HomeMy WebLinkAboutOrdinance 0974
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AN ORDINANCE by the city Council of the City of
North Richland Hills, Texas, authorizing the
issuance of $4,500,000 "CITY OF NORTH RICHLAND
HILLS, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1982", dated October 1, 1982; 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
taxes; enacting provisions incident and related to
the subject and purpose of this ordinance; and
providing an effective date.
WHEREAS, the City Council of the City of North Richland
Hills, Texas, hereby finds and determines that general
obligation bonds of the City in the total principal amount
of $4,500,000 should be issued and sold at this time; such
general obligation bonds having been approved and authorized
to be issued at an election held August 9, 1980, and a
summary of the general obligation bonds approved at said
election, the respective authorized purposes and amounts
authorized to be issued therefor, amounts previously issued
and being issued pursuant to this ordinance and amounts
remaining to be issued subsequent to the date hereof being
as follows:
Amount Amount
Amount Previously Being Unissued
Purpose Authorized Issued Issued Amount
Street
Improvements $7,000,000 $2,000,000 $4,500,000 $ 500,000
Park
Improvements 1,000,000 -0- -0- 1,000,000
AND WHEREAS, the city Council hereby reserves the right
to issue the balance of general obligation bonds authorized
at the aforesaid election in one or more installments or
series at such time or times as the Council in its sole
discretion shall determine¡ now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS:
SECTION 1: That the bonds of said city, to be known as
"CITY OF NORTH RICHLAND HI LLS, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1982", be and the same are hereby ordered to
be issued in the principal sum of FOUR MILLION FIVE HUNDRED
THOUS&~ DOLLARS ($4,500,000) for the purpose of making
permanent public improvements to wit: street improvements
including drainage incidental thereto, under and by virtue
of the Constitution and laws of the State of Texas.
SECTION 2: That said bonds shall be dated October 1,
1982; shall be numbered consecutively from One (1) through
Nine Hundred (900); shall each be in the denomination of
Five Thousand Dollars ($5,000), and shall become due and
payable serially on September 1 in each of the years and
bear interest at the per annum rates in accordance with the
following schedule:
BOND NUMBERS
(All Inclusive) MATURITY ANOUNT INTEREST
1 - 60 1983 $300,000 %
61 - 120 1984 300,000 %
121 - 180 1985 300,000 %
181 - 240 1986 300,000 %
241 - 300 1987 300,000 %
301 - 360 1988 300,000 %
361 - 420 1989 300,000 %
421 - 480 1990 300,000 %
481 - 540 1991 300,000 %
541 - 600 1992 300,000 %
601 - 660 1993 300,000 %
661 - 720 1994 300,000 %
721 - 780 1995 300,000 %
781 - 840 1996 300,000 %
841 - 900 1997 300,000 %
PROVIDED, HOWEVER, the city reserves the right to
redeem the bonds of tl1is series maturing on September 1,
1993, and subsequent, in whole or any part thereof on
September 1, 1992, or on any interest payment date thereafter,
at the price of par and accrued interest to the date fixed
for redemption; PROVIDED, FURTHER, that at least thirty (30)
days prior to a date any of said bonds are to be redeemed,
a notice of redemption, signed by the City Secretary
(specifying the serial numbers and amount of bonds to be
redeemed), shall have been filed with The Fort Worth
National Bank, Fort Worth, Texas (the paying agent named in
each of said bonds); and if the City shall have made available
by the redemption date funds sufficient to pay the bonds to
be redeemed and accrued interest thereon, any bond or bonds
not presented for redemption pursuant to such notice shall
cease to bear interest from and after the date so fixed for
redemption.
SECTION 3: That said bonds shall bear interest from
date to maturity, or the redemption thereof in accordance
with the terms prescribed therefor, at the per annum rates
shown above, such interest to be evidenced by proper coupons
attached to each of said bonds and said interest shall be
payable on March 1, 1983, and semiannually thereafter on
September 1 and March 1 in each year.
SECTION 4: That both principal of and interest on this
issue of 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 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 of said bonds, or in the alternative, a facsimile of
such seal may be printed on 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 ~o s~ch bonds in connection
with his registration certificate to appeal" thereon, as
hereinafter provided; all in accordance with the provisions
of Article 7l7j-l, V.A.T.C.S.
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SECTION 6: That the form of said bonds shall be sub-
stantially as follows:
NO.
