HomeMy WebLinkAboutOrdinance 0243
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ORDINANCE NO. 243
ORDINANCE J:'\TJT:·IOX~··';'.L:~G ;":,3UASCE OF "I COO oeo
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THE STù'I'E OF TEX.. ,_
5.
CITY OF NJI<
1\. IC.:iUXD
HI:L~:S
X
I
COUNTY OF TARF~NT
THIS) tf~'2 24th day c~: Feb::ub.:Y; =- .i)'.:..': Cit... Council
01: '..:h€:: 0l.:::Y 0:: ~., :cth RichlanJ Hil Te~-~a::: ~ .;.:.....'.?ene¿ ..... re ....lar
seswiG::, 'Deing open to the public, ¿;rc -c~l.¿ r.:: _.;;,,_ r".'2ei:L.g place
tr...2re..: in the City Hall, there being pres,;:;.:.': 2!";d in ,:,,'::.en¿ó'nce the
following m~mb~rs:
CAL vnv.· F. LUPER
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¡i...~~ :... ,J..:.\
P. M. DODSON
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HAROLD B. DALEY
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J. 7. CATO
J. 3. SANDLIN
MORRIS E. RIDDL¿
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CQU1\C :'::L.v'::~J
ca, trc:2 :':ollowing absent: J. R. HUBBARD AND DICK FARAM
c.....st:.. c..lting a quorum; and .s.~~',~ng ":;:::~:02r prOCE:2¿i.G~2 l"'..d."::-,y s.s.id
<-, . ~.~1cì 1 were the' following:
,
City
., ,~...
The Mayor introduced a /¿ DpOse.:.1 orc.l.n.ar~ce.
re;;ö,d in full.
::e or¿inance
Coun.cilman CATO
---
rc-:':"nái1Ce to be rE;;ö,d mor", :ha. (>J¿¿:l.::.." "'"'" ";': -":'0'-;"-,
be: suspended and that 'CJ.:,;: or,--;~L1.a¡:~ce. .a.
,. , DALEY seconced the :.:Jti.;{¡ dne, ._h . 'L::;c_ ~>
ic::, t>.e motion, carrying W~,·':b. Ìi:: the ac..Gi-_~-,..l _i,.
ca :.:iE::::' by the following VC.2:
,5. '3C C 1
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......iir,.;:
:..:."equiring
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::.:':~\2 I'.'leet-
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c....£:·
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":ounci1-
,c~led
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AYES: Councilmen. :J:)dsc::; ~ Daley ~:o,
Sandlin anc Ridd:~
NOES: None.
The Mayor anûounc ~ th~t the ordinance hc.~ n
)ç. ,ec.
The ORDINANCE. .i.::i £8 fo._ ....ows :
·
AN ORDINANCE by the City Council of the City
of North Rich1and Hills, Texas, authorizing
the issuance of $1,000,000 "CITY OF NORTH
RICHLA~'1) EILLS, TEY.AS, S':'I'.EET IHPROVEMENT
BOl\TDS, SERIES 1969", dated Harch 15, 1969
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Ior the purpose of mak~ng permanent 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 i~terest coupons; levy-
ing a continuing direcc 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 assessmen~
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 C~cy of
North Rich1and Hills, Texas, on the 2nd day of April, 1968, a
majority of the duly qualified electors of said City, who owned
taxable property therein and who had duly rendered the same for
taxation, sustained a proposition authorizing the City Cou.:..cil 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, anà to bear interest at a rate not to exceed 6% per annum,
for the purpose of making permanent public improvements, to-wit:
constructing street improvements in and for said City and inciden-
tal drainage;
Al\TD WHEREAS, $1,000,000 of the bonds voted as aforesaid
have heretofore been authorized, issued and sold, and it is neces-
sary to issue and sell an additional $1,000,000 of the bonds voted
as aforesaid, the City Council reserving the right an¿ auth~rity to
issue the remaining amount of such voted authorizatioD. in (>'¡,.: or
more series at a future date or dates when, in its judgrc.ent such
amounts are needed for the authorized purpose; therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF .',
RICHLAND HILLS, TEXAS:
'f'¡.:[
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SECTIOJY¡ 1: That the bonds of said City, to be k:lo.,
,t,: Y,":-Y ';F 1\~(',;,""--::r T"-:-CHLAND HILLS TE":': ç:: STREET IMPROtw·;\!');'l','r. BC' .~~
_ _ ~V ;""..)J..'\..J,...~~ i\...... , _;"":.i...J;j .1.1... V.:...:.....u.;.¡;·).... '
SE:\IES 1_ 969i1 b.: and the same are hereby ordere¿ to bE: ......,3U,,'
t:-.,.~ pri.:!cipal S'JIIl of ONE MILLION DOLLARS ($1,000,000), ..::-~r
pi.~rpose of maki.ng permanent pubL~c improvements, t,:)""~vi '-
, stree-c improvements in and for said City and i~ci ta
, under and by virtue of the Constitution and 1'::";';8 c..c t1:',;
J
~_~ t -
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of ':~X2S.
