HomeMy WebLinkAbout493 10-21-1975ORDINANCE NO. 493
AN ORDINANCE by the City Council of the City of Euless,
Texas, authorizing the issuance of $1,400,000 "CITY
OF EULESS, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1975," dated November 1, 1975, for the purpose of
providing funds for permanent public improvements,
to -wit: $400,000 for constructing street improvements
in and for said City, and drainage incidental thereto;
$300,000 for purchasing and /or improving lands for
public parks in and for said City; $550,000 for pro-
viding a public safety building as a part of the
existing government center; and $150,000 for con-
structing and equipping a fire station building 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 collec-
tion of 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 2nd day of December, 1972, 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 various permanent public improvements
totaling $6,125,000 as follows:
$2,395,000 for constructing street improvements
in and for said City, and drainage
incidental thereto;
$3,030,000 for purchasing and /or improving lands
for public parks in and for said City;
$ 550,000 for providing a public safety building
as a part of the existing government center;
and
$ 150,000 for constructing and equipping a fire
station building in and for said City
and the acquisition of a site therefor;
AND WHEREAS, a portion of the bonds authorized at the
aforesaid election have been issued by the City, a summary
of the amount of bonds heretofore issued and the amount of
bonds remaining unissued being as follows:
Purpose
Street Imp
Parks
Publ Safety Bldg
Fire Station
Amount
Amount Hereto-
Amount Remaining
Authorized
fore Issued
Unissued
$2,395,000
$480,000
$1,915,000
3,030,000
300,000
2,730,000
550,000
-0-
550,000
150,000
-0-
150,000
AND WHEREAS, this City Council has determined that bonds
authorized at the aforesaid election in the total principal
amount of $1,400,000 should now be issued to provide funds for
permanent public improvements as hereinafter set forth in
Section 1, the City expressly reserving the right to issue
the remaining amounts 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;
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 EULE S, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1975,"
be and the same are hereby ordered to be issued in the principal
sum of ONE MILLION FOUR HUNDRED THOUSAND DOLLARS ($1,400,000),
for the purpose of providing funds for permanent public improve-
ments, to -wit: $400,000 for constructing street improvements
in and for said City, and drainage incidental thereto; $300,000
for purchasing and /or improving lands for public parks in and for
said City; $550,000 for providing a public safety building as a part
of the existing government center; and $150,000 for constructing
and equipping a fire station building in and for said City and the
acquisition of a site therefor, under and by virtue of the Consti-
tution 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 through Two Hundred Eighty (280); shall each be in
denomination of Five Thousand Dollars ($5,000); aggregating
the sum of ONE MILLION FOUR HUNDRED THOUSAND DOLLARS ($1,400,000)
shall be dated November 1, 1975, 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 30
1976
$150,000
31
to 36
1977
30,000
37
to 42
1978
30,000
43
to 48
1979
30,000
49
to 54
1980
30,000
55
to 60
1981
30,000
61
to 68
1982
40,000
69
to 76
1983
40,000
77
to 84
1984
40,000
85
to 92
1985
40,000
93
to 102
1986
50,000
103
to 112
1987
50,000
BOND
NUMBERS
maturing
in
(All inclusive)
of
MATURITY
AMOUNT
1976
(Cont' d)
19 85
113
to 122
1988
$50,000
123
to 136
1989
70,000
137
to 150
1990
70,000
151
to 164
1991
70,000
165
to 182
1992
90,000
183
to 200
1993
90,000
201
to 220
1994
100,000
221
to 240
1995
100,000
241
to 260
1996
100,000
261
to 280
1997
100,000
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
1976
through
19 85
at 7.50
%;
(b)
Bonds
maturing
in
each
of
the
years
19 86
t4T-&�
li9l
at 6.25 %;
(c)
Bonds
maturing
in
each
of
the
years
1987
through
19 91
at 6.00
%;
(d)
Bonds
maturing
in
each
of
the
years
19 92
through
19 93
at 6.40
%;
(e)
Bonds
maturing
in
each
of
the
years
19 94
through
19 95
at 6.70
%;
(f)
Bonds
maturing
in
each
of
the
years
19 96
W
at 6.75
%;
(g) Bonds maturing in each of the years 19 97 �gh
1.3 a t 5.00 %;
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on March 1,
1976, and semiannually thereafter on September 1 and March 1 in
each year.
SECTION 4: That both principal of and interest on said
bonds shall e payable in lawful money of the United States of
America, without exchange or collection charges to the owner or
holder, at Fort Worth National Bank, Fort Worth, Texas
upon presentation and surrender of bonds or proper coupons.
