HomeMy WebLinkAboutOrdinance 0448
ORDINANCE NO. 448
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ORDINANCE AUTHORIZING ISSUANCE OF $500,000
"CITY OF NORTH RICTTLAND HILLS, TEXAS, STREET
IMPROVEMENT BONDS, SERIES 1973," DATED
MARq-r 1, 1.97:3 _
COUNTY
OF
TA RRANT
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THE STATE OF TEXAS
CITY OF NORTH RICHLAND
I-TILLS
ON THIS, the 12th day of February, 1973, the City Council of
the City of North Rich1and Hills, Texas, convened in regular ses-
sion at the regular meeting place thereof in the City Hall, the
meeting being open to the public and notice of said meeting, giv-
ing the date, place and subject thereof, having been posted as
pres cribed by Article 6252 -17, Section 3A, V.A. T. C. S., there
being present and in attendance the following members, to wit:
~IIDn<)Œl<XImSm
)t«YKæ(X
DICK FARAH
TOM E. NEVJMA N
J. F. GATO
WA LTER SMITH
NOm1AN E1"1..IS
LLOYD McKIN1~EY
JoANN GOODNIGHT
MA YOR PRO TEN
)
)
)
)
)
)
COUNCILMEN
and with the fol1mdng absent: MAYOR MARION L. MASSEY _
constituting a quorum; and among other proceeètngs had by said
City Council were the following:
The Nayor introduced a proposed ordinance. The ordinance
was read in full.
Councilman ,__ Ellis made a motion that any rule
requiring an ordinance to be read more than one time or at more
~han one meeting be suspended and that the ordinance be passed
finally. Councilman" Cato _ _, ___ seconded the motion
and, the question being called for, the motion, carrying with
it the adoption of the ordinance, carried by the following vote:
AYES: Councilmen ~~m, Newman, Cato, Smith,
Ellis, HcKinney and Mrs. Goodnight.
NOES: None.
The Mayor/ announced that the ordinance had been finally
passed. Pro Tern
The ORDINANCE is as follows:
AN ORDINANCE by the City Council of the City of
North Richland Hills, Texas, authorizing the
issuance of $500,000 "CITY OF NORTH RICHIAND
HILLS, TEXAS, STREET IMPROVEMENT BONDS, SERIES
1973," dated Harch 1, 1973, for th.e purpose of
making permanent public improvements, to wit:
constructing street improvements in and for
said City and incidental drainage; prescribing
the form of the bonds and the form of 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 re-
demption thereof and providing for the assess-
ment and collection of such taxes; enacting
provisions incident and relating to the subject
and purpose of this ordinance; and declaring
an emergency.
WHEREAS, pursuant to an election held in the City of North
Rich1and Hills, Texas, on the 2nd day of April, 1968, this City
Council became authorized and empowered to issue $4,380,000 general
obligation bonds of the City to mature serially over a period of
years not to exceed 40 years from their date for the purpose of
making permanent public improvements, to wit: constructing street
improvements in and for said City and incidental drainage; and,
WHEREAS, under the provisions of Article 717k-2, V.A.T.C.S.,
this City Council is now empowered to issue and sell such bonds at
any price or prices and to bear interest at any rate or rates that
shall be determined within the discretion of this governing body;
and,
~~EREAS, $3,000,000 of the bonds voted as aforesaid have
been heretofore authorized, issued and sold in four installments,
and it is necessary to issue and sell an additi nal $500,000 of
the bonds voted, the City Council reserving the right and autho-
rity to issue the remaining amount of such voted authorization in
one or more series at a future date or dates when, in its judgment,
such amounts are needed to accomplish the voted purpose; 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, TEX1\S, STREET IHPROVEMENT BONDS, SERIES
1973)" be and the same are hereby ordered to be issued in the,
principal sum of FI\~ HUNDRED THOUSAND DOLLARS ($500,000), for
the purpose of making permanent public improvements, to wit:
constructing street improvements in and for said City and inci-
dental drainage, under and by virtue of the Constitution and laws
of the State of Texas.
