HomeMy WebLinkAbout337 08-13-1968ORDINANCE NO. 337
ORDINANCE AUTHORIZING ISSUANCE OF $300,000
"CITY OF EULESS, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1968, DATED JULY 1, 1968
THE STATE OF TEXAS X
COUNTY OF TARRANT
CITY OF EULESS
ON THIS, the 13th day of August, 1968, the City Council of
the City of Euless, Texas, convened in regular session, being
open to the public, at the regular meeting place thereof in the
City Hall, there being present and in attendance the following
members:
W. G. FULLER MAYOR
FRANK E. DOUGLASS )
BILLY L. BYERS )
HARD XDVXSAt, M ) COUNCILMEN
DAN SHULL }
DON R. WARREN, M.D. )
and
(MRS.) VADA FERRIS CITY SECRETARY
also being present, and with the following absent: Councilman
Harold Samue 1 s , constituting a quorum, at
which time the following Q zs among other business was trans-
acted, to -wit:
Mayor Fuller introduced a proposed ordinance.. The ordinance
was read in full.
Councilman Shull made a motion that the
Charter provision requiring ordinances to be read at two regular
Council meetings be suspended. The motion was seconded by Coun-
cilman Douglass and carried by the following
vote:
AYES: Councilmen Douglass, Byers, X39X 199
Shull and Warren.
NAYS: None.
Councilman Shull made a motion that the
ordinance be passed finally as an emergency measure. The motion
was seconded by Councilman Douglass and carried by
the following vote:
AYES: Councilmen Douglass, Byers, Sai l9�
Shull and Warren.
NAYS: None.
I-
The Mayor announced that the ordinance had been finally
passed.
The ORDINANCE is as follows:
"AN ORDINANCE by the City Council of the City of
Euless, Texas, authorizing the issuance- o $3100,500
'CITY OF EULESS , =US, GENEIuAL 0BLIGATIG _36-JS ,
SERIES 1968,` dated July 13 1968, for the pur,:,se
of providing funds for permanent public improv�-
ments, to -wit: $200,000 for constructing street
improvements in and for said City, and draina;e
incidental thereto; and $100,000 for purchasing
and /or improving lands for public parks in ,nd
for said City; prescribing, the form of the bonds
and the form of the interest coupons; levyin,; a
continuing direct annual ad valorem Lax on a l
taxable property within the limits of said Cit,-
to pay the interest on said bonds and co cre:lte
a sinking fund for the redemption thereof and pro-
viding for the assessment and collection of su,-;:
taxes; enacting provisions incident and relating
to the purpose and subject of this ordinance; and
declaring an emergency. it
WHEREAS, pursuant to a special el_cctioth held iii ti:e City
of Euless, Texas, on the 11th day of July, 1954, a majority of
the duly qualified electors of said City who owned taxable prop-
erty therein and who had duly rendered the saize for taxi; icn
sustained propositions auL horizin,; the City Council tc; i:;st:e gen-
eral oblif;ati_on bonds of the City to rruhture ser ally over
of years not to exceed forty (40) years from their date and to
bear interest at a rate not to exceed 5% per annum, for tnc pur-
pose of providing funds for permanent public improvements as
follows:
$2,000,000 for constructing street improvements in and
for said City, and drain.h;e incidental thereto;
$ 460,000 for purchasing and /or improving lands for
public parks in and for said City; :2nd
$ 40,000 for constructing and equipping a mur.icip<:1
warehouse and service building in and for
said City;
AND WHEREAS, certain installments of the ;)ands so
rized have been heretofore issued for their respec�_v&
and the City Council has now determined �o :Irssue such _c":� - -l"_
bonds of the voted authorizations as are '.hcrc,;_..aitc
be issued, it being understood that the City Council re S a
right and authority to issue the rer,.aininr amoc:nt of p-
rized in one or more series at a future date or da ozs,
the judgment of the City Council, such amounts are ne`dt,: ;cr
their authorized purposes. A tabulation showing the a:houn: s of
all bonds previously authorized and issued for the respective
purposes aforementioned, the amounts being issued by this crci-
nance for the purposes indicated and the balance remaining :,r
future issuance is as follows:
& Drainage
Public Parks 4603,000 250,000 100,000 110,000
Municipal 40,000 -0- -0- 40,000
Warehse. &
Service Bldg.