SECTION 2: That said bonds shall be numbe:::'c?ài,>")i1s,
l:rom 0:12 (1) through Two Hun¿red (:200), shall be . [, (~,':.:·,,:nL!
Five T~ousand Do_lars ($5,000) each, aggregating :he_8~~o~
~<I::'..""IO.\. DOLLARS ~,?l,OOO,OOO); sh¿:.~l ')2 dated Marc, 1~, _96:
s. =_1 ,:¡:come due and payable ::; 2rj,..:.:.11y on March IS in i2E,:' h
)<';,,1:3 i, .lccord.:.;;nce with the folic-wing schedule:
.~ l.y
01:
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BOND NUMBERS
'All Inclusive) MATURITY A1,mUN'"T
~
1 to 4 1971 $20,000
5 to 8 1972 20,000
9 to 13 1973 25,000
14 to 18 1974 25,000
19 to 23 1975 25,000
24 to 29 1976 30,OO,J
30 to 35 1977 30 000
36 41 ,
to 1978 30,000
42 to 48 1979 35,000
49 to 55 1980 35,000
56 to 62 1981 35,000
63 to 69 1982 35,000
70 to 77 1983 40,000
78 to 86 1984 [,5 000
,
87 to 95 1985 ¿yj ,OGO
96 to 104 1986 1;'5,000
105 to 114 1987 50,OCO
115 to 124 1988 5:],000
125 to 135 1989 55,OG·]
136 to 146 1990 55, c.:)
147 to 159 1991 6.) , C~.JO
160 to 172 1992 65 , C')
173 to 186 1993 7G,C ,
187 to 200 1994 7tc, C,., .'
PROVIDED, HOWEVER, that the City reserves the rig~t C0 :ec ç~ Jonds
mat\..lriag on March 15 in each of the years 1985 throi..lgh ]..994 ù£ said
seri.es) in whole or any part thereof, on March 15) 1934 ~ 0:: "I" any
interest payment date thereafter, at the price of p~r 2-....d aç..2:.::"..ed
interest to the date fixed for redemption, PROVIDED) _G:'TE'::_.~~at
at least thirty (30) days prior to any interest paymE.:...· d.=:" .~¡J:)n
which any of said bonds are to be redeemed, a notice re....E;·'..:, :'on,
sigr'J.ed by the City Secretary (specifying the serial nurr:l.:-er..;,;(,":'
amount of bonds to be redeemed) shall have bE:en f:...led ._th';..~,~~:JA
CITY STATE BANK, Fort Worth, Texas, and THE FIRST NATIONAL OF
FORT WDRTH, Fort Worth, Texas (the paying agents nall1ed in e' ':' .,:¡£
said bonds); and should any bond or bonds not be pres€'J.ted:.or
redemption pursuant to such notice, the same shall ceaS2 to ~ear
interest from and after the date so. fixed for redemptioa.
SECTION 3: That said bonds shall bear interes c fro.:ü
to caturity at the following rates per ånnum:
'>;.....~
.......'................
(a)
19 74 at
Bonds maturing in each of the years 1971
6 . 00 fr/ .
/0,
¡;;"XOUi. '..
'-'
(b) Bonds maturing in each of the year& 1975 throuv
i9 91c:.t 5.25 %;
(c)
19 94 at
Bonds maturing in each of the years 1992 through
5.30 %;
~S
(¿) Bonds maturing in each of the ye~rs 19
~4t: %;
tnrough
'.
.
19
(e) Bonds maturing in each of the years 19 through
at %, and
(f) Bonds maturing in each of the years 19 through
at '%.
0,
19
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on March 15,
1970, and semi-annually thereafter on September 15 and March 15
in each year.
SECTION 4: That both principal of ¿nd interest on said
bon.ds shall be payable in lawful ITJ.oney of the United States of
A~2rica, without exchange or collection charges to the owner or
holder, at the HALTOM CITY STATE BANK, For~ worth, Texas, or, at
the option of the holder, a~ THE FIRST NATIONAL BA~~ OF FORT WORTH,
Fort Worth, Texas, upon presentation and surrender of '~;onds 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 :f such
seal may be printed on the said bonds. The bonds and i.nte.:est
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 suc~ bo s are
required to be registered by the Comptroller of Public Accourrts
for the State of Texas, only his signature (or that of a deputy
designated in writing to act for the Comptroller) shall be req~ired
to be manually s~bscribed 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 substan-
tially as follows:
NO.
