HomeMy WebLinkAboutORD 1969-036 �r,:.l�_:� .�L�i�.r x�ui�
• ' QRDrNt�NCE t�U:I'HOFcII iNG '1'rll� 15SU�1T1C� OF REVENUE BONDS
T�-1E STATE OI' T�XAS . �u�?��:v.�:vC�: 59-3E�
C�UI;�i'Y OF TAI���I T .
CI�.��.' OF GR�PEVINE .
: I
�� We , the undersigned o�iice.rs of said Gity, he.reby certify
as follcws :
� l , The Cit.y Council of said City convened i_n
REGULAR MEETING ON TI�E 18TH D!-�Y OF NOVEMBEI�, 1969,
at the City Hall , and the roll was call_ed of the duly constituted
officers and members ef said City� Council, to�wit: .
�,.""`
James L. Hancock, Ci.ty Secretary Willis Pirkie, Mayor
�, Lee �.. Thompson Guy S. Benedict
DoiJ_ E. Dalton R. T. Eidson
A, L. Harwell '
and all of said persons were pres�.nt , e.xcept the following
absentees :
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thus c.onstitut.ing a quox°um, Wh�reupon, am�ng ot.her business ,
the following was transacted at said Nleeting ;, a written
ORDINATdCE AUTHORIZING THE ISSUANCE OF REVENUE BONDS,
was duly introduced for� the considexation of saicl City Council
and read in full. It was then duly moved �nd sec�nded that said
Ordinance be passen; and, after due discussion, said motion,
carrying with it the passage of said Ordinance, prevai�ed and
carried by the following votes
AXES : A11 mFmbErs of said Ci�y Ccauncil
shown pz:esent above voted "Aye",
NAYS : None.
, 2. Z'hat a true, full and correct. copy of t.he aforesaid
Ordinance passed at the T1e.eting described in the above and fore--
� going paragraph is attached t� and follows t.his Ce��ifi_cate;
� that said O�dinance has been duly recorded in said City Council's
minutes of said Meeting; that th� above. and foregoing paragraph
is a true , full and cor�rect excerpt from said City Council' s
minutes of said rleeting perta�ni_ng to the passage of said Ordi-
nance; t_hat the persons named in the above .and fo�egoing paragraph
are the dulv chosen, qualif.ie.d and acting officers and memb�ers �f
said Ci�y Council as indicaLed therein; that each Qf the officers
and members of said City Council was duly and sufficiently noti-
fied officially and personally in advance, of the time , place and
purpose of the aforesaid Me.et.ing, and that said Ordinance would
be introduced and consideied for passag e at said Meet.ing, and each
of said officers and members consente.d, in advance , to the holding
of said Meeting for such purpose; that said Meeting was open to the
public as requi-red by lac,;; and that public notice of the time,
place, and purpose of said meeting wa.s gi_ven as required by Chapter
227, Acts of the 61st Legislature, Regular Session, 19690
3. That the Mayor af said City has approved, and here�y
. approves, the aforesaid Ordinance; that the Mayor and the City
Secretary of said City have duly signed said Ordinance; and that
the Ma.yor and the City Secretary of said City hereby declare that
""�' their signing of this Certificate shall constitute the signing of
.�,,,
the attached and following copy of said Ordinanca for all purposes ,
SIGNED AND SEALEll this the 18th day of November , 1969.
.�.�:,�rdve ,�;"1"-e%.�� ":% , /� ;' ��n.�� ��-'� `=*
l:�_t;r Secretary Mayor
(SEA"L)
I, the ,a.szder.signed, City Attarr�ey of the Ci�y of Grapevine, Tex�.s ,
do hPr�by certify that I approved as to legalit5� the attached and
foll��ai.ng Ordinance prior to iLs pass oe as aforesaid.
� �
/i1��G�. � ' � �` ` � .�_�.Y._ __.
Ci�.jT Att��7�� - `"
ORnIh�NC� N�. 69-3�
: �
OKDINAN�E AUT%�OFiIZ�.NG THE I�S'JANCE OF REVENUE BONDS
i
THE STATE Or TEXAS .
