HomeMy WebLinkAboutOrdinance 0376
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!I THE STATE OF TEXAS I
II COUNTY OF TARRANT ~
iI' ' CITY OF NORTH RICHLAND HILLS ~
Ii ON THIS, the l3th day of October, 1971, the City Council
11 of the City of North Rich1and Hills, Texas, convened in .5 pc oAl
I session at the regular meeting place thereof in the City Hall,
I the meeting being ope'n 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
Î being pr~sent and in attendance the following members, to wit:
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ORD INA~CE NO.
)7{
ORDINANCE AUTHORIZING ISSUANCE OF $820,000
"CI-TY OF NORTH RICHLAND HILLS, TEXAS
CERTIFICATES OF OBLIGATION, SERIES 1971,"
DATED OCTOBER IS, 1971
MARION L. MASSEY
Ma yor
w. N. RATCLIFF
J. R. HUBBARD
W. F. POLSTER
DICK FARAM
J. F. CATO
TOM E. NEWMAN
CHARLES L. OWEN
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Councilmen
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I and with the following absent: FA e.Æ IV\.. ,
I constituting a quorum; and among other proceedings had by said
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I City Council were the following:
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The Mayor ihtroduced a proposed ordinance.
was read in full.
The ordinance
Councilman ¡\..; elL'!\-\ ß/I/ made a motion that any rule
requiring 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 II tJ ßI3Ir 1( D 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 Ratcliff, Hubbard, Polster, F~,
Cato, Newman and Owen.
NOES:
None.
The Mayor announced that the ordinance had been finally
passed.
The ORDINANCE is as follows:
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ORDINANCE BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS, AUTHORIZING·
THE ISSUANCE OF CERTIFICATES OF OBLIGATION
FOR THE PURPOSE OF PURCHASING EXISTING UTILITY
SYSTEMS, PROVIDING THE TERMS AND CONDITIONS
OF SUCH CERTIFICATES AND THE PROCEDURES TO BE
FOLLOWED IN THE ISSUANCE AND DELIVERY OF SUCH
CERTIFICATES; MAKING PROVISION FOR THE PAYMENT
OF SUCH CERTIFICATES BY THE LEVY OF AN AD
VALOREM TAX; ENACTING PROVISIONS INCIDENT AND
RELATING TO THE SUBJECT AND PURPOSE OF THIS
ORDINANCE, AND DECLARING AN EMERGENCY.
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.! WHEREAS, the City Council of the City of North ~ichland Hills
II deems ,it advisable and to the best interest of the City and its
" inhabitants that the certificates of obligation of said city be
:\ issued for the purposes and in the manner hereinafter set forth at
the earliest possible date for the immediate preservation of the
public peace, property, health and safety of the citizens of said
, City, and that by virtue thereof this ordinance shall be passed as
¡, an emergency measure; therefore,
BE IT ORDA~NED BY THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS:
WHEREAS, under the provisions of Section 7 of the
Certificate of Obligation Act of 1971 a city has the requisite power
and authority to issue certificates of obligation and sell said
certificates for cash· for the purpose of purchasing existing utility
systems; and
SECTION l: That for purposes of purchasing an existing
Î utility system or systems, there shall be and there is hereby
ordered to be issued under and by virtue of the Constitution and
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~ laws of the State of Texas, certificates cif obligation of the City
i of North Richland Hills, Texas, in the total principal sum of
¡ EIGHT HUNDRED TWENTY THOUSAND DOLLARS ($820,000) to be known as
II "CITY OF NORTH RICHLAND HILLS, TEXAS, CERTIFICATES OF OBLIGATION,
II SERIES 1971," numbered in consecutiv'e order from One (l) upward,
in denominations of Twenty Thousand Dollars ($20,000), TWènty-
Five Thousand Dollars ($25,000) and Fifty Thousand Dollars ($50,000)
as shown below.
