HomeMy WebLinkAboutORD 1973-056 �
ORDINANCE N0 . 73-56
THE STATE OF TEXAS X
COUNTY OF TARRANT �
CfTY �F GRAPEVINE X ,
AN ORDINANCE PROVIDING for the issuance of City of Grapevine,
Texas, General Obligation Bonds, Series 1973A, in the aggregate
amount of $100,000, for the purpose of making the within des- _
�'^ cribed permanent public improvements within and for the City;
prescribing the form of said bonds and the interest coupons to be
� initially attached thereto; levying and requiring assessment and
collection of an annual ad valorem tax on all taxable property
within the City to pay the in�terest on such bonds and to create a
sink+ng fund for the payment thereof at maturity; enacting other
provisions relating to the subject; and declaring an emergency.
WHEREAS, the bonds hereinafter authorized were duly and favorably
voted, as required by the Constitution and laws of the State of Texas, at an election
held in said City on the 23rd day of November, 1971;
THEREFORE, BE IT ORDAINED 8Y THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
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Section 1 . That said City's coupon bonds to be designated "Cifiy of
Grapevine, Texas, General Obligation Bonds, Series 1973A," are hereby
authorized to be issued and def ivered in accordance with the Constitution and laws
of the State of Texas and the Charter of the City, said bonds to be issued in the
aggregate principal amount of $100,000 for the purpose of providing funds for
�,,,,,,,, permanent public improvements, to-wit: improving and acquiring land for park
purposes for said City and developing recreational facilities in connection therewith.
"° Section 2. That said bonds shall be dated December 1, 1973, shall be
numberec' consecutively from One:(1) through Twenty (20), shall be in the denomination
of $5,000 each, and shall mature and become due and payable on June 1 in each
of the years, and in the amounts, respectively, as set forth in the following schedule:
YEARS AMOUNTS YEARS AMOUNTS .
1976 - $10,000 1981 $10,000
1977 10,000 1982 10,000
1978 10,000 1983 10,000
1979 10,000 1984 10,000
1980 10,000 1985 10,000
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Section 4. That said bonds shall bear interest from their date, until
maturity at the following rates:
,
all bonds scheduled to mature during the years
�1i� through 14�5 ----------------------------------- �°lo per annum;
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- - - �- ------------------------------------ —46�p�T�e+,+�
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with said interest to be evidenced by interest coupons payable on December 1, 1974,
and semi-annually thereafter on each June 1 and December 1�.
Section 5. That the principal of and interest on said bonds shalf be
payable to bearer, in lawful money of the United States of America, without exchange
or collection charges to the bearer, upon presentation and surrender of proper bond
or interest coupon, at the Mercantile National Bank at Dallas, Dallas, Texas, which �
place shall be #he paying agent for said Certificates.
Sectian�6. That each of said bonds and interest coupons shall be signed
by the imprinted or lithographed facsimiye signature of the Mayor of said City and
countersigned by the imprinted or lithographed facsimile signature of the City Secretary
� of said Citjr, and the official seal of said City shall be impressed or printed, or
lithographed on each of said bonds. -
Section 7. That the form of said bonds, including the form of Registration
Certificate of the Comptroller of Public Accounts of the State of Texas to be printed
and endorsed on each bond, and the form of the interest coupons to be attached to said
`'"�`" bonds, shall be, respectively, substantially as follows:
�: (FORM OF BOND)
,�,,,� N O. $5,000
UNITED STATES OF AMERfCA
` � STATE OF TEXAS
• COUNTY OF TARRANT
CITY OF GRAPEVINE,-7'EXAS
GENERAL OSLIGATION BOND
SERIES 1973A
On June 1, 19 , the City of Grapevine, in the County of Tarrant,
State of Texas, promises fio pay to bearer the principa) amount of
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- FIVE THOUSAND DOLLARS
,
and #o pay interest thereor, from the date hereof, at the rate of % per annum;
evidenced by interest coupons payable on December 1, 1974, and semi-annually
thereafter on each June 1 and December 1 whi le this bond is outstanding. The
principal of this bond and the interest coupons attached hereto shall be payable to �
"�" bearer, in lawful money of the United States of America, without exchange or
collection charges to the bearer, upon presentation and surrender of this bond or �
�""'"'' proper interest coupon, at the Mercantile National Bank at Dallds, .Dallas, Texasf
which place shall be the paying agent for this Series of Bonds.