AND WHEREAS, the City Council deems it advisable and to the
City's best interest to issue as a single combined series all o
the bonds herein provided to be issued, said City Council, acting
for and on behalf of the City of Euless, Texas, havi_n,; lawfui
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 Eui.ESS:
SECTION l: That the bonds of said City, to be k.nmv;n �,s
"CITY- OF EULESS , TEXAS, GENFIZAI, OBLIGATION BONDS, SEIt 1 796","
be and the same are hereby ordered to be issued in the principal
sum of THREE HUNDRED THOUSAND DOLIARS ($300,000) for the purpose
of providing funds for permanent public improvements, to -wit:
$200,000 for constructing; si_reet improvements in and for said
City, and drainage incidenTal thereto; and $100,000 for purchas-
ing and /or improving; land,; for public parks in and for s is Cizy,
under avid by virtue of t'i, Const'ituLio►l ,"Zd I :Iws of the State of
Texas and pursuanL to th,- Chal -ter of said City.
SECTION 2: That s(
from Olin. (I) Lhroug;h Si
Five Thousand Dollars
HUNDRED 'THOUSAND DOI_.I_!
and shall become due
the yep -Irs -ill accord,i�,
BOND NUMBERS
All Illclus ive.;
bond, shall be numbered consecutively
(60); Shall each bo in dci;or L - _L n of
000) - '1H
> , aggregating ting the Sl:i;i o1 �h1�1:i.
($300,000); shall be dated July 1, 1965,
payable serially on January 1 in each of
with the t- ollowing schedule:
M, ATTTRTW
A''-`.0 L,., _
1
1972
$ S,::6
2
AMOUNT
AMOUNT
I NG ISSUED
R ': i is %fu
PURPOSE VOTED
PREVIOUSLY
BY THIS
FGa
6 and 7
ISSUED
010)INA��;CE
- SC .'.::;;
Street Imp. $2,000,000
$ 930,000
$ 200,000
$ 870,000
& Drainage
Public Parks 4603,000 250,000 100,000 110,000
Municipal 40,000 -0- -0- 40,000
Warehse. &
Service Bldg.
AND WHEREAS, the City Council deems it advisable and to the
City's best interest to issue as a single combined series all o
the bonds herein provided to be issued, said City Council, acting
for and on behalf of the City of Euless, Texas, havi_n,; lawfui
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 Eui.ESS:
SECTION l: That the bonds of said City, to be k.nmv;n �,s
"CITY- OF EULESS , TEXAS, GENFIZAI, OBLIGATION BONDS, SEIt 1 796","
be and the same are hereby ordered to be issued in the principal
sum of THREE HUNDRED THOUSAND DOLIARS ($300,000) for the purpose
of providing funds for permanent public improvements, to -wit:
$200,000 for constructing; si_reet improvements in and for said
City, and drainage incidenTal thereto; and $100,000 for purchas-
ing and /or improving; land,; for public parks in and for s is Cizy,
under avid by virtue of t'i, Const'ituLio►l ,"Zd I :Iws of the State of
Texas and pursuanL to th,- Chal -ter of said City.
SECTION 2: That s(
from Olin. (I) Lhroug;h Si
Five Thousand Dollars
HUNDRED 'THOUSAND DOI_.I_!
and shall become due
the yep -Irs -ill accord,i�,
BOND NUMBERS
All Illclus ive.;
bond, shall be numbered consecutively
(60); Shall each bo in dci;or L - _L n of
000) - '1H
> , aggregating ting the Sl:i;i o1 �h1�1:i.
($300,000); shall be dated July 1, 1965,
payable serially on January 1 in each of
with the t- ollowing schedule:
M, ATTTRTW
A''-`.0 L,., _
1
1972
$ S,::6
2
1973
5,
3
1974
S,` ) "i
4 and 5
1975
10,�;�o, -)
6 and 7
1976
1G, 00 ;
8 and 9
1977
10,000
,^
Continued --
BOND NUMBERS
(All Inclusive)
MATURITY
10 to 12
1978
$15,000
13 to 15
1979
15,000
16 to 18
1980
15)U110
19 to 21
1981
ZS,000
22 to 24
1932
25 to 27
1983
28 to 30
19(4
15,000
31 to 33
1985
15,003
34 to 36
1986
15,G
37 to 40
1987
20,000
41 to 44
1988
20,000
45 to 48
1989
20,000
49 to 52
1990
20,000
53 to 56
1991
20,000
57 to 60
1992
20,000
PROVIDED, HOWEVER,
that the City reserves
the right to redee -.
,. bonds maturing in each
of the years 1987
through 1992, of said
series, in whole or
in part, but in inverse
numerical order if
less than all, on January
1, 1986, or on
any interest pa, >—ment
date thereafter, at
the price of par and
r-tccrued interest to the
date fixed for redemption; and PIOVI:DED,
FUIMIER), 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 reden-.ption,
signed by the City
Secretary (specifying
the serial r.L::.be s and
amount of bonds to be redeemed) shall have
been tiled
FIRST NATIONAL BANK
OF FORT WORTH, Fort Worth, Texas, (t;e paying
agent named in each
of said bonds); and
should any bond or bonds
not be presented for
redemption pursuant
to such notice, the saime
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 1972
through 1978 at 5.00 %;
(b) Bonds maturing in the year 1979 at 4.75 %;
(c) Bonds maturing in each of the years 1980
through 1982 at 4.50 %;
(d) Bonds maturing in each of the years 1983
through 1985 at 4.70 %; and
(e) Bonds maturing in each of the years 1986
through 1992 at 4.90 %;
such interest to be evidenced by proper coupons attached tc.
of said bonds, and said interest shall be payable on
1969, 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 t 1nc ow-_r
or holder, at THE FIRST NATIONAL BANK OF FORT W0:'<1H, Fort Worth,
Texas, upon presentation and surrender of bonds or proper coupons.
