HomeMy WebLinkAboutResolution No. 73-?? - ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 1973RESOLUTION AUTHORIZING ISSUANCE OF
150 ,000 GENERAL OBLIGATION BONDS, SERIES 1973
d ' THE S'ATE 0' TEXAS
COUNTY OF GALVESTON §
CTTY OF FRTENDSWOOD §
WHEREAS, the bonds hereinafter authorized were duly and
favorably voted at an election held in the City on the 17th
day of March, 1973; and
WHEREAS, the City Cauncil now deems it advisable to
issue , sell, and deliver said bonds;
THEREFORE, BE TT RE OLVED BY THE CITY COUNCIL OF THE
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CTTY OF 'RTENDSWOOD THAT :
Sec ion l The Gity ' s negotiable , serial , co pon bonds
1 to be designated CZTY QF FRT NDSWOOD, TEXAS , GENERAL OBLIGATION
t
BONDS SERIES 1973 (hereinafter sometimes called the "Bonds" ) ,
are hereby author ized to be issued and de,livered in the prin-
c3.pa1 amount of $150 ,000 for the purpose of providing $50,000
FOR THE CONSTRUGTTON OR PURCHASE OF PUBLIC BUILD NGS AND OTHER
PERMANENT TMPRQVEMENTS WITHIN S1 ID CITY, WITH FIRST PRIORITY
TO BE GTVEN TO THE CQNSTRUCTION AND INITIAL EQUIPMENT OF A
BUILDZNG OR BUTLD2NGS TO BE OCCUPIED BY THE CITY ADMINISTRATION
AND POLTCE DEPARTMENT, SAID CONSTRUCTION AND IMPROVEMEN`PS TO
PRQVTDE ADDITTONAL FACILITIES AT THE SITE OF THE PRESENT CITY
HALL, AND TNCLUDING ACQUISITION OF THE NECESSARY SITE THEREFOR,
ancl $100 ,000 FOR THE CONSTRUCTION OR PURCHASE OF PUBLIC
BUIL DINGS AND OTHER PERMANENT IMPROVEMENTS WITHIN THE CITY,
WITH FTRST PRTORTTY TO BE GIVEN TO THE CONSTRUC I'ION AND INITIAL
EQUTPMENT OF A BUILDING TO BE OCCUPIED BY THE FIRE DEPARTMENT.
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Section 2 . Said Bonds shall be dated July l , 1973 ,
sha11 be numbered consecutively from 1 through 30 , and shall
be in the denomination of $5,000 each, and shall mature
ser.all on A x il 1 af ea h of theYp years , and in the amounts ,
respect,vely, as set 'orth in the following schedule :
YEAR AMOUNT YEAR AMOUNT
1976 10,000 1982 10, 000
1977 lo ,000 1983 lo ,000
978 0,000 1g84 l0 ,000
197q 10,000 1g85 15 ,000
1980 10,000 1986 z5 ,000
1981 10,000 1987 15 ,000
1988 15 ,000
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Sect on 3, The Bonds shall bear interest per annum at
the fol,lowing rates , respectively, to-wit :
l k
Bands maturing 1976 through 1978 , 5-1/4%
Bonds ma.turing 1979 through 1g88 , 5-1/2%
evidenced by in erest coupons which shall appertain to said
Bonds and which shall be payable on the dates indicated in
he FORM OF BOND set 'orth in this resolution,
Section 4 , The Bonds, and the interest coupons apper-
taining thereto , shall be payable , shall have the character-
istics , and shall be signed and. executed (and the Bonds shall.
be sealed) , all as provided and in the manner indicated in
the FORM OF BOND set forth in this resolution.
