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HomeMy WebLinkAbout283 07-12-1966ORDINANCE AUTHORIZING ISSUANCE OF $400,000 "CITY OF EULESS, TEXAS, GENERAL OBLIGATION BONDS, SERIES 19661', DATED JULY 1, 1966 THE STATE OF TEXAS COUNTY OF TARRANT CITY OF EULESS ON THIS, the 12th day of July, 1966, the City Council of the City of Euless, Texas, convened in regular session at the regular meeting place thereof in the City Hall, there being present and in attendance the following members: W. G. FULLER MAYOR BOBBY R. FULLER ) BILLY L. BYERS ) FRANK E. DOUGLASS ) COUNCILMEN HAROLD D. SAMUELS ) and (MRS.) VADA FERRIS CITY SECRETARY also being present, and with the following absent: Don R. Warren , constituting a quorum, at which time the following among other business was transacted, to wit: Mayor Fuller introduced a proposed ordinance. The ordinance was read in full. i Councilman Douglass made a motion that the Charter provision requiring ordinances to be read at two regular Council meetings be suspended. The motion was seconded by Council- man Samuels and carried by the following vote: AYES: Councilmen Fuller, Byers, Douglass, Samuels andxlWamma. NAYS: None. Councilman Fuller made a motion that the ordinance be passed finally as an emergency measure. The motion was seconded by Councilman Bvers and carried by the fol- lowing vote: AYES: Councilmen Fuller, Byers, Douglass, Samuels aad<> is . NAYS: None. passed. The Mayor announced that the ordinance had been finally The ORDINANCE is as follows: AN ORDINANCE by the City Council of the City of rl Euless, Texas, authorizing the issuance of $400,000 "CITY OF EULESS, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1966 ", dated July 1, 1966, for the purpose of providing funds for permanent public improve- ments, to wit: $205,000 for constructing street improvements in and for said City, and drainage incidental thereto; $120,000 for constructing and equipping a library building in and for said City and the acquisition of a site therefor; and $75,000 for purchasing and /or improving lands for public parks in and for said City; prescribing the form of the bonds and the form of the interest coupons; levying a continuing direct annual ad valorem tax on all taxable property within the limits of said City to pay the interest on said bonds and to create ii a sinking fund for the redemption thereof and pro- '' viding for the assessment and collection of such taxes; enacting provisions incident and relating to the purpose and subject of this ordinance; and declaring an emergency. WHEREAS, pursuant to a special election held in the City of Euless, Texas, on the 11th day of July, 1964, a majority of the duly qualified electors of said City who owned taxable property therein and who had duly rendered the same for taxation sustained propositions authorizing the City Council to issue gen- eral obligation bonds of the City to mature serially over a period of years not to exceed forty years from their date and to bear interest at a rate not to exceed 5% per annum, for the purpose of providing funds for permanent public improvements as follows: $2,000,000 for constructing street improvements in and for said City, and drainage incidental thereto; $ 135,000 for constructing and equipping a library building in and for said City, and the I' acquisition of a site therefor; `f $ 460,000 for purchasing and /or improving lands for public parks in and for said City; AND WHEREAS, certain installments of the bonds so authorized have been heretofore issued for their respective pur- l! poses, and the City Council has now determined to issue such additional bonds of the voted authorizations as are hereinafter provided to be issued, it being understood that the City Council { reserves the rigL:t and uuth..c ;ty to iss -t_,s the remaininv Amount of i bonds authorized in one or more series at a future date or dates , when, in the judgment of the City Council, such amounts are needed for their authorized purposes. A tabulation showing the amounts of all bonds previously authorized and issued for the respective purposes aforementioned, the amounts being issued by this ordi- nance for the purposes indicated and the balance remaining for future issuance is as follows: AMOUNT BE- AMOUNT AMOUNT AMOUNT ING ISSUED RESERVED PURPOSE VOTED PREVIOUSLY THIS FOR FUTURE ISSUED ORDINANCE ISSUANCE Street Imp. $23,000,000 $725,000 $205,000 $19070,000 & Drainage Library 135,000 152000 1201,000 -0- Public Parks, 460,000 175,000 75,000 2102000 AND WHEREAS, the City Council deems it advisable and to the City's best interest