UNITED STATES OF ~~RICA
$5,000
STATE·OF TEXAS
COUNTY OF T~~
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1982
The CITY OF NORTH RICHLAND HILLS, a municipal corporation
of the State of Texas, acknowledges itself indebted to and,
FOR VALUE RECEIVED, hereby promises to pay to bearer, the
principal sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America,
on the FIRST DAY OF SEPTEMBER, 19___, with interest thereon
from the date hereof to maturity, or the redemption hereof
in accordance with the terms prescribed therefor, at the
rate of PER CENT
( %)per annum, such interest being payable on March 1,
1983, and semiannually thereafter on September 1 and March 1
in each year and evidenced by interest coupons attached
hereto.
BOTH PRINCIPAL AND INTEREST are payable only upon
presentation and surrender of this bond and the interest
coupons hereto attached as the same severally become due at
The Fort Worth National Bank, Fort Worth, Texas, without
exchange or collection charges to the owner or holder, and
the bearer of this bond and its appurtenant interest coupons
shal1 be deemed the owner thereof for purposes of receiving
payment and all other purposes, and neither the City nor the
aforementioned place of payment shall be affected by any
notice to the contrary.
THIS BOND is one of a series of bonds, dated October 1,
1982, numbered consecutively from One (1) through Nine
Hundred (900), each in the denomination of Five Thousand
Dollars ($5,000), aggregating in principal amount FOUR
MILLION FIVE HUNDRED THOUSAND DOLLARS ($4,500,000), issued
for the purpose of making permanent public improvements, to
wit: street improvements including drainage incidental
thereto, 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 North Richland Hills, Texas,
and duly recorded in the Minutes of said City Council.
AS SPECIFIED in the ordinance hereinabove mentioned, the
City reserves the right to redeem the bonds of said series
maturing on September 1, 1993, and subseq'J.ent I in "..¡hole or
any part thereof on September 1, 1992, or o~ any interest
payment date thereafter, at the price of par and accrued
interest to the date fixed for redemption; PROVIDED, HOWEVER,
that at least thirty (30) days prior to a date any of said
bonds are to be redeemed, a notice of redemption, signed
by the City Secretary (specifying the serial numbers and
amount of bonds to be redeemed), shall have been filed with
The Fort Worth National Bank, Fort Worth, Texas; and if the
City shall have made available by the redemption date funds
sufficient to pay the bonds to be redeemed ~nd ?ccrued
-3-
interest thereon, any bond or bonds not presented for redemp-
tion pursuant to such notice shall cease to bear interest from
and after the date so fixed for redemption.
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 in 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 has been made for the levying and
collection of taxes, which, when collected, shal1 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 North
Richland Hills, Texas, including the entire series of bonds
of which this bond is one, does not exceed any constitutional
or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the city of
North Richland Hills, Texas, in accordance with the pr0visions
of Article 717j-l, V.A.T.C.S., has caused the ~~- :he
City to be impressed or a facsimile ther~- - ed
hereon, and this bond and its aDT\"-
êxecuted by the imprinted ç
and City Secretary of said
yor
1)0
NO\
\d
COUNTERSIGNED:
'\ C, ,)
, ,
City Secretary, City of
North Richland Hills, Texas
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SECTION 7: That the form
to each of said bonds shall be
,...c:a
_v.L.iows:
NO.
ON THE FIRST .... ùF
, 19
$
*(unless the bond to which this coupon pertains has been
re'1eemed in accordance with its terms,) the CITY OF NORTH
RICHLAND HILLS, a municipal corporation in the County of
Tarrant, State of Texas, hereby promises to pay to bearer
the amount shown hereon in lawful money of the united States
of America, upon presentation and surrender of this coupon,
at. 1'he Fort t..¡orth National Bank, Fort Worth, Texas, without
exchange or collection charges, such amount being interest
duf.; on such date on "CITY OF NORTH RICHLAND HI:'LS, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1982", dated October 1,
1982. Bond No.
City Secretary
Nayor
*NOTE TO PRINTER: The expression In parenthesls to be
included only in coupons maturing Ma~ch 1, 1?93, and
subsequent, pertaining to optional bonds ma~ur~ng ln the
years 1993 through 1997.
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~ .,'.,' ,,~.,-" .....~
SECTION 8: That the following certificate shall be
printed on the back of each bond:
STATE OF TEXAS
§
§
§
REGISTER NO.
