Loading...
HomeMy WebLinkAboutOrd 74-1627ORDINANCE AUTHORIZING THE ISSUANCE OF $600,000 "CITY OF PLAINVIEW, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1974," DATED SEPTEMBER 15, 1974 THE STATE OF TEXAS COUNTY OF HALE CITY OF PLAINVIEW ON THIS, the 10th day of September, 1974, the City Council of the City of Plainview, Texas, convened in /~U~ session at the regular meeting place thereof in the City HalP, the meeting being open to the public and notice of said meeting having been given as prescribed by Article 6252-17, Section 3A, V.A.T.C.S., there being present and in attendance the following members, to wit: JOHN D. STONEHAM MAYOR JEANE L. BROWNING MEDLiN CAP, PENTER KELTZ GARRISON RICHARD CROSS NEAL WILLIAMS M. L. REA and ALDERMAN NO. t ALDERMAN NO. 2 .ALDERMAN NO. 3 ALDERMAN NO. 4 ALDERMAN NO. 5 CITY CLERK also being present; and with the following absent: , constituting a quorum; and among other proceedings had were the following: The Mayor introduced a proposed ordinance which was read in full. Alderman ~$_~ made a motion that any rule requiring ord{nJnce~ to be read more than one time or at more than one meeCing be suspended. The motion was seconded by Alderman ~/,/L~ and carried by the following vote: Alderman AYES: ~tx~x~z~ Browning, and Aldermen Carpenter, Garrison, Cross and Williams. NOES: None. Alderman the ordinance Alderman vote: AYES: ~~-~/~ then made a motion that be passed finally. The motion was seconded by ~,~_ and carried by the following Alderman gkt~x!~ Browning, and Aldermen Carpenter, Garrison, Cross and Williams. NOES: None. 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 Plainview, Texas, authorizing the issuance of $600,000 "CITY OF PLAINVIEW, TEMiRS, GENERAL OBLIGATION BONDS, SERIES 1974," dated Septem- ber 15, 1974, for the purpose of making perma- nent public improvements, to wit: constructing street improvements in and for said City (includ- ing the acquisition of right-of-way); 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 redemp- tion thereof and providing for the assessment and collection of such taxes; enacting provisions incident and relating to the subject and purpose of this ordinance; and declaring an emergency. WHE~AS, as the result of a special election held in the City of Plainview, Texas, on the 15th day of June, 1974, the City Council of said City became authorized and empowered to issue $600,000 general obligation bonds of the City to mature serially over a period of years not to exceed forty (40) years from their date, to be issued and sold at any price or prices and to bear interest at any rate or rates as shall be determined within the discretion of the City Council, for the purpose of making permanent public improvements, to wit: constructing street improvements in and for said City (including the acquisition of right-of-way); and, WHEREAS, the City Council now considers it necessary and advisable to proceed with the issuance of all the bonds autho- rized at the election as aforesaid, it having been determined that the City Council, acting for and on behalf of the City of Plainview, is in all respects duly and legally empowered in that regard; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW: SECTION 1: That the bonds of said City, to be known as "CITY OF PLAINVIEW, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1974," be° and the same are hereby ordered to be issued in the principal sum of SIX HUNDRED THOUSAND DOLLARS ($600,000), for the purpose of making permanent public improvements, to wit: constructing street zmprovements in and for said City (including the acquisi- tion of right-of-way), under and by virtue of the Constitution and laws of the State of Texas. SECTION 2: That said bonds shall be numbered consecutively from 0ne~ (1) through One Hundred Twenty (120); shall each be in denomination of Five T~ousand Dollars ($5,000), aggregating the sum of SIX HUNDRED THOUSAND DOLLARS ($600,000); shall be dated September 15, 1974; and shall become due and payable serially, without right of prior redemption, on March 15 in each of the years in accordance with the following schedule: BOND NUMBERS (All Inclusive) MATURITY AMOUNT 1 to 5 1975 $25,000 6 to 10 1976 25,000 11 to 15 19 77 25,000 16 to 24 1978 45,000 25 to 33 19 79 45,000 34 to 42 1980 45,000 43 to 51 ..o 1981 45,000 Bonds (Continue d) BOND NUMBERS (All Inclusive) MATURITY AMOUNT 52 to 60 1982 $45,000 61 to 70 1983 50,000 71 to 80 1984 50,000 81 to 90 1985 50,000 91 to 100 1986 50,000 101 to 110 1987 50,000 111 to 120 19 88 50,000 SECTION 3: That said bonds shall bear interest from date to maturity at the following rates per annum: (a) Co) (c) (d) (e) Bonds maturing in each of the years 1975 thrcugh 19 at ~r Z~ %; Bonds maturinm in each of the years 19 through 19 ~_~at ~, ~ %; Bonds maturing in each of the years 19 t~rngh--l~~ at ~.~p %; " Bonds maturing in e~ch of the years through 19~/ at_fo~.~o~O %; Bonds maturing in .e~h~pf~ the years through 19~ at ~J~ %; (f) Bonds maturing-in each of the years 19~ ~Z t~z-~g~m--l~- at ~'%~o %; such interest to be evidenced~y proper coupons attached to each of said bonds, and said interest shall be payable on March 15, 1975, and semiannually thereafter on September 15 and March 15 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 the HALE COUNTY STATE BANK, Plainview, Texas, or, at the option of the holder, at the REPUBLIC NATIONAL BANK OF DALLAS, Dallas, 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 Clerk 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 Clerk 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 wrining 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 substan- lY as---~---~ows: NO. UNITED STATES OF AMERICA STATE OF TEXAS $5,000 COUNTY OF HALE CITY OF PLAINVIEW, TEXAS, GENERAL OBLIGATION BOND, SERIES 19 74 The CITY OF PLAINVIEW, a municipal corporation of the State of Texas, acknowledges itself indebted to and, FOR VALUE RECEIVED herebythe sum promises of to pay to