HomeMy WebLinkAboutORD 1970-004 . l.L'ii I.tt' i:,r��l I'.0 ."l';.�:
� " o�.bx���.�;cE �U�.,�ra�1�;:��c;�a�t�i:zs���;�;rr��; ar ���NUs
TI-I� STA'i'E OF TEXAS ;
CUIJi�`]`Y OIi' T�1R12�NT .
C I 1'�.' Oi� GP.APEZ'TNE .
We, tl�e ur�d�r;.�igr��d o:Cf_icers af said Ci�y, h�reby c�rti.Cy
a s �fl 1�.o�A:�s:
1. Thc� C:i.�:y Counc�.l cf sa�.d C�_ty conver�ed in
REGULAR MEE`�'ING Oi�� TIIE 17T�-I DAY aF FEBRUARY, 1970,
aL- L'ne City Ha1.1, and �h� rol�, uaas ca?1ed of the duly const�.�ui:ecl
o�f�.cers and me�r�b��-s o� sa:�d C;:i.ty i ouncil, to--wiL;
� James L. Hancoek, City Secre�tary W�l�.i� P�rltle�, Mayor
Lee R. Thom�son G�y S . Bened�ci.
�`"'" D�il E. Dalton R. T. Eid�on
A. L. Harwe�l �
and all. of said pe:�so�1s w�re p:resent, except �he follaca:�ng
a b s e n t�e s:_��,�_��1"�,1,�.,���....� �
thus consti��ating a quorumo ��Thereup�n, anzong oth�r business,
the fol�.owing was L-ransac�ed at said M�eta.ng; a wr7_��en
ORDINANCE AUTHORTZING THE ISSUANu:� OF BONDS
was duly in�roducect for the consideration of �he City Caunci2 ar�d
read in ful1. Tt was then duly moved and seConded that said Or.di-
nance be finally passed on one reading, as an em�rgency meas�.lre,to
be effective immediat�ly; and, after due discussion, said mo�.ion,
carr.yin� with it the final passage of said Ordinance as an emer-
gency measure, prev��.iled �nd carried by the i'ollowing vo�e:
A�.'ES : fi.:��. m.pn�3�e�s of saa.d C��y Counc�.l
sho�an present: abave va�ed "Ay�"g
NAYS : Non,�o
24 Tl-�aL- a trixe, �u11. and co:crecG copy a� the a�ore�aid
Ord:i.n�.nce pass�c? a�. the Me�.��in� descr.;ibed in �he above and fore�-
"'�"" goa.ng paragr�.��� is a.�:�.�checi to and fn3.lows this Ce�ti.fic�te;
�:ha,� saa.d Cf� da_r��.n�e has b��n c�u�.y r.ec�r.cled �.n sa:id Ci�:y Cou�cil r s
� m�_nutes ca� suid Maeting; �tha� �he above and foregoin, pa�agraph
is a tx��.�e, fu��. ancl corr�ct excerpt from said City Cc�unc��.°s
min�.��es o� saic� M���ting pe�taining to thQ passag� of_ saict Qrda_�
nance; �ha� �h� p�rsons iiamed in �he above arad foregoing paragr�ph
are th� du7..y cht�s�n, qu�l�..fieci and �.c�in; off3.ce�� and r�embe:�s o�
sa�i.c1 C:i.�:y CouzYcil.. as indic�ted t�terein; tha� each of the off.,�.�cers
and �r:e�n'�ers c�t sai�. Ci�y Coun�il. was duly a�d su��iczentl.y no��-
fiecl offiG:i.�.Ily anc� persona�_Iy in ac�vance, of the tim�, p�ace
anc� �urp�sa c�f th¢ aforesa�d Mee�t�.ng, and �that said Ordi.nance
waul,d b� ini:roduce� ancl coxrsidered for passa�;� at said Meeting,
and each o� s�-�id o�ficers and members conse�ted, in adv�nce, ta
�he holding of sa:i.ci M��ting far such purpose; tha� sa3.d M�eta.n;
was ap�n ta the ��i��1ic as requir_ed by la��; and tha� public n��,�ice
of �he �irr��, p�a�ce, ancl pur�os� o� sa�.d m�e��.ng was given as
requir_ed by Chapt�r 227, �`�cts o� �,he 61s�t Legisiature, �egu)a�-
Session, 1J69.
