HomeMy WebLinkAbout401 04-27-1971ORDINANCE N0. 401
"AN ORDINANCE by the City Council of the City
of Euless, Texas, authorizing the issuance
of $500,000 fCITY OF EULESS, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1971,' dated March
1, 1971, for the purpose of providing funds
for permanent public improvements, to wit:
$350,000 for constructing street improvements
in and for said City, and drainage incidental
thereto; $110,000 for purchasing and /or im-
proving lands for public parks in and for said
City; and $40,000 for constructing and equip-
ping a municipal warehouse and service build-
ing in and for said City, and the acquisition
of a site therefor; 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 a sinking fund for the redemption
thereof and providing for the assessment and
collection of such taxes; enacting provisions
incident and relating to the purpose and sub-
ject 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, this City.
Council became authorized and empowered to issue general obliga-
tion bonds of the City to mature serially over a period.of years
not to exceed forty (40) years from their date, 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;
$ 460,000 for purchasing and /or improving lands
for public parks in and for said City; and
$ 40,000 for constructing and equipping a municipal
warehouse and service building in and for
said City,and the acquisition of a site
therefor;
AND WHEREAS, under the provisions of Article 717k -2,
V.A.T.C.S., this Council is now empowered to issue and sell such
bonds at any price or prices and to bear interest at any rate or
rates that shall be determined within the discretion of this
governing body; and
WHEREAS, certain installments of the bonds so authorized
have been heretofore issued for the respective purposes, 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 right and
authority to issue the remaining amount of 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 ordinance for the purposes indi-
cated and the balance remaining-for future issuance is as follows:
Amount Amount
Amount Previously Being Unissued
Purpose Voted Issued Issued Balance
Street Imp. $2,000,000 $1,130,000 $350,000 $520,000
& Drainage
Public Parks 460,000 350,000 110,000 -0-
Municipal 40,000 -0- 40,000 -0-
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
of the bonds herein provided to be issued, said City Council,
acting for and on behalf of the City of Euless, Texas, 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 1971,`
be and the same are hereby ordered to be issued in the principal
sum of FIVE HUNDRED THOUSAND DOLLARS ($500,000) for the purpose
of providing funds for permanent public improvements, to wit:
$350,000 for constructing street improvements in and for said City,
and drainage incidental thereto; $110,000 for purchasing and /or
improving lands for public parks in and for said City; and $40,000
for constructing and equipping a municipal warehouse and service
building in and for said City, and the acquisition of a site there-
for, 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 consecutively
from One (1) through One Hundred (100); shall each be in denomina-
tion of Five Thousand Dollars ($5,000); aggregating the sum of
FIVE HUNDRED THOUSAND DOLLARS ($500,000); shall be dated March 1,
1971, and shall become due and payable serially, without right of
prior redemption, on March 1 in each of the years in accordance
with the following schedule:
BOND NUMBERS
(All Inclusive) MATURITY AMOUNT
1
to
5
1972
$25,000
6
to
10
1973
255000
11
to
15
1974
25,000
16
to
20
1975
25)000
21
to
25
1976
255000
° 26
to
30
1977
25,000
31
to
35
1978
253000
36
to
40
1979
25,000
41
to
46
1980
305000
47
to
52
1981
303,000
53
to
58
1982
30,000
59
to
64
1983
301000
65
to
70
1984
30,000
71
to
77
1985
351000
78
to
84
1986
351000
85
to
92
1987
40,000
93
to
100
1988
40,000
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 1977
at q, o o %;
(b)
Bonds maturing
in each of the years
19/a
through 19 Y#-
at
(c)
Bonds maturing
in each of the years
19,V -4'
through 19fl,
at ,io %;
(d)
Bonds maturing
in each of the years
19,P7
through 19 f
at o %;
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on September 1,
1971, and semiannually thereafter on March 1 and September 1 in
each year.
SECTION 4: That both principal of and interest on said
bonds shall bey payable in lawful money of the United States of
America, without exchange or collection charges to the owner or
holder, at
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 facsi-
mile 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 re-
quired to be manually subscribed to such bonds in connection with
his registration certificate to appear thereon, as hereinater
provided; 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 1971
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, without right of prior redemp-
tion, the sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the
FIRST DAY OF MARCH, 19 , with interest thereon from the date
hereof to maturity at the rate of PER CENTUM
( %) per annum, payable on September 1, 1971, and semi-
annually thereafter on March 1 and September 1 in each year; and
interest falling due on or prior to maturity hereof is payable
only upon presentation and surrender of the interest coupons
hereto attached as they severally become due.
