevine, Texas
�
� ATTrST:
City ecre r City of apevine,
Texas
APPRC)VED AS TO FORM LEGALITY:
City Attorney, City of ape e,
Texas
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