COUNTY Or TARIt[�NT :
�
CI'.CY OF GRAPEVINE .
�
WHEREAS , the b'onds hereinafter authorized were duly
and favorably voted at an election held in said City on the 5i�h
day of December, 1967; and
WHEKEAS, out of the bonds voted at said election, the
following previously have been issued and delivered:
$25,000 out of a voted total of $100,000, for
the purpose of improving and extending
the City�s Sewer System, represented by
part of the bonds of Series 196�; and
WHEREAS, the bonds hereinafter authorized are to be
issued and delivered pursuant to Vernon's Articles 1111 through
1118; and
. WHEP.EAS, it is hereby officially found and determined
�,,,, that a case of emergency or urgent public necessity exists which
requires the holdirig of the meeting at which this Ordinance is
� passed, such emergency or urgent public necessity being that the
proceeds from the proposed bonds are required as soon as possible
and without delay for necessary and urgently needed public im-
provements ; that said meeting was open to the public as required
by law; and that public notice of the time, place an.d purpose of
said meeting was given as required by Chapter 227 , Acts of th�
61st Legislature, RegularSession, 19b9.
BE IT ORDAINED SY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS :
Section 1. That said City's bonds , to be designated Czty
of Grapevine Waterworks and Sewer System Revenue Bonds , Series 1969,
are hereby authorized to be issued and delivered in the principal
amount of $75 ,000, for the purp�se of improving and exend�ng said
City ' s Sewer System.
� Section 2 . That said bonds shall be dated November l,
1969, shall be in the denomination of $5,000 each, shall be num-
�,,,,,; bered consecutively from 1 through 15, bo�h inclusive, aggregat-
ing $75,000, and shall mature serially on May 1 of each of the
� years , and in the amounts , respectively, as set forth in the
following schedule:
�
i
�
� .
YEARS AMOUNTS YEI�.RS AMOUi�TS
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1971 $ 5 ,000 1979 $ 5,000
1972 5,000 1980 5,000
�,,,,,, 1973 5,000 1981 5,000
1974 5,000 1982 5,000
� 1975 5,000 1983 5,Q00
1976 5,000 1984 5,000
1977 5,000� 1985 5,400
197F 5,000
Section 3 . That the bonds scheduled to mature during
the years , respectively, set forth below, shall bear interest
from their date, until maturity, at the following rates, to-wit:
maturities 1971 th-rough 1976 , 6 1%4 % per annum,
maturities 19 �� through 1985 , 6 1/2 '/o per annum.
Said interest shall be evidenced by interest coupons which shall
appertain to said bonds , and which shall be payable on the dates
stated in the FORM OF BOND set forth in this Ordinance.
Section 4. That said bonds and interest coupons shal]_
be payable, shall have the characteristics , and shall be signed
and executed (and said bonds sha11 be sealed) , all as provided,
and in the manner indicated, in the FORM OF BOND set forth in
� this Ordinance.
�""" Section 5 . That the for.m of sai.d 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 aforesaid� interest coupons
which shall appertain and be attached initially to each of said
bonds , shall be, respectively, substantially as follows:
, (FORM OF BOND) $5,000
N0,
UNITED STATES OF AMERICA
. STATE OF TEXAS
COUNTY OF TARRANT �
CITY OF GRAPEVT.NE WATERWORKS AND SEWER SYSTEM REVENUE SOND
SERIES 1969
ON MAY l, 19_, THE C ITY OF GRAPEVINE, IN THE COUNTY
OF TARRANT, STATE OF TEXAS, promises to pay to bearer, the prin-
cipal amount of
'"'"`"" F IVE THOU SAND DOLL_ARS,
and to pay interest thereon, from the date hereof, at the rate
�' of `/o per annum, evidenced by interest coupons payable on
May 1, 1970, and semi-annually thereafter on each November 1 and
May 1 while this bond is outstanding. The principal of this bond
and the interest coupons appertaining hereto shall be payable to
bearer, in lawful maney of the United States of America, without
exchange or collection charges to the bearer, upon presentation
and surrende-r of this bond or proper interest coupon, at the
First National Bank in Dallas , Dallas , Texas , which place shall
_2_ �
be the payir�g 'agent for this Series of bonds .