BOTH PRINCIPAL OF AND INTEREST ON this bond are hereby
made payable at
I
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 One Hundred (100) serial
bonds, numbered consecutively from One (1) through One Hundred
(100), each in denomination of Five Thousand Dollars ($5,000),
aggregating FIVE HUNDRED THOUSAND DOLLARS ($500,000), issued for
the purpose of providing funds for permanent public improvements,
to wit: $350,000 for constructing street improvements in and for
said City, and drainage incidental thereto; $110,000 for purchas-
ing and /or improving lands for public parks in and for said City;
and $40,000 for constructing and equipping a municipal warehouse
and service building in and for said City, and the acquisition of
a site therefor, 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.
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 an election held for that purpose
within said City; 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
appropriated 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 Consti-
tutional 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 accor-
dance 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 MARCH, 1971.
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 ,
the CITY OF EULESS, a municipal corporation of the State of Texas,
hereby promises to pay to bearer, at
without exchange or collection charges to the owner or holder, the
sum of
DOLLARS
($ ) , in lawful money of the United States of America, said
sum being months' interest due that day on "CITY OF EULESS,
TEXAS, GENERAL OBLIGATION BOND, SERIES 1971," dated March 1, 1971.
Bond No.
City Secretary Mayor
SECTION 8: That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER X
X REGISTER NO.
STATE OF TEXAS X
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.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas
SECTION 9: That a special fund to be designated "SPECIAL
GENERAL OBLIGATION BOND FUND, SERIES 1971" 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 redemp-
tion of said bonds at maturity; and said fund shall be used for no
other purpose; that, while said bonds or any of them are outstand-
ing and unpaid, there shall be annually levied, assessed and col-
lected 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 install-
ment 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 %, which-
ever 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 collected 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 be 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, respec-
tively, and said tax shall each year be assessed and collected and
applied to the payment of the principal of and interest 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. BE IT FURTHER ORDERED that to pay the installment
of interest in the amount of $11 s v to become due on said
bonds on September 1, 1971, the sum of $ ;'b is hereby appro-
priated out of.funds now on hand legally available for such purpose
and unappropriated to any other purpose, and the City Treasurer is
hereby ordered and directed to set aside said amount to the credit
of this issue of bonds, and the said amount shall be applied to the
purposes stated and none other.
SECTION 10 %: That the sale of the bonds herein authorized
to �/ /3 i �� c� t� T N W 1 `art G 1� 1�,4 N Y .4 N 6
j�f} a S C_ H L iP 0 '-,A C e C -k k I ` S R_,F> C. L .,+ T"f C)
at the price of par and accrued interest to date of delivery, plus
a premium of $.2
is hereby confirmed. Delivery of the bonds
shall be made to said purchasers as soon as may be after the adop-
tion of this ordinance, upon payment therefor in accordance with
the terms of sale.
SECTION 11: The purchasers' obligation to accept de-
livery of the bonds herein authorized is subject to their being
furnished a final opinion of Messrs. Dumas, Huguenin and Boothma.n,
Attorneys, Dallas, Texas, approving such bonds as to their vali-
dity, said opinion to be dated and delivered as of the date of
delivery and payment for such bonds. Printing of a true and cor-
rect copy of said opinion on the reverse side of each of such bonds
with appropriate certificate pertaining thereto executed by facsi-
mile signature of the City Secretary is hereby approved and
authorized.
SECTION 12: That the Mayor of the City of Euless, Texas,
shall be and he is hereby authorized to take and have charge of all
necessary orders and records pending investigation by the Attorney
General of the State of Texas, and shall take and have - charge and
control of the bonds herein authorized pending their approval by
the Attorney General and their registration by the Comptroller of
Public Accounts.
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 pub-
lic 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 immediately from and after its passage.
PASSED AND APPROVED, this the 27th day of April, 1971.
SLez
or, City of Euless, exas
ATTEST;
City Secretary, City of Euless, Texas
L iL \VV
City Seal)
City ttorn y, City of Euless,
Texas