HomeMy WebLinkAboutORD 1973-011 �PT)T.>`:��'�'t'E ?"3411
MINUTES AND CERTIFlCATION PERTAlNING TO PASSAGE
� OF AN C�RDI NANCE AUTHORIZiNG THE ISSUANC� OF
$800,000 GENERAL OBLIGATION BONDS SERIES 1973
` AND MAKING PROVISION FOR THE SECURiTY AND
�
PAYMENT THEREOF
THE STATE OF TEXAS �
COUNTY OF TARRANT �
CITY OF GRAPEVI NE �
On this the 20th day of March, 1973, the City Council of the City of
Grapevine, Texas, convened in .Regular Meeting at the Regular Meeting place
fihereof, the meeting being open to the public and notice of said meeting,
givina the date, place and subject thereof, having been posted as prescribed
by Article 6252-)7,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 off i cers are as fo I I ows, to-wi t:
Willis Pirkie, Mayor Thelma F. Conine, Counci(woman
Doi� E. Dalton, Mayor Pro-Tem � R. T. Eidson )
C, W. Vandeventer, City Secretary Phiilip Parker_ � Councilmen
Cariton D. Pittard. )
� y:� Wi Iliam D. Tate )
+�� All of said persons were present, except the following absentees: None
, thus cons�'stuting a quorum. Whereupon,
among other business, the following was transacted, to-wit: a written
Qrdinance bearing the following caption was introduced:
y �t�1 ORDiNANCE PROVIDING for the issuance of City of_Grapevine,
�e�cas, General Obligation Bonds, Series 1973, in fihe aggregate
, tt�o�rnfi of $$00,OOD, for the �urpose of maki ng the wi thi n des-
cribed permanent public improvements within and for the City;
prescri bi ng the form of said bonds and the i nterest coupons to be
i�++tially attached thereto; levying and requiring assessment
and co(lection of an annuaf ad vaiorem tax on all taxable
praparty wi thi n the Ci ty to pay the i nterest on such bonds
and'to create a sinking fund for the payment thereof at maturity;
enacting other provisions relating to the subject; and d�claring
an emergency.
�he Ordinance, a full, true and correct copy of which is attached hereto,
was read and reviewed by the City Council.
� Mr Eidson and seconded b Mr. DaCton
� Thereup�n, i fi was moved by i� y E
s that said Ordinance be taken up and declared to be and considered as an emerg.ency
� .
measure, to take effect immediately, as recited therein. The Mayor put the
motion to a vote of ths members of the Ci ty Counci f and the motion carrisd
unanimously. The Mayor then declared the Ordinance to be an em�rgency.
• r
It was then moved by Mr. Eidson and seconded by Mr. Pittard
that the Ordinance be passed and adopted, to be in effect immediately according
�"""" to its terms. The Mayor put the motion to a vote of the members of the City
Council and the Ordinance was passed and adopfied by the following �ote:
�
AYES: All Members of City Council shown present above
voted "Aye"
NO ES: None
The Mayor then declared the Ordinance passed and adopted, and signed
and approved the same i n the presence of the Ci ty Counci 1.
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and
ta correctly ref lect the du ly consti tuted members and off i cers of the Ci ty
Counci I of said City, and the attached and fol lowi ng copy of said Ordi nance
is hereby certified to be a true and correct copy of an officiai copy thereof
on file among the official records of the City, all on this the 20th day o�
March, 1973.
.�',..����� ��..-�
. Mayor, City of Grapevine, Texas
"�� ATTEST:
�<;�
�" ��L?� �' _t�r� .. r�- �
City Secretary,`City of Grapevine, Texas
� (;�E,4,L) .
