HomeMy WebLinkAboutResolution No. 77-10 •
RESOLUTION NO . 77-10
RESOLUTION AUTHORIZING ISSUANCE OF $1, 350 ,000
CITY OF FRIENDSWOOD, TEXAS , STREET IMPROVEMENT
BONDS , SERIES 1977
THE STATE OF TEXAS §
COUNTY OF GALVESTON §
CITY OF FRIENDSWOOD §
WHEREAS, the bonds hereinafter authorized to be issued were
duly and favorably voted at an election held in the City on August
13, 1977 ; and
WHEREAS, the City Council now deems it advisable to issue, sell,
and deliver said bonds ; now therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD, STATE
OF TEXAS:
Section 1. The City' s negotiable, serial , coupon bonds , to be
designated CITY OF FRIENDSWOOD, TEXAS , STREET IMPROVEMENT BONDS ,
SERIES 1977 (hereinafter called the "Bonds" ) , are hereby authorized
to be issued and delivered in the principal amount of $1 , 350 , 000 for
the purpose of the construction and improvement of the roads , bridges ,
and streets of the City.
Section 2 . The Bonds shall be dated October 1, 1977 , shall be
numbered consecutively from 1 through 270 , shall be in the denomi-
nation of $5 , 000 each, and shall mature serially on June 1 of each
of the years in the amounts , respectively, set forth in the following
schedule :
YEAR AMOUNT YEAR AMOUNT
1982 $20 ,000 1992 $65 , 000
1983 30,000 1993 70 , 000
1984 35 , 000 1994 75 , 000
1985 35 , 000 1995 85 , 000
1986 35 ,000 1996 90 , 000
1987 40 , 000 1997 95 , 000
1988 45 , 000 1998 100 , 000
1989 55 , 000 1999 100 , 000
1990 55 ,000 2000 260 ,000
1991 60 , 000
The Bonds may be redeemed prior to their scheduled maturities , at
the option of the City, on the; dates stated and in the manner pro-
vided in the FORM OF BOND set forth in this resolution.
Section 3 . The Bonds shall bear interest per annum at the
following rates , respectively, to-wit :
Bonds maturing 1982 through 1992 , 5 . 50%
Bonds maturing 1993 through 1996 , 5 . 75%
Bonds maturing 1997 through 2000 , 6 . 00%
evidenced by interest coupons which shall appertain to the Bonds
and which shall be payable on the dated indicated in the FORM OF
BOND set forth in this resolution.
Section 4 . The Bonds , and the interest coupons appertaining
thereto, shall be payable , shall have the characteristics, shall
be signed and executed, and shall be sealed, all as provided and
in the manner indicated in the FORM OF BOND set forth in this
resolution.
Section 5 . The form of. the Bonds , including the form of regis-
tration certificate of the Comptroller of Public Accounts of the
State of Texas to be printed and endorsed on each of the Bonds , and
the form of the aforesaid interest coupons which shall appertain
and be attached initially to the Bonds, shall be, respectively,
substantially as follows :
FORM OF BOND:
NO. $5 , 000
UNITED STATE OF AMERICA
STATE OF TEXAS
COUNTY OF GALVESTON
CITY OF FRIENDSWOOD, TEXAS
STREET IMPROVEMENT BOND
SERIES 1977
ON JUNE 1, 19 , the CITY OF FRIENDSWOOD (the "City) , in the
County of Galveston, State of Texas, promises to pay to bearer the
principal amount of
FIVE THOUSAND DOLLARS
and to pay the interest thereon, from the date hereof, at the rate
of % per annum, evidenced by interest coupons payable June 1 ,
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1978 , and semiannually thereafter on each June 1 and December 1
while this Bond is outstanding. The principal of this Bond and
the interest coupons appertaining hereto shall be payable to bearer,
in lawful money of the United States of America, without exchange
or collection charges to bearer, upon presentation and surrender
of this Bond or proper interest coupon at the FRIENDSWOOD BANK,
Friendswood, Texas, which bank shall be the paying agent for this
series of Bonds.
THIS BOND is one of a series of negotiable, serial , coupon
bonds , dated October 1 , 1977 , numbered consecutively from 1 through
270, in the denomination of $5 , O00 each, issued in the principal
amount of $1, 350 , 000 for the purpose of the construction and impro-
vement of the roads , bridges , and streets of the City, all in
accordance with Chapters 1 and 7 , Title 22 , Revised Civil Statutes
of Texas , as amended, and pursuant to an election held within the
City on August 13