3o That the Mavor of said Ci.ty has �.pproved, arAd h�reby
approves, �:he a�or�sai.d 0•rain�nce; tha� the Mayor and the Cit��
Secre�ary a� saici C�.�:y have ctul.y sig:��d said 4rc�inance; an� �ha�,,
�" the Muy=csr and �he City S�cretary of said C7_�y he:r�by �ec�,are that,
thezr signing oi tizis C�rt:ificate sha�.� c��.s�i.tute the signing
� of the at�tac�hec� and fo�,�_owi.r:g copy of said Ordinanc� for all.
purpases.
S�GT�TED �tN� SE�`�.LED this � 'r � '�,, day o� February, 197Q.
�,����-.�-.-..�,/, �'�`�'���1�
C y Secre�ary � Mayor. —.....~-
�SEAL}
�, t;11e trndex�sign�d, Ci�y �`,ttorney of �he City c�L Grapevi_n�, Tex�� ,
do hereby cE�rtify L-.h��t I a��praved as to 1.e�;ality. �.he �tt�-�,ch�rl ar�d
£ol�.owi�nb Ozdin�nc� prior �o i.ts pass�.��e, as afo�esaid �
.�. �.,.f'� ?fi.,_'w r --.�.:�._..:_..... _!'�:.r....__..__.._._.._�__
_�
\,1�4� �1L.4�L�i��
�;i;s��_:��i1C;r NO. 70-4
OP.i�I�'�NCE AU�'HClh1:ZING TI-uF 7SSUANCE OF BJNDS
'1`H�: STAZ'E OF TEXA� .
COUNTY OF TAP.RANT .
� - .
C�TY OT GP.AFEVINE .
ili�r�rr
WY�P.E�.S, the bonds hereinaiter authorized were duly
and favorably vo�ed at an elect�on held in said City on the 5th
day of DecEm�er, 1967; and
WHEREAS, the bonds hereinafter authora.zed are to be
issued and delivered in accordance with Ver.non's Article 1175 ;
and
- . ;
WH�REAS, i_t is hereby o�f icial.ly found `and determinect
that a case af emergency or ur�ent publa�c necessity exists wh�.ch
requzr_es the halding of the meeting at cahich this Ordinance is
� pas�ecl, such em;��r��ncy or krg��n3-: public necessity being that the
proceeds fram. �he prcpose� bond� a�e requi_red as soon as pcssible
and wi��Yout delay for r��cessary and urgentT.y needed p�.blic �m�
prov�ments ; tha� sa:id meeting was open to the public as required
b5� I.aw; and tha� public natice of the time, place und purpose ��
said �.eeting was ga_ven as required b3T Chapter 227, Acts of the
�,,,,,, 61st Le�islati�:ee, Regul.ar Session, 1959,
� THEKEFQ�E, �E IT ORDAlNED BY THC CITY COUNC�T� OF THL
C�TY OF GRAPEV:�N�-��, �1.'EXAS :
Section 1. That said City' s bonds , to be designated the
"City of Grapevine General Obligation Bonds, Series 1970" , are here-
by authorized to be issued and delivered ir� the pr.incipal amount of
$450,000. 00, for ttle purpose of providing $150,000.00 for imprc�vi_ng
and extending said City' s Waterworks System, and $300,OG0 .00 for
improving and extending said Ci_�y' s Sewer System.
Sect�on 2o That sa;d bonds sha�.1 be da�2d Marcr� 1,
1970, sha1� be in the denomination of $5 ,000 each, shalt be
num?�ered con.secutively fro� 1 t:hrough 90, both iz�clusive, and
sha�_7_ m�.ture ser�_a.l.ly on March 1 of each oi' the years , and in
the ar:}��ziits , respec�ivGly, �.s ��t �orth in �he fo1l��wiri�
sch�du7_e, to�wit :
YEARS ArTOUNT S YE�R S AM�UN'��
�,,, 1972 $ 10,00� 19�2 $ �S,OOfl
1973 Z0,000 1983 25,000
� 197Cr 15,000 1984 25,U�0
1975 15,0�� 19�i5 30,400
1976 15 ,000 1986 30,G00
�977 15 ,000 19�7 35,000
1978 7_5,000 1�88 35,000
• 1979 25,000 198� 35,OOU
�980 25,0�� 1990 40,000
1y�:1. 25,OG0
Saicl bonds may be redeemed pr�.+_or to th�ir schedul�d maturi�.ies,
,... at the option of said City, on the dates statecl, �and in th�
manner p-rova.ded, in the F012M OF B�i1D set farth a_n this Oa-a:�..ri��.nce.