VED AS TO O ND LEGALITY:
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�.ity Atto ney
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�$� •THE STATE OF TEXAS �
COU NTY OF TARRANT � �
'��.,� CiTY OF GRAPEVI NE �
AN ORDINANCE PROVIDlNG for the issuance of City of Grapevine,
Texas, General Obligotion Bonds, Series 1973, in the aggregate
amount of $800,000, for the purpose of making the within des-
cribed permanent public improvements wifihin 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 valorern tax on all taxable
property within the City to pay the interest on such bonds
and fio creafie a sinking 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 fihe Constitution and laws of the Stafe of Texas, at an
e.l�ction heid in said City on the 23rd day of November, 1971;
� � TNEREFORE, BE IT ORDAINED BY THE CITY COUNClL OF THE CITY
OF GRAPEVI NE, TEXAS:
��
Section 1 . That said City's coupon bonds to be designated "City of
Grapevine, Texas, General Obligation Bonds, $eri�s 1973, " are hereby
authorized to be issued and delivered in accordance with the Constifiution
pr�d laws of the State of Texas and the Charter of the Ci ty, said bonds to be
issuec� in the aggregate principal amount of $$00,000 for the purpose of
pxoviding funds with which to make fihe following various permanent public
�mprovements for and within the City and in the following amounts:
$500,000 for constructing im�rovements to the streets in said City, including
neeessary drainage in connection therewith, and $300,000 for improving
and extending said City's Sanitary SQwer System.
Section 2. That said bonds shall be dated February i5, 1973, shall
be numbered consecutively from One (1) through One Hundred Sixty (160),
shal� be in the d�nomination of �5,000 each, and shall mature and become
due and payable on February i5 in each of the years, and in the amounts,
respectively, as set forth in the fo!lowing schedule:
�
�
� �
YEARS AMOU NTS Y�ARS AMOU NTS
� 1974 $15,000 1987 $30,000
"��° 1975 15,000 i988 35,000
T976 15,000 19$9 35,fl00
1977 15,000 i990 40,000
1978 15,000 1991 40,000
]979 25,000 1992 40,000
1980 25,000 1993 40,000
1981 25,000 1994 45,000
i982 25,000 1995 50,��0
1983 25,000 1996 50,000
1984 25,000 1997 55,000
1985 30,000 1998 55,OQ0
i986 34,000
Section 3. That as to said bonds scheduled to mature ar�gnd after
February 15, 1994, said City shall have the right and option to redeem such
bonds prior to their scheduled maturities, in whole, or in part, on
february 15, 1993, or on any interest payment dafie thereafter, for the
principal amount thereof plus accrued interest to the date fixed for
redemption.
'"���" At least thirty days bsfore the date fixed for any such redemption,
the City shall cause a written notice of such redemption to be published
�' at least once in a financial publication published in the City of New York, New York.
By the date fixed for any such redemption, due provision shall be made with
the pay+ng agenfi for the payment of the principal amount of the bonds to be
�4 r�desmed, plus accrued interest thereon fio the date fixed for redempfiian.
` (���e.�,vritten notice of redem�tion is published, and if due provisiQn for
p�nyment is made, al) as provided above, the bonds, which are to be so
�adeemed, thereby automatically shal) be redeemed prior to maturity, and
�ey.sht�11 nof be regarded as being outstanding except for the purpose
of receiving. the funds so provided for such payment. �
SecPit�n 4. That said bonds shall bear interest from their daPe, untii
mafiurity or redemption, at the foliowing rates:
att: �orads s��eduled to mature
. . ., . .
duri n� tfie years 1974 through `I980---------------------- 6.50 % per annum;
a�1 bonds scheduled to mature
during the years )9$1 through 1985 ----------------------5. 10 % per annum;
�+ a!I bonds schedu led to mature
� during the years 1986 through 1989 ----------------------5.40 % per annum� .
�
all bonds scheduled to mature
duri ng the years 1990 and 1991 ------------------------- 5.50 " % p�r annum; .
ali bonds scheduled to mature
���,
during the years 1992 through 1996 ----------------------5.60 °lo per annum;
a!I bonds scheduled to mature
�`"`"�" durin the ears 1997 and 1998 � 5.b5 °lo �er annum;
9 Y --------------------------
with said interest to be evidenced by infierest coupons payable on February
15, 1974, and semi-annually thereafter on each August ]5 and February i5.
