HomeMy WebLinkAbout590 09-11-1979ORDINANCE NO. 590
AN ORDINANCE by the City Council of the City of
Euless, Texas, authorizing the issuance of
$1.100.000 "CITY OF EULESS, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 19/9, DATED
September 1, 1979, for the purpose of
making permanent public improvements, to
wit : $900 , 000 for constructing street
improvements in and for said City , and
drainage incidental thereto and $200,000
for purchasing and/or improving lands for
public parks in and for said City ; prescribing
the form of said 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 taxes ;
enacting provisions incident and related to
the subject and purpose of this ordinance; and
declaring an emergency.
WHEREAS, pursuant to an election held in the City of
] Euless , Texas , on the 2nd day of December , 1972 , the City
Council became authorized and empowered to iS -,UE!
obligation bonds for the purpose of providing funds f c.r va r i ous
permanent public improvements ; and ,
WHEREAS , this City Council hereby finds and determines
a series of general obligation bonds in the caggce�,aLe principal
C) c� I
amount of $1 , 100 , 000 should now be issi,-ed from t:1,;2 bonds, a1-LLh", !7i7,:0.d
r
at said election ; a summary of the amount of boncis nid respect ;.-,-C
purposes for which the sarme were authorized to 1)e issued at sai.cl
election, amounts heretofore issued, amounts bein---, i.ssued purstirint-
his ordinance , and amounts remai-ning to ba issued 1-,�.incr zis
to t
follows :
hiuunt A a-)L:,n t
kwi-anL lleretofore B-iXig' Ur-�
Purpose tuthorized Issued ISSL,e-0, Balarce
Street $2,395,000 $880,000 saloo,oeo $ 61-5,000
Parks 3,030,000 600,000 200,000 2,230,000
Public Bldg 550,000 550,000 -0- -0-
Fire Station 150,000 150,000 -0- -0-
AND WHEREAS, the City Council hereby reserves t:he right to
issue the remainder of the general obligation bonds authorized at
said election in one or more installments and at such time or times
as this Council . shall determine; therefore ,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EULESS :
SECTION 1 : That the bonds of said City , to be
as "CITY OF EULESq , TEXAS , GENERAL OBLIGATION FONDS , SERIFS
1979" , be and the same are hereby ordered to be issued in
the principal sum of ONE MILLION ONE HUNDRED 1.110USVNT) Dnl,I,P,!:',S
($1 , 100 , 000) , for the purpose Of Making pern] IL1011t- I-),,iblic
wents , to wit-. : $900 , 000 for constructing st-t-CIC�L
and for said City, and drrainage incidental thereto rind $2200 , 000
For purchasing and/or improving lands for public parks in and
for said City, under and by virtue of the Constitution rind
laws of the State of Texas and pursuant to the Charter of sai.cl
City.
!; I
SECTION 2 : That said bonds q1111 b:-
11"com One (.l) through Two Hundred TV--I_ 0') I L 1.1 1),,
!in denoiiiLnati-on of Five Thousc!n,-1
lin princival amount ONE MILLION ONE HUNDRI'D THO!'S:VM DOIX,',,P%s
01 , 100 , 060) ; ,hall be dated September- 1. , 1.9179 F111.1 :-;h.-11J
I ':,,,in!)�,-- I (,,i c 1 0
Ibecom,_- due and pa,Yable seriaLl,, on Se[)L - I .
i - J
Ithe years and bear interesL aL t[le T)-'!: affilij,").
