HomeMy WebLinkAboutORD 1973-012 Ci�Z?��'�x^.l�w�'� ?3��.�
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ORDIiVANCE AUTHORfZING THE iSSUANC� OF REVENUE BONDS
� THE STATE OF TEXAS X
COUNTY OF TARRANT X
CITY OF GRAPEVINE X
WHEREAS, the bonds hereinafter authorized were duly and
favorabfy 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; and
WHEREAS, the bonds hereinaFter authorized are to be issued
and delivered pursuant to Vernon's Articles 1111 through 1118.
THEREFORE, BE IT ORDAlNED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVIN�, TEXAS:
Section 1 . That said City's coupon ��r.ds to be designated the
"City of Grapevine Waterworks and Sewer System Revenue 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 $750,OOfl for the purpose of providing $250,000 for improving and
extending the City's �Naterworks System, and providing $500,000 for
'�"' improving and extending the City's Sewer System.
Section 2. That said bonds shal! be dat�d February 1, 1973,
shall be numbered consecutively from 1 through 150, shall be in the
denomination of $5,000 each, and shal I mature and become due and payable
serially on May 1 in each of the years, and in th� amounts, respectively,
as set for#h in the folfowing schedule:
YEARS AMOUNTS YEARS AMOUNTS
1975 $ 10, 000 1986 $ 20,000
1976 10,000 1987 20,000
1J77 T0,000 1988 25,000
1978 1 G, 000 1989 25,OOa
1�79 14, OQO 1990 35, 000
1980 10, 000 1991 60, 000
1981 10,000 1992 60,Ofl0
1982 10,000 1993 90,000
1983 10,000 1994 95,AOQ
�,,;�, 1984 15,000 1995 i 00, 000
1985 15,000 1996 100,00U
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Section 3. That as to said bonds scheduled to mature on and
after May 1, 1993, said City shail have the right and option to redeem
such bonds prior to their scheduled maturities, in whoie, or in part,
'� on May 1, 1992, or on any interest payment date thereafter, for the
principal arnount thereof plus accrued interest #o the date fixed for
redemption.
At ieast thirty days before the date fixed for any such redemption,
the City shall cause a written notice of such redemption to be publish�d
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 sha!!
be made with the payir►g agsnt for th� payment of th� principa! amount
of fhebonds #a be so redeemed, plus accrued interest thereon to the date
fixed for redemption. If the written notice of redemption is published, and
if due provision for paym�nt is made, a!! as provided above, the bonds,
which are to be so redeemed, thereby automatically shall be redeemed
prior to ma#urity, and they shall not bear interest after the date fixed
for redemption, and st�all not be regarded as being outstanding except
for the purpose of receiving the funds so provided for such payment.
Section 4. That said bonds shall bear interest, from their date
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until treturity or redemption, at the following rates:
all bonds scheduled to mature during the years
`'� 1975 throu9h 1987 -------------------------------- 6.Op $ per annum;
all bonds scheduled to ma#ure during the year
1988 --------------------------------- 5-7,l8 $�er annum;
all bonds scheduled to mature during the years
1989 ar�r� 1�90 --------------------------------- 5.50 o per annum;
all bonds scheduled to mature during the years
L9.�1. and 1992 --------------------------------- 5.60 o per annum;
a1f bonds scheduled to mature during the years
1993 and 199u --------------------------------- 5.70 o per annum;
all bonds scheduled to mature during the years
19..�5 and. 1996 . --------------------------------- 5.75 a per annum;
with said interest to be evidenced by interest coupons payable on November 1,
1973, and semi-annuatly thereafter on each May 1 and November 1 .
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'� " Sec#ion 5. That the principal of and interest on said bonds
� sha11 be payable to bearer, in lawful mon�y 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 Banic in Dallas, Dallas, Texas, which place shatl be the
paying agent for said bonds.
Section 6. That each of said bonds and interest coupons shail 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 Secretary of said City, and the officiaf sea! 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 bs printed and endorsed on each bond, and the form of
the in#erest coupons to be attached to said bonds, shalt be, respectively,
substantialiy as follows:
(FORM OF BOND) -
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� NO. $5,U00
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UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OFTARRANT
CITY OF GRAPEVINE WATERWORKS AND SEWER SYSTEM
REVENUE BOND
SERI'�S 1973
On May 1, 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 $ per
annum, evidenced by interest coupons payable November 1, 1973, and
semi-annually thereafter on each May 1 and November 1 whiie 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 presen-
� tation and surrender of this bond or proper interest coupon, at the
First National Bank in Daflas, Dallas, Texas, which place sha(I be the
� paying agent for th+s Series of bonds.