Section 5. Thafi the principal of and interest on said bands shali 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 First National Bank in Da(ias, Dallas,
Texas, which place shal) be the paying agent for said bonds.
Section 6. That each of said bonds and interest coupons shaf{ be signed
by the imprinted or lithographed facsimi le signafiure of the Mayor of said Cifiy
and countersigned by the imprinfied or lithographed facsimi(e signature of the
City Secretary of said City, and the official seal of said City shall be impressed
or printed, or lithographed on each of said bonds.
Section 7. i'hat the form of said bonds, including the form of
Registration Certificate of the Comptroller of Public Accounfis of the StQi-e
�� of Texas to be printed and endorsed on each bond, and the form of the
interest coupons to be atfiached ta said bonds, shal) be, respectively,
�"' substantially as follows:
. (FORM OF BOND)
NO. $5s 000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF GRAPEVINE
GENERAL OBLIGATiON BOND
SERI ES 1973
On February l5, 19 , the City of Grapevine, in the County of Tarrant,
State of Texas, promises to pay fio bearer the principal amoun# of
FIVE THOUSAND DOLLARS
and to pay i nfisrest thereon, from the 'date hereof, at the rate of % per
� annum, evidenced by i nterest coupons payable �n February 15, 1974, and
�
semi-annually fihereafter on each August 15 and February 15 whife this bond
is outstanding, i'he principal of this bond and the interest coupons afitached
+�''°A" hereto shall be, payable to bearer, in lawful money of the United States of
America, without exchange or collection charges to the bear�r, upon
+��� presentatic�n and surrender of this bond or proper interest coupon, at the
First National Bank in Dallas, Dallas, Texas, which place shall be the
paying agenfi for this issue of bonds.
This bond is one of a Series of coupon bonds dafied February i5, 1973,
issued in the principal amount of $$00,000 f�r the purpose of providing
$500,Q00 for constructing improvements to the streets in said City, including
necessary drainage in connection therewith, and $300,000 for improv+ng
and extending said City's Sanitary Sewer System.
The bonds of this Series scheduied to mature on and cfter February 15,
1994, may be redeemed prior to their scheduied maturities, in whole, or in
part, at the option of said City, on February 15, 1993, or on any interest
payment da#e thereafter, for the principal amount thereof plus accrued
interest to the date fixed for redemption. At least thirty days before the date
fixed for any such redemption fihe City shal( cause a written notice of such
red�mpti on to be pub!ished i n the Ci ty of New York, New York. By the date
fixed for any such redempfiion, due provision shall be made with the paying �
agent for the paymenfi of the principal amount of the bonds to be redeemed,
""�"' plus accrusd infierest thereon to the date fixed for redemption. If the written
� notice of redemption is published, and if due provision f�r such payment is
�' made, ail as provided above, the bonds which are to be so redeemed, thereby
automatically shall be redeemed prior to matur+ty, and they shall not�bear
interest after the date fixed for redemption, and shall not be regarded as being
outstanding except for the purpose af receiving the funds so provided for such
payment.
!t is hereby certified and recited that the issuance of this 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 elecfiors of said City voting at an election
held for fihat purpose within the City; that all acts, conditions and fihings
required to be done 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 c�ue time, form and manner as requirsd by law; that sufficient
and proper provision for the levy and collection of taxes has been made which,
when coliected, shall be a�propriated exclusively 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 shal! become due; and that
the total indebfiedness of said City, including the entire Series of bonds of
which this is one, does not exceed any constitutional or statutory limitation.
� ..
