HomeMy WebLinkAbout1200 02-13-1996ORDINANCE NO. 1200
AN ORDINANCE amending Ordinance No. 1196 authorizing the
issuance of "CITY OF EULESS, TEXAS, TAX AND
SOFTBALL PARK SURPLUS REVENUE CERTIFICATES OF
OBLIGATION, SERIES 1995" adopted on October 24,
1995; awarding the sale of such Certificates; and
resolving other matters incident and relating to
the issuance and sale of said Certificates,
including the approval and distribution of an
Official Statement pertaining thereto; and
providing an effective date.
WHEREAS, on the 24th day of October, 1995, the City Council
of the City of Euless, Texas, passed and adopted Ordinance No.
1196 entitled as follows:
"AN ORDINANCE authorizing the issuance of 'CITY OF
EULESS, TEXAS, TAX AND SOFTBALL PARK SURPLUS
REVENUE CERTIFICATES OF OBLIGATION, SERIES 19951;
specifying the terms and features of said
certificates; providing for the payment of said
certificates of obligation by the levy of an ad
valorem tax upon all taxable property within the
City and a lien on and pledge of the net revenues
from the operation of the City's Softball Park
Facilities being acquired and /or constructed with
the proceeds of the Certificates; and resolving
other matters incident and relating to the
issuance, payment, security, sale and delivery of
said Certificates, including the approval and
execution of a Paying Agent /Registrar Agreement
and the approval and distribution of an Official
Statement pertaining thereto; and providing an
effective date."
AND WHEREAS, Council has determined to proceed with the sale
of the above described Certificates and to amend certain
provisions of Ordinance No. 1196 to change the series designation
and dated date of the Certificates and to designate the same as
qualified tax exempt obligations in accordance with the provisions
of paragraph (3) of subsection (b) of Section 265 of the Internal
Revenue Code of 1986, as amended; and
WHEREAS, the Council reaffirms its prior determination and
hereby finds and declares that no valid petition of any kind or
character, signed by 5% of the qualified electors of the City,
protesting the issuance of said certificates of obligation has
been filed with or presented to the Mayor, City Secretary or any
other official of the City; and
WHEREAS, bids for the purchase of the Certificates have been
received by the Council and publicly opened, read aloud and
tabulated, and this Council has determined to accept the best bid
received and proceed with the sale and issuance of the
Certificates and the amendment of Ordinance No. 1196 as
aforementioned; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EULESS,
TEXAS:
SECTION 1: The bid submitted by Morgan Keegan & Co., Inc.
for the purchase of the $2,000,000 "CITY OF EULESS, TEXAS, TAX AND
SOFTBALL PARK SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES
199611, at a true interest cost rate of 5.008298 %, attached hereto
as Exhibit A and incorporated herein by reference, is hereby
declared to be the best bid received for the purchase of the
Certificates and such bid is hereby accepted and said Certificates
are hereby sold to said bidder at the price of 99% of par plus
accrued interest to the date of delivery.
SECTION 2: Section 1 of Ordinance No. 1196 is hereby amended
to change the series designation of the Certificates to read as
follows:
"SECTION 1: Authorization, Designation, Principal Amount,
Purpose. Certificates of obligation of the City shall be and are
hereby authorized to be issued in the aggregate principal amount
of $2,000,000, to be designated and bear the title "CITY OF
EULESS, TEXAS, TAX AND SOFTBALL PARK SURPLUS REVENUE CERTIFICATES
OF OBLIGATION, SERIES 1996" (hereinafter referred to as the
"Certificates "), for (i) the acquisition and improvement of park
and recreational facilities (softball park) and (ii) the payment
of professional services rendered in relation to such project and
the financing thereof, pursuant to authority conferred by and in
conformity with the Constitution and laws of the State of Texas,
including V.T.C.A., Local Government Code, Subchapter C of Chapter
271, as amended."