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SECTION 2: Said Certificates shall be dated October l5, 1971
and shall mature serially on·June 15, in each of the years and be in
the denominations shown below:
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Cert ifica te Numbers Denomination Maturity Amount
1 $ 20,000 1975 $ 20,000
2 25,000 1976 25,000
3 25,000 1977 25,000
4 25,000 1978 25,000
5 25,000 1979 25,000
6 25,000 19~0 25,000
7 25,000 1981 25,000
8 25,000 , 1982 25,000
9 25,000 1983 25,000
10 50,000 1984 50,000
11 50,000 1985 50,000
l2 50,000 1986 50,000
l3 50,000 1987 50,000
l4 50,000 1988 50,000
l5 50,000 1989 50,000
16 50,000 1990 50,000
l7 50,000 1991 50,000
18 50,000 1992 50,000
19 50,000 1993 50,000
20 50,000 1994 50,000
21 50,000 1995 50,000
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II PROVIDED, HOWEVER, that the City of North Richland Hills reserves
II the right to redeem the certificates of said series, in whole or
il any part thereof, at any time after they become outstanding at the
I¡ price of par and accrued interest to the date fixed for redemption;
and PROVIDED FURTHER, that at least thirty (30) days prior to the
date upon which any pf said certificates are to be redeemed, a
notice of redemption, signed by the City Secretary (specifying the
'III.' serial numbers and amount of certificates to be redeemed) shall
have been mailed, first class mail, to the registered owner or
I owners of such certificates as shown on the books of the Registrar,
! and should any certificate or certificates not be presented for
redemption pursuant to such notice, the same shall cease to bear
I interest from and after the date so fixed for redemption.
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SECTION 3: The certificates shall bear interest from date to
maturity at the rate of SEVEN PER CENTUM (7%) per annum, which
interest shall be payable to· the registered owner on December l5,
!I! 1972 and semi-annually thereafter on June 1'5 and December l5 of
each year.
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SECTION 4: Each of said certificates shall be signed by
the Mayor, countersigned by the City Secretary, and registered
as an obligation of the City by the City Treasurer of the City
of North Rich1and Hills, Texas, and the corporate 812è1l of LÌ1e "CITY.
OF NORTH RICHlAND HILLS, TEXAS" shall be impressed on each certifica~e,
Principal of and interest on the certificates shall be payable to .
the registered owner as shown on the books of the Registrar. The
Director of Finance of the City of North Richland Hills, Texas shall
i: be the Registrar of the certificates and shall cause a check or
draft of th~ City to be 'issued against the depository bank to pay
the principal of and interest on the certificates as same become due~
.
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The registration ledger to appear on each certificate shall
be in substantially the following form:
REGISTRATION LEDGER
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Date of
Registration
Registered Owner
Registrar's
Authorized Signature
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SECTION 5: The certificates shall not be an obligation
of the City or a charge against its taxing power until initially
registered in the name of the owner thereof by the Director of
Finance, and they shall be initially registered prior to their
delivery to the person or firm entitled to receive them.
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SECTION 6: The certificates shall be in substanti~lly
the form set forth in Exhibit A attached hereto and made a part
of this ordinance for all purposes.
SECTION 7: That to provide for the payment of the debt
service requirements' on the .certificates, ~eing (i) the interest
on said certificates 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 whiÈ said
certificates or interest thereon shall remain outstanding and
unpaid, a sufficient tax an each one hundred dollars' valuation
of taxable property in said City, adequate to pay such debt serv-
ice requirements and full allowance being made for delinquen-
cies and costs 9f collection; said tax shall be assessed and
collected each year and applied to the payment of said debt
service requirements, and same shall not be diverted to any
I other purpose. The taxes so levied shall be paid into a fund
known as "SPECIAL CITY OF NORTH RICHLAND HILLS, TEXAS, CERTIFICATES
I. OF OBLIGATION FUND, SERIES 1971," 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 certificates, it having
been determined that the existing and available taxing authority
of the City for such purpose is adequate to permit a lega lly
l'H1rficÍ(~nt tax in consideration of all other outstanding obli-
ga 1.:. iCJL1S .
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The certificates and interest thereon shall be payable by
a check or warrant (made payable to tl1e registered owner of the
certificate) drawn by the appropriate City officials against the
depository bank of the City at the time such obligation becomes
due and payable.
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~ SECTION 9:
,! authorized to
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Nothing herein shall be construed as prohibiting the
placing of the "SPECIAL CITY OF NORTH RICHLAND HILLS, TEXAS,
CERTIFICATES OF OBLIGATION FUND, SERIES 1971" on special or time
deposit provided appropriate provision is made to transfer amounts
(sufficient to pay maturing principal and interest as the same
become due) to a checking account as contemplated by the preceding
paragraph.
SECTION 8: The Mayor of the City of North Richland Hills
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 certificates herein authQrized pending
their approval by the Attorney General, registra~ion by the
Comptroller of Public Accounts, and delivery to the purchasers
thereof.
The sale of the certificates of obligation herein
FIRST SOUTHWEST COMPANY and
RAUSCHER PIERCE SECURITIES CORPORATION
at the price of par plus accrued interest to date of delivery
plus a premium of $ ·-0- is hereby confirmed and delivery
of said certificates shall be <made to said purchaser as soon as
may be after the adoption of this <ordinance, upon payment therefor
in accordance with the terms of sale.
SECTION lO: That the public important of this measure and
the fact that it is td the best interest of the City to provide
funds for the purposes set forth hereinabove at the earliest pos-
sible 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 rule or pro-
¡ vision is accordingly suspended and this ordinance is passed as an
¡, emergency measure", and shall take effect and be in full force from
II and after its passage.
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PASSED AND APPROVED~~i~~ l3~h day of O;t~r, 1971.
/{ui¿~-.:~4!Vµ&lg
~yo~,'City of~~kic~t:~d H· ,
Texas
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ATTEST:
/(kc~
Ci.ty Secretary,
Richland Hills,
f?~
City of North
Texas
(Ci ty Sea 1)
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APPJ1VED AS TO LEGALITY:
/((~ ~~
/~~ty Attorney, City of North
Richland Hills, Texas
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EXHIBIT A
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I ($ ), in lawful money of the United States of America, with
I' interest thereon from the date hereof to maturity at the rate of
II . SEVEN PER CENTUM (7%) per annum. Interest shall be payable to the
II registered owner hereof on December l5, 1972, and semiannually
II thereafter on June 15 and December lS in each year; and the Treasurer
~ of said City is hereby authorized and di~ected to pay said registere~
I¡ owner said principal sum, together with interest thereon, payable by
!I a check or d,raft of the City, without exchange or collection charges;
!I to such regis,tered oW,ner, out of and from monies belonging to the
, ,interest and sinking fund created for that purpose.
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UNITED STATES OF AMERICA
$
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF NORTH RICHLAND HILLS, TEXAS,
CERTIFICATE OF OBLIGATION, SERIES 1971
·THIS IS TO CERTIFY that, FOR VALUE RECEIVED, the City of
North Richland Hills, a municipal corporation of the State of Texas,
is justly indebted to and hereby obligates itself to pay to the
registered owner hereof, on the FIFTEENTH DAY OF JUNE, 19___, the
sum of
THOUSAND DOLLARS
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THIS CERTIFICATE is one of a series of Twenty One (21) serial
certificates, numbered consecutively from One (l) through Twenty One
(2l), in denomination of Twenty Thousand Dollars ($20,000), Twenty-
five Thousand Dollars, ($25,000) and Fifty Thousand Dollars ($50,000)
aggregating the principal sum of EIGHT HUNDRED TWENTY THOUSAND
DOLLARS ($820,000), issued for the purpose of purchàsing an existing
utility system or systems, under and by virtue of the Constitution
and laws of the State of Texas, including the Certificate of Obliga-
tion Act of 1971,- and in accordance with an ordinance duly passed
and adopted by the Council of the City of North Richland Hills,
and of record in the Minutes of said Council. .
AS SPECIFIED in the ordinanèe hereinabove mentioned, the
City reserves the right to redeem ~he certificates of this series,
in whole or any part thereof, at any time after they become out-
standing, at the price of par and accrued interest to the date
fixed for redemption; PROVIDED, HOWEVER, that at least thirty (30)
days prior to the date upon which any of said certificates are to
be redeemed, a notice of redemption, signed by the City Secretary
(specifying the serial numbers and amount of certificates to be
redeemed) shall have been mailed first class mail, to the registered!
owner or owners of such certificates as shown on the books of the
Registrar; and should any certificate or certificates not be pre-
sented for redemption pursuant to such notice, the same shall cease
to .bear interest from and after the date so fixed for redemption.
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II IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that all
II acts, conditions and things required to be done precedent to
\; and in the issuance of this certificate and the series of which
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i formed in regular and due time, form and manner as required by
~ law; and that the total indebtedness of the City, including this
~ certificate and the series of which it is a part, does not exceed
any constitutionaL or statutory limitation, and that a sufficient
tax to pay the principal of and interest on this certificate and
of the series of which it is a part at tneir respective maturities
has been levied and will continue to b~ levied and collected and
applied in payment thereof.
IN TESTIMONY WHEREOF, the City of North Richland Hills, Texas,
by its Council has caused its corporate seal to be affixed hereto,
and this certificate to be signed by its Mayor, countersigned by the
City Secretary, and registered by the City Treasurer, the date of
this certificate, in conformity with the ordinance above referred
to, being the 15th day of October, 1971.
Mayor, City of North Richland Hills,
Texas
COUNTERSIGNED:
City Secretary, City of North
Richland Hills, Texas
REGISTERED:
City Treasurer, City of North Richland
Hills, Texas