THIS �OND is one of a Series of bonds aated NovemUer l,
1969, issued in the principal amount o� $75 ,000, for the purpose
�"""" of improving and extendii�g said City' s Sewer System.
"��' IT IS HEREBY certified, recited and covenanted tha�
this bond and been duly and validiy issued and delivered; that
a11 acts , conditions , and things required or proper to be per-
formed, exist, and be done precedent to or in the issuance and
delivery of this bond have been per�ormed, existed, and been
done in accordance with law; and that the interest on and pr�.n-
cipal of this bon�, and the Series of which it is a part, to-
gether with other outsta.nding waterworks and sewer system revenue
bonds of sa id C it�T, are s ecured by and payable from a f�rs t lien
on and pledge of the Net Revenues of said City's Waterworks and
Sewer System.
SAID CITY has reserved the right, subject to the re�-
strictions stated, or adopted by �eference, in the Ordinance a
authorizing this Series of bonds , to issue additional parity
revenue bonds which also may be secured by and made payable f_rom
a f�,rst lien on and pledge of �he Net Revenues of said City's .
. Watercaorks aizd Sewer System.
�* THE HO�DER HEREOF shall never have the r�ght to demand
: payment of this obligation out of any funds raised or to be raised
�wwr by taxation. _
IN WITNESS WHEREOF, this bond and the interest coupons
: appertaining hereto have been signed with the facsimile signature
of the Mayor of said City, and countersigned with the facsimile
signature of the City Secretary of said City, and the official- seal
of said City has been duly impressed, or placed in facsimile, on
this Bond.
City Secretary,City of Grapevine, Mayor, City of Grapevine, Texas .
Texas . �
(FORM OF COMPTROLLER'S REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTR.EITION CERTIFICATE: REGISTER NO o o '
I hereby cer_tify 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 Pul�Iic Accounts of the State of Texas .
.�
WITNESS my signature and seal this o
�
Comptroller of Public Accounts of
� the State of lexas .
. -3-
, (F0�1 OF ZNTFREST COUPbN)
NO o $-�_______—
�
ON 1, 19 , THE CITY OF GRAPEVINE, in the
�'"""" County of Tarrant , State of Te�as , promises to pay to bearer the
amount shown o�z 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 First National Bank. in 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
Waterworks and Sewer System Revenue Bonds , Series 1969" , dated
� November l, 1969. The holder hereof shall never have the right
to demand payment of this obligation out of any funds raised or
to be raised by taxation. Bond No. .
City Seci-etary Mayor
City of Grapevine, Texas . City of Grapevine, Texas .
Section 6. That the term "Outstanding Boncls", as used
. , her�in, shall mean the outstanding bonds of the following issue�
of said City, to-wit:
�
Waterworks and Sewer System Revenue Refunding
� Bonds , Series 1950, authorized by Ordinance
. dated April 27 , 1951; '
Waterworks and Sewer Revenue Bonds , Series 1954,
authorized by Ordinance dated January 15, 1954;
� Water�aorks and Sewer System Revenue Bonds , Series
1959, authorized by Ordinance dated July 2, 1959;
Waterworks and Sewer System Revenue Bonds , Series
� 1968, authorized by Ordinance dated February 26,
1968.
The Series 1969 Bonds authorized hereby are parity "Additional •
Bonds", as defined and permitteu in the aforesaid ordinance dated
Apri1 27 , 1951. Sections 13 through 19, and Sections 21 through
26, of said Ordinance, and Sections 13 and 14 of the aforesaid
Ordinance dated January �S, 1954, are adopted by reference for
all purposes , except to the extent hereinafter specifically
��^^ modified and supplemented. The Series 1969 Bonds and the Ou�-
` standing Bonds are and shall be secured by and paya�le frorn
tr� a first lien on and pledge of the Net Revenues of said City's
Wate�-�aorks and Sewer System, and all of said obligations shall
be on a parity and of equal dignity in all respects .