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"� '` This bond is one of a Series of coupon bonds dated February 1,
1973, issu�d in the principal amount of $750, 000 for the purpose of
��� providing $250, 000 for improving and extending thz City's Waterworks
System, and providing $500,000 for improving and extendirtg the City's
Sewer System.
The bonds of this Series scheduled to mature on and after
May 1, 1993, may be redeemed prior to their scheduled maturities, in whofe,
or in part, at the op#ion of sa9d City, on May 1, 1992, or on any interest
payment date thereafter, for the principal amount th�reof plus accrued
interest to the date fixed for redemption. At least thirty days before the
date fixed for any such red�mption 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 Nevv York, New York. By the date fixed for any
such redemption, due provision shatl be made with the,paying agent for
the payment of the principal amount of the bonds to be redeemed, pfus
acerued interest thereon #o the date fixed for redemption. if the written
notice of redemption is published, and if due provision for such paymen#
is made, all as pr-ovided above, the bonds, which are to be so redeemed,
thereby automatically shal! be redeemed prior to maturity, and they shalf
no# bear interest after the date fixed for redemption, and shall not be
'"�`�" regarded as being outstanding except for the purpose of receiving the
� funds so provided for such payment.
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It is hereby certified and covenante� that this bond has been
duly ant! validly voted, authorized, issued, and delivered; that all
acts, conditions, and things required or proper to be performed, exist,
and be done precedent to or in the authorization, issuance, and delivery
of this bond havebeen performed, existed, and been done in accordance
with law; that this bond is a special obligation; and that the principal of
and interest on this bond, together with other revenue bonds of said City,
are payable from, and secured by a first lien on and pledge of, the Net
Revenues of said City's Wa#erworks and Sewer System.
Said City has reserved the right, subject to the restrictions
stated, or adopted by reference, in the Ordinance authos-izing this Series
of .bon�ls, to issue additio�al parity revenue bonds which atso may be
sacured by and made payable from a first lien on and ptedge of the Net
Revenues of said City's Waterworks and Sewer System.
The blder hsreof shail never hav� the right to demand payment
of this obligation out of any funds raised or to be raixed by taxation.
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�"°a In witness whereo#, this bond and the interest coupons attached
hereto have been signed by the imprint�d or lithographed facsimile
�� signature of the Mayor of said City and countersign�d by the imprinted
or iithographed facsimile signature of the City Secretary of said City,
and the officiai seal of said City has been duiy impressed, or printed,
or (i thographed on thi s bond.
City Secretary, City of Grapevine Mayor, City of Grapevine
(FORM OF REGISTRATiON CERTIFICATE)
COMPTROI.LER'S REGlSTRATION CERTIFICATE: REGISTER NO.
1 hereby certify tha# this bond has been examined, certified as
to validity, and approved by the Attorney Genera! of the State of Texas;
and thet this bond has been registered by the Comptroller of Public
Accounts of the State of Texas.
•�* Witness my signature and seal this
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�r�rr
Comptroller of Public Accounts of .�he State
of Texas
(FORM OF 1NTEREST COUPON)
NO. $
ON 1, 19
The Ci#y of Grapevine, in the County of Tarrant, Sta#e of Texas, promises
to pay to bearer the amount shawn on this interest coupon, in lawful
money of #he United States of America, without exchange or coflection
charg�s to the bearer, unless due provision has been made for the
redemption prior to maturity of the bond to which this interest coupon
appertains, upon presentation and surrender of this interest coupon, at the
First National Ban1c in Dallas, Dallas, Texas, said amaunt being interest
due that day on the bo�nd, bearing the number hereinafter designated, of
that issue of City of Grapevine Waterworks and Sewer System Revenue
Bonds, Series 1973, dated February ], i973. The holder hereof shali
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never have the right to demand payment of this obligation out of any
"�°� funds raised or to be raised by taxation. Bond No.
City Secretary Mayor
Section 7. (a) That the term "Outstanding Bonds," as hereinafter
used in this Ordinance,shali mean ali of said City's presentty outstanding
bonds which are payabie from, and secured by a first lien on and pledge
of, the Net Revenues of said City's Waterworks and Sewer System.
(b) That the bonds au#horized hereby are parity "Additional Bonds" as
defined in the ordinance passed on April 27, 1951, authorizing the issuance,
sale, and delivery of said City's Waterworks ancLSewer System Revenue
Refunding Bonds, Series 195fl.
(c) That Sections 13 through 19, and Sectians 21 through 26, of the
aforesaid Ordinance dated April 27, 195], and Sections 13 and 14 af the
Ordinance dated January 15, 1954, which authorized the issuance of the
"`"'�" Waterworks and S�wer System Revenue Bonds, Series 1954, are adopted
� by reference and shall be applicable to the bonds authorized to be issued
'� by this Ordinance for al! purposes, except to the extent hereinafter
specific:ially modified and supplemented. The bonds authorized are to
be issued by this Ordinance and the Outstanding Bonds are and shall be
on a parity and of equai dignity in all respects, and are and shall be
payable from, and secured by a first lien on and pledge of, #he Net
Revenues ofi said City's Waterworks and Sewer System.