with the followi-lig schedule. :
BOND NULMBERS
(All Inclusive) iL%T U 11,1 T Y A�10 U L11,
1 to 5 1980 $25 , 01)0
6 to 10 19,01 2 5 0,0
11 to 15 1982 2 5 0
16 to 20 1983 25 , 000
21 to 30 1984 5() , 00()
31 to 40 1985 50 ' 000
1 41 to 50 1986 50 , 000
51 to 60 1937 50 , 000
61 to 70 1988 50 , 000
71 to 80 1939 50 , 000
81 to 90 1990 50 , 0')0
91 to 100 1991 50 , 000
101 to 110 1992 5() , noo
111 to 125 199'.1) 75 , 000
126 to 1-40 1994 75 , 000
1-41 to 155 11995 75 , Ok)O
1.56 Lo 170 i 75 , Of)")
171 to 1005 1997 75 , 0'. 0
186 to 200 1998 75 , ()0()
201 to 020 1999 (WO
PROVIDED, 110'•IEVER that: the City
3dwc i11 t"11 bonds O.J�_ thlis Y'1.`3 S
1990 , azid SUbs-.:tqu_--n-, in
-hole 01- an-'j F'.3--L
September 1 , 19039 , or on any lutor�,s;_- J.)." TM 1, e
' -) -
at the price of par, and accrued inter e L to t1 1- O:itr
for redemption; PROVIDED, VURT1117R, tli;--IL' a:1- thLrty (30)
days prior to a date any of said bonds are Lo ,),2 a
n of redemption, sigred by the City
the serial numbers and amount of bonds to be roJee—, ed) , ql-i:ill
have been filed F,,-ith The First National B.,ink of
Fort 1•jorth, F,�rt. Worth, Tex-as and The Fort
Worth National Bank Fort Worth, Texas '_'Lle j)L.j_'(.j_.I`i_
clamed in each of said bonds) ; and if the CD:y s^.=:111-il.1 have made-
available by the date of redemption funds in ?moi_,.nts sufficic:rL
to pay the bonds to be redeemed and accrued jTICeresL thereon ,
'!ny b ond or bonds not presented for redc-pLJ.,Dn pursuant- t.o
such notice shall cease to bear interest: Strom and L-F-t,-.'r the
Idate so fi-.,:ed for redemption .
-SECTION 3 : That said bonds shall- bear interest: .fro-,-,i
date to waturiv.v at the. per annum. r'11--c-S j1hov:_" `7l1cb
iriteresl-. Lo be evidenced by [)ropor coiip,-7n�-, to C';wh
of snW hnaids ;iLid slid itiLel:est- "'hal-1. he oil I ,
1.930 , �LUICI semiannually thereafter oil Na':Ch I
in each year.
SECTION 4 : That both prircipal of eiii(! oti
issue of horid� ::hall be ill lal"'.ful o ' 1-11",
I United States of America , �,At:"IoUL or cotl�-crioil
charges to the o%,mer or holder , at The Fir[- r'
Fort !JorLh, Fort Uorth, Tel-xas , or , at tl?e option of the 11c)] I,-
,-it The Foot Uorth PaLLornjj P).-
icjk Fc)t:t
preseriL.-ir, !_on and surrender of Ionds or jrr0l,_)Cf: C-)LIT)OIIS .
,I '
11 1
SECTION 5 : That the seal of said City way be inpresAed
hands , or in the n1ternaLiva , n facs 01-1c of
on each L* a i�
such seal may be printed on said bonds . Ths ha du nad
interest coupons appurtenant thereto may bu onecuted by the
imprinted facsimile signatures of tho Hoyor and Ciry. SrcrnVar-,-
of the CiLy, 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 pacson by their manure]
signatures . Inasmuch as such bond:; are rcqplred Lo- h--
registered by the Comptroller of Public Accounts for the
State of Texas , only his signature (ur that of A deputy
designated in writing to act for the Comptroller) shall he
required to be manually subscribed to such hands in connoctioll
with his registration certificate to appear: obereon , 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 b2
substantially as follows :
NO. UNITED STATES OF AiNIERICA $5 , 000
STATE OF TEXAS
COUNTY OF TART ANT
CITY OF EULESS , TEXAS , GENE aAL OBLICA110N
BOND, SERIES 1979
The CITY OF EULESS , a municipal corpora ion of the
State of Texas , acknowledges itself indohopi to auO , FOR
VALUE RECEIVED, hereby promises to pay to bonrer , who sum of
FIVE THOUSAND DOLLARS ffi
($5 , 000) , in lawful money of the United QwUns of Apecica , fI
on the FIRST DAY OF SEPTEMBER, 19 vith Merexn thorpari
from the date hereof to waturiLy at the rate Qi
PER CENTUM( 7.) per annum, payable on Ila
and semiannually thereafter on Septembar 1 nod March I in
each year , and interest falling due on or prior to maturtu'v
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 herQy
made payable at The First National Bank of Fort Worth, Fort
Worth, Texas , or, at the option of the holder , at The Fort
Worth National Bank, Fort Worth , Texas , w0hom exchange or
collection charges to the owner or holder , zind for 1-.hi.w!