UNITED STATES OF AMERICA
$5,000
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF NORTH RICHLAND HILLS, TEXAS, STREET IMPROVK21EX:' BOND,
SERIES 1969
The CITY OF NORTE RICIE..AND HILLS, a rmnicipcu.. cc: .:..-cion
0_ th~ State of Texas, acknowledges itself indebted to and ~t ~
V.,LUE RECEI'V"ED, hereby promises to pay to bearer ,che :s";,m¡
FIVE TIIOUSAN'D DOLLARS
(S5) OCC) in lawful money of thE United States of America, ,:. _ ,.2
r::;'~rEL:"r-,-""'~: DAY OF M:A.RCH, 19 ) "¡¡lith interest thereon from.. ,2:é"te
:le"-2c.:~ tc maturity at the r&'te 0":' (----!) per a,
~)¿~/,é1b~~;:? ()!1 ~Ifarch 15) 19ïO) a:1d :::::mi-annually thereafter en ~- ,," ~"-
bc~ 15 and March 15 i~ each year, and interest falling due
prior ~o mat~rity hereof is payable only upon presencstioc
surre:".,::ier of the interest coupons hereto attached as ::':ley ~ c, :::"':"kl.Y
oeCOID'::: due.
BOTH PRINCIPAL of and inte~est on this bond are hereby made
payable at the HALTOM CITY STATE BAl'r.t<, Fort Worth, Texas, or, at
the option of the holder, at THE FIRST NATIONAL BAmZ OF FORT WORTH,
Fort Worth, Texas, without exchange or collection charges to the
owner or holder, and for the prompc pzyment 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 Two Hundred (200) serial
bonds, numbered consecutively from One (1) through Two Hundred (200),
each in denomination of Five Thousand Dollars ($5,000), aggregating
ONE MILLION DOLLARS ($1,000,000), issued for _he p~rpose of making
permanent public improvements, to-wit: conscTucting street improve-
ments in and for said City and incidental Grainage, 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
Rich1and 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 1985 through 1994 of this series, in whole or any part
thereof) on March 15, 1984, or on any interest payment date there-
after, at the price of par and accrued interest to the dat2 fixed
for redemption, PROVIDED, HOWEVER, that at least thirty (3J) days
prior to any interest payment date upon which any of said to~ds are
to be redeemed, a notice of redemption, signed by the City Secretary
(specifying the serial numbers and amount of bonds to be re¿eemed)
shall have been filed with the P~LTOM CITY STATE BANK, For~ Worth,
Texas, and THE FIRST NATIONAL BANK OF FORT vJORTH, Fort (vorth, Texas;
and should any bond or bonds not be presented for redemption pur-
suant to such notice, the same shall cease to bear interest ¡rom
and after the date so fixed for redemption.
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED :ha~ the
is s'..lance of this bond and the series of which it is a :/:2rt ;'8 duly
auchorized by law and by a vote of the resident qualif~¿d ~:ectors
of the City of North Rich1and Hills, Texas. who owned taxasle
p::::-::::perty therein and who had duly rendered the same for ta.:::.e:t_on,
vc-;:ing at an election held for that purpose within said City .J:L.:.
-:"9 2nd day of April, 1968; that all acts, conditions and tÌ'i.¡:1gS
",~(:","ui:'ed to be done precedent to and in the issuance of th:Ls s2ries
c: jo~ds and of this bond have been properly done and p2rfc~~2d and
/2 happened in regular and due time, form and manner as L:';:u.i.red
:y;-, la(·;; that sufficient and proper provision has been ffi:3.dE :':"" ¡:he ,
''..2'/Y ,::aå collection of taxes which, when collected, s>::'11. ,Ipro-
-:.at,;::,i 2xcl'Us~_vely to the p.:.ymec'tof this bond and ::' .'- StH ;If
,,/c'; ch .L t is a part, and to tb.e ?l..1.r;?I:1t of 1:h~. !.g~~:£~::;c ;;Ot.
I. rete annexed, as the same shL.ll become due, and th~_ tL.
i,,_ebt2d.~1i2~_ s of the City of Korth Richland Hills, Texas ~ i.
tú( e.:ü: ~Te series of bonds of which this is one, does r~;)t~ - -..
a1":)' c;)Lstitutional or statutory li.r:.itation.
..,.I..
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-,.~ ·....,¡:;',,~<r·,--,v,l '\'y WHEREOF ~h-, '''; .....y Council of the City :.