to issue as a single combined series all of the bonds herein provided to be issued, said City Council, acting for and on behalf of the City of Euless, having lawful authority to enact this ordinance and to issue the bonds in the manner and for the purposes stated under the Charter of the City and the Constitution and laws of the State of Texas; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EULESS: SECTION 1: That the bonds of said City, to be known as "CITY OF EULESS, TEXAS, GENERAL OBLIGATION BONDS, SERIES 196611, be and the same are hereby ordered to be issued in the principal sum of FOUR HUNDRED THOUSAND DOLLARS ($400,000) for the purpose of providing funds for permanent public improvements, to wit: $205,000 for constructing street improvements in and for said City, and drainage incidental thereto; $120,000 for constructing and equipping a library building in and for said City and the acquisition of a site therefor; and $75,000 for purchasing and /or improving lands for public parks in and for said City, under and by virtue of the Constitution and laws of the State of Texas and pursuant to the Charter of said City. SECTION 2: That said bonds shall be numbered consecu- tively from One (1) through Eighty (80); shall be in denomination of Five Thousand Dollars ($5,000) each; aggregating the sum of FOUR HUNDRED THOUSAND DOLLARS ($400,000); shall be dated July 1, 1966, and shall become due and payable serially on July 1 in each of the years in accordance with the following schedule: BOND NUMBERS (All Inclusive) MATURITY AMOUNT 1 to 15 2002 $75,000 16 to 31 2003 80,000 32 to 47 2004 80,000 48 to 63 90-05 80 -000 64 to 80 2006 85,000 PROVIDED, HOWEVER, that the City reserves the right to redeem the bonds of this series, in whole or in part, but in inverse numeri- cal order if less than all, on July 1, 1986, or on any interest payment date thereafter, at the price of par and accrued interest to the date fixed for redemption; and PROVIDED, FURTHER, that at least thirty (30) days prior to any interest payment date upon which any of said bonds are to be redeemed, a notice of redemption, signed by the City Secretary (specifying the serial numbers and amount of bonds to be redeemed) shall have been filed with First National Bank, Fort Worth, Texas (the paying agent named in each of said bonds) ; and should any bond or bonds not be presented for redemption pursuant to such notice, the same shall cease to bear interest from and after the date so fixed for redemption. •SECTION 3: That said bonds shall bear interest from date to maturity at the following rates per annum: (a) Bonds maturing in each of the years 2002 through 20 06 at 4.65 %; (b) Bonds maturing in each of the years 20 through at %; (c) Bonds ring in each of the years 20 through 20 at %; (d) Bonds maturing in each the years 20 through 20 at %; such interest to be evidenced by proper coupons attached to each of said bonds, and said interest shall be payable on January 1, 1967, and semi- annually thereafter on July 1 and January 1 in each year. SECTION 4: That both principal of and interest on said bonds shall be payable in lawful money of the United States of America, without exchange or collection charges to the owner or holder, at First National Bank, Fort Worth, Texas Texas, upon presentation and surrender of bonds or proper coupons. SECTION 5: That the seal of said City may be impressed on each of said bonds or, in the alternative, a facsimile of such seal may be printed on the said bonds. The bonds and interest coupons appurtenant thereto may be executed by the imprinted fac- simile signatures of the Mayor. and City Secretary of the City, and execution in such manner shall have the same effect as if such bonds and coupons had been signed by the Mayor and City Secretary in person by their manual signatures. Inasmuch as such bonds are required to be registered by the Comptroller of Public Accounts for the State of Texas, only his signature (or that of a deputy designated in writing to act for the Comptroller) shall be required to be manually subscribed to such bonds in connection with his registration certificate to appear thereon, as hereinafter pro- vided; all in accordance with the provisions of Article 717j -1, V.A.T.C.S. SECTION 6: That the form of said bonds shall be sub- stantially as follows: NO. UNITED STATES OF AMERICA $5,000 STATE OF TEXAS COUNTY OF TARRANT CITY OF EULESS, TEXAS, GENERAL OBLIGATION BOND, SERIES 1966 The CITY OF EULESS, a municipal corporation of the State of Texas, acknowledges itself indebted to and, FOR VALUE RECEIVED, hereby