HomeMy WebLinkAboutR80-315O0 232
RESOLUTION NO. R80-31S
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLAINVIEW, TEXAS ACCEPTING A PROPOSAL OF THE
HALE COUNTY STATE BANK TO PURCHASE CITY OF PLAIN-
VIEW WATER AND SEWAGE JR. LIEN REVENUE BONDS.
WHEREAS, the City Council of the City of Plainview by
prior action as agreed to sale $300,000 worth of Jr. Lien
ReVenue Bonds for improvements to the Water and Sewer system
of the City of Plainview; and
WHEREAS, a proposal has been submitted by the Hale County
State Bank to purchase these bonds which will be retired over a
six year period with the proposed in~e-*~rest rate being 6% for the
first three years and 6 1/4% for the last three years:
NO~,' THEREFORE BE IT RESOLVED BY the Mayor and City Council
of the City of Plainview, Texas that this proposal be accepted
from the Hale County State Bank and the Mayor be authorized to
sign the acceptance.
PASSED AND APPROVED this the 14thday of October, 1980.
October 14, 1980
Honorable Mayor and City Council
City of Plainview
Plainview, Texas
Gentlemen:
1. This is a proposal to purchase the bonds described in Paragraph 2
hereof. It is submitted in duplicate originals and is for immediate
acceptance or rejection. Its acceptance by you shall be evidenced by
the completion and execution of the Acceptance Clause and the return
of one copy to us, whereupon it shall constitute a contract between us.
2. We will pay you a price equal to their par value plus accrued interest
to date of delivery for bonds described as:
$300,000 City of Plainview, Texas, Waterworks
and Sewer System Junior Lien Revenue Bonds,
Series 1980; dated December 1, 1980; dgnomination
$5,000; principal due December 1 of each year
as follows:
$50,000 each year 1981. through 1986;
first interes't payment date June 1, 1981 and
semi-annually thereafter December 1 and June 1;
the bonds to bear interest at the following rates:
Principal Maturity Interest
Amount Date Rate
$50,000 12-1-81 6 %
50,000 12-1-82 · 6 -'%
50,000 12'1-83 6 %
50,000 12-1-84 6-1/4 %
50,000 12-1-85 6-1/4 ~
50,000 12~1-86 6-1/4 %;
principal and interest payable at the
Hale County State Bank,
. Plainv[ew , Texas;
non-optional.
3. This proposal is subject to each of the followi'ng conditions:
a. it is understood and agreed that these bonds will be payable from
and secured by a lien on the revenues of the City of Plainview's Waterworks
and Sewer System that is subject and subordinate only to the pledge of
revenues to the City's first lien Waterworks and Sewer System Revenue Bonds,
now or hereafter outstanding.
b. Delivery of the bonds to us shall be made at the City National:Bank,
Austin, Texas, within 90 days from date hereof; provided, however, that if
delivery shall be delayed beyond the date named we shall no longer be bound
to take up and pay for the bonds, but may do so at our option at any time the
bonds may be ready for delivery during the 90 days next succeeding the
expirati'on of our commitment.
c. The bonds shall be accompanied by a transcript of proceedings had
incident to their issuance, including the approving opinion of the Attorney
General of the State of Texas, and by an unqualified approving opinion as
to their legality by Dumas, Huguenin, Boothman and Morrow, Dallas, Texas.
4. SPECIAL TERMS AND CONDITIONS;
a. It is understood and agreed that the City will pay the expense of
issuing and delivering the bonds.
b.
It
that no rating rs Service, inco
agreed's Corporation vt e bonds.
or Standard and Poor ~e required ~n ~
Bank
"--..~, B. Wheelor
President
zed~ep resen tat~e .
ACCEPTANCE
ACCEPTED prusuant to a motion adopted by the City Council of the City
of Plainview, Texas, on this the 14th day of October, 1980.
ATTEST:
Ci-ty 'Secretary,'Ci~y of Plainview, Texas
(SEAL)