Section 8. That, in addition to atl other amounts required by
the ordinances, respectively, authorizing the Outstanding Bonds, there
sha!! be deposited into the interest and Sinking Fund (created for the
benefit of said Outstanding Bonds and a!I Additional Bonds) the following:
(a) such amounts, in approximately equal monthly install-
ments, deposi#ed on or before the lOth day of each month
hereafter, commencing on or before May 10, 1973, as witi be
sufficien# to pay the interest scheduled to come due on the
bonds authorized by this Ordinance on the next interest
_ payment date; and
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� (b) such amounts, in approximately equal monthly install-
ments, deposited on or before the 10th day of each month
''�a�' hQreafter, commencing on or before Aprii i0, 1974, as wii!
be sufficient to pay the next maturing principai of the bonds
authorized by this Ordinance.
Section 9. That �n addition to alt o#her amounts raquired by the
ordinances, respectively, authorizing the Outs#anding Bonds, there
shall be depositzd into th� Reserve �und (created for the benefit of
said Outstanding Bonds and ali Additional Bonds) ora or before
April i0, 1973 and on the 10th day of each month thereaft�r, the
amount of $800.00 until there has been accumulated the aggregate
amount of $i 18,040.Oa in said Reserve Fund. Thereafter, said aggregate
amount shall be maintained in said Reserve Fund, for the benefit of the
Outstanding Bonds, the bonds authorized by this Ordinance, and all
other Additional Bonds, in accordance with the procedures, as herein
modified and supptemented, set forth in the ordinances, respectively,
authorizing the Outstanding Bonds.
Section 10. Tha# the bonds authorized by this Ordinance are and
shal! be special obligations of said City, and the holders thereof shaU
"'"`"' never have the right #o demand payment of said obligations out of any
! funds raised or to be raised by taxation.
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Sec#ion 11 . That the Mayor of said City is hereby authorized to have
control of sa9d bonds and all necessary records and proceedings pertaining
to said bonds pending their delivery and their investigation, examination,
and approval by the Attor-ney General of the State of Texas, and their
registration by the Comptroller of Puolic Accounts of the State of Texas.
Upon registration of said bonds, said Comptroller of Public Accounts
(or a deputy designated in writing to act for said Comp#roller) shall manually
sign the Comptrolter's Registration Certificate printed and endorsed on each
of said bonds, and the seal of said Comptroller shall be impressed, or
placed in facsimile, on each of saic{ Ronds.
Section l2. That said City hereby covenants that the proceeds from
the sal� of said bonds will be used as soon as practicable for the purpose
for which said bonds are issued; that such proceeds wiil not be invested
in any securities or obligations excep# for the temporary period pending
such uss; and that such proceeds will not be used directly or indirectly
so as to cause all or any part of said bonds to be or become "arbitrage
bonds" witi�in the meaning of Section 103(d) of the tnternal Revenue ��ode
of 1954, as amended, or any regufations or rulings prescribed or made
� pursuank thereto. - �
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'�' Section 13. That said bonds are hereby sold in accordance with
� law and shall be defivered to First of Texas, Inc.
being the highest and best bidder, for the principal amount thereof
and accrued interest to the date of delivery, plus a premium of $ None .
Section 14. That the purchasers' obiiga#ion to accept delivery of
#he bonds herein authorized is subject to their being furnished the final
opinion of Hutchison � Price, Daltas, Texas, Bond Counsef 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. Printin� of a true and correct copy of the opinion of
Hutchison � Price, on tF�� reverse side of each such bond, with
appropriate certificate pertaining zhereto executed by facsimife
signature of the City Secretary of the City is hereby approved and
authori zed.
Section 15. That it is hereby officially found and determined: that
a case of emergency or urgent public necessity exists which requires
the holding of the meeting at which this Ordinance is passed, such
emergency or urgent public necessity being that the proceeds from the sa{e
of said bonds are required as soon as possible and without delay for
�� necessary and urgently needed public improvements; and that said meeting
was._open to the public, and public notice of the time, place, and purpose
� rr� of said meeting was given, all as required by Article 6252-17, Section 3A,
V.T.C.S.
C1TY OF GRAPEViNE, TEXAS
BY /�1��-�� /.��-�li
Mayor
ATTEST:
Y ..� `- _.. ..�..�'/,,., � �-.....y.,
j, �
. '�/ � G . �t.ti... -• f .
City Secretary
(SEAL)
AP VED AS T EGA
City Attorney
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