Sectian 5e The form of the Bands , including the form
of registration certif'icate of the Comptroller of Public Ac-
counts af the State of Texas to be printed and endorsed on
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each of the Bonds , and the o m o the aforesaid interes
coupons which shall appe tain and be attached initially to
each of the Bonds , shall be, x espectively, substantially as
s
ollQws :
FORM OF BOND :
NOa 5 ,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF GALVESTON
CITY OF FRTENDSWOOD, TEXAS
GENERAL OBLIGATION BOND
SERIES 1973
ON APRIL I, lg, the CITY O,F FRIENDSWOOD, in the County
of Ga7.vestpn, zn the State o' Texas , promises to pay to bearer
the principal amoun of
TVE THOUSAND DOLLARS
and ta pay interest thereon, from the date hereof, at the rate
of per annum, evidenced by interest coupons payable
April 1, 1974 , and semiannually thereafter on each October 1
and, Apr3.1 1 whi.e this bond is outstanding. The principal of
this bond and the interest coupons appertaining hereto sha11
be payab.e to bearer, a.n lawful money of the United States of
America, w hout exchange ar collection charges to the bearer ,
upon presenta ion and surr nder of this bond or proper interest
coupon at the FRIENDSWOOD BANK, Friendswood , Texas , which
sha11 be the paying agent for this ser.es of bonds .
THIS BOND is one of a series of negotiable, serial , cou-
pon boncls , dated July l , 1973 , numbered consecutively from 1
through 30 , 3.n the denomination of $5 , 000 each, issued in the
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principal amount of $150,000 or the purpose o prov d ng
50, 000 FOR THE CONSTRUCTION OR PURCHASE OF PUBLIC BUILDTNGS I
1
AND 0'I'HER PE,RMANENT IMPROVEMENTS WITHIN SAID CITY, WTTH FTRST
PRT.ORITY TO BE GIVEN TO THE CONSTRUCTION AND TNTTTAL EQUIPMENT
0 A BU LDING QR BUILDTNGS TO BE pCCUPIED BX THE CITY ADMIN-
ISTRATTON AND POLTCE DEPARTMENT, SAID CONSTRUCTION AND IMPROVE-
MENTS TO PROVIDE ADDITTONAL FACTLITIES AT THE STTE OF THE
PRESENT CI'I'Y HALL, AND INCLUDING ACQUISTTION OF THE NECESSARY
STTE THERE'OR, and $100,000 FOR THE CONSTRUCTION OR PURCHASE
OF PUBLTC BUTLDINGS AND OTHER PERMANENT IMPROVEMENTS WITHIN
THE CTTY, WTTH FIRST PRIORITY TO BE GIVEN TO THE CONSTRUCTTON
AND INITIAL EQUTPMENT OF A BUILDING TO BE OCCUPIED BY THE
FIRE DEPARTMENT, in accox dance with Chapters 1 and 7 of Title
22, Rev.sed Civil Statutes of Texas , as amended, and pursuant
to an election held w3,th n the City on the 17th day af March,
973a
IT IS HEREB' certifa.ed, recited, and covenanted that
this band has been duly and validly voted , authorized, issued,
and delivex ed; that a'll acts , conditions , and things required
or proper to be performed, exist , and be done precedent to or
in the issuance and del3.very of this bond have been performed,
existed, and been done in accordance with law; tha, this bond
i.s a gene al obligation o' he City, issued on the full faith
and cr dit hereo'; and that ann.ual ad valorem taxes sufficient
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to provide for the payment of the a.nterest on and pr.incipal
of this bond, as such interest comes due and such principal
matures , have been levi.ed and ardered to be levied against all
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ta.able prop ty n he C y and ha ve been pledged ev ably
o su h. a ment w th npY the 13m its escr bpi ed by lawe
N W TNESS WFIEREO, his bond and. the nte est coupons
ppe a ng hereto have been signed with the facsimile sig-
na u e a he Mayor an ounte s gned w th the facs m le
si natu e o the C ty Se retary o the C3ty , respectivelY,
and he • o fi ial se l o he C ty has been duly impressed,
oz p aced. in fa s.mile, on this bondm
xxxxxx x x
Mayor
CTT°Y OF FRTENDSWOOD, TEXAS
COUNTERS GNED ;
x.x::xxxxxx
C ty S r e ax y..
