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HomeMy WebLinkAboutOrdinance 0872 . . é) R O. ';If' :t1J- AN ORDINANCE by the City Council of the City of North Richland Hills, Texas, authorizing the issuance of $2,000,000 "CITY OF NORTH RICHLAND HILLS, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981", dated March 1, 1981; prescribing the form of bonds and the form of the interest coupons; levying a continuing direct annual ad valorem tax on all taxable proDerty 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 collec- tion of taxes; enacting provisions incident and re- lated to the subject and purpose of this ordinance; and providing an effective date. vffiEREAS, pursuant to an election held on August 9, 1980, the City Council öf the City of North Richland Hills, Texas, became authorized and empowered to issue general obligation bonds of the City; a summary of the amount of general obligation bonds voted at said election and authorized purposes for which the same can be issued being as follows: Amount Authorized Authorized PUrPose . $ 7 , 000,000 1,000,000 Street Improvements Park Purposes AND WHEREAS, this Council hereby finds and determines that $2,000,000 in principal amount of the general obliRation bonds authorized at the aforesaid election for street imnrovements should be issued and sold at this time in one installment; and vÆŒREAS, this Council further reserves the ri~ht to issue the remaining amounts of general obli~ation bonds authorized at said election in one or more installments at such time and in such manner as the Council shall determine; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RI CHLAND HILLS, TEXAS: SECTION 1: That the bonds of said City, to be known as "CITY OF NORTH RICHLAND HILLS, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981fl, be and the same are hereby ordered to be issued in the Drin- cipal sum of TWO MILLION DOLLARS ($2,000,000), for the purpose of making permanent public improvements, to wit: street imDrovements, 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 numbered consecutively from One (1) through Four Hundred (400), shall each be in the denomina- tion of Five Thousand Dollars ($5,000), shall be dated March 1, 1981; and shall become due and pavable serially on March 1 in each of the years and bear interest at' the per annum rates in accordance with the following schedule: BOND NUMBERS INTEREST (All Insclusive) MATURITY AMOUNT RATES 1 to 20 1983 $100,000 % 21 to 40 1984 100,000 % 41 to 60 1985 100,000 % 61 to 80 1986 100,000 % 81 to 100 1987 100,000 % 101 to 120 1988 100,000 % l21 to 140 1989 100,000 % 141 to 160 1990 100,000 % 161 to 180 1991 100,000 % .18l to 200 1992 100,000 % 201 to 220 1993 100,000 % 221 to 240 1994 100,000 % 241 to 280 1995 200,000 % 281 to 320 1996 200,000 % 321 to 360 1997 200,000 % 361 to 400 1998 200,000 70 PROVIDED, HOWEVER, that the City reserves the right to redeem the bonds of this series maturing on March I, 1992, and subsequent, in whole or any part thereof, on March 1, 1991, or any interest pay- ment date thereafter, at the price of par plus accrued interest to the date fixed for redemption; PROVIDED, FURTHER, that at least thirty (30) days prior to a date any 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 redeeme¿) shall have been filed with THE FORT WORTH NATIO~~L BANK, Fort Worth, Texas (the paying agent named in each of said bonds); and if the City shall have made available by the date of redemption funds in amounts 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 redemDtion. 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 interest shall be payable on March 1, 1982, and semi- annually thereafter on September I 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 interes t coupons aDDurtenant 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 sarr~ effect as if such bonds and COUDons had been signed by the Mayor and City Secretary in person by their manual signatures. Inasmuch as such bonds are required to be regis- tered 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. '. SECTION 6: That the form of said bonds shall be substantially as follows: NO. UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF NORTH RICHLAND HILLS, TEXAS GENERAL OBLI~ATION BOND, SERIES 1981 $5,000 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 sum of FIVE THOUSAND DOLLARS ($5,000), in lawful money of the United States of America, on the FIRST DAY OF NARCH, , 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 CENTUM ( %) per annum, such interest being payable on March 1, 1982, 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 HORTH NATIONAL BANK, Fort Worth, Texas, without exchange or collection charges to the bearer thereof, and the bearer of this bond and its apDurtenant interest coupons shall be deemed the absolute 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 1, 1981, numbered consecutively from One (1) through Four Hundred (400), each in the denomination of Five Thousand Dollars ($5,000), aggregating in principal amount TWO MILLION DOLLARS ($2,000,000), 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' March 1, 1992, and subsequent, in whole or any part thereof, on March 1, 1991, or on any interest payment date thereafter, at the price of par and accrued interest to the date fixed for redemption; PROílIDED, HOw"EVER, 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 nurobers 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 date of redemption funds in amounts 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 redemp- tion. 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 pre- cedent to and in the issuance of this series of bonds and of this bond have been properly done and performed, and have hapuened 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 indebted- ness of the City of North Richland Hills, Texas, including the en- tire series of bonds of which this bond is one, does not exceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, the Ci ty Council of the Ci ty of North Rich1and 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 with the imDrinted facsimile signatures of the Mayor and City Secretary of said City, /' xC·~ ' I // /' /1 c,/7--'-iI4dm/ M&ior, City of North Richland Hills, Texas COUNTE RS IGNED : ~d/n/~ '1n ~ Ci Secretary, City of North Richland H lIs, Texas SECTION 7: That the form of interes t coupons attached to each of said bonds shall be substantially as follows: NO. ON THE FIRST DAY OF $ *(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 sur- render of this coupon, at THE FORT WORTH NATIONAL BANK, 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 1981", dated March 1, 1981. Bond No. ~ (;2¿~ 'Il) ~j /7J¡~!--:-)kmt/ ¡;:;./ City Secretary C- Mayor *NOTE TO PRINTER: The expression in parenthesis to be included only in coupons maturing September I, 1991, and subsequent, pertaining to optional bonds maturing in the years 1992 through 1998. 1 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 a~d 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 COmDtroller of Public Accounts or the State of Texas SECTION 9: That to provide for the payment of the debt ser- vice 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' valuation of taxable property in said City, ade- quate 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 fdiverted to any other purpose. The taxes so levied shall be paid into a fund known as "SPECIAL SERIES 1981 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 obligations. SECTION 10: That the sale of the bonds herein authorized to at the price of par and accrued i.nterest to the date of delivery, plus a premium of $ , is hereby confirmed. Delivery of the bonds shall be made to said Durchasers as soon as may be after the adoption of this ordinance, upon payment there- for in accordance with the terms of sale. SECTION II: That the purchasers' obligation to accept delivery of the bonds herein authorized is subject to their being furnished 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 oDinion on the reverse side of each of said bonds, with appropriate certificate pertaining thereto executed by facsimile signature of the City Secretary of the City of North Richland Hills, Texas, is hereby approved and authorized. ~1i"-':.. , , , . SECTION 12: That the City hereby certifies and covenants that the Droceeds 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 wi thin' three years from the date of the receipt thereof by the City; it is not reason- ably expected 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 the bonds 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 for the payment of the bonds. Proper officers of the City charged with the resDonsibility 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 cir- - cumstances which would materially change the City's current ex- pectations, 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 bond- holders 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 pre- pared in the initial offering and sale of the bonds herein author- ized 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 addendas, suuplements and amendments 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 author~ ized to execute and deliver a certificate pertainin~ 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 9th day of February, 1981. d (4,7" 1lttrn/ Mayof, títy of }¿~h Richlaná Hills, Texas ATTEST: ~/~m~ C' Secretary, City of North chland Hills, Texas (City Seal)