promises to pay to bearer, the sum of FIVE THOUSAND DOLLARS ($5,000), in lawful money of the United States of America, on the FIRST DAY OF JULY, 200_, with interest thereon from the date hereof to maturity at the rate of PER CENTUM (7.) per annum, payable on January 1, 1967 and semi - annually thereafter on July 1 and January 1 in each year, and interest falling due on or prior to maturity hereof is payable only upon presentation and sur- render of the interest coupons hereto attached as they severally become due. BOTH PRINCIPAL of and interest on this bond are hereby made payable at Texas, without exchange or collection charges to the owner or holder, and for the prompt payment of this bond and the interest thereon at maturity, the full faith, credit and resources of the City of Euless, Texas, are hereby irrevocably pledged. THIS BOND is one of a series of Eighty (80) serial bonds, numbered consecutively from One (1) through Eighty (80), in denomination of Five Thousand Dollars ($5,000) each, aggregating FOUR HUNDRED THOUSAND DOLLARS ($400,000), issued for the purpose of providing funds for permanent public improvements, to wit: $205,000 for constructing street improvements in and for said City, and drainage incidental thereto; $120,000 for constructing and equipping a library building in and for said City and the acquisi- tion of a site therefor; and $75,000 for purchasing and /or improving lands for public parks in and for said City, under authority of the Constitution and laws of the State of Texas, and pursuant to the Charter of said City of Euless and an ordinance duly adopted by the City Council of the City of Euless, Texas, and duly recorded in the Minutes of said City Council. AS SPECIFIED in the ordinance hereinabove mentioned, the City of Euless, Texas, reserves the right to redeem the bonds Of ti:is series, in whole or in part, but in inverse numerical order if less than all, on July 1, 1986, or on any interest payment date thereafter, at the price of par and accrued interest to the date fixed for redemption; PROVIDED, HOWEVER, that at least thirty (30) days prior to any interest payment date upon which any of said bonds are to be redeemed, a notice of redemption, signed by the City Secretary (specifying the serial numbers and amount of bonds to be redeemed) shall have been filed with Texas; and should any bond or bonds not be presented for redemption pursu- ant to such notice, the same shall cease to bear interest from and after the date so fixed for redemption. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this bond and the series of which it is a part is duly authorized by law and by a vote of the resident qualified electors of the City of Euless, Texas, who owned taxable property therein and who had duly rendered the same for taxation, voting at an election held for that purpose within said City on the 11th day of July,.-1964; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds and of this bond have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision for the levy and collec- tion of taxes has been made which, when collected, shall be appro- priated exclusively to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons thereto annexed, as the same shall become due, and that the total indebtedness of the City of Euless, Texas, including the entire series of bonds of which this is one, does not exceed any Constitu- tional or statutory limitation. IN TESTIMONY WHEREOF, the City Council of the City of Euless, Texas, has caused the seal of said City to be impressed or a facsimile thereof to be printed hereon, and this bond and its appurtenant coupons to be executed with the imprinted facsimile signatures of the Mayor and City Secretary of said City, in accord- ance with the provisions of Article 717j -1, V.A.T.C.S.; the date of this bond, in conformity with the ordinance above referred to, being the FIRST DAY OF JULY, 1966. Mayor, City of Euless, Texas COUNTERSIGNED: City Secretary, City of Euless, Texas SECTION 7: That the form of interest coupon attached to each of said bonds shall be substantially as follows: NO. ON THE FIRST DAY OF , $ y *(unless the bond to which this coupon pertains has been properly called for redemption in accordance with its terms,) the CITY OF EUT,ESS, a municipal corporation of the State of Texas, hereby promises to pay to bearer, at , Texas, j *NOTE TO PRINTER: The expression in parenthesis to be included only in coupons maturing January 1, 1987 and subsequent. i without exchange or collection charges to the owner or holder, the sum of ($ ) , i n sum being