This bond is one of a Series of coupon bonds dated December 1, ]973,
issued in the principal amount of $100,000 for the purpose of providing funds for
permanenfi public improvements, to-wit: improving and acquiring land for park
purposes for said City and developing recreational facilities in connection therewith. -
It is hereby certified and recited that the issuance of fihis bond and
the Series of which it is a part is duly authorized by law and has been authorized by
a vote of the properly qualified electors of said City voting at an election held for
the purpose within the City; that all acts, conditions and things required to be done
E precedent to and in the issuance of this Series of bonds, and of this bond, have been
properly done and performed and have happened in regular and due time, form and
manner as required by law; that sufficient and proper provision for the levy and
collection of taxes has been made which, when collected, shall be appropriated
exclusively to the payment of this bond, and the Series of which it is a parfi, and to
the payment of this bond, and the Series of which it is a part, and to the payment
,� of the interest coupons hereto attached as the same shall become due; and that the
total indebtedness of said City, icicluding the entire Series of bonds of which this
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is one, does not exceed any constitutiona) or statutory limitafiion.
In witness whereof, this bond and the interest coupons attached hereto
`� have been signed by the imprinted or lithographed facsimile signature of the Mayor
of:said City and countersigned by the imprinted or lithographed facsimile signature
of the City Secretary of said City, and the official seal of said Cifiy has been duly
. impressed, or printed, or lithographed on this bond.
City Secretary Mayor
City of Grapevine, Texas City of Grapevine, Texas
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(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTRATtON CERT(FICATE: REGISTER NO.
,
I hereby certify that this bond has been examined, certified as to
validity, and approved by the Attorney General of the State of Tsxas; and that
this bond has been registered by the Comptroiler of Public Accounts of the State
of Texas.
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Witness my signature and seal this �
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Comptro er of Pu lic Accounts of t e State of
Texas
(FORM OF INTEREST COUPON)
NO. $
ON 1, 19
The City of Grapevine, in the County of Tarrant, Stafie of Texas, promises to pay
� to bearer the amount shown on this interest coupon, in lawful money af the United
States of America, without exchange or collecfiion charges fio the bearer, upon
presentation and surrender of this interest coupon, at the Mercantile Nationa! 8ank
at Da.11as; Dallas; Texas, said amount being interest due that day, on the Certificates
of Obligation, bearing the number hereinaffier designated, 'of thafi issue of "CITY OF
GRAPEViNE, TEXAS, GENERAL OBLIGATION 80t�DS, SERIES 1973A,", dated
� December 1, 1973. BOND NO. .