SECTION 2: That said bonds shall be numbered consecutively
from bne (1) through One Hundred (100); shall each be in denomi-
nation of Five Thousand Dollars ($5,000), aggregating FIVE HU~"'DRED
THOUSAND DOLLARS ($500,000); shall be dated March 1, 1973; and
sh 1 become due and payable serially on September 1 in each of
th ears in accordance wi.th the follovJing schedule:
BOND NUMBERS
(All Inc1us ive) MATURITY AMOUNT
1 to 5 1976 $25,000
6 to 10 1977 25,000
11 to 15 1978 25,000
16 to 20 1979 25,000
21 to 25 1980 25,000
26 to 30 1981 25 ,000
31 to 35 1982 25,000
36 to 40 1983 25,000
41 to 45 1984 25,000
46 to 50 1985 25,000
51 to 55 1986 25,000
56 to 60 1987 25,000
61 to 65 1988 25,000
66 to 70 1989 25,000
71 to 75 1990 25,000
76 to 80 1991 25,000
81 to 85 1992 25,000
86 to 90 1993 25,000
91 to 95 1994 25,000
96 to 100 1995 25,000
PROVIDED HOWEVER, that the City reserves the right to redeem bonds
maturing in eách of the years 1989 through 1995 of said series, in
whole or any part thereof, on September 1, 1988, 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 any interest payment date upon which 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 the NORTHEAST NATIONAL BANK, Fort Worth,
Texas (the paying agents named in each of said bonds); and should any
bond or bonds not be presented for redemption pursuant to such notice,
the same 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 at the following rates per annum:
(a) Bonds maturing in each of the years 1976
through 1979 at 6.50%;
(b) Bonds maturing in the year 1980 at 5%;
(c),
(d)
Bonds maturing in each of the years 1981
through 1983 at 4.50%;
Bonds ma turing in each of the years 1984
and 1985 at 4.75%;
Bonds maturing in the year 1986 at 4.80%;
(e)
(f) Bonds maturing in the year 1987 at 4.90%; ,
(g) Bonds maturing in each of the years 1988
and 1989 at 5%;
(h) Bonds maturing in the year 1990 at 5.10%;
(i) Bonds maturing in each of the years 1991
and 1992 at 5.20%;
(j) Bonds maturing in the year 1993 at 5.25%; and
(k) Bonds maturing in each of the years 1994
and 1995 at 4.50%;
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on September 1,
1973) and semiannually thereafter on March 1 and September 1 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 FORT WORTH NATIONAL BANK, Fort Worth, Texas, or, at the option
of the holder, at the NORTHEAST NATIONAL BANK, Fort Worth, Texas,
upon presentation and surrender of bonds or proper coupons.
~ECTION 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 cou-
pons appurtenant thereto may be executed by the imprinted fac-
simile 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 7l7j-1, V.A.T.C.S.
SECTION 6: That the form of said bonds shall be substan-
tia1lyas follows:
NO.
UNITED STATES OF AMERI CA
$5,000
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF ,NORTH RI CHUND HILLS, TEXAS, STREET
IMPROVEMENT BOND, SERIES 1973
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 SEPTEMBER, 19 , with interest thereon from the
date hereof to maturity at' the rate of PER CENTUM
( %) per annum, payable on September 1, 1973, and semiannu-
ally thereafter on March 1 and September 1 in each year; and
interest falling due on or prior to maturity hereof is payable
only, upon presentation and surrender of the interest coupons
hereto attached, as they severally become due.
BOTH PRINCIPAL OF and interest on this bond are hereby made
payable at THE FORT WORTH NATIONAL BA~~, Fort Worth, Texas, or,
at the option of the holder, at the NORTHEAST NATIONAL BANK, Fort
Worth, 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 North Richland Hills, Texas, are hereby irrevocably pledged.
THIS BOND is one of a series of One Hundred (100) serial
bonds, numbered consecutively from One (1) through One Hundred
(100), each in denomination of Five Thousand Dollars ($5,000),
aggregating FIVE HUNDRED THOUSAND DOLLARS ($500,000), issued for
the purpose of making permanent public improvements, to wit: con-
structing street improvements in and for said City and incidental
drainage, 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 re-
corded in the Minutes of said City Council.
AS SPECIFIED in the ordinance hereinabove mentioned, the
City reserves the right to redeem bonds maturing in each of
the years 1989 through 1995 of this series, in whole or any
part thereof, on September 1, 1988, 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 any interest payment date upon which
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 the NORTHEAST
NATIONAL BAN1Z, Fort Worth, Texas; and should any bond or bonds
not be presented for redemption pursuant to such notice, the
same shall cease to bear interest from and after the date so
fixed for redemption.