SECTION 5: That the seal of said City ;ray be _mpressed on
each of said bonds or, in the alternative, a facsimile of suci:
seal may be printed on the said bonds. The bonds an(I int�:r st
coupons appurtenant thereto may b'e executed by the
fac-
simile signatures of the Mayor and City Secretary, of the Cit _)T, and
execution in such manner shall have the same effect as if 5c::h
bonds and coupons had been signed by the Mayor and City Secretary
in person by their manual signatures. Inasmuch as such bands are
required to be registered by the Comptroller of 'Public Accounts
for the State of Texas, only his si; nature (or that of � ceputy
designated in writing to act for the Comptroller) shell h,_. required
to be manually subscribed to such bonds in connection wits. ::is
registration certificate to appear thereon, as hereinafter pro -
vided; all in accordance with the provisions of Article 717 -1,
V.A.T.C.S.
SECTION 6: That the form of said bonds shall be substan-
tially as follows:
NO. UNITED STATES OF AMERICA $5,000
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF EULESS, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1968
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 Stages of America, on the
FIRST DAY OF JANUARY, 19 , with interest thereon frcr-_ t:.e date
hereof to maturity at the rate of
per annum, payable on January 1, 1969, and serii- annually tnoreafter
on July 1 and January 1 in each year, and interest falling d�c
or prior to maturity hereof is payable only upon presen ::tic : a:_c
surrender of the interest coupons hereto attached as they sever-
ally become due.
BOTH PRINCIPAL of and interest on this bond are here- =Ce
payable at THE FIRST NATIONAL BANK OF FCRT WORTI1, For;
Texas, without exchange or collection charges to the
holder, and for the prompt payment of this bo::ci and t1re
thereon at maturity, the full faith, credit and resourc s 31" the
City of Euless, Texas, are hereby irrevocably pledged.
THIS BOND is one of a series of Sixty (60) seri�1 bon--'s,
numbered consecutively from One (1) through Sixty (60),
in denomination of Five Thousand Dollars ($5,000), a_;reati:_l
THREE HUNDRED THOUSAND DOLLARS ($300,000), issuod for to
pose of providing funds for permanent public improvements, to -wit:
$200,000 for constructing, street i nip rovcn-wli cs i:l and for
City, and drainage incidental thereto; :trnd $100,000 for p.
ing 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 Grdi-
nance 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 ris;ht to redeem bonds
ing in each,of the years 1987 through 1992 of this series,
whole or in part, but in inverse numerical order if less
all, on January 1, 1986, or on any interest payment date there -
after, at the price of par and accrued interest to the cite
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 zind of
bonds to be redeemed) shall have been filed with THE FIRST
NATIONAL BANK OF FGRT WORTH, Fort Worth, Texas; and shoulu` 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.
IT IS HEREBY CERTIFIED, RECITED A %TD 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 quaiiied
electors of the City of Euless, Texas, who owned taxable property
therein and who had duly rendered the same for taxatio -n, voting
at an election held for that purpose within said City on t.-,e Ilth
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 periorr.ed and
have happened in regular and due time, form and mariner as re uircd
by law; that sufficient and proper provision for the levy a-nd collec-
tion of taxes has been made which, when collected, s h�:11 1�e appro-
priated exclusively to the payment of this bond and t to sCries cf
which it is a part, and to the payment of the interest coupons
thereto annexed, as the same shall become due, and chat ;.e zonal
indebtedness of the City of Euless, Texas, includinb the e.tire
series of bonds of which this is one, does not exceed any Con-
stitutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of Eu1 -ss,
Texas, has caused the seal of said City to be impress,�c21 or a fac-
simile thereof to be printed hereon, and this bone and ins
tenant coupons to be executed with the imprinted a-
tures of the Mayor and City Secretary of said City, in accor"a -,cz
s
I-
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, 1968.
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
19 ,
*(unless the bond to which this coupon pertains has been properly
called for redemption in accordance with its terms,) the C1T`.' OF
EULESS, a municipal corporation of the State of Texas, hereby
promises to pay to bearer, at THE FIRST NATIONAL BANK OF FCR=
WORTH, Fort Worth, Texas, without exchange or collection charges
to the owner or holder, the sum of
DOLLARS
($ ), in lawful money of the United States of Amer-ica, said
sum being months' interest due- that day on "CITY OF ELLESS,
TEXAS, GENERAL OBLIGATION BOND, SERIES 1968," dated July 1, 1968.