bearer, without right of prior redemption,' FIVE THOUSAND DOLLARS ($5,000), in lawful money of the United States of America, on the FIFTEENTH DAY OF MARCH, 19 , with interest thereon from the date hereof% to maturity at t-~ate of PER CENTL~ ( o) per annum, payable on March 15~ 1975, and semiannually t e~fter on September 15 and March 15 in each year, and interest falling due on or prior to maturity hereof is payable only upon presentationas they severally and surrender become due. of the interest coupons hereto attached BOTH PRINCIPAL OF and interest on this bond are hereby made payable at the HALE COUNTY STATE BANK, Plainview, Texas, or, at the option of the holder, at the REPUBLIC NATIONAL BANK OF DALLAS, Dallas, 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 Plainview, Texas, are hereby irrevocably pledged. THIS BOND is one of a series of One Hundred Twenty (120) serial bonds, numbered consecutively from One (1) through One Hundred Twenty (120), each in denomination of Five Thousand Dollars ($5,000), aggregating SIX HUNDRED THOUSAND DOLLARS ($600,000), issued for the purpose of making permanent public improvements, to wit: constructing street improvements in and for said City (including the acquisition of right-of-way), under authority of the Constitution and laws of the State of Texas, and pursuant to an ordinance duly adopted by the City Council of the City of Plainview, 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 authority expressly conferred at 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 regu- lar and due time, form and manner as required by law; that suf- ficient and proper provisiOn has been made for the levy and collection of taxes which, when collected, sh~ll 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 thereno annexed as the same shall become due; and that the total indebted- ness of the City of Plainview, 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 Plain- view, 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 Clerk 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 FIFTEENTH DAY OF SEPT~ER, 1~74.1~ _ l M~y~r, Cits~ of Plainview, Texas~ COUNTERSIGNED: City Clerk, City of Plainview, Texas SECTION 7: That the form of interest coupons attached to each o~' said bonds shall be substantially as follows: NO. ON THE FIFTEENTH DAY OF $ , 19 , the CITY OF PLAINVIEW, a municipal corporation of the State of Texas, hereby promises to pay to bearer, at the HALE COUNTY STATE BANK, Plainview, Texas, or, at the option of the holder, at the REPUBLIC NATIONAL BANK OF DALLAS, Dallas, TeXas, without exchange or collection charges to the owner or holder, the sum of DOLLARS ($ ' ), in lawful money of the United States of America, said s{im 'being months' interest due that day on "CITY OF PLAINVIEW, TEXAS, GENERAL OBLiGATION.BOND, SE~RIES 1974," dated September 15, 1974. Bond No. ..... ~.~/~.. j~/ City Clerk ' // ..... ! M~yor - SECTION 8: That the follow~r~g//certificate shall be printed on the back ~'f each bond: 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 Plainview, Texas, and said bond has this day been registered by me. WITNESS MY HAxND AND 'SEAL OF OFFICE at Austin, Texas, C~mptroller of Public Accounts of the State of Texas SECTION 9: That to provide for the payment of the debt s~rvice requirements on the said bonds, being (i) the interest on said bonds and (ii) a sinking fund for their redemption at maturity or a sinking fund of 2% (whichever amount shall be greater), there shall be and there is hereby levied for the current year and each succeeding year thereafter while said bonds or interest thereon shall remain outstanding and unpaid, a sufficient tax on each one hundred dollars' valuation of tax- able property in said City, adequate to pay such debt service requirements, full allowance being made for delinquencies and costs of collection; said tax shall be assessed 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 known as "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1974," which is hereby established for the payment of the obligations herein authorized. 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 ade- quate 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 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 con- trol of the 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 bonds herein authorized at the price of par and accrued interest to date of delivery, plus a premium of $ -- m ~ 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 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 exe- cuted by facsimile signature of the City Clerk of the City of Plainview, Texas, is hereby approved and authorized. SECTION 13: CUSIP numbers may be printed on the bonds herein authorized. 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 incorrectly printed on the bonds. SECTION 14: That the City hereby covenants that the pro- c~eds from the sale of said bonds will be used as soon as practi- cable for the purpose for which said bonds are issued; that such proceeds will not be invested in any securities or obligations 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 15: The public~ importance of this measure and the fact that it is to the best interest of the City to provide funds for the improvements herein contemplated at the earliest possible date constitute and create an emergency and an urgent public neces- sity, requiring that any rule providing for ordinances to be read and voted upon at more than one meeting of the City Council be suspended, and requiring that this ordinance be passed and take effect as an emergency measure, and such rules and provisions are accordingly suspended, and this ordinance is passed as an emer- gency measure and shall take and have effect and be in full force from and after its passage. PASSED AND APPROVED, this the 10th day of September, 1974. ~ydr, Ci~ of lain'view, Texas ATTEST: Texas (City Seal) APPROVED: City A~rne~ City f- P lainview, Texas