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HomeMy WebLinkAboutOrdinance 0378 II 1\ 1\ Ii Ii J II Ii I! i . I \ i ! I I I ORDINANCE NO. ~1''J i ORDINANCE AMEr:-."'DING ORDINANCE AUTHORIZING ISSUANCE OF $5,275,000 "CITY OF NORTH RICHLAr:-."'D HILLS, TEXAS, hlATER- WORKS AND SEWER SYSTEM REVENUE BOND.S, SERIES 1971, II DATED SEPTEMBER 1, 1971 THE STATE OF TEXAS ~ ! COUNTY OF TARRANT í ~ CITY OF NORTH RICHLAND HILLS X , I I 11 I, 11 II I; II r :/. ;: Ii ! ON THIS, the 25th day of October, 1971, 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-l7, Section 3A, V.A.T.C.S., there being present and in attendance the following members, to wit: MARION L. MASSEY MAYOR ) ) ) ) ) ) ) W. N. RATCLIFF J. R. HUBBARD W. F. POLSTER D IC.K F ARAM J. F, . CA TO , TOM E. NEWMA N CHARLES L. OWE N I II Ii il !I I, ii \1 II ,\ ¡ ~ t :¡ II 1\ \ COUNCILMEN and with the following absent: constituting a quorum; and among other proceedings had by said City Council were t~e f6llowin~: The Mayor introduced a proposed ordinance. The ordinance was read in full. 'j I I I I Ii '! I, I i¡ t II \I !I II Ij II 1\ II II 1\ H II I II II i I I II Councilman H·ù 'RBA~ made' a motion that any rule requiring an ordinance to be read more than one time or at more than one meeting be s~pended and that the ordinance be passed fina lly. Councilman t>Ct.,~ fe::ft. 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, Faram, Ca~o, Newman and Owen. NOES: None. The Mayor announced that the ordinance had been finally passed. The ORDINANCE is as follows: II II 1[, ¡ II !1 i I Ii II !I I' I· I I Ii Ii 'j II II !i q 11 \1 I II II Ii ¡¡ II II :¡ it I AN QRDlNANC~ by the City Council of the City of North Richland Hills, Texas, am.ending the ordinance authorizing the issuance of $5,275,000 "CITY OF NORTH RICHLAND HILLS, TEXAS, WA TERHORKS A]\1) SE\VER SYSTEM REVE NlJE BONDS, SERIES 1971," dated September 1, 1971, ~o a~ to mOre fully express the in- tentions of the City with respect to the reserved right to sell a portion of the System not ne€ded to render efficient service to the inhabitants of the City of No~th Richland Hills; ratifying and con- firming other provisions of the aforesaid ordinance and the amendatory Ordinance No. 375; and declaring an emergency. WHEREAS, it has been det~rmined that Ordinance No. 371, previously adopted by this governing body on the 31st day of August, 1971, and thereafter amended by Ordinance No. 375 on the 27th day of September, 1971, should be amended so as to more fully provide for the sale of that portion of the System located within the corporate limits of another municipality; now, there- fore, II I' I' ;1 Ii I' I ! ~ BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS: SECTION 1: That Section 23(c) of Ordinance No. 371, described in the preamble, be amended, and the same is hereby amended to read as follows: I' '! ¡ I "(c) That so long as any of the bonds similarly secured remain outstanding, the City will not sell or encumber the System or any substantial part thereof, and that with the exception of additional parity bonds expressly permitted by this ordinance to be issued, it will not encumber the revenues of the System unless such encumbrance is made junior and subordinate to the provisions of this ordinance; provided, however, the City may dispose of any por~ tion of the System located within the corporate limits of any other municipality or municipalities under the following conditions: (1) the sale price for such portion of tne System (as certified by a registered professional engineer employed by the City of North Richland Hills) ~s not less than the then appr~ised value of the portion being sold, ,and in addition to the sale price, the purchaser pays ~r makes provision for the payment of any penalties and added expenses that occur in such acquisition (including the cost of acquiring for redemption bonds similarly secured or other obligations issued by the City to acquire such properties) and (2) the 'amount received by the City as the sale pric~ is applied (or provision is made to apply) by such City to the payment and cancellation of bonds similarly secured or other obligations issued by the City to acquire such prop- erties prior to their regularly scheduled maturity I ¡ II r II ,I II ' ,I II II 'I II ,I ìl I I ¡ I H I , ¡. í , I ¡ j¡ 1¡ I' il ~I II !I !' r [ by purchase in the open market or by exercise of the prepayment option, and (3) the governing body of the City finds that portion of the System to be sold is not required for the rendition of efficient ser- vice to the inhabitants of the City." SECTION 2: That except as hereby modified, Ordiaances No. 371 and 375 are hereby ratified, confirmed and readopted. I I ! ¡ I ' I ! ¡ I I ! SECTION 3: 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 purpose for which said bonds were issued at the earliest possible date constitute and create an emergency and an urgent public necessity, requiring that any rule provid- ing 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 provision is 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 25th day of October, 1971. ~.. Mayor, City of North Richlan Hills, Texas ATTEST: ¡ II r ¡ . II II '! /{~fÁ / P~A City Secretary, City of North Richland Hills, Texas APPROVED AS TO LEGALITY: (City Seal) ~~~~ City Attorney, City of North Richland Hills, Texas I I. II 1 ¡ I I I I I I i I I !