C':P' OF FI::ENDSWOOD, TEXAS
SEAL
ORM OF RE,GTSTR.AT ON CERTTFTCATE ;
COMPT.OLLER" S R GISTRATTON CERT'ICATE§ REGTSTER NOo
T here y c;ert3fy that this bond has been examined, ce-
i.f.ec as o va1..d:ty, and ,pproved by the At orney Genex al.
o#° the St.te o° Texas , a.nd tha this ond has been reg.stex°ed
by the Comptro..er a,f 'ublic Accoun s of he Sta e ofTexas o
WTTN;ESS my signaf;ux e and seal h3.s
a
xxx xxxxxx
Comptr oller of; Public Ac ou,nts of
the State of Texas
S.AT:,)
5.
FOR,_ M OF .NTEREST COUPON:
NOo
1 QN _._. 1 19
ne CTTX OF R ENDSWOOD, .n the County of Galveston, Sta e of
Texas , promises to pay o bearer the amount shown on h.s in-
terest coupon, in lawful money of the United States of Amer.ca, I
w,thout exchange or ollection charges to he bearer, upon
presen ation and surrender of this interest coupon, at the
FR:ENDSWOOD BANK, Friendswood, Texas , said amount being in-
te st du tha day on the bond bear.ng the number hereinafter
designatecl of hat ,ssue of CITY OF FRIENDSWOOD, TEXAS,
GENERAL OB:G GAT ON BONDS, SERIES .973, dated Jul.y l, 1973 ,
Bond No o
xx.:x xxx,.x xxxxxxxxacx
City Secx^etax y M,yor
Sect i.on 6, A special fund o accoun , o be designated
he "City a' Fx°a.endswQOd, Texas, Gener^a1. Obliga on Bands ,
se:1.s 1.973, n erest and S.ink.ng Fund, " 3.s he eby x ea Eed
and shal], be establis;hed and main ained by the C 3 y a _ an
pf'3.,a.1. depo itory bank of the City o The In ex est and S3nk3ng
Fune1 sh.1 be kep sepa ate. and apart °rom• a1.1 other funds and
a ou;r ts of' he Ci:y and sha.l. be used only fo paying he in-
e es on and principal af° sai.d Bonds . A11 ad valorem taxes
l.eva,ed and c:oll ec ed for and on accoun of° sa.d Bonds sha.I1..
be depos,ted, as o11 c ed, o he credi of he Tn eres a.nd
S;king Funa o Du.ng each yea,: while any of sa.d Bands or
a..n x° cc upon app r ta,.na.ng thex eto are ou standa.ng and
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unpaid, the City Co n i1 0 the City sha11 compute and ascer-
tain a rate. and amoun o ad valorem tax which w311 be suffi-
cient o raise and paroduce the money required to pay the
n eres o,n. said Bands as such 3nterest comes due aMd to pro-
vide and ma3.ntain a s.nk ng fund adequate to pay the pr3.ncipal
o' such Bonds as such principal matures but never less than 2q
of he or;,nal, pr3.ncipal amount of said Bonds as a s3nking
fund, each year; and said. ax sha11 be based on the latest ap-
pro ved ax ro11s of the C.ty, with fu7.1 allowanEe being made
for ta de.3.nquer cies and the cos of tax coll.ect3on. Said
r,e. and amount of ad valorem tax are hereby levied, and are
hereby ardered to be levied, against a11 taxable property in
the City 'or eaeh year while any of said Bonds or interest
coupons appertaining thereta are outstanding and un aid; and.