�
1n witness whereof, this bond and the interest coupons attached hereto
have been signed by the imprinted or lithographed facsimile signafiure
"�'�' of the Mayor of said City and countersigned by the imprinted or lithographed
facsimile signt�ture of the Cifiy Secretary of said City, and the official seal
� of said City has b�en duly impressed, or printsd, or lithographed on this bond.
City Secretary Mayor
Cifiy af Grapevine, Texas City of Grapevine, Texas
(FORM OF REGISTRATiON CERTIFICATE}
COMPTROLLER'S REGISTRATlON CERTIFICATE: REGISTER NO.
I hereby certify that this bond has been examined, certified as to vaiidity,
and approved by fihe Attorney General of the State of Texas; and that this boncl
has been registered by the Comptroller of Public Accounfis of the State af Texas.
Witness my signature and seal this
Comptrolier of Public Accounts af th�
'"�'"�' , State of Texas
� �
� (FORM OF INTEREST COUPON)
NO. �
ON , 15, 19
The City of Grap�evine, in the County of Tarrant, State of Texas, unless due
provision has been made for the redemption prior to maturity of fihe bond to which
this interest coupon appertains, promises to pay to bearer the amounfi shown on this
' infieresfi coupon, in lawful money of the United States of America, with�ut
exchange or coliection charges fio the bearer, upon presentation and surrender
of this interest coupon, at the First National Bank in Dailas, Dallas, Texas,
said amount being interest due that day on the bond, bearing the number
hereinafter designated; of that issue of City of Grapevine, Texas, General
061igation Bonds, Series 1973, dated February l5, 1973.
Bond No.
Ci ty Secretary Mayor
�"* .
Section 8. That to provide for the payment of fihe debfi service require-
�,,,,,, ments on the said bonds, being (a) the interest on said bonds, and (b) a sinking
fund for their redemption at maturity or a sinking fund of 2°l0 (whichever amount
shall be greater), there shal) be and there is hereby levied for the current year
and each succeeding year thereafter while said bonds or interest thereon sha(I
remain outstanding and unpaid, a sufficient tax on each one hundred dollars'
���`'� valuation of taxable property in said City, adequate fio pay such debt service
requirements, full allowance being made for delinqvencies and costs of
,�,��, collection; said tax sha11 be assessed and collected each year and applied
to the payment of the said debt service requirements, and fihz same shaii not
be diverted to any other purpose. The taxes so ievied shall be paid into a
fund known as "City of Grapevine, Texas, General Obligation Bonds, Series
1973, Interest and Sinking Fund," which is hereby established for the payment
of the obligations herein authorized. T'he City Counci! hereby declares and
covenants thafi it wiil provide and levy a fiax legaliy 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 1�gally sufficient
tax in consideration of ai) other outstanding obfigations.
Section 9. That said bonds are hereby sold in accordance with law
and shall be deliv�red to Republic National Bank of Dallas, Dallas, Texas ,
being the highesfi and best bidder, for the principai amount thereof and accrued
interest to the dafie of delivery, plus a premium of $ None
Sec�ion 10. That the purchasers' obligation to accept del ivery of the
bonds herein authoriz�d is s�bjecfi to their being furnished the fina! �pinian
p{ Hutchison 8� Price, Dallas, �exas, Bond Counsei f�r the City, .
� � such opinion approving 5uch bonds as to fiheir validity; said opini�n
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 s+gnature of i�he City
Secretary of the City is hereby approved and authorized.
S�cfion 11 . That the Mayor of the City is hereby authorized to have
�onYr�l of said bonds and all necessary records and proceedings pertaining to
s�ca+d bonds �ending their delivery and their investigation, examinafiion, and
approval by the Attorney General of the State of Texas, and their registration
by fhe Comptroil�r of Public Accounts of the State of Texus. Upon registration
oF said bonds, said Comptrolier of Public Accounts (or deputy designated
in wriYing to act for sc�id Comptroller) shall manuai(y sign ti�e Comptroller`s
�egistro#+on Certificate prescribed herein to be prinfied and endorsed on each
bond, and the seal of said Comptroller shall be impressed� or printed or
[ii�ographed on each of said bonds.