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 Hnn.Jrod TwvnUy
(220) serial bonds , numbered consecutivoly From Ono (l)
,ji Two hundred Twenty (220) c:ich it) I lie dcilomin.:!t foil
of Fiv„ Thousand Dollars ($5 , 000) , aggregaLiPZ in principal
amount ONE MILLION ONE HUNDRED THOUSAND DOLLARS ($1 , 100 , 000)
issued for the purpose oE making permannno public improveuanrK ,
to Win $900 , 000 for constructing street improvemenn in witt
for said City, and drainage incidental therow , and $200 , 000
for purchasing and/or improving lands for puhlic parks Q
and for said City, under authority of the CousLitutton and
laws of the State of Texas , and pursuant to the Chnrror of
said City of EulQss , Texas , and an ordinance duly adoprej by
the City Council thereof and duly recorded i " tho Hinuwv of
said City Council .
ll
II
A"') SPECII-'IED in the ordinanc. ein. 1
-1 o
City reserves the right to rodee,m 1:h-� [-Jondj, ci- id c-----C i
maturing on S--pLember. 1 , 1990 , and sti'oserju-ti,- , it or I),,'
j; part thereof , on September 1 , 1989 , or on
payment date th�reafter , at the pri-,----- of 1):"r ;,iu., aucrLl,�d
-1 ;
to the date fixed for red��mpi:ion; rl'.C)VTDED ' . t1j; t It
,
- , .1
least thirty ('J()) days prior tx) L? dac-2 any oF said bonds �irc,
to b° redeemed, a notice of -,-eder-.ipt:--Li0,'n, 1-1.y Lhe Gity-
C,
)^cr(?tarV (sp°cif'vtno, tne serial nu-L.-be--:s rrid of
j bonds to be redeemed) , shall have he?n filec,
I'l� �'A-0 f t.
-itional Eank of Fort Worth , Fort Vo!-E-h Vi -
-I Jational hank , 1'ort 1"Tortil, C i-ty
Wo r 'L
made available by the date of reclei,ipLion in al�I.OLIP-t'3
In(j E,.L�C�:ued
sufficient to pay the bond s to be redeemed a
interest thereon, any bond or bonds not pre�,i�ntc(l for
redemption pursuant to such notice shMll cease t,) 1)0-ar
interest from and after the date so fixed To- 1 L-'e,!',ptLor-1 .
IT IS HEREBY CERTIFIED, RECITED A-IND Rl-,P-)ESEILITED that
the issuance of this bond and the series of which -*-.t is a
part is duly authorized by law and by an election held for
that purpose in said City; that all acts , conditions and
11 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; ,;uf-Ficient
and proper provision has been imade for the rind
collection of taxes , which, w'L-1en collected, D�: appZ--OTP- iPt ---d
exclusively to the payment of this bond and the series of
which it is a part , and to the payLment of the interest
coupons thereto 'annexed, as the same shall hl-corro due ; and
that the total indebtedness of the City of Te-.1as ,
including the entire series of hondIs of whic'ti t'his bond is orie ,
does not exceed any constitutional or stat1-i---o;-y lii,� itat:ion .