�x City Secretary Mayor
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Section 8. That to provide far-the payment of the debt service requirements
on the said bond�, being (a) the interest on said bonds, and (b) a sinlcing funcf for
their redemption at maturity or a sinking fund of 2°l0 (whichever amount shall be
greater), there shall be and there is hereby levied for the current year;and each
. succeeding year thereafter while said bonds or interest therean sha11 remain outstanding
� and unpaid, a sufficient tax on each one hundred dollars' valuation of taxable property
in said �City, adequate to pay such debt service requirements, full a1[owance being
made for de{inquencies and costs of collection; said tax shall be assessec! and collected
each year and applied to the payment of the said debt service requirements, and the
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same shall nofi be diverted to any other purpose. The taxes so levied shall be paid
into a fund known as "City of .Grapevine, Texas, Genera) Obligation Bonds, Series
1973A, Interest and Sinking Fund," wh;ch is hereby established for the payment of
the obligations herein authorized. The City Council hereby declares and covenants
that it wil) provide and levy a tax legally and fully sufficient for such bonds, it
having been determined that the existing and available taxing authority of the City
for such purpose is adequate to permit a legally sufficient tax in consideration of al! ,
�* other outstanding obligations,
iir.�r � Section 9, That said bonds are hereby sold in accordance with (aw and
shall be delivered to ���T �LLZ11►W4ST OMPA►1�t �
being the highest and-Eest�sdder, for t e principa�amount t ereof an accrued
interest to the date of delivery, plus a premium of $ —Q �
Section 10. That the purchasers' obligation to accept delivery of the
bonds herein authorized is subject to fiheir being furnished the final opinion of
Hutchison 8� Price, Dallas, Texas, Bond Counsel for the City, such opinion approving
such bonds as to their validity, said opinion to be dated and delivered as of the date
of delivery and payment for such bonds. Printing of a true and correct copy of the
opinion of Hutchison & Price, on the reverse side of each such bond, with appropriate
certificate pertaining thereto executed by facsimile signature of the City Secrefiary
� of the City is hereby approved and authorized.
Section 11 . That the Mayor of the City is hereby authorized to have
control of said bonds and all necessary records and proceedings pertaining to said
bonds pending their delivery and their investigation, examination, and approval by
the Attorney Genera) of the State of Texas, and their registration by the Comptroller
of Public Accounts of the State of Texas. Upon registration of said bonds, said
`� Comptroller of Public Accounts (or deputy designated in writing to act for said
Compfiroller) shall manually sign the Comptroller's Registration Certificate prescribed
� herein to be printed and endorsed on each bond, and the seal of said Comptroller
shal) be impressed, or printed or lithographed on each of said bonds,
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Section 12. That the proceeds derived from the sale of the Bonds herein
. authorized shall be utilized promptly for fihe purposes for which issued; and such proceeds
shall be invested only for the temporary period pending such use; and in no event shalf
� � , any investments of such proceeds be made in securities of such type or kind or for such ,
period of time or bearing such rates of interest or producing such yield, and no other
act or action shal) lae taken by the City, as wil I cause said Bonds to be treated as
"Arbitrage Bonds" within the meaning of Section 103(d) of the Internal Revenue Code
of 1954, as amended, or under any Regulations or Rulings issued thereunder by the
Department of the Treasury, or the Internal Revenue Service of the Unitesf States.
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Section 13, That the pub)ic importance of this measure and the fact
that it is to the best interest of the City to provide funds for the construction of
the improvements herein contemplated at the earliest possible date constitutes an
emergency and creates a necessity for the immediate preservation of the public
peace, health and safety of the citizens of the City, which requires that this
ordinance be passed,and take effect as an emergency measure, and it is accordingly
ordained that this ordinance shall be in full force and effect from and after its
�'^ passage, and that the meeting at which this ordinance was passed was open to the
public, and public notrce of the time, place, and purpose of said meeting was given
i�•+ as required by Article 6252-17, Section 3A, V.T.C.S., as amended.