Bond No.
City Secretary Mayor
SECTION 8: That the following certificate shall be printed
on the back of each bond:
OFFICE OF COMPTROLLER
REGISTER NO.
STATE OF TEXAS
I HEREBY CERTIFY that there is on file and of record in
office a certificate of the Attorney General of the State o= 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 confo;- -ity
with the Constitution and laws of the State of Texas, an:: :1-at
it is a valid and binding obligation upon said City of �1ess,
Texas, and said bond has this day been registered by me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of P•a.blic Accoun :s „�
State of Texas
*NOTE TO PRINTER: The expression in parentheses to be c:,iy
in coupons maturing; July 1, 1986 and subsequent, portai..inj to
optional bonds maturing in the years 1987 through 1992.
A
SECTION 9: That a spccial_ find to ho ci��:.l „na�ec, "S?i�CIAL
GENERAL CBLIGATION BOND Fli:;D, SERIES is hd rcu,T c �a�e a :G
the proceeds of all taxes collected for or on accou of
series of bonds shall be credited to said: fund for
of paying the interest on and to provide a s inking fund for the
redemption of said bonds at maturity; and said fund s-Iall "e
used for no other purpose; that, while said bonds or any cf the-
are outstanding and unpaid, there sh;;i l be aznu.illy levied;, as-
sessed and collected in duc ti; ie, form and manner, a ta:: c.non all
of the taxable property in said City sufficient to pay
interest thereon and create a sinking fund suificier.t t:, -:c:.
installment of principal as the same becoi; Cs due, 0,- r
fund of 2 %, whichever is greater; and to pay the interes` said
bonds for the first year, and to create a sinking fund %:it::
to pay the principal as the same becomes duo, or a of
2 %, whiche \(er is greater, there is hereby levied a suf icient
on each one hundred dollars' v;iluation of t.,ixabtc prop . `. i.n said
City for the current year and the sane shall be assess�.d and col-
lected and applied to the purpose nd.med; and while said .,:nds or
any of them are outstanding and unpaid, a tax each year ,:: �ato
from year to year as will be ample a-nd sufficient to provide funds
to pay the then current interest on said bonds and to provide t::e
necessary sinking fund, full. allowance being made for celincuer:ies
Y....
and costs of collection, shall be aznd is hereby levied for eac:n
year, respectively, and said tzix shall each year be assc_•ss06
collected and applied to the of tl,c , of , ,:d ..-
terest on said bonds. The City Council hereby declares its pur;,ose
and intent to provide and levy a tax le -;illy and fuli.y su:ficit
for such bonds, it having been determined that the existing an:
available taxing authority of the City for such purpose is adequate
to permit a legally sufficient tax in consideration o� a--! ot:,er
outstanding obligations.
SECTION 10: That the Mayor of said City shall be a:.d he is
hereby authorized to take and have charge of all necessar crcers
and records pending investigation by the Attorney General :,f t:.e.
State of Texas, and shall take and have charge and contrcl cf z e
bonds herein authorized pending their approval by the Attorney
General and their registration by the Comptroller of Public
Accounts.
SECTION 11: That the sale of the ponds herein ad:th;;ri_zec to
ROWLES, WINSTON & CO., INC. at the price of Dar and accruoc i:t`_est
to date of delivery, is hereby confirmed. Delivery 01 tr-c
shall be made to said purchasers as soon as may be af�er e
tion of this ordinance, upon pa;rnent therefor in accorcance pit
the terms of sale.
SECTION' 12: The purchasers' obligation to acce-)t
of the bonds herein authorized is subject t.;.t-,11- i::
nished a final opinion of ;'ess rs . Dumas ,
Attorneys, Dallas, Texas, approvin; such bc:,;:s as yo
ity, said opinion to be dated'_ =d delivered as of cht
delivery and payment for such bonds. Printing of
correct copy of said opinion on the reverso slue of
bonds with appropriate certificate pertaining cher-�tc oY
facsimile signature of the City Secretary is he:-oby appro-.-ec a.::,:
authorized. f'
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SECTION 13: The public importance of this measure, and the
fact that it is to the best interests of the City and its inhabi-
tants 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 accord-
ingly passed as an emergency measure and shall take effect and be
in force immediately from and after its passage.
PASSED AND APPROVED, this the 13th day of August, 1968.
Mayor, City / of Euless, Texas
ATTEST:
City Secretary, City of Euless,
Texas
(City Seal) - APPROVED:
Citk Atto'Vney, City of Euless, Texas