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HomeMy WebLinkAboutORD 1978-008 ORDINANCE NO. 78-8 AN ORDINANCE OF THE CITY COUNCIL OR THE CITY OF GRAPEVINE, TEXAS, AUTHORIZING A1VD DIRECTING DELIVERY OR A PORTION OF CITY OF GRAPEVINE, TEMB�, GENERAL OBLIGATION CERTIFICATES OF OBLIGATION, SERIES 1977, AND OTHER RELATED MATTERS; AND DECLARING AN EMERGENCY. ,�;:,,:. WHEREAS, on December 6, 1977, the City Council of the City of Grapevine, Texas, passed an Ordinance authorizing �. the issuance of interest bearing Certificates of Obligation, '"�""" in the principal amount of $200,000 called iiCity of Grapevine, Texas, General Obligation Certificates of Obligation, Series 1977, " for the purpose of renovating and completing a build- ing presently owned by the City for use by the Police Depart- ment, and as a library and community room, and to pay all necessary costs incidental thereto and to the issuance of said Certificates; and WHEREAS, a construction contract was executed on December 20, 1977, between the City and Cardinal Builders, Inc. , Lewisville, Texas; and , WHEREAS, Cardinal Builders, Inc. have submitted its Application and Certificate for Payment-Application No. 1, in the amount of $4,784.40, a copy of such Application being attached hereto and made a part hereof as Exhibit "A" , and its Application and Certificate for Payment-Application No. 2, in the amount of $45,488.70, a copy of such Applic�tion being attached hereto and made a part hereof as ExYiibit "B" , for a total of $50,273.10, for payment of a portion of the contractor�s fees, which Application has been approved by the City�s Architect, `� � as shown in Exhibits "A�' and "B" ; and ,� WHEREAS, Certificates of Obligation should now be issued ""'� to the above named contractor; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF TNE CITY OF GRAPEVINE, TEX.A�S: Section 1. That it is hereby authorized and directed that there be delivered to Cardinal Builders, Inc. , Lewisville, Texas, Certificates of Obligation Nos. S1 through 60, both inclusive, in the denomination of $5,000 each, aggregating $50,000, with the remaining balance of $273.10 to be included within the amount of the next installment delivery of Certificates. Section 2. That it is hereby officially found and determined that a portion of the contractor�s work has been satisfactorily performed, and that the City 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 Construc- tion Contract. Section 3. That the indebtedness above mentioned was in- '� � curred for a purpose for which said Certificates of Obligation are authorized, to-wit: 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, ar�ci to pay all necessary costs incidental thereto and to the issuance of said Certificates. Section 4. That the Mayor and City Secretary are here- by instructed to cause to be executed and delivered Certificates of Obligation Nos. 51 through 60, 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 Certificates of �^* Obligation are required as soon as possible and without delay for necessary and urgently needed public improveraents; 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 Vernon�s Ann. Civ. St. , Article 6252-17, V.A.T.C.S. PASSED AND APPROVED this the 7th day of F'ebruary, 1978. :/// ••-- ��..�� Mayor ATTEST: City S cre a APPROVED AS TO FORM AND LfiGALITY: � "�`+ City Attorney � ;.� �.� � � �. � ��b'�� 1181HX3 • � ���,; � < _ � U � 'a > � H .�a r °� � O � 0 � U V � r L V ' � fW- � o �- O lI��- y C�- Z = Z � W `_ > > � Q C d . 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