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HomeMy WebLinkAboutOrdinance 0313 ORDINANCE NO. 313 ORDINANCE AUTHORIZING ISSUANCE OF $500,000 "CITY OF NORTH RICHLAND HILLS, TEXAS, STREET IMPROVEMENT BONDS, SERIES 1970," DATED MARCH 15, 1970 THE STATE OF TEXAS X X COUNTY OF TARRANT X X CITY OF NORTH RICHLAND HILLS X .../ ON THIS, the 23rd day df March, 1970, the City Council of the City of North Richland Hills, Texas, convened in regular session at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of said meeting, giving the date, place and subject thereof, having been posted as prescribed by Article 6252-17, Section 3A, V.A.T.C.S., there being present and in attendance the following members, to-wit: CALVIN F. LUPER MAYOR P. M. DODSON J. ,.. U>j__u~J 1---^-" - _ J_ Ai DICK FARAM J. F. CATO J. B. SANDLIN MORRIS E. RIDDLE ) ) ) ) ) ) ) COUNCILMEN and the following absent: ..ì:' R. "û~aAt\b +- ~A~f\~ b !>. I'A\..\t'l , constituting a quorum; and among other proceedings had by said City Council were the following: The Mayor introduced a proposed ordinance. The ordinance was read in full. Councilman t'\of'.<'OÑ made a motion that any rule re- qU1r1ng an ordinance to be read more than one time or at more than one meeting be suspended and that the ordinance be passed finally. Councilman c.A,-o seconded the motion and, the question be- ing called for, the motion, carrying with it the adoption of the ordinance, carried by the following vote: AYES: Councilmen Dodson, ~ lj, 'P Cato, Sandlin and Riddle. , Faram, NOES: None. The Mayor announced that the ordinance had been finally passed. The ORDINANCE is as follows: ORDINANCE NO. 313 . _..__~_____.__________.._.,u AN ORDINANCE by the City Council of the City of North Richland Hills, Texas, authorizing the issuance ,of $500,000 "CITY OF NORTH RICHLAND HILLS, TEXAS, STREET IMPROVEMENT BONDS, SERIES 1970," dated March 15, 1970, for the purpose of making pe~anent public improvements, to-wit: constructing street improvements in and for said City and inci- dental drainage; prescribing the form of the bonds and the form of interest coupons; levy- ing 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 redemp- tion thereof and providing for the assessment and collection of such taxes; enacting pro- visions 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 Richland 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: con- structing 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 WHEREAS, $2,000,000 of the bonds voted as aforesaid have heretofore been authorized, issued and sold, and it is necessary to issue and sell an additional $500,000 of the bonds voted as aforesaid, the City Council reserving the right and authority 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 for the authorized 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, TEXAS, STREET IMPROVEMENT BONDS, SERIES 1970," be, and the same are hereby ordered to be, issued in the principal sum of FIVE HüNDRED THOUSA~~ 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. .........../'~ . 'Itt, SECTION 2: That said bonds shall be numbered consecu- tively from One (1) through One Hundred (100); shall each be in denomination of Five Thousand Dollars ($5,000), aggregating FIVE HUNDRED THOUSAND DOLLARS ($500,000); shall be dated March 15, 1970; and shall become due and payable serially on March 15 in each of the years in accordance with the following schedule: . BOND NUMBERS (All Inclusive) MATURITY AMOUNT 1 and 2 3 and 4 5 and 6 7 and 8 9 and 10 11 and 12 13 and 14 15 and 16 17 to 19 20 to 22 23 to 25 26 to 29 30 to 33 34 to 37 38 to 41 42 to 46 . 47 to 51 52 to 56 57 to 62 63 to 68 69 to 75 76 to 82 83 to 90 91 to 100 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 $ 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 15,000 15,000 15,000 20,000 20,000 20,000 20,000 25,000 25,000 25,000 30,000 30,000 35,000 35,000 40,000 50,000 PROVIDED, HOWEVER, that the City reserves the right to redeem bonds maturing on March 15 in each of the years 1986 through 1995 of said series, in whole or any part thereof, on March 15, 1985, or on any interest payment date thereafter, at the price of par and accrued interest to the date fixed for redemption; PROVIDED, Fù~THER, that at least thirty (30) days prior to any interest pay- ment 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, ar.d 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 redemp- tion. 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 1972 through )t:t1q at f'I %; (b) Bonds maturing in each of the years ,~ through )~ at (. %; (c) Bonds maturin~ in each of the years'~tJ through »"11- at fø ~/"" %; (d) Bonds maturing in each of the years)1ti- through )c¡cU at _ 1 %; (e) Bo~ds maturing in each of the years,"1t through '~at 1.Jo %; (f) Bonds maturing in each of the years ____ through at %; such interest to be evidenced by proper coupons attached to each of said bonds, and said interest shall be payable on March 15, 1971, and semi-annually thereafter on September 15 and March 15 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 NORTHEAST NATIONAL BA~~, 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 the said bonds. The bonds and interest coupons 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 pro- vided, 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 substan- tiallyas follows: NO. UNITED STATES OF AMERICA $5,000 STATE OF TEXAS COUNTY OF TARRANT CITY OF NORTH RICHLAND HILLS, TEXAS, STREET IMPROVEME~~ BOND, SERIES 1970 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 FIFTEENTH DAY OF MARCH, 19___, with interest thereon from the date hereof to maturity at the 'rate of PER CENTUM ( %) per annum, payable on March 15, 1971, and semi-annually thereafter on September 15 and March 15 in each year; and interest falling due on or prior to maturity