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HomeMy WebLinkAboutORD 1973-007 ORDT�'AIVCENo. 73-7 ORDINANCE AUTHORIZING THE ISSUANCE OF REFUNDING BONDS THE STATE OF TEXAS . COUNTY OF TARRANT . CITY OF GRAPEVINE . "'�`�' WHEREAS, heretofore on the 23rd day of December, 1971, the City Council of the City of Grapevine, Texas , passed an `�"� Ordinance authorizing the issuance of $110 ,000 of "City of Grapevine Certificates of Obligation" , Series 1972 , dated January 10 , 1972 , bearing interest at the rate of 6-1/4� per annum; and WHEREAS, Certificates of Obligation in the principal amount of $105 ,000 have been issued and delivered and said City has received full value therefor ; and WHEREAS , $100 ,d00 of said Certificates of Obligation, being Numbers 6 through 105 , are now outstanding, since Certifi- cates of Obligation Numbers 1 through 5 , aggregating the princi- "�"� pal amount of $5 ,000 matured on January 10 , 1973 , and taere retir- ed; and �,,., WHEREAS, in order to effectuate an interest savings , the City deems it advisable to issue the Refunding Bonds as here- inafter set out, pursuant to Article 717k-3 of V.A.T.C .S . THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS : Section 1. That said City' s coupon bonds , to be desig- nated the "City of Grapevine Refunding Bonds , Series 1973" , are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas , in the principal amount of $100 ,000 , for the purpose of refunding the Certificates `� of Obligation described in the preamble of this Ordinance. E Section 2 . That said bonds shall be dated January 10 , Ylrrr 1973, shall be numbered consecutively from 1 through 20 , both inclusive, shall be in the denomination of $5 ,000 each, and shall mature and become due and payable serially on January 10 of each . -1- of the years , and in the amounts , respectively, as set forth in the following schedule: YEARS AMOUNTS YEARS AMOUNTS 1974 $5 ,0.00 1981 $ 5 ,000 1975 5 ,000 1982 10 ,000 1976 5 ,000 1983 10 ,000 � 1g77 5 ,000 1984 10 ,000 1978 5 ,000 1985 10 ,000 ' 1979 5 ,000 1986 10 ,000 �w-� 1980 5 ,000 1987 10 ,000 - Section 3 . That said bonds shall bear interest from their date , until maturity, at the rate of 5o per annum, with said interest to be evidenced by interest coupons payable on January 10 , 1974 , and semi-annually thereafter on each July 10 and January 10 . Section 4. That the principal of and interest on said bonds 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 proper bond or inter- ��, est coupon, at the Mercantile National Bank at Dallas , Dallas , Texas , which place shall be the paying agent for said bonds . .�« Section 5 . That each of said bonds and interest cou- pons shall be 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 Secre- tary of said City , and the official seal of said City shall be impressed, or printed, or lithographed, on each of said bonds . Section 6 . 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 of said bonds and the form of the interest coupons to be � attached to said bonds , shall be, respectively, substantially as follows : � (FORM OF BOND) N0. $5 ,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF GRAPEVINE REFUNDING BOND SERTES 1973 � _2_ ON JANUARY 10 , 19 , THE CITY OF GRAPEVINE, in the County of Tarrant, State of Texas , promises to pay to bearer the principal amount of FIVE THOUSAND DOLLARS �� and to pay interest thereon, from the date hereof , at the rate of 5� per annum, evidenced by interest coupons payable on ,�,� January 10 , 1974 , and semi-annually theereafter on each July 10 and January 10 while 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 pre- sentation and surrender of this bond or proper interest coupons , ' at the Mercantile National Bank at Dallas , Dallas , Texas , which place shall be the paying agent for this Series of Bonds . THIS BOND is one of a Series of coupon bonds dated January 10 , 1973 , issued in the principal amount of $100 ,000 , � for the purpose of refunding outstanding Certificates of Obli- gation of said City. �"'" IN ADDITION to all other rights , the holders of this � Series of bonds shall be subrogated to all pertinent and neces- sary rights of the holders of the obligations being refunded thereby. IT IS HEREBY certified, recited, and covenanted that this. bond has been duly and validly authorized, issued, and delivered; that all acts , conditions , and things required or proper to be performed, exist, and be done precedent to or in t�e authorization, issuance , and delivery of this bond have been performed, existed, and been done in accordance with law; that � this bond is a general obligation of said City, issued on the full faith and credit thereof; and that annual ad valorem taxes � sufficient to provide for the payment of the interest on. and principal of this bond, as such interest comes due and such ' princigal matures , have been levied and ordered to be levied -3- against all taxable property in said City, and have been pledged irrevocably for such payment, within the limit prescribed by law. 