�
Secti.on 3. That the bonds scheduled t� mature duriz�g
the years , respectively, set farth b�low, shal"1. bear interest�
from thea.r date, until. maturity or redempi:ion, a.t the follow�_ng
ra�es:
maturities 1972 through 1977 , 8% per annurn;
maturities 1978 through 1985 , 7a/o per annum;
maturities 1986 through 1990, 7�1/4-% per annum.
. . .
Sa3_d interest sha11 be ev�denced by interest coupons which shall
appertain to s�id b�ncls , and which shall be payable on th� dates
stated in the FORM OF BOND se� forth in i;his Ordinance.
Section 4. That said bonds arid interest coupans shall.
be paya�le, sha1l ha�re th� characterist�.cs, and shall be signed
and executed (and s�id bonds sha11 bP seal.ed) , all as provideds
and in the mar�ner indicated, in the FORI�I OF BOND set forth in
this C�rdinance. .
r�
Section 5. That the form of saicl bands, inctuding
� the form of Registra�ion Certificate of the Comptroller o�
Public �ccounts of the State of Texas to be printed and en-
dorsed �n each of said boncis , and the form of the af�resaid
in�terest coupons which sha1.1 appertain and be a.ttached initi�lly
to each of said bonds, sha11 be, respectxvely, substantial7_y as
fo11_ows :
(FORM OF BOND)
N0. $5 ,000.00
UNI'I'ED STATES OF AMERICA �
STATE OF TEX�4S
COUNTY OF TARRANT
CITY OF GRAPEVIIVE GENE�L OBLIGATION BOND
SERILS 1970
ON �IARCH 1, 19�, THE CITY OF GR.APEVINE, in the County
of Tarran�, State of Texas, px°omises to pay to bearer the pr�n-
ci.pal amoui�t of FIVE THOUSAI�?� DOLLARS ($5,004) , and to pay in-
�,,, terest thereon, from the date hereof, at the raie of � %
per annum, evidenced by inter_est� coupons payable on March�l,
� 1971, and semi-�annually thereafter on each September 1 and
March 1 while this bond is outstand:�ngo TI1e principal of_ this
bond and the interest coupons appertaining hereto shall be
. payable to bearer, in 1aTafu.�. r:i�xiey ef the United States of
America, without exchange or coll.ection charg�s to the bearer,
• upon presentation anc�. surr.�nder of this bond or proper interest
coupon, at the Firs� Nationa� �anlc in Da11as , Da11as , 7�'exas,
which place sha1.1 be the paying agent £or this Series af bonds.
_2-
THTS RONU is one of a Series of bonds dated March l,
1970, issued ir. the principal amount of $450,000.00, for the pu-r-
pose of providing $150,000.00 for improving and extending sa.id
City' s Waterwor.ks System, and $300,000. 00 for improving
and extending said City' s Sewer System.
�"" BONDS of thi_s Series scheduled to mature on and
� after March l, 1986, may be redeemed prior to their scheduled
� maturities , at the option of said City, in whole , or in part,
on March 1, 1985 , or on any interest payment date thereafter,
for the principa� amount thereof, and accrued interest
thereon to the date fixed for redemption. At least
thirty days prior to the date fixed for any such redemption, said
. City shall cause a written notice of such redemption to be pub-
lished at least once in a financial public ation published in the
City of New Yo�k, New York. By the date fixed for any such re-
demption, due provision shall. be made with the paying agent for
� the payment of the principal amount of the bonds which are to be
so redeemed and accr_ued interest thereon to the date fixed for
redemptic,n. If such written notice of redemption is published
and if due provision for such payment is made, all as provided
above, the bonds which are to be so redeemed thereby automatically
shall be redeemed prior to their scheduled maturities , and they
shall not be regarded as being outstanding except for the purpose
of being paid by the paying agent with the funds so provided for
such payment.
� IT IS HEP.EBY certified, recited and covenanted that
this bond has been duly and validly issued and delivered; that
i�rrr all acts , conditions , and things required or proper to be per-
formed, e xist, and be done precedent to or in the issuance and
delivery of this bc�nd have been performed, existed, and been
done in accordance w ith law; that this bond is a general obliga-
tion ef said City, issued on the full faith and cre�it 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 su�h principal matures , have been levied
and ordered to be levied against all taxable property in saic�
City, and have heen pledged irrevocably for such payment, with-
in the limit prescribed by law,
T_N WITN�SS WHLREOF, this bond and the interest cou�ons
appertaining hereto have been signed with the facsimile signature
of the Mayor_ of said City, anca countersigned with the f acsim�_ie
signatuxe 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.
s� - '
City Secretary Mayor
i� City of Grapevine, Texas . City of Grapevine, Texas .