S��ti�n 12. That the public importance of this measure and the fact
t}iqfi it is to the best interest of the City to provide funds for the construction
of the improvemsnts herein contemplated at the earliest possib(e dafie constitutes
�„ an emergency and creates a necessity for fihe immediate preservation of the �ubiic
� peace, heafth and safety of the citizens of the Ciiy, which requires that fiF�is
�
/
ardi nance be passed and take effect as an emergency measure, and i f
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 notice of the time,
`"�"" place, and purposs of said meeting was given as required by Article
6252-17, Section 3A, V.T.C.S., as amended.
PASSED AND APPROVED this the ���day of March, t973.
/i���.s� 2`�.��
Mayor, City of Grapevine, Texas
ATT E ST:
`�� ' `_ .� . �� �
� �
Cifiy Secretary, City�of Grapevine, Texas
(CITY SEAL)
'�"' V E D AS TO LI T •
�
� ��
C i ty Atfiorney
�
�
�nnT'4:'��TC� ?.'-1?
��
MlNUTES AND CERTIFlCATION PERTAINING TO
PASSAGE OF AN ORDINANCE AUTHORIZiNG
`"��" THE iSSUANCE OF $750,000 REVENUE BONDS,
SERIES 1973, AND MAKING PROVi510N �OR THE
SECURITY AND PAYM�NT THEREOF
THE STATE OF TEXAS X
COUNTY OFTARRANT X
CITY OF GRAPEVINE X
On this the 20th day of March, 1973, the City Counci! of the- City
of Grapevine,Texas, convened in Regular Meeting at the Regular
Meeting place thereof, the meeting being open to the public and notice
of said meeting, giving the date, place and subject thereof, having
been posted as prescribed by Article 6252=i7, Section 3A, V..T.C.S.,
and the roil was called of the dufy constituted officers and members of
said City Council, which members and officers are as follows, to-wit:
Willis Pirkle, Mayor Thelma F. Conine, Councifwoman
Doil E. Dalton, Mayor Pro-Tem R. T. Eidson )
C. W. Vandeventer, City Secretary Phillip Parker JCouncitmen
�"' Carlton D. Pittard )
� William D. Tate )
� All of said persons were present, except the following absentees:
None , thus constitu#ing a
quorum. Thereupon, among other business, the following was transacted,
to-wit: a written Ordinance Authorizing the lssuance of Revenue Bonds.
The Ordinance, a full, true and correct copy of vvhich is attached
hereto, was read and reviewed by the City Council.
Thereupon, it was moved by Mr. Tate and seconded by
Mr. Dalton , that said Ordinance be taken up and d�ciared
� to be and considered as an emergency measure, to take effect immediately,
as recited therein. The Mayor put the motion to a vote of the member�
of the City Council and th� motion carried unanimouly. The Mayor
then deciared the Ordinan�e to be an emergency.
�
;
�:
�rrr
!"�* it was then moved by Mr. Tate and seconded by Mr. Pittard
p that the Ordinance be passed and adopted, to be in effect immediately
� according to its terms. The Mayor put the motion to a vote of the members
of the City Council and the Ordinance was passed and adopted by the
following vote:
AYES: All members of said City Council shown present above
voted "Aye."
NOES: None
The Mayor then dzclared 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 City
Council of said City, and the attached and foliowing copy of said Ordinance
is hereby certified to be a true and correct cflpy of an officia! copy thereof
on file among the official records of the City, all on this the 20th day
of March, 1973.
� � ,
,�_�., �y/�`�� �"��.�
, -- Mayor, City of Grapevine, Texas
�
ATTEST:
� �i� � �� ��-�r� � � � �
City Secretary,�City of Grapevine, Texas
(�EAL)
APPROVED AS TO FORM AND LEGALITY:
i�
City Attorney
� _ �
