HomeMy WebLinkAboutOrdinance 1008
ORDINANCE NO. 1008
AN ORDINANCE by the City Council of the City of
North Richland Hills, Texas, authorizing the
issuance of $1,500,000 "CITY OF NORTH RICHLAND
HILLS, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1983", dated March 1, 1983; 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 $1,500,000 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:
Purpose
Amount
Amount Previously
Authorized Issued
Amount
Being
Issued
Unissued
Amount
Street
Improvements
$7,000,000 $6,000,000
$1,000,000
$ -0-
Park
Improvements
1,000,000 500,000
500,000
-0-
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 1983", be and the same are hereby ordered to
be issued in the principal sum of ONE MILLION FIVE HUNDRED
THOUSAND DOLLARS ($1,500,000) for the purpose of making
permanent public improvements and public purposes, to wit:
$1,000,000 for street improvements including drainage incidental
thereto and $500,000 for acquiring or improving, or both,
land for park purposes, under and by virtue of the Constitution
and laws of the State of Texas.
SECTION 2: That said bonds shall be dated March 1,
1983; shall be numbered consecutively from One (1) through
Three Hundred (300); 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 AMOUNT INTEREST
1 to 20 1984 $100,000 9, Q5 %
21 to 40 1985 100,000 q,~5 %
41 to 60 1986 100,000 q,aS %
61 to 80 1987 100,000 q.~S %
81 to 100 1988 100,000 :B .50 %
101 to 120 1989 100,000 "1'\0 %
121 to 140 1990 100,000 735 %
141 to 160 1991 100,000 Tbo %
161 to 180 1992 100,000 ÎC¡o %
181 to 200 1993 100,000 ~do %
201 to 220 1994 100,000 ~,30 %
221 to 240 1995 100,000 '9. S6 %
241 to 260 1996 100,000 ~ .So %
261 to 280 1997 100,000 ,!> co %
281 to 300 1998 100,000 t(.üú %
PROVIDED, HOWEVER, the City reserves the right to
redeem the bonds of this series maturing on September 1,
1994, and subsequent, in whole or any part thereof, on
September I, 1993, 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 Texas American Bank/Fort Worth,
N.A., 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 September 1, 1983, and semiannually thereafter on
March 1 and September 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 Texas American Bank/Fort
Worth, N.A., 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 such bonds in connection
with his registration certificate to appear thereon, as
hereinafter provided; all in accordance with the provisions
of Article 717j-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 AMERICA
$5,000
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1983
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 the bearer
hereof, 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 September I,
1983, and semiannually thereafter on March 1 and September 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
Texas American Bank/Fort Worth, N.A., 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 March I,
1983, numbered consecutively from One (1) through Three
Hundred (300), each in the denomination of Five Thousand
Dollars ($5,000), aggregating in principal amount ONE MILLION
FIVE HUNDRED THOUSAND DOLLARS ($1,500,000), issued for the
purpose of making permanent public improvements and public
purposes, to wit: $1,000,000 for street improvements including
drainage incidental thereto and $500,000 for acquiring or
improving, or both, land for park purposes, 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 I, 1994, and subsequent, in
whole or any part thereof on September I, 1993, or on 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 Texas American Bank/Fort Worth, N.A., Fort Worth,
Texas; and if the City shall have made available by the
redemption date funds sufficient to pay the bonds to be
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SECTION 8: That the following certificate shall be
printed on the back of 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
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 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 and 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 1983 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 adequate to permit a legally
sufficient tax in consideration of all other outstanding
indebtedness.
SECTION 10: That the sale of the bonds herein authorized
Ç' \QCjf C \T'Y 'NAT\ö\Jf\L. t)r-n,}¥... C'r \-\cù~jro'-\
at the price of par and accrued interest to the date of
delivery, plus a premium of $ -0'- is hereby confirmed.
Delivery of said 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.
to
SECTION 11: That the purchasers' 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, with appropriate certifi-
cate pertaining thereto executed by facsimile signature of the
City Secretary of the City of North Richland Hills, Texas,
is hereby approved and authorized.
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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 l03(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
immediately from and after passage, and it is so ordained.
PASSED AND ADOPTED, this the y of March, 1983.
v1ti .... Ja1~
Ma r, City of North Richland
Hills, Texas
~T : )
-.,'a4J;It) 41î ~
1 secretary,/city of
N th Richland Hills, Texas
(City Seal)
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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.
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, 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 coupons to be
executed by the imprinted facsimile signatures of the Mayor
and City Secretary of said ci tYaA, .
:t.ll . fu~/
M 0, ~~rth Richland
Hills, Texas
COUNTERSIGNED:
Q./~-/zzt lIYJ~
C· Secretary, ~ify of
N rth Richland Hills, Texas
SECTION 7: That the form of interest coupons attached
to each of said bonds shall be substantially as follows:
NO.
ON THE FIRST DAY OF
, 19
$
*(unless the bond to which this coupon pertains has been
redeemed 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 Texas American Bank/Fort Worth, N.A., Fort Worth, Texas,
without exchange or collection charges, such amount being
interest due on such date on "CITY OF NORTH RICHLAND HILLS,
TEXAS, GENERAL OBLIGATION BOND, SERIES 1983", dated March 1,
~::;¡.~~ (ø ~Md~.
~ Clty secret;JY ~dC~ Mayor
*NOTE TO PRINTER: The expression in parenthesis to be included
only in coupons maturing March 1, 1994, and subsequent, pertaining
to optional bonds maturing in the years 1994 through 1998.
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