PASSED AND APPROVED this the 14th day of�December, T973,
ir--- " �
ayor, City o Grapevine, Texas _
ATTEST:
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City S retary, City o rapevine, exas
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(CITY SE�L)
APPROVED TO LEG ITY:
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Ci Attorney
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MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF AN ORDINANCE AUTHORiZING THE
ISSUANCE OF $100,000 GENERAL OBLIGATION
BONDS, SERIES 1973A, AND MAKING PROVISION
FOR THE SECURITY AND PAYMENT THEREOF
THE STATE OF TEXAS X
COUNTY OF TARRANT X
CIT`l OF GRAPEVINE � � �
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On fihis the 14th day of December, 1973, the City Counci I of the ,
�""'1' C+ty of Grapevine, Texas, convened in Special Meeting at the Regular Meeting
place thereof, the meeting being open to the public and notice of said meeting,
giving the date, ploce and subject thereof, having been posted as prescribed
by Article 6252-17, Section 3A, V.T.C.S.,� and the roll was called of the
duly constituted officers and members of said City Council, which members and
officers are as follows, to-wit:
William D. Tate, Mayor Thelma Conine �
Randel L. Vinson, City Secretary Doil E. Dalton �
Millard Dilg X Councilmen
R. T. Eidson X
Phillip Parker X
� __ C. D. Pittard, M.D. �
and al) of said persons were present, excepfi the following absentees:
C � p����,��_ , thus consfiituting a quorum. Thereupon, among
ot�ier usiness t e folfowing was transacted at said Meeting: a wrifiten Ordinance
Providing for the issuance of City of Grapevine, Texas,
"""" � General Obligation Bonds, Series 1973A, in the aggregate
amount of $100,000 for the purpose of mak i ng the wi th i n �
� described permanent public improvements within and for
the City; prescrFbing the form of said bonds and the interest
�,,,�, coupons to be initially attached thereto; levying and requir�tr�g
assessment and collection of an annual ad valorem tax on all
taxable property within the City to pay the interest on such bonds
` � and to create a sinking fund for the payment thereof at maturity;
. • enacting other provisions relating ta the subject; and declaring �
. an emergency.
The O�dinance, a full, true and correct copy of which is attached
hereto, was read and reviewed by the City Council.
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Thereupon, it was moved by����,�and seconded by
that said Ordinance was taken up a-nd aeclared to be and
considered as an emergency measure, to take effect immediafiely as recited
therein. The Mayor put the motion to a vote of the members of the City Council
and the mofiion carried unanimously. The Mayor then declared the Ordinance to ,
be an emergency. .
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It was then mo�ed by and seconded by����,
�,., � that the Ordinance be passed and adopted, to e in effect immediafiely according to
its terms, The Mayor put the motion fio a vote of the members of the City Counci)
and the Ordinance was passed and adopted by the following vote:
AYES: Al) members of said Council shown present above voted "Ayee°
NOES: None. .
The Mayor then declared the Ordinance passed and adopted, and signed
and approved the same in the presence of the City Council.
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and
� to correctly reflect the duly constituted members and officers of the Cifiy Council
of said City, and the attached and following copy of said Ordinance is hereby
certified to be a true and correct copy of an official copy thereof on file among the
official records of fihe City, all on this e 14th day of December, 1973.
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' Mayor, City of Grapevine, Texas
ATTEST:
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�' City ecretary, Ci Grapev , Texas
[SEAL]
. APPROVED AS TO FORM AND LE ALtTY:
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City Attorney, ' y of Grapevine, Texas
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ACKNOWLEDGMENT OF NOTICE OF SPECIAL MEETING
FOR ABSENTEES
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TNE STATE (�F TEXAS X �
�{�UNTY OF TARRANT �
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CITY OF GRAPEVINE � �
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1`he undersigned officer or member of the City Counci I of said City �
hereby acknowledges and certifies that he was duly and sufficienhly notified
officially and persanally, in advance, of the time, place and purpase c+f the
Special Meeting of said City held at the Regular Meeting Place on the 14th day
of December, 1973, and that an Ordinance Autharizing fihe Issuance of General
Obligation Bands would be introduced and cansidered for passage at said meeting,
and that he consented in advance, to the holding of said meeting for such purpose.
� /� Y �:J�G�^C►- .
SIGNED the da of 1973.
[���`� __
pw,�
yea„�as�
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GENERAL CERTIFICATE
THE STATE OF TEXAS X
COUNTY OF TARKANT X
CITY OF GRAPEVINE X '
We, the undersigned, Mayor and City Secretary, respectively, of the
City of Grapevine,'Texas, do hereby certify:
� 1 . That this certificate relates to an issue of City of Grapevine, Texas,
� General Obligation Bonds, Series 1973A, dated December 1, 1973, in the authorized
aggregate arnount of �100,000, and in addition to said proposed bonds a true and
correct statement of the fiax-supporfied indebtedness of said City as of the dafie herein-
below shown is attached as "Exhibit A."