OFFICE OF COMPTROLLER
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 Constitutlon and laws of the
State of Texas, and that it is a valid and binding obligation
of the City of North Richland Hills, Texas, and said bond has
this day been registered by me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of PÙblic Accounts
of the State of Texas
SECTION 9: That to provide for the payment of the debt
service requirements on 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' valua-
tion of taxable 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 anå applied to the payment
of 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 SERIES 1982 GENERAL
OBLIGATION BOND FUND", which is hereby established for the
payment of the obligations herein authorized. The 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~~ate to permit a legally
sufficient tax in consideration of all other outstanding
indebtedness.
SECTION 10: That the sale of the bonds herein authorized
to
at the price of par and accrued inte~est to the date of
delivery, plus a premium of $ is hereby confirmed.
De:lvery of said bonds shall be made to said purchasers as
soon as may be after the adoption of th~s ordinance, upon
payment therefor in accordance with t~e terms of sale.
SECTION 11: That the purchase~s' obligation to accept
delivery of the bonds herein authorized is subject to their
being furnished a final opinion of 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 :or such bonds.
Printing of a true and correct copy of said opinion on the
reverse side of each of said bonds, ~~~h 2?p~opriate certifi-
cate pertaining thereto executed by facslmile slgnature of the
City Secretary of the city of North Richland Hills, Texas,
is hereby approved and authorized.
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77f
AN ORDINANCE by the city Council of the city of
North Richland Hills, Texas, authorizing the
issuance of $4,500,000 "CITY OF NORTH RICHLAND
HILLS, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1982", dated October 1, 1982; 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
taxes; enacting provisions incident and related to
the sUbject and purpose of this ordinance; and
providing an effective date.
WHEREAS, the City Council of the City of North Richland
Hills, Texas, hereby finds and determines that general
obligation bonds of the City in the total principal amount
of $4,500,000 should be issued and sold at this time; such
general obligation bonds having been approved and authorized
to be issued at an election held August 9, 1980, and a
summary of the general obligation bonds approved at said
election, the respective authorized purposes and amounts
authorized to be issued therefor, amounts previously issued
and being issued pursuant to this ordinance and amounts
remaining to be issued subsequent to the date hereof being
as follows:
Amount Amount
Amount Previously Being Unissued
Purpose Authorized Issued Issued Amount
Street
Improvements $7,000,000 $2,000,000 $4,500,000 $ 500,000
Park
Improvements 1,000,000 -0- -0- 1,000,000
AND WHEREAS, the city Council hereby reserves the right
to issue the balance of general obligation bonds authorized
at the aforesaid election in one or more installments or
series at such time or times as the Council in its sole
discretion shall determine; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS:
SECTION 1: That the bonds of said City, to be known as
"CITY OF NORTH RICHLAND HILLS, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1982", be and the same are hereby ordered to
be issued in the principal sum of FOUR MILLION FIVE HUNDRED
THOUS&~ DOLLARS ($4,500,000) for the purpose of making
permanent public improvements to wit: street improvements
j.ncluding drainage incidental thereto, under and by virtue
of the Constitution and laws of the State of Texas.
SECTION 2: That said bonds shall be dated October 1,
1982; shall be numbered consecutively from One (1) through
Nine Hundred (900); shall each be in the denomination of
Five Thousand Dollars ($5,000), and shall become due and
payable serially on September 1 in each of the years and
bear interest at the per annum rates in accordance with the
following schedule:
BOND NUMBERS
(All Inclusive) MATURITY M10UNT INTEREST
1 - 60 1983 $300,000 %
61 - 120 1984 300,000 %
121 - 180 1985 300,000 %
181 - 240 1986 300,000 %
241 - 300 1987 300,000 %
301 - 360 1988 300,000 %
361 - 420 1989 300,000 %
421 - 480 1990 300,000 %
481 - 540 1991 300,000 %
541 - 600 1992 300,000 %
601 - 660 1993 300,000 %
661 - 720 1994 300,000 %
721 - 780 1995 300,000 %
781 - 840 1996 300,000 %
841 - 900 1997 300,000 %
PROVIDED, HOWEVER, the city reserves the right to
redeem the bonds of tl1is series maturing on september 1,
1993, and subsequent, in whole or any part thereof on
September 1, 1992, or on any interest payment date thereafter,
at the price of par and accrued interest to the date fixed
for redemption; PROVIDED, FURTHER, that at least thirty (30)
days prior to a date any of said bonds are to be redeemed,
a notice of redemption, signed by the City Secretary
(specifying the serial numbers and amount of bonds to be
redeemed), shall have been filed with The Fort Worth
National Bank, Fort Worth, Texas (the paying agent named in
each of said bonds); and if the City shall have made available
by the redemption date funds sufficient to pay the bonds to
be redeemed and accrued interest thereon, any bond or bonds
not presented for redemption pursuant to such notice shall
cease to bear interest from and after the date so fixed for
redemption.