hereof is payåble only upon presen- tation 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 BANK, Fort Worth, Texas, or, at the option of the holder, at 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, mnnbered consecutively from One (1) through One Hundred (100), each in denomination of Five Thousand Dollars ($5,000), aggregating FIVE HUh~RED 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 recorded in the Minutes of said City Council. AS SPECIFIED in the ordinance hereinabove mentioned, the City reserves the right to redeem bonds maturing on March 15 in each of the years 1986 through ·1995 of ·this series, in whole or any part thereof, on March 15, 1985, 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 NORTHEAST NATIONAL BA~~, Fort Worth, Texas; and should any bond or bonds not be presented for redemption pursuant to such notice, the same shnll 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 ~s ¿~ly authorized by law and by an election held for that purpose within said City on the 2nd day of April, 1968; that all acts, conditions and things required to be done precedent to and in the issua~ce of this series of bonds and of this bond have been properly done 2nd performed and have happened in regular and due time, form 3GG manner as required by law; that sufficient and proper provisioQ has been made for the levy and collection of taxes which, wheG collected, shall be appropriated exclusively to the payment of this bond and the series of which it is a part, and to the pay- ment 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 WHEREOF, 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 provisions of Article 7l7j-l, V.A.T.C.S.; the date of this bond, in conformity with the ordi- nance above referred to, being the FIFTEENTH DAY OF MARCH, 1970. COUNTERSIGNED: Mayor, City of North Rièhland Hills, Texas 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 FIFTEENTH 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 FORTH WORTH NATIONAL BANK, Fort Worth, Texas, or, at the option of the holder, at NORTHEAST NATIONAL BANK, Fort Worth, Texas, without exchange or collection 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 1970," dated March 15, 1970. Bond NO. City Secretary Mayor . *NOTE TO PRINTER: The expression in parentheses to be included only in coupons maturing September 15, 1985, and subseque~t, per- taining to optional bonds maturing in the years 1986 through 1995. SECTION 8: That the following certificate shall be printed on the back of each bond: STATE OF TEXAS x X X REGISTER NO. OFFICE OF COMPTROLLER .1 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 upon said 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 the 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), the~e 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 IISPECIAL STREET IMPROVEMENT BOND FUND, SERIES 1970" 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 suffi~ient 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. SECTION 10: That the Mayor 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 Comptroller of Public Accounts. , to SECTION 11: That the sale of the bonds herein authorized ~'~~'T .sov""~~C.$T c.o~'A~'I, ~"'\à ~.s.s.0c:..IA-'tC3 at the price of par and accrued interest to date of delivery, plus a premium of $ - 0 - , is hereby confinned. 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 12: The purchasers' obligation to accept delivery of the bonds herein authorized is subject to their being furnished a final opinion of Messrs. Dumas, Huguenin and Boothman, Attorneys, Dallas, Texas, approving such bonds as to their validity, said opinion to be dated and delivered as of the date of delivery and paymen·t for such bonds. Printing of a true and correct copy of said opinion on the reverse side of each of such bonds, with appro- priate certificate pertaining thereto executed by facsimile signa- ture of the City Secretary of the City of North Richland Hills, Texas, is hereby approved and authorized. SECTION 13: That the public importance of this measure and the fact that it is to the best interest of the City to pro- vide 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 23rd day of March, 1970. MayC~~~=L Texas Hills, . ~: RJ~ ~itY ~y, City of North . . Richland Hills, Texas (City Seal) 1=T~:;¡~Î City Attorney, City of North Richland Hills, Texas .... FRANK J, MEDANICH VICE PRESIDENT :FIRST SotdIuv-eJl: COMPANY INVESTMENT BANKERS MERCANTILE BANK BUILDING DALLAS, TEXAS 75201 March 20, }970 Mrs. Eva1yn R. Huston City Secretary City of North Rich1and Hills 4] O} Morgan Circle Fort Worth, Texas 76118 Dear Eva1yn: A ttached is a copy of the proposed ordinance we discussed on the telephone this morning. Please preserve it as it will become your file copy. See you next Monday night. SinC~y, ~. - 'l ~ ".tVf FJM:srk Enclosure /rr~. vvt1 j / A ; ""¿// , ~ ;1 :; 51 Ii )1 8 r 'S )^ r. r¡ ·n· 1-2 'OC let !. O^ 821 IE me LE me ... TA re I. : M ¡nft !we .EI .ES m. - LEGAL AFFIDAVIT THE STATE OF TEXAS: COUNTY OF TARRANT: Before me, the undersigned authority on this day personally appeare~leanor Lewisknown to me to be a credible person. who first being sworn, deposed and upon her oath said: Bookkeeper Mid Cities Daily News That she is the of the " a newspaper which has been regularly and continuously published and of general circulation in the City/Town of Hurst _, for a period of more than one year next preceding the first publication of the attached Lp.~Rl Notice and that he caused said notice to be published in said newspaper on the following date/so 3/30/70 That the attached is a true and correct copy of said notice as pub- Mid Cities Daily News lished on said date/sin said Ýø~,~~' 1st April Sworn to and subscribed before me, this the_day of_, 1970 ~ .u PUblic,Tarrant County, Texas ATTACH LEGAL COPY HERE ,.