2. That the currently effective ad valorem Tax Ro(Is of said City are
those for the year 1973, being the most recently approved Tax Rolls of said City; that
the City Council of said City has cavsed the taxable property in said City to be assessed -
as required by law; that the Board of Equalization of said City has equalized anci
approved the valuation of taxable property in said City for said year; that the Tax
Assessor of said City has duly verified the aforesaid Tax Rolls, and said Board of
Equalization has finally approved the same; that the assessed val�ation of taxable
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property in said City is $44,465, 189.
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3. That said City is a duly incorporated Home Rule City, having more
than 5,000 inhabitants, operating and existing under the Constitution and laws of i-he
$tate of Texas and the duly adopted Home Rule Charter of said City, which Charter
has not been changedor amended since January, 1973, a copy of which amendments
were attached to the proceedings pertaining to the City of Grapevine Refunding
�� Bonds, Series 1973, dated January 10, 1973,
„, 4. That no litigation of any nature has ever been filed pertaining to,
affecting, or contesting: (a) the election which authorized the proposed City of
Grapevine, Texas, General Obligation Bonds, Series 1973A, dated December 1, 1973,
in the principa) amount of $100,000, (b) the issuance, delivery, payment, security,
or validity of said proposed bonds, (c) the title of the present members and officers
• of the City Councii of said City to their respective offices, or (d) the validify of the
. corporate existence, or the current Tax Rolls of said City.
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5. That the following are the duly qualified and acting officers
and members of the C i ty Counci l of the C i ty of Grapevi ne, Texas:
William D. Tate, Mayor
Randel �. Vinson, City Secretary
Thelma Conine �
DoiI..E. Daiton �
`� Millard Dilg X
` R. T. Eidson � Councilmen �
�"""' Phillip Parker �
C. D. Pi ttard, MD X
SIGNED AND ALED this the �� day of December, 1973,
. ' �' ..1� , � .�-..._ .
City Secr Mayor
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EXHIBIT A
Statement for the Tax-Supported Indebtedness of the City. of Grapevine
1. $100,000 � Street Improvement, dated 1��1/60, now outstanding in the
principal amount of $30,000, maturing on 6/1 in the years
and with interest as follows:
3.70's lOM-74/76 .
�•�*
2. $i00,000 Street Improvement, dated 8/1/61, now outstanding in the ,
j�,,, pr i nc i pa I amount of $40,000, maturi ng on 8/1 i n fihe years
and with interest as follows:
3.90's 5,000-74/76; l OM-77; 15M-78;
3. $150,000 Sewer Improvement and Extension - dated 1�15/73, now outstanding
in the principal amount of $55,000, maturing on 1/15 in the years .
and with interest as follows:
3-1/2's 11 M-74/78;
4. $450,000 General Obligation Bonds, Series 1970, dated 3�i/70,
� now outstanding in the principal amount of $430,000, maturing
on 3/i in the years and with interest as follows:
8's 15M-74/77;
7's 15M-78; 25M— 79/84; 30M-85;
7-1/4s 30M-86; 35M-87/89; 40M — 90
� � 5. $100,000 Refunding of Certificates of Obligation - Series 1973,
dated January 10, 1973, now outstanding in the principal
� amount of $100,000, maturing on January 10 in the years
and with interest as follows:
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5's 5M-74/81; lOM-82/87;
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6. $800,000 General Obiigation Bonds, Series 1973, dated February T5,
1973, now outstanding in the amount of $800,OOq, maturing
_,an February ]5 in the years and with interest as follows:
6.50 15M-1974/78; 25M-79/80
5.10 25M-81/84; 30M-1985
5.40 30M-81�-87; 35M-88-89;
5.50 . 40M-1990-91 �
�""` 5.60 40M-1992-93; 45M- 1994; 50M-1995-96
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5.fi5 55M-1997-1998 �
Total Indebtedness (including
this issue) --------------------$1,555,000
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