........\ ....""'-.:>~..._.....,..I.:.., , _ ~ ,...._t-
.' ~1l;:;;,;~ H;". ~.s _ '~cxas, hås c::.usec '.::ne seal of said C:i..ty tc
:...r,:,pre";,,:,, cr ¿ facsimile thereof to be printed hereon, an..:. .. ..:>
.~ ;:.::h
bond.a~d it~ ap~urtenant~coupons to be executed with the imprinted
~acslml1e slgna~u~es of ~he.M~yor and City Secretary of said City,
ln accordance wlth the prOV1Sl0ns of Article 717j-l, V.A.T.C.S.;
the date of this bond, in conformity with the ordinance above
referred to, being the FIFTEENTH DAY OF MARCH, 1969.
(!.~
Mayor, City of North R c
Texas
,RSIGNEDI? £
C tY:,'Se etary , City of
N(.\·rta Rich1and Hills, Texas
SECTION 7: That the for.m 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 HALTOM CITY STATE
BA~'K, Fort Worth) Texas, or, at ~he option of the holder, at THE
FIRST NATIONAL BA1¡'1Z OF FORT WORTH, Fort 'VJorth, Texas, without ex-
change or collection charges to the owner or holder, the sum of
DOLLARS
($ ), in lawful money of the United States of America, said
being months' interest due that day on. "CITY OF NORTH
D HILLS, TEXAS, STREET IMPROVEMENT BOND, SERIES 196911, dated
.15, 19:9~¡t~ ('~~~/'.~
'~ Secretary Mayor
SECTION 8: That the following certificate sha:l bc·.:-lnted
on the back of each bond:
S TA ~i"ih OF YßXAb
)
)
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REGISTER NO.
.....-.<'-
O?FIC3 OF COM?TROLLER
I HEl~EEY CERTIFY that th.::::=e is on file and af . 2CC::. :::.y
office a certificate of the Attcrney General of Lì.e 2':·:c::te ,.::.:as
-;'~':\OTE TO ?RINTE;'\.: The expressLn: in parenthesis co ::-c ir.
ŒÜy :.:..[~ coupons I'.1.;.,turing Septer:Der 15, 1984 anc :C¡' ': "qL,
taini.ng to optional bonds maturing in the years :.'-)¿.~:. ..hr:
--,",.
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_ j 94 .
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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 Rich1and
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 a special fund to be designated "SPECIAL
STREET IMPROVEMENT BOND FUND, SERIES 1969" is hereby created and
the proceeds of all taxes collected for or on account of this
series of bonds shall be credited to said fund for the purpose of
paying the interest on and to provide a sinking fund for the redemp-
tion of said bonds at maturity; and said fund shall be used for no
. other purpose; that, while said bonds or any of them are outstand-
ing and unpaid, there shall be annually levied, assessed and collec-
ted in due time, form and manner, a tax upon all of the taxable
property in said City sufficient to pay the current interest thereon
and create a sinking fund sufficient to pay each installment of
principal as the same becomes due, or a sinking fund of 2%, which-
ever is greater; and to pay the interest on said bonds for the first
year, and to create a sinking fund with which to pay the principal
as the same becomes due, or a sinking fund of 2%, whichever is
greater, there is hereby levied a sufficient tax on each one hundred
dollars' valuation of taxable property in said City for the current
year and the same shall be assessed and collected and applied to the
purpose named; and while said bonds or any of them are outstanding
and unpaid, a tax each year at a rate from year to year as will be
ample and sufficient to provide funds to pay the then current
interest on said bonds and to provide the necessary sinking fund,
full allowance being made for delinquencies and costs of collection,
shall be and is hereby levied for each year, respectively, and said
tax shall each year be assessed and collected and applied to the
payment of the principal of and interest on said bonds. The City
Council herebY'dec1ares 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 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 t~e
State of'l'exas ,arid sha11CtâkeãrH:t:'~hav"e charge--mtd--eo-ntrol -of the
bonds herein authorized pending their approval by the Attorney Gen-
eral and their registration by the Comptroller of Public Accounts.
SECTION 11: That the sale of the bonds herein authorized to
EASTMAN DILLON, UNION SECURITIES':: AND CO
,.IF t "
at the price of par and accrued interest to date of delivery, plus
a premium of $ -0- ,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 accordance
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
payment 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 Rich1and 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 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 meas~re, 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 24th day of February, 1969.
(?~ '~~. ." ~ /
Mayor, City of North)~land Hills,
Texas
~,.
Texas
(CityS:èa1)
APPROVED AS TO LEGALITY:
¡2~ ~~
Citÿ Attorney
City of North Rich1and Hills, Texas