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 City has been duly impressed, or printed, or lithographed, on this bond. City Secretary Mayor City of Grapevine , TExas City of Grapevine , Texas . (FORM OF REGISTRATION CERTIFICATE) COMPTROLLER'S REGISTRATION CERTIFICATE: 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 Texas ; and that this bond has been registered ,,...., by the Comptroller of Public Accounts of the State of Texas . Sitness my signature and seal this �.,� Comptroller of Public Accounts of the State of Texas (FORM OF INTEREST COUPON) NO. � $ ON 10 , 19 , THE CITY OF GRAPEVINE, in the County of Tarrant, State of Texas , promises to pay to bearer, the amount shown on this interest coupon, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this interest coupon, at the Mercantile National Bank at Dallas , • Dallas , Texas , said amount being interest' due that day on the � , bond, bearing the number hereinafter designated, of that issue � of "City of Grapevine Refunding Bonds , Series 1973" , dated January 10 , 1973 . BOND N0. City Secretary Mayor -4- Section 7 . That a special �und or account, to be designated the "Ci�y of Grapevine Refunding Bonds , Series I973 , Interes� and Sinking Fund" , is hereby' created and shall be estab- lished and maintained by said City at its official depositary �-� bank. �aid Interest and Sinking Fund shall be kept separate and apart fram all other funds and accounts of said City, and shall �. = be used only for paying the interest an and principal of said bonds . All taxes levi�d and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interes� and Sinking Fund. During each year while any a� said bonds ar interest coupans appertaining thereto are outstanding and unpaid, the Ci�y Gouneil af said City shall compute and ascertain the rate and amount af ad valorem �ax, based on the latest approved tax ra21s of said City, with full all�wances being made far tax delinquencies and the costs af tax collec- tions, which will be sufficient �a raise and produce the money �#'� required to pay the interest an said bonds as such interest comes due, and provide a sinking �und to pay the principal of �»� such bonds as �uch principal matures , but never less than 2� of the original principal amount of said bonds as a Sinking fund each year. Said rate and amoun� af ad valorem tax is here- by ordered ta be levied and is hereby levied against all taxable property in said City far each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, and said ad valar�m tax shall be assessed and collected each such year and deposited ta the credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes necessary to pay the interest on and principal of �aid bonds , as such intere�t cames �'° due and such principal ma�ures , are hereby pledged irrevocably for such purpose , within the limit prescribed by law. � �ectian 8. Tha� the praper prapartionate part of the In�erest and Sinking Fund origina3ly established for the obli- gations being refunded, together with the proper propartionate , _�_ part o£ all taxes heretofare levied and now in the proce�s o� collection for the benefit of said obliga�ions being refunded, are hereby appropriated, and shall be transferred immediately , to the Series 1973 Interest and Sinking Fund created herein. """� Sectian 9 . That in addition to all other rights , the ho2ders of said bonds shall be subrogated to all pertinent and �.�, necessary rights a� the halders af the abligations beinq refund- ed thereby. 5ection 10 . That the Mayar of said City is hereby authorized to have control of said bonds and all necessary records and proceeding� pertaining to said bonds pending their delivery and their inve�tigation, exama.nation and approval by the Attorney General of the Sta�.e af Texas , and their registration by the Comptroller of Public Accaunts of the State of Texas . Upan regis- tration of said bonds , saa.d Comptroller of Public Accaun�.s {or a deputy designated in writinq to act �or said Comptroller} shall �� manually sign the Camptraller 's Regis�ration Certificate prescrib- � ed herein to be printed and endarsed on each bond, and the seal of said Cornptraller shall be impressed, ar printed, or lithograph- ed an each of �aid bonds . Section 11. That the Camptroller of Public Accounts of the 5tate o� Texas is hereby authorized and directed to de- liver said bonds to the holder or holders of the obligations being refunded thereby, in exchange for, and upon surrender and cancellation o�, a like principal amount af said obligations heing so refunded, provided that all current and unmatured in- terest coupons are at�ached ta each of said oY�ligatzons surrender- ed for exchange. Said exchange may be made in ane or in several � installment deliveries . 