SECTION 3: That said bonds shall bear interest from
date to maturity, or the redemption thereof in accordance
with the terms prescribed therefor, at the per annum rates
shown above, such interest to be evidenced by proper coupons
attached to each of said bonds and said interest shall be
payable on March 1, 1983, and semiannually thereafter on
September 1 and March 1 in each year.
SECTION 4: That both principal of and interest on this
issue of 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 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 of said bonds, or in the alternative, a facsimile of
such seal may be printed on 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 s~ch bOTIds in connection
wi th his registration certificate to appear:- thereon, as
hereinafter provided; all in accordance with the provisions
of Article 717j-l, V.A.T.C.S.
-2-
· . ..~. ,.. ."." ~.~..,,~...- _._~.""'" -,.,"......~"
SECTION 6: That the form of said bonds shall be sub-
stantially as follows:
NO.
UNITED STATES OF ~~RICA
$5,000
STATE 'OF TEXAS
COUNTY OF TARK~
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1982
The CITY OF NORTH RICHLAND HILLS, a municipal corporation
of the State of Texas, acknowledges itself indebted to and,
FOR VALUE RECEIVED, hereby promises to pay to bearer, the
principal sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United states of America,
on the FIRST DAY OF SEPTEMBER, 19___, with interest thereon
from the date hereof to maturity, or the redemption hereof
in accordance with the terms prescribed therefor, at the
rate of PER CENT
( %)'per annum, such interest being payable on March I,
1983, and semiannually thereafter on September 1 and March 1
in each year and evidenced by interest coupons attached
hereto.
BOTH PRINCIPAL AND INTEREST are payable only upon
presentation and surrender of this bond and the interest
coupons hereto attached as the same severally become due at
The Fort Worth National Bank, Fort Worth, Texas, without
exchange or collection charges to the owner or holder, and
the bearer of this bond and its appurtenant interest coupons
shall be deemed the owner thereof for purposes of receiving
payment and all other purposes, and neither the City nor the
aforementioned place of payment shall be affected by any
notice to the contrary.
THIS BOND is one of a series of bonds, dated October 1,
1982, numbered consecutively from One (1) through Nine
Hundred (900), each in the denomination of Five Thousand
Dollars ($5,000), aggregating in principal amount FOUR
MILLION FIVE HUNDRED THOUSAND DOLLARS ($4,500,000), issued
for the purpose of making permanent public improvements, to
wit: street improvements including drainage incidental
thereto, 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 North Richland Hills, Texas,
and duly recorded in the Minutes of said City Council.
AS SPECIFIED in the ordinance hereinabove mentioned, the
City reserves the right to redeem the bonds of said series
maturing on september 1, 1993, and subsequent, in ',-¡hole or
any part thereof on September 1, 1992, or O~ any interest
payment date thereafter, at the price of par and accrued
interest to the date fixed for redemption; PROVIDED, HOWEVER,
that at least thirty (30) days prior to a date any of said
bonds are to be redeemed, a notice of redemption, signed
by the City Secretary (specifying the serial numbers and
amount of bonds to be redeemed), shall have been filed with
The Fort Worth National Bank, Fort Worth, Texas; and if the
City shall have made available by the redemption date funds
sufficient to pay the bonds to be redeemed ~nd ~ccrued
-3-
interest thereon, any bond or bonds not presented for redemp-
tion pursuant to such notice shall cease to bear interest from
and after the date so fixed for redemption.
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that
the issuance of this bonÖ and the series of which it lS a
part is duly authorized by law and by an election held for
that purpose in 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 has been made for the levying and
collection of taxes, 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 North
Richland Hills, Texas, including the entire series of bonds
of which this bond is one, does not exceed any constitutional
or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the city of
North Richland Hills, Texas, in accordance with the provisions
of Article 717j-l, V.A.T.C.S., has caused the seal of the
City to be impressed or a facsimile thereof to be printed
hereon, and this bond and its appurtenant COUpOIIS to be
executed by the imprinted facsimile signatures of the Mayor
and City Secretary of said City.
Mayor, City of North Richland
Hills, Texas
COUNTERSIGNED:
City Secretary, city of
North Richland Hills, Texas
SECTION 7: That the form of interest coupons attached
to each of said bonds shall be substantially as fol10ws:
NO.