SECTION 5: That the seal of said City may be impressed
on each o aid bonds or, in the alternative a facsimile of such
seal may be imprinted on the said bonds. The bonds and interest
coupons appurtenant thereto may be executed by the imprinted
facsimile 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 con-
nection with his registration certificate to appear thereon, as
hereinafter 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 substantially
as follows:
NO.
$5,000
UNITED STATESOF AMERICA
STATE OF TEXAS
COUNTY OF TARRRANT
CITY OF EULESS, TEXAS, GENERAL OBLIGATION BOND,
SERIES 1975
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 redemption,
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 March 1, 1976, an
semiannually tE— ereaTter on September 1 and March 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
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 Two Hundred Eighty (280)
serial bonds, numbered consecutively from One (1) through Two
Hundred Eighty (280), each in denomination of Five Thousand
Dollars ($5,000), aggregating ONE MILLION FOUR HUNDRED THOUSAND
DOLLARS ($1,400,000), issued for the purpose of providing funds
for permanent public improvements, to -wit: $400,000 for con-
structing street improvements in and for said City, and for drainage
incident thereto; $300,000 for purchasing and /or improving lands
for public parks in and for said City; $550,000 for providing a
public safety building as part of the existing government center;
and $150,000 for constructing and equipping a fire station 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 collection
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 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 Constitutional 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
accordance 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 NOVEMBER, 1975.
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 mamicipal corporation of the State of Texas, hereby
promises to pay to bearer at
without exchange or collection
charges to the owner or o er, the sum of
DOLLARS
($ ), in lawful money of the United States of America,
said sum Bing months' interest due that day on
"CITY OF EULESS, TEXAS, GENERAL OBLIGATION BOND, SERIES 1975," dated
November 1, 1975. Bond No.
City Secretary Mayor
SECTION 8: That the following certificate shall be printed
on the back oF each bond:
OFFICE OF THE COMPTROLLER X
REGISTER NO.
STATE OF TEXAS
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 u is Accounts o t e
State of Texas
SECTION 9: That a special fund to be designated "SPECIAL
GENERAL OBLIGATION BOND FUND, SERIES 1975," 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 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, respectively, 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 suffi-
cient tax in consideration of all other outstanding obligations.
It is expressly provided, however, that all taxes heretofore
levied and collected or to be collected which were levied for the
purpose of paying the principal of and interest on the bonds
(such tax levy and budget provision having been made in anticipa-
tion of the issuance and delivery of the bonds herein authorized)
shall be and are ordered set aside in the Interest and Sinking
Fund herein established for the benefit and security of the bonds.
It is hereby found and determined that from such taxes heretofore
levied in anticipation of the issuance of these bonds, the sum
Of $ 230,000.00 has been or will be set aside out of
(i) accrued interest to be received upon the delivery of the
bonds and (ii) the annual tax levy made in 1975 for the purpose
of paying the debt service requirements on the bonds herein author-
ized which are scheduled to become due in the calendar year 1976.
Such amount shall be and is ordered set aside in the Interest and
Sinking Fund herein established for the benefit and security of the
bonds herein authorized.
SECTION 10: That the sale of the bonds herein authorized
to Republic National Bank of Dallas, Dallas, Texas, Manager, Fort Worth
National Bank, Texas Bank and Trust Company of Dallas
at the price of par and accrued interest to date of delivery,
plus a premium of $ 244.00 , 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 11: The purchasers' obligation to accept delivery
of the bonds erein authorized is subject to their being fur-
nished a final opinion of Messrs. Dumas, Huguenin, Boothman
and Morrow, 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 appropriate certificate pertaining
thereto executed by facsimile signature of the City Secretary
is hereby approved and authorized.
SECTION 12: That the City hereby covenants that the pro -
ceeds from the sale of said bonds will be used as soon as
practicable for the purpose for which said bonds are issued; that
such proceeds will not be invested in any securities or obliga-
tions except for the temporary period pending such use; and that
such proceeds will not be used directly or indirectly so as to
cause all or any part of said bonds to be or become "arbitrage bonds"
within the meaning of Section 103(d) of the Internal Revenue Code
of 1954, as amended, or any regulations or rulings prescribed or
made pursuant thereto.
SECTION 13: CUSIP numbers may be printed on the bonds
herein aut orized. It is expressly provided, however, that the
presence or absence of CUSIP numbers on the bonds shall be of
no significance or effect as regards the legality thereof
and neither the City nor attorneys approving said bonds
as to legality are to be held responsible for CUSIP numbers in-
correctly printed on the bonds.
SECTION 14: That the Mayor of the City of Euless, Texas, shall
be and he is ereby 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 15: 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 nec-
essity 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 21st day of October, 1975.
ATTEST:
City Secretary, C y of Euless,
Texas
(CITY SEAL)
Mayor, City of Euless, Texas