Furthermore, all references in Ordinance No. 1196 to the
series designation of the Certificates, including, but not limited
to, those appearing in Sections 9, 10 and 11, are hereby amended
to read as amended in this Section.
awe 2
SECTION 2: Section 2 of Ordinance No. 1196 is hereby amended
to change the dated date of the Certificates and to add the
interest rates for the Certificates as follows:
"SECTION 2: Fully Registered Obligations - Authorized
Denominations - Stated Maturities -Date. The Certificates are
issuable in fully registered form only; shall be dated February 1,
1996 (the "Certificate Date ") and shall be in denominations of
$5,000 or any integral multiple thereof (within a Stated Maturity)
and the Certificates shall become due and payable on February 15
in each of the years and in principal amounts (the "Stated
Maturities ") and bear interest at the rates per annum in
accordance with the following schedule:
Year of
Principal
Interest
Stated Maturity
Amount
Rates
1998
$ 65,000
4.10 $
1999
70,000
4.10 $
2000
70,000
4.10 $
2001
75,000
4.10 $
2002
75,000
4.125$
2003
80,000
4.20 %
2004
85,000
4.30 %
2005
90,000
4.40 %
2006
95,000
4.50 %
2007
100,000
4.60 %
2008
105,000
4.70 %
2009
110,000
4.80 %
2010
115,000
4.90 $
2011
125,000
5.00 $
2012
130,000
5.10 $
2013
140,000
5.20 $
2014
150,000
5.25 $
2015
155,000
5.25 %
2016
165,000
5.25 %
The Certificates shall bear interest on the unpaid principal
amounts from the Certificate Date at the per annum rates shown
above in this Section. The amount of interest to be paid each
payment period shall be computed on the basis of a 360 -day year of
twelve 30 -day months and such interest shall be payable on
February 15 and August 15 of each year, commencing February 15,
1997."
Furthermore, any reference in Ordinance No. 1196 to the dated
date of the Certificates shall mean and is hereby deemed to be
February 1, 1996.
o -3-
SECTION 3: Section 26 of Ordinance No. 1196 is hereby amended
to add subparagraph (k) to read as follows:
"(k) In accordance with the provisions of paragraph (3) of
subsection (b) of Section 265 of the Code, the City hereby
designates the Certificates to be "qualified tax exempt
obligations" in that the Certificates are not "private activity
bonds" as defined in the Code and the reasonably anticipated
amount of "qualified tax exempt obligations" to be issued by the
City (including all subordinate entities of the City) for the
calendar year 1996 will not exceed $10,000,000."
SECTION 4: The Official Statement prepared in the initial
offering and sale of the Certificates by the City, together with
all addendas, supplements and amendments thereto issued on behalf
of the City, is hereby approved as to form and content, and the
City Council hereby finds that the information and data contained
in said Official Statement pertaining to the City and its
financial affairs is true and correct in all material respects and
no material facts have been omitted therefrom which are necessary
to make the statements therein, in light of the circumstances
under which they were made, not misleading. The use of such
Official Statement in the reoffering of the Certificates by the
above named purchasers is hereby approved and authorized.
SECTION 5: Except as hereby amended and modified, all of
the provisions of the Ordinance No. 1196 adopted on October 24,
1995 authorizing the issuance of the "CITY OF EULESS, TEXAS, TAX
AND SOFTBALL PARK SURPLUS REVENUE CERTIFICATES OF OBLIGATION,
SERIES 199611, are hereby ratified, confirmed and readopted.
SECTION 6: It is officially found, determined, and
declared that the meeting at which this Ordinance is adopted was
open to the public and public notice of the time, place, and
subject matter of the public business to be considered at such
meeting, including this Ordinance, was given, all as required by
V.T.C.A., Government Code, Chapter 551, as amended.
SECTION 7: This Ordinance shall be in force and effect
from and after its passage on the date shown below.
4-
PASSED AND ADOPTED, this February 13, 1996.
CITY OF EULESS, TEXAS
/i I
ATTEST:
My Secr ary
(City Seal)
APPR VED:
E
ty ttorney
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