six TEXAS, GE Bond No. Ks ;cry lawful money of the United States of America, said months' interest due that day on "CITY OF EULESS, GENERAL OBLIGATION BOND, SERIES 1966 ", dated July 1, 1966. City Secretary Mayor SECTION 8: That the following certificate shall be printed on the back of each bond: t OFFICE OF COMPTROLLER STATE OF TEXAS REGISTER NO. I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding obligation upon said City of Euless, Texas, and said bond has this day been registered by me. Texas, WITNESS MY HAND AND THE SEAL OF MY OFFICE at Austin, Comptroller of Public Accounts of the State of Texas SECTION 9: That a special fund to be designated "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1966" is hereby created and the proceeds of all taxes collected for or on account of this series of bonds shall be credited to said fund for the purpose of paying the interest on and to provide a sinking fund for the redemption of said bonds at maturity; and said fund shall be used for no other purpose; that, while said bonds or any of them are outstanding and unpaid, there shall be annually levied, assessed and collected in due time, form and manner, a tax upon all of the taxable property in said City sufficient to pay the current interest thereon and create a sinking fund sufficient to -pay each installment of principal as the same becomes due, or a sinking fund of 2 %, whichever is greater; and to pay the interest on said bonds for the first year, and to create a sinking fund with which to pay the principal as the same becomes due, or a sinking fund of 2 %, whichever is greater, there is hereby levied a sufficient tax on each one hundred dollars' valuation of taxable property in said City for the current year and the same shall be assessed and col- lected and applied to the purpose named; and while said bonds or any of them are outstanding and unpaid, a tax each year at a rate from year to year as will oe ample and sufficient to provide funds to pay the then current interest on said bonds and to provide the necessary sinking fund, full allowance being made for delinquencies and costs of collection, shall be and is hereby levied for each year, respectively, and said tax shall each year be assessed and collected and applied to the payment of the principal of and inter- est on said bonds. The City Council hereby declares its purpose and intent to provide and levy a tax legally and fully sufficient for such bonds, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations. SECTION 10: That the Mayor of said City shall be and he is hereby authorized to orders and records pending of the State of Texas, and of the bonds herein author Attorney General and their Accounts. ized to take and have charge of all necessary investigation by the Attorney General shall take and have charge and control ized pending their approval by the registration by the Comptroller of Public SECTION 11: That the sale of the bonds herein author- Eppler, Guerin and Turner and Associates at the price of par and accrued interest to date of delivery, plus a premium of $ none , is hereby confirmed. Delivery of the bonds shall be made to said purchasers as soon as may be after the adoption of this ordinance, upon payment therefor in accordance with the terms of sale. SECTION 12: The purchasers' obligation to accept delivery of the bonds herein authorized is subject to their being furnished a final opinion of Messrs. Dumas, Huguenin and Boothman, Attorneys, Dallas, Texas, 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. Printing of a true and correct copy of said opinion on the reverse side of each of such bonds with appro- priate certificate pertaining thereto executed by facsimile signa- ture of the City Secretary is hereby approved and authorized. SECTION 13: The public importance of this measure, and the fact that it is to the best interests of the City and its inhabitants to provide funds for the acquisition and construction of the public improvements contemplated at the earliest possible date, for the immediate preservation of the public peace, health and safety, constitute and create an emergency and an urgent public necessity requiring that this ordinance be passed and take effect as an emergency measure and this ordinance is accordingly passed as an emergency measure and shall take effect and be in force I di- ately from and after its passage. PASSED AND APPROVED, this the 12th day of July, 1966. f ATTEST: Ma;,or, Ca_ y o£ Euless, Texas City Secretary, City of Euless, Texas (City Seal) APPRO D�` Cit At orney, City of Euless, Texas