IN TESTIMONY VHEREOF , the City Counc Ll o-f City of
Euless , Tex-IS , -Ln accordance with tha of: Article
717j -1 , V.A.T. C. S . , has Caused the seal of City- to be
impressed or a facsimile thereof to be print(-l. 1WL-Ce0ZI , gIid
this bond and its appurtenant coupons to be wit'L,
the imprinted facsimile signatures of the ilavo!7 and City
Secretary of said City; the date of this boridL, in conformity
L� r, _: � IIST DAY OF
with the ordinance. above referred to being _L I_� F R
SEPTEMBER, 1979 .
Mayor , City of -E-u. ,-ss , Texas
COUNTERSIGNED:
City Secretary, City
Euless , Texas
SECTION 7 : That the form of interest COLIP.011S artncln-d
to c,,i7cF—oF--i;-a-jd bonds wall be subst-antinl l y fot. lows :
W4 '-['[[E FIRST DAY Of-,
*(unless the bond to which this coupon pertains has been
in accordance with its terms , ) the CITY OF EULT7,"S , in the County
tt of Tarrant , State of Texas , hereby promises to pay to bearer
the amount shoT.,,-n hereon in lawful money of the United, Stare:-,
of America, upon presentation and surrender of this coupon , ar
The First National Bank of Fort Worth, Fort Worth, Texas , OL , <IL:
-'.-[,TOTI' TO PRINTER: The express ion in par(,-nth--.-,' J.s t-o be includ',d
-Un7y J—P, _u—po,-,-A-s maturing March 1 , 1990, �-nd
to opl.-ionrll. bonds, T11--ituring In Vh,-, y ,ars 199() thi-ouv
1999 .
the option of the holder, aL. The Forr. Worl-li
t%orth, Texas , without exchange o-r collectiori
c�'
being interest: due on such date on "CITY OF FUIAL.SS , Tl""',',S ,
OBLIGATION BOND, SERIES 19701" , dated 1 , 1979 .
Bond I-10.
M"Yor
SP"CTION 8 That the following ccrr i flurt rc. I
printod—on-_ Lc'ie back of each bond :
OFFICE OF COMPTROLLER §
§ REGISTER NO .
STATE OF TEKAS §
I HEREBY CERTIFY that there is on file and of record in
my office a certificate of the Attorney General of the St-at--e.
of Texas to the effect that this bond has been ezai-Aned 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
Z
of the City of Euless , Texas , and said bond has this day
been registered by me .
WITNESS MY HAND AND SEAL OF OFF ICF at Aust- 1-n , Tee,as ,
Comptroller of Pulh-1-ic Account-:
of the StoLc, of Tc,x-is
SECTION- 9 : That to provide for tlic� pay-�7.enL of L_I:e_ debt:
s-1--rvice. requirements on ,;aid bands , (J ) tlric on
said bonds and (ii) a siolking ftinf-i lo,, th,_ir -, I- j
inaturiLy or a sinking fun-d of 2X (�!,M_chevac m--,o;i-nL 5;h,!ll 1,C
greater) , there shall be and there is li:_,reb-,- 10VIOd for the
current year and each succeedinc, year 'Chpreafter 1•"l1 iA.e Said
C7.
bonds or interest thereon shall remain n
in oustading and tinpai,rl
_ ,
a sufficient tax on each one hundred dollars ' valua.Lil,)n of
taxable property in said City, adequate to pay such debt servi-ce
requirements , full allowance baing made for (1'! I_i1_WL1enci,_,s �tid
costs of collection; said tq-%- shall be asses-;ed and collected
each year and applied to the payment of the said debt service
requirements , and the same shall not be diverted to any other.
purpose . The taxes so levied shall be paid into a fund k-no�,m.
as "SPECIAL SERIES 1979 GENERAL OBLI"":rATION BOND FUND" , -,,71lic'a j '-i
hereby established for the payment of the o1ol igat:ions heroin
authorized. The Council hereby declares its purpose and int(-,r,(-
to provide and levy a tax legally and fully St_lfficient for -�LIC''
bonds , it having been deter-mined that the e�:isting and av'aiinl)le
taxing authority of the City for such purpose is adequate to
permit a legally sufficil-nt tax in coiisideraLion of all ot-hei-
outstandLng oblLgan-ons .
f'
� li
at the price of par MId aCCI:L1'-(1 1.11U're,I: t.-.o I 11c OF (1e.1i•"t"Z-1.,
plus a premiui-ii of $ -Ls hi,rehv 1)e I i-v C,.-y F
the bo n d s sh a I I be math` -E o said p u i: 1)r i F,e-c s as soon sir, --ty bc.
the adoption of this ordinance , upon paym-_,iit thr,rofor in -iccur(LInce
with the terms of sale.