Section 7 . That, in addition to all other amounts re-
quired by the Ordinances , respPctively, authorizing the Outstand--
ing Bonds listed above, there shall be deposited to the Bond Fund,
_4_
created for tlze bencfit of the ��iu��s�.iu Qutstand�.ng Bonds ancl
' a1.1 Additiona.l Eonds , the followi���:
�
� (a) such arnau��t:s , in erual r�ion�hly instal2ments ,
Imade on ar before �he lOth day of each moi�th
� hereafter, as �i�ll be sufficient to pa� the
interest scheduled to come due on said Series
1969 Bonds on the next interest payr��nt date;
�,,..,,, and
� (b) such amounts , in equal monthly installments ,
� made on or before the lOth day of each month,
� commencing on May 10, 1970, as wi11 be suffi-
cient to pay the next maturing principal of
said Series 1969 Bonds .
Section 8. That, in addition to alI other amounts re-
quir�d by the Ordinances , respectively, authorizing the Outstand--
ing Bonds , there sha�l be deposited into the Reserve Fund, created
for the benefit of said Outstanding Bonds and all Additional Bonds ,
on December 10, 1969, and on or before the lOth day of each month
thereafter, the sum of at least $100. 00 until the aggregate amount
of $58,000.00 shall have been accumulated in said Reserve Fund,
in accordance with the procedures as herein m�dified and supple-
mented, set forth in the Ordinances authorizing the Outstanding
Eonds .
Sec�ion 9. That if Additional Bonds are issued, the
, agg�egate amount to be accumulated and maintained in the Reserve
� Fund heretofore established shall be increased by an additional
amount not less thaii the average annual principal and interest
�` requirements for said Additional Bonds and that such additional
rr.r
amount shal� t�e so accun�ulated within 61 months fronl the date of
the Additional Bonds by the .deposit in the Res�rve Fund of the
necessary sums in equal monthly installments; provided , however,
that the aggregate amount to be accumulated in the Reserve Fund
shall never be required to exceed the average annual principal
and interest requirements for all then Outstanding Bonds and
Additional Bonds then proposed to be issued. All calculations of
average annual principal and interest requirements made pursuant
to this Section are made as of and from the date of th� Additional
Bonds then proposed to be issued. The terms of this Section shall
be applied to all Additional Bonds which wi11 be issued by the City.
Section 10. That said bonds are and sha11 be specia�.
obligations of said City, and the holder or holders thereo� shall.
never have the right to demand payment of said obligations out of
any funds raised or to be raised by taxation.
Section 11. That the Mayor of said City is hereby
authorized to have control of said bonds and a11 necessary
� records and proceedings pertaining to �aid bonds pending th�ir
� delivery and their investigation, examination, and approval by
the Attorney General of the Stat� of Texas , and thei.r registra-
tion by the Comptroller of Public Accounts (ar a deputy designated
in writing to act for said Comptroller) shall manually sign the
Comptroller 's Registration Certificate printed and endorsed on
each of said Bonds , and the seal of sai� Comptroller shall be
impressed, or placed in facsimile, on eacY� of said Bonds .
-5-
Sec�tion I2. That sazci boiids are herel�y sold and
sha11 be delivered to ��TRST SU�UTH.L�EST CONLI'A1.�1Y, DALLASy TEXAS,
for the pri_n�ipal aniount ther_eof an.d accrued interest to the date
of delivery.
�"
Section 13. That this Ordinan�e is hereby finally
�,,, passed on one reading as an emergency measure; to be effectiv�
immediately, such emergency being that the proceeds from the sale
of the bonds authorized by this Ordinance are required as soon
as possible for the inmlediate preservation of the public peace,
health, or public welfare.
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