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Home My WebLink AboutORD 1996-081 � ORDINANCE N0. 96-81 �, AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS AMENDING THE GRAPEVINE CODE OF ORDINANCES, CHAPTER 21 TAXATION, RELATIVE TO CREATION OF A TAX EXEMPTION FOR DISABLED RESIDENTS; PROVIDING A SEVERABILITY CLAUSE; DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE WHEREAS, the Texas Property Tax Code provides in Section 1 1 .13(m) that a taxing jurisdiction may, at its discretion, establish an exemption from ad valorem taxes for qualified disabled persons; and WHEREAS, the City Council of the City of Grapevine recognizes that a partial exemption from ad valorem taxes for disabled persons would be in the best interest of the City of Grapevine; and WHEREAS, there are a number of persons in the City of Grapevine who are disabled and who would qualify for a disability exemption pursuant to Section 1 1 .13. �� NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1 . That the Grapevine Code of Ordinances, Chapter 21 Taxation, is hereby amended by the addition of Section 21-9 to read as follows: "21-9. Tax Exemption for the Disabled. (a) A person who is disabled, within the meaning of Section 1 1 .13(m) of the Property Tax Code of the State of Texas, as of January 1 st of each year, beginning with tax year 1997, shall be eligible to receive a S 10,000 exemption from the assessed value of property owned by such disabled person and which is used exclusively for homestead purposes. Ib) The owner of the residence homestead claiming the disability exemption set out herein shall submit to the assessor and collector of taxes for the city an affidavit that the owner or one of the spouses, if the residence �, homestead is owned by a married couple, is disabled within the meaning of Section 1 1 .13(m) of the Property Tax Code of the State of Texas, as of January 1 st of the property tax year. The initial exemption claim shall �,,,,, be accomplished by providing adequate proof of such disability, but subsequent renewals of the exemption may be by affidavit only. Persons claiming the disability exemption must comply with all City `� ordinances and the Texas Property Tax Code as related to said exemption. Filing for said exemption shall be with the Tarrant Appraisal �, District (TAD), in a form and time frame as specified by TAD. (c) Exemptions provided for in this ordinance will remain in effect for the City of Grapevine until repealed. (d) Any person who makes a false affidavit in claiming the disability exemption declared herein shall be subject to all interest charges and penalties which exist for the lack of payment of taxes, and such exemption shall be canceled and withdrawn for the tax year claimed, and all other appropriate criminal penalties shall be applicable." Section 2. If any section, article, paragraph, sentence, clause, phrase or word in this ordinance, or application thereto any person or circumstances is held invalid or unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of the remaining portions of this ordinance; and the City Council hereby declares it would have passed such remaining portions of the ordinance despite such invalidity, which remaining portions shall remain in full force and effect. Section 3. The fact that the present ordinances and regulations of the City of ��" Grapevine, Texas are inadequate to properly safeguard the health, safety, morals, peace and general welfare of the inhabitants of the City of Grapevine, Texas, creates � an emergency for the immediate preservation of the public business, property, health, safety and general welfare of the public which requires that this ordinance shall become effective from and after the date of its passage, and it is accordingly so ordained. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 1st day of October , 1996. APPROVED: �� William D. Tate Mayor � � ORD. NO. 96-81 2 ,�: � ATTEST: � ��. ? �, ,ly�-� VL�4 od' C. Brown A sistant City Secretary APPROVED AS TO FORM: -- ��r�� John F. Boyle, Jr. City Attorney �T� � � � ORD. NO. 96-81 3 �`,?'3 � Ordinance No. 96-82 ORDINANCE AUTHORIZING THE ISSUANCE OF �...� � $28,915,000 CITY OF GRAPEVINE,T'EXAS COMBINATION TAX AND TAX INCREMENT REINVESTNIENT ZONE REVENUE CERTIFICATES OF OBLIGATION SERIES 1996 Adopted October 3, 1996 � � 5.1�f':1FINAMGRA325�16000�ORD AU'IH.003 1Or03N6:(4:t7pm) �`" TABLE OF CONTENTS Recitals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 � ARTICLE I DEFIIVITIONS AND OTHER PRELIMINAF�C MATTERS Section 1.01. Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Section 1.02. Other Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Section1.03. Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 1.04. Table of Contents,�tles and Headings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 1.05. Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 ARTICLE II SECURITY FOR THE CERTIFICATES Section 2.01. Revenue Pledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 2.02. Tax Levy for Payment of the Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 � � ARTICLE III �, AUTHORIZATION;GENERAL TERMS AND PROVISIONS REGARDING THE CERTIFICATES Section 3.01. Authorization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Section 3.02. Date, Denomination,Maturities, Numbers and Interest . . . . . . . . . . . . . . . . . . . . . . . 6 Section 3.03. Medium,Method and Place of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Section 3.04. Execution and Initial Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Section 3.05. Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Section 3.06. Registration,Transfer and Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Section 3.07. Cancellation and Authentication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Section 3.08. Temporary Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Section 3.09. Replacement Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Section 3.10. Book-Entry Only System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Section 3.11. Successor Securities Depository;Transfer Outside Book-Entry Only System . . . . . 12 Section 3.12. Payments to Cede & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 ARTICLE IV REDEMPTION OF CER'I'IFICATES BEFORE MATURITY '"�'° Section 4.01. Limitation on Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Section 4.02. Optional Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 � Section 4.03. Nlandatory Sinking Fund Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 6.11F:1F1NAMGRAi25116W0�ORD AU7H.003 -1- t0A3N6:(4:17pm) Sectron 4.04. Partial Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 ��" Section 4.04. Notice of Redemption to Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Section 4.05. Payment Upon Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Section 4.06. Effect of Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 � ARTICLE V PAYING AGENT/REGISTRAR Section 5.01. Appointment of Initial Paying Agent/Registrar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Section 5.02. Qualifications . . . . . . . . . . . .�. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Section 5.03. Maintaining Paying AgentJRegistrar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Section 5.04. Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Section 5.05. Notice of Change to Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Section 5.06. Agreement to Perform Duties and Functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Section 5.07. Delivery of Records to Successor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 ARTICLE VI FORM OF THE CERTIFICATES Section 6.01. Form Generally . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Section 6.02. Form of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 .�� Section 5.03. CUSIP Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Section 6.04. Legal Opinion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 �, Section 6.05. Municipal Bond Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 ARTICLE VII SALE OF THE CERTIFICATES; CONTROLAND DELIVERY OF THE CERTIFICATES Section 7.01. Sale of Certificates; Official Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Section 7.02. Control and Delivery of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 ARTICLE VIII CREATION OF FUNDS AND ACCOUNTS; DEPOSIT OF PROCEEDS;INVESTiV1ENI'S Section 8.01. Creation of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2S Section 8.02. Interest and Sinking Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Section 8.03. Construction Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Section 8.04. Security of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Section S.OS. Deposit of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 '�' Section 3.06. Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Section 8.07. InvestmentIncome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 5.1��.FSNMI�GRA325�1600010RD AUI}I•003 -il' t0�93A6:(S:17pm1 �� ARI'ICLE IX PARTICULAR REPRESENTATIONS AIVD COVENANTS �""' Section 9.01. Payment of the Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Section 9.02. Other Representations and Covenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Section 9.03. Provisions Conceming Federal Income Tax Exclusion . . . . . . . . . . . . . . . . . . . . . . . . 26 Section 9.04. Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Section 9.05. No Federal Guazanty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Section 9.06. Certificates are not Hedge Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Section 9.0'7. No-Arbitrage Covenant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Section 9.08. Arbitrage Rebate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Section 9.09. Information Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Section 9.10. Continuing Obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 ARTICLE X DEFAULT AND REMEDIES Section 10.01. Events of Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Section 10.02. Remedies for Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Section 10.03. Remedies Not Exclusive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 ,�-� ARTICLE XI DEFEASANCE AND REFUNDING Section 11.01. Defeasance and Refunding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 ARTICLE XII CONTINUING DISCLOSURE UNDERTAKING Section 12.01. Defnitions of Continuing Disciosure Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Section 12.02. Annual Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Section 12.03. Material Event Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Section 12.04. Limitations, Disclaimers and Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 ARTICLE XIII EMERGENCY Section 13.01. Emergency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 RXFCU'I'ION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 � E�chibit A- Description of Annual Disclosure of Financial Information � 6.1�F:`.f7NAMGRA3i�16000\ORD AU'II�[.0�3 -ill- 10iO3i96:(4:17pm)