SECTION 11 That the purchasers ' ob'ligzi'Lion to accept
delivery of the bonds herein authorL.-ed is subject to their
being furnished a final opin-Lon of Messrs . Puz(,,t; ,
I lloothi--lan and 11orrow, AtLorneys , Dal ta, , appi-o-vio- suclo
bonds as to their validity, said opinio-i-i t o he
I,; of the day � Of delivery and 1) [It: fo- t c 11-. 1)('11, P1-i:,;:
of a true and correct copy of said Opinion un th-
ach of said bonds , with appropriatL? cE.r.-tiEic•-, L(, pe,-t,--1in1_t1,,.r t .ti��,re to
executed by facsimile si-naLure of-_ the CJ S�-CrcL-iL7y of vh�� (', LLy
e C, j I
Of Euless , Texas , is haroby approved atid -iul-horl:�(,(!.
S12 hereby the City heuy c -v
oetiattLs LhiL Llie
from the safe of said bonds will be used for the purpose for
which said bonds are issued ; that such proceeds will not be
invested in any securities or obligations except for the tei!,,pucary
C_.) t- I
period ;pending such use and that such proceeds will not be used
CD Y
directly or indirectly so as to cause all or any part of said bonds
to be or become "arbitrage bonds" within the meaninc, of Section
1 C)
103 (c) of the Internal Revenue Code of 1954 , as amended , or any
-regulations or rulings prescribed or Made pursuant thereto .
SE.CTION 13 : That the Mayor of S,14 d City shalt be and j-.-;
L
hereby— authorized to take and have charge of all necessary ordrs
and records pending investigation by
C_ e Attorney General of the
State of Texas - and shall take and 'Lia-,-e charg and control of the
bonds herein authorized pending their ipproval by the ,'%t_-torne-
General and their registration by the Compt-rotler of Public
Accounts .
SECTION 14 : That CUSTP numbers may be prj_nLc��d on Lhe bo,,id�;
here ill iiIiEfio-r--ized. It is pro-,,i ('ed , r h a r- I-J 1,�
presence or absence of CUSIP numbers on the sh:lli h.� OF !1()
sic,,nificance or effect a > re(--acds the le-ality LF.sn:,f)f .nd oitlh,'r
I
the City nor attorneys approving said bo-i-id's ,t3 to Jre to
be held responsible for GUSEP numbers j_LjC,-
prin-ed o-L) the
bonds .
SECTION 15 : That the public importance of i i-Z3 r!,-2 i s-U-_2 d
_E I
the fact tha —Lt is to the best interest of the City and its
inhabitants to provide funds for the various street an(A park
improvements herein contemplated at the earliest possible data
II for the immediate preservation of the public peace , health and
safety constitute and create an emergency and an urgent public
C> C�
necessity, requiring that any rule providing for ordinances to be
read more than one time or at more than one meeting be suspended,
and requiring that this ordinance be passed and take effect as an
2'
emergency measure , and such rule and provisions are accordingly
suspended, and this ordinance is accordin,-I,.7 1,-qssE-(-'L as Lin euler ;_ncy.
measure and shall take effect and be in force imoiediately from
and after its passage .
PASSED AND APPROVED, this the 11th clay of- September , 1979 .
Mayor , City o less , Toxas
ATTEST :
II
F- -Texas---—-—-
ry
City Secreta , Cityp Euless, ,
(City Seal) APPRJOVED•