(F6RM OF REGISTRATTON CERTIFICATE)
COMPTROLLEZ' S REGISTRATION CERTIFICATE : REGISTER N0. ______� o
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 be�n re�istered
by the Comptrol_ler o� Public Accounts af_ t��e State of Texas .
-3-
WI'1'NI,SS my signature aild seal this o
Con�ptroller of Public Accounts of
the State of Texas .
� (FORM OF INTEREST COUPON)
� N0. $ �
ON 1, 19�, THE CITY OF GRAP�VINE, in the
County of Tarrant, State of Texas , promises to pay to bearer the
am�unt shown on �his interest coupon, in lawful m oney of the
Unitecl States of America, without exchange or collection charges
to the bearer, unless due provision has been made for the re-
demption prior to maturity of the bond to which this interest
coupon appertains , upon presentatioii and surrender of this in-
terest coupon, at the First Nai:ional Bank in Da11as , Dallas ,
T'exas , said arnount being interest due that day on the bond,
bearing the number her_einafter designated, of that issue of
"City of Grapevine General Obl�_gation Bonds , Series 1970", dated
March l, 1970. Bond No.e .
City Secreta.ry Mayor
Section 6. That a special fund or account , to be
"'"� designated the "City of_ Grapevine General Obligation Bonds ,
Series 1970, Interest and Sinking Fund" , is hereby created ancl
�`"' shall be establi_shed and maintained by said City at an official
depository bank of said City. Said Inter_est and Sinking Fund
shall be kep� separate and apart f•roai all other funds and ac--
counts of said City, and shall be used only for paying the
interest on and principal of said bonds . Al1 ad valorem taYe�
levied and collected for and on account of said bonds shall b�
deposited, as collected , to the credit of said Interest and
Sinking Fund, During each year while any of said bonds or in-
terest coupons appertaining therei:o are outstanding and unpaid,
the City Council of said City shall compute and ascertain a
rate and amount of ad valorem tax which will be sufficient to
ra�se and prodt�ce the money required to pay the interest on
said bonds as such interest comes due, and to provide and main- .
tain a sinking fun3 adequate to pay the princi�al of such bonds
as such principal matur`s (but never less than 2`/0 of the original
principal amount of said bonds as a sinking fund each year) ; and
said tax shall be based on the latest approved tax rolls of said
City, with full allowance beinb made for tax delinquencies and
the cost of tax collection. Said r_ate and amount of ad valcrem�
"�`"*" tax is hereby levied, and is hereby order_ed to be le�ied, against
all taxable property in said City for each year while any of
`�""` said bonds or interest coupons appertaining thereto are outstand-
ing ancl unpaid; and said tax shall be assessed and collected each
such year and deposited to the credit of the aforesaid :Cnterest
and Sinking Fund. Said ad valorem taxes su�ficient to provid�
for the pdyment of. th� interest on and p��incipal of said bonJs ,
as such i.nterest comes due and such princiPal matures , are here--
by pledged irrevocably for� such payment , w3_thin the limit pre-
scribed by law.
_[�..
Section 7 . 7'haL th� l�Zayor of said City is hereby
authorized to have control of �aid bonds and all necessary
records and proceedin�s pertaining to said bon.ds pending their
,�--� delivery and their investigation, examination, and approval by
the Attorney General of the State of Texas , and their registra-
� tion by the Conzptroller of Public Accounts of the State of Texas .
Upon registration of said bonds , said Comptroller of Public Ac--
counts (or a deputy design�.ted in writing to act for said Comp-
troller) shall manually sign the Comptroller's Registration
Certificate printed and endorsed on each of said bonds , and the
seal of said Comptroller shall be impressed , or placed in fac-
simile, on each of said bonds .
Section 8 . That said bonds are hereby sold and shall
be delivered to First Southwest Company, Dallas , Texas ,
for the princ ipal arnount thereof and accrued interest thereon
ta the date of delivery .
Section 9. Thai; this Ordinance is hereby finally
passed on one re�ding as an eme.x°gency measure, to be effective
immec3iately, such emergency being that the proceeds fram the
sale of t.he bonds authorized by this Ordinance are required as
soon as pos�ible for the immediate preservation of the public
peace, health, or Public Welfare.
�
� -----------------
�
�.,.,,, _
�
�rrr