IT IS HEREBY CER~IFIED, RECITED AND REPRESENTED that the
issuance of this bondnd the series of which it is a part is
duly authorized by law and by 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 regular and due time, form and manner as required
by law; that sufficient and proper provision has been made for the
levy and collection of taxes which, when collected, shall be ap-
propriated 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 is one, does not exceed
any constitutional or statutory limitation.
IN TESTIMONY ~lEREOF, the City Council of the City of North
Richland Hills, 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 Secretary of said City,
in accordance with the prov~s~ons of Article 7l7j-l, V.A.T.C.S.;
the date of this bond, in conformity with the ordinance above
referred to, being the FIRST DAY OF MARCH, 1973.
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 follows:
NO.
ON THE FIRST DAY OF
19
$
*(unless the bond to which this coupon pertains has been properly
called for redemption in accordance with its terms,) the CITY OF
NORTH RICHLAND HILLS, a municipal corporation of the State of Texas,
hereby promises to pay to bearer, at THE FORT WORTH NATIONAL BANK,
Fort Worth, Texas, or, at the option of the holder, at the NORTH-
EAST NATIONAL BANK, Fort Worth, Texas, without exchange or collec-
tion charges to the owner or holder, the sum of
DOLLARS
($ ), in lawful money of the United States of America, said
sum being months' interest due that day on "CITY OF NORTH
RICHLAND HILLS, TEXAS, STREET IMPROVEMENT BOND, SERIES 1973,"
dated March 1, 1973. Bond No.
City Secretary
Mayor
SECTION 8: That the following certificate shall be printed
on the back of each bond:
STATE OF TEXAS
I
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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 1a,v, 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 North Richland
Hills, Texas, and said bond has this day been registered by me.
WITNESS MY HAÏ\.T}) AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas
-'¡'(NOTE TO J)~INTER: The expression in parentheses to be included OJ
in coupons maturing March 1, 1989 and subsequent, pertaining to
optional bonds maturing in the years 1989 through 1995.
SEGTION 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 diverted
to any other purpose. The taxes so levied shall be paid into a
fund known as "SPECIAL STREET IMPROVEMENT BOND FUND, SERIES 1973,"
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. BE IT FURTHER ORDERED that to pay
the installment of interest in the amount of $ /2)93L2...:J-- to
become due on said bonds on September 1, 1973, the sum of
$ )2, 9'3 ,2S' is hereby appropriated out of funds now òn hand
lega{ly available for such purpose and unappropriated to any
other purpose, and the City Treasurer is hereby ordered and di-
rected to set aside said amount to the credit of this series of
bonds, and the said amount shall be applied to the purpose stated
and none other.
SECTION 10: That the Hayor 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 control of the
bonds herein authorized pending their approval by the Attorney
General and their registration by the Comptro1: er of Pub1lic
Accounts.
SECTION 11: That the sale of the bonds herein authorized
to
RepublIC Npf/~N¡Q/
ßPN k tJ-t b/-J / )/Js
at the price of par and accrued interest to date of delivery, plus
a premium of $ /2.$', ÎS 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 accor-
dance with the terms of sale.
SECTION 1~: The purchasers~ obligation to accept delivery
of the bonds herein authorized is subject to their being furnished
a final opinion of Hessrs. Dumas, Huguenin, Boothman and Norrow,
Attorneys, Dallas, Texas, approving such bonds as to their valid-
ity, 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 op1n1on on the reverse side of each of such
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.
_SECTI9N lJ_= That the City hereby covenants that the pro-
ceeds from the sale of said bonds will be used as soon as prac-
ticable for the purpose for which said bonds are issued; that
such proceeds will not be invested in any securities or obliga-
tions 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 14: That the public importance of this measure and
the fact that it is to the best interest of the City to provide
funds for the street improvements contemplated at the earliest
possible date constitute and create an emergency and an urgent
public necessity, requiring that any rule providing for ordinances
to be read more than one time or 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 any such rules
or provisions are accordingly suspended and this ordinance is
passed as an emergency measure, and shall take effect and be in
full force from and after its passage.
PASSED AND APPROVED, this the 12th day of February, 1973.
,¿tA/ --=:Ja1thn!
Mayor, City of North Richland Hills,
Pro-Tern Texas
ATTEST:
nflllJ1ø--1 a~<,l
City ~~tary, City of North Richland
Hills, Texas
(City Seal)
APPROVED AS TO LEGALITY:
C/"/ ~
~/~J~
City Attorney, City of North Richland
Hills, Texas
APPROVED:
~7~~~
MAYOR, City of North RiChlan~
Texas u nJ.J..J.~(;I