said tax sha11. be assessed and collected each such year and
deposi ed c the c edit of the aforesaid Interest and Sinking
Fund A Sa.d ad, va,orem taxes sufficient to prova.de for the
p.ymexl o' he int r s on and principal of said Bonds , as
su.ch interest comes due and such ,pr3ncipal matures , are hereby
p1.dged 3.:rrevocab:ly #'or such payment w thin the limits prescri'bed
by 1aw,
Sec ion 7 Th City ert.fies that based upon, a11. facts ,
est.mates and ir^cumstances now known or. reasonably expee ed
to be .n, ex,ten e on the date the Bond.s are delivered and
paid f o, he C3.ty x asonabl.y expec s that the proceeds of
fhe Bpnds r,1.1, r o be used .,n a, manne tha woul.d cause the
3°ads Q. any pQ tion of the Bonds to be an "a x bitrage bond"
7-
under Seetion 103 (d) (2) o the Tnternal Revenue Code o 1954 ,
s
as amended, and he tempora y and p oposed regulations he eto-
fore px PS,bed hcreundex, inc.ud3.ng, without limita 3.on,
Se tions . 103-13, and. 1, 103-14 . of the proposed x^egula ions
pub ished n the Federa:. Regis ex on May 3, 1973 0 'urthermore,
1.J:. o'f,.,ce s , employees an.d agents of the City are authorized
and d.rected to px^ov de cer 3.ficatiQns of fact, estima es and
ir umstan es which a e material; to he x easonab e expecta-
t;ions of he Ci y as of the date the Bonds • are d l3vered and
p.id fc?, and any such e 3.f 1 a°iQns may be r elied upon by
caunsel, by the owners o ho'lders; of the Bonds , ax by any
person, inter s ed in the exemption of interest on the Bon.ds
f om Fed ara,l. ,income taacationo Moreovex, the Ci y covenants
t aat :. shall make su h use of he proceeds of the Bo,nds ,
x egu].ate .nvestmPn;s ofpr pce•eds of the Bands , and take such
th,r anc °ur,ther act,on as may. be . required so that the Bonds
sha,].1, ncat be "arb3t age. bonds" under Sec ion 103 (d) of he
ntex°na. R,evenue Code o '1y5 4 , as a nended, and regulations
p esc,b d °rom t3.me to '.me the eunder
S ation B The Mayor a° the C.ty is hereby auth,or,zed
ta have cont:^ol o' said Bonds and all necessary records . and
p;caceedings pex^ain,ng to sa.d Bonds end.ng their delivex^y
and, their 3.nves iga ion, exa,mination, and approval by the
A°x eY Ge x'al o. the S°ate of Texas and the^ x eg3s ration
by ;he Comp t:o:Llex of" f'ubl., A ounts of the S ate of Texas A
Upcan xaeg.s.at;,on o' said Bonds , the Comp x oll,er of Publ3c
A au ts (p^ a d puty. des gna,ted .n writir g to ac. for th
g_
Comptrolle ) sha11 manuall.y sign the Comptroller s Registra-
ion Cer zcate prescr bed herein to be printed and endo sed
on each Bond; and he seal of fhe Campt aller shall be im-
p esseda o placed in acsimi e, on each of said Bondso
Sec 3on 9, Said Bands are hereby sold and shall be de-
livered to TEXAS SECURITIES CORPORATION, San Antonio, Texas,
for the par value the eof and accrued interest thereon to
da e of delivery, sub ect to he unqualified approving opinions,
as to the 1ega1,3ty af said Bonds , of the Attorney General of
the State o Texas and of Vinson, Elkin, Searls, Connally &
Smith, Hauston, Texa , market attorneysm
Sec on 10 The Mayor and all other a ro riat
II
pp p e officers
of the CTTY OF FRTENDSWOOD are hereby authorized and dir ed
co do any and a11. th.ngs necessary or convenien to carry out
the prov.sa,ons of this resolutiono
S ct,on ]_lfl This resolutian was read once. by the City
Council and sha11 take. effect immediately .