ON THE FIRST DAY OF
, 19
$
*(unless the bond to which this coupon pertains has been
re'1eemed in accordance with its terms,) the CITY OF NORTH
RICHLAND HILLS, a municipal corporation in the County of
Tarrant, State of Texas, hereby promises to pay to bearer
the amount shown hereon in lawful money of the united States
of America, upon presentation and surrender of this coupon,
at The Fort Worth National Bank, Fort Worth, Texas, without
exchange or collection charges, such amount being interest
dl~e on such date on IICITY OF NORTH RICHLAND HI::"LS, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1982", dated October 1,
1982. Bond No.
City Secretary
Hayor
*NOTE TO PRINTER: The expression ln parenthesls to be
included only in coupons maturing Ma~ch 1, l?93, and
subsequent, pertaining to optional bonds ma-:.ur::..ng 111 the
years 1993 through 1997.
-4-
,_ .,.._,'... "'C, n' ,,,_,,..C....'" .. >' ~..._" ..'~
SECTION 8: That the following certificate shall be
printed on the back of each bond:
STATE OF TEXAS
§
§
§
REGISTER NO.
OFFICE OF COMPTROLLER
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 Constitutlon and laws of the
state of Texas, and that it is a valid and binding obligation
of the City of North Richland Hills, 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 to provide for the payment of the debt
service requirements on said bonds, being (i) the interest
on said bonds and (ii) a sinking £und 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· valua-
tion of taxable 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 said debt service requirements, and the same shal1 not be
diverted to any other purpose. The taxes so levied shall be
paid into a fund known as "SPECIAL SERIES 1982 GENERAL
OBLIGATION BOND FUND", which is hereby established for the
payment of the obligations herein authorized. The 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~~ate to permit a legally
sufficient tax in consideration of all other outstanding
indebtedness.
SECTION 10: That the sale of the bonds herein authorized
to
at the price of par and accrued inte~est to the date of
delivery, plus a premium of $ is hereby confirmed.
De~lvery of said bonds shall be made to said purchasers as
soon as may be after the adoption of ~~~s ordinance, upon
payment therefor in accordance with t~e terms of sale.
SECTION 11: That the purchase~s' obligation to accept
delivery of the bonds herein authorized is subject to their
being furnished a final opinion of 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 said bonds, ~~t~ appropriate certifi-
cate pertaining thereto executed by facs~mile slgnature of the
city Secretary of the City of North Richland Hills, Texas,
is hereby approved and authorized.
-5-
II
. ,,'
SECTION 12: That the city hereby certifies and covenants
that the proceeds of the bonds are needed at this time to
finance the costs of capital improvements planned by the
City; based on current facts, estimates and circumstances,
it is reasonably expected final disbursement of the bond
proceeds will occur within three years from the date of the
receipt thereof by the City; it is not reasonably expected
that the proceeds of the bonds or moneys deposited in the
interest and sinking fund created for the payment of the
bonds will be used or invested in a manner that would cause
them to be or become "arbitrage bonds" within the meaning of
section 103(c) of the Internal Revenue Code of 1954, as
amended, or any regulations or published rulings pertaining
thereto; and save and except for the interest and sinking
fund created herein no other funds or accounts have been
established or pledged to the payment of the bonds. Proper
officers of the city charged with the responsibility in the
issuance of the bonds are hereby authorized and directed to
make, execute and deliver certifications as to facts, estimates
and circumstances in existence as of the date of the 'issue of
the bonds and stating whether there are any facts, estimates or
circumstances which would materially change the city's current
expectations, and the covenants herein made and certifications
herein authorized are for the benefit of the holders of the
bonds and coupons appertaining thereto and may be relied upon
by the bondholders and bond counsel for the City.
SECTION 13 That the Mayor of the City shall be and 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 14: That 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 15: That, in reference to the Official Statement
prepared in the initial offering and sale of the bonds
herein authorized by the city, the City Council ratifies and
confirms its prior approval of the form and content thereof
and hereby approves the form and content of any addenda,
supplement or amendment thereto; the use of such Official
Statement in the reoffering of the bonds by the above named
purchaser(s) is hereby approved and authorized; and the
proper officials of the City are hereby authorized to execute
and deliver a certificate pertaining to said Official Statement
as prescribed therein, dated as of the date of payment for
and delivery of the bonds.
SECTION 16: That this ordinance shall take effect
iw~ediately from and after passage, and it is so ordained.
PASSED AND ADOPTED, this the 13th day of September, 1982.
Mayor, City of North Richland,
Te:-:as
ATTEST:
city Secretary, City of
North Richland Hills, Texas
(city Seal)
r"
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