5ection 1.2 . That this Orda.nance is hereby finally � passed on one reading as an emergency measure , to be effective immediately, such emergency being that the authorization af the � -6- b�nds to refund the City's ou�standing C�rtifica�es af Obliga- ti�n is required a� so�n as p�ssible for the immedia�e preser- ��tion af �he public peace , health , or public welfare . Sectian 13 . That i� is hereby officially found and '�" determined tha� a case of emergency or urgen� public necessity ex�sts which requires the holding of �he meeting at which this � Qr�inance is passed, such emergency �r urgent public necessity b�ing that the authari�atian of the bands to refund the City 's o��standing Certificates o� Obligatian is required as saon as pos�ible and without delay for the immediate preservatian of th� public peace, hea��h, or public welfare, and tha� said meet- i�g was open to the public and public notice of �he time , place, a�d purpose of said meeting was given, all as required by Ver- n��' s Ann. Civ. St. , Article 6252-17 . -------------------------------------------- � � � i � -7- . , ' CERTIFTCATE F�R ORDINANCE AUTH�RIZING �HE ISSUA�TCE QF REFUNDING BONDS THE STATE QF TEXAS . GOUNTY OF TARRANT . CITY OF GRAPE�IINE . We, the undersigned afficers of said City, hereby certify as follaws: 1. The Ci�y Council af said City convened in REGULAR MEETING ON THE 6TH DAY OF FEBRUARY, 1973 , ,� at the Czty Hall, and the roll was called af the duly canstituted crfficers and members of said City Council, to-wit: C. W. Vandeventer, City Sec?-etary Willis Pirkle , Mayor "'� Dc�i�. E. Dal�.on R. T. Eidson The7.ma F . Conine Phil �2, Parker Carlton D, Pittard t�Jm. D. Tafie and all of said persons were present, except the �ollawing ' absentees: " , thus con�ti�Guting a guorum. Whereupon, amang oth�r business , the fo7.lowing was transacted at said Meeting: a writ�en ORDINANCE AUTHORTZING THE ISSUANCE OF REFUNDING BONDS was duly introduced for the consideration of said City Cauncil and xead in full. It was �.hen duly moved and seconded that said Qrdi.nance be passed; and, after due discussion, said motion� carrying with it the passage o� said Qrdinance, prevaiied and carried by the follawing vate: AYES : All members of said Ci�y Council shown present above vated "Aye" . NOES; None. � '""`"° 2. That a true, �ull, and correct copy af the afore�aid (Jrdinance passed at the Meeting described in the above and fore- gaing paragraph is atta�hed ta and fallows this Certi�icate; � „, �ha� said Ordinance has been duly recorded in said City Counc�.l's minutes of said Meeting; that the above and faregoing paragraph is a true, full, and correct excerpt from. said Ci�y Cauncil's minutes of said Meeting pertaining to the passage of said Ordi- nance; that the persons nazned in the abave and foregaing paragrapk� are the duly chosen, qualified, and acting of�icers and members of said City Council as indicated therein; that each of the officer� and members of said Ci�.y Council was duly and sufficiently nati- fied officially and pezsonally, in advance , of the time, place , and purpose of the aforesaid Meeting, and that said Ordinance would be introduced and considered for passage at said Meeting , and each of said officers and members consen�ed, in advancer to the holding of said Meeting for such purpase; and tha� said Meet- ing was open ta the public, anc� public natice af the time, place , and purpose of said meeting was given, all as required by Vernon' s Ann. Civ. S�.. Article 6252-17. 3. That the Mayor of said Ci�.y has approved, and h�reby approves , the aforesaid Ordinance; that the Mayor and the Ci�y Secretary of said City have duly sign�3 said Ordinance; and �hat the Mayor and the City Secretary o� said City hereby declare tha� � their signing of this Certificate shall constitute the signing o� 4 the attached and following copy of said �rclinance for all pur- . poses . �"""' SIGNED AND SEALED the 6th day of February, 1973 . . ; / ` , , . , . . �.�.. . _ �' - > ..�.r.c �..� � � ,.� uity Secrettary Mayor (5EAL} I , th� undersigned, City Attorney for the City of Grapevin�, Texas , do hereY�y certify that I approved as to legality �he a-�- tached and fol.lowinc� Ordin ' or �.o i� ssa as afc�re�aid. �'�"' _ - . C i ty A ax�ney