Section 12m It is hereby officially found and determined
that the need o' the City for such financing creates an emer-
gen y and an ux gent publa, necessity for the holding, at the
scheduled time, of the mee ing of the City Council at which
his resolution i.s adopted and for the adoption of this reso-
lution; and the NOTICE OF MEETTNG relating to said meeting and
her o'ore posted by the Ci y Secreta y, and. the posting
the eof, is hex eby authorized, approved, adopted, ra ified,
and c an.f,rmed
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PASSED AND APPROVED this day of June, 1973
I
ayor
CTTX OF FRTENDSWOOD, TEXAS
I'TEST:
a-9--L ` a 2
C i t y S e c e ar y ..-"._._....
CTTY OF FRTENDSWQOD, TEXAS
S;AL)
1
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p .
CERTIFICATE FOR
RESpLUTION AUTHORIZING ISSUANCE 0
50, 000 GENERAL OBLIGATION BONDS, SERIES 1973 .
Ws
THE STATE 0' 'PEXAS
COUNTY OF GALVESTON §
CITY OF FRIENDSWOOD §
We, the undersigned officers of the Cit.y Council of the
CITY OF FRIENDSWOOD, TEXAS, hereby certify as follows :
l. The City Council of the CITY OF FRIENDSWOOD; TE`XAS,
convened in ,,i MEETING, ON 'HE .' DAY OF JUNE, 1g73 ,
in the City C u nczl Room of the City Hall, within the City ; and
the roll w sa called of the duly constituted officers and members
of said Council, to-wit ;
Ra1ph L. Lowe Mayor
Milton L. Wind.er Councilman
Wi1l.iam B. Patton, Sr. Councilman
Ralph G. Gonzales Councilman
Edward 0. Zea.tler Councilman
Benny Baker Councilman
Richard L. Haken Caunca.lman
Bobbie Henry City Secretary
L / and all of said persons were present except the following ab-I s e nt e e s :z,_....,.
thus constituting a quorum. Whereupon, among other business ,
the 'ollow.ng was tra.nsacted at. said meeting; a writte i..
RESOLUTTON AUTHd.RIZTNG ISSUANCE .OF I150,000 GENERAL QBLIGATION BONDS, SER ES 1973
was duly introduced .for the consideration of s.id Council and
read in full, 2t was then duly moved and secondecl .th;•t sa3,d
resolu ion be adopted; and, after due discuss3.on, said . moti,on, i
carrying with it the adoption of said reso:lution, prevailed i
and carried by the following vote :
AYES : All .members of said Council shown present
above voted "Aye . " I
NOES : None .j
I
2 . Tha a true, fu11, and correct copy of the aforesaid i
resolut.on adopt d at the meeting described in the above and
foregoi.ng paragraph is attaChed to and follows this certifieate ;
that said resolution has been duly recorded in sa,d Council ' s
minutes of said meeting; that the above and foregoing paragraph
is a true , full, and correct excerpt from said ouncil'"s minutes
of said mee ing pertaining to the adoption of said resolution;
that th persons named in the above and foregoing paragraph
Page 1 of 2 ages
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are the du y chosen, ual fied, and acting officers and members
of said Council as indicated therein; that each of the officers
and members of said Council was duly and sufficiently notified
officially and personally , in advance , of the time , place ,
and purpose of the aforesaid meeting and that said resolution
would be introduced and considered for adoption at sa d
meeting, and each of said officers and members consented, in
advance, to the holding of said meeting for such purpose ;
that said mee ing was open to the public as required by law;
and that publia notice of the time , place , and sub ect of said
meeting was given as required by Vernon' s Article 6252-17 , as
amended.
3 . The Mayo of said City has approved, and hereby
approves , the aforesaid r solution; the Mayor and the City
Secretary of said Ci y have duly signed said resolution; and
the Mayor and City Secre ary of said City hereby declare that
their s gn ng of this certificate shall also constitute the .
signing of the at ached and following copy of said resolution
for all purposes .
SIGNED AND SEALED the day of June, 1973 .
1 .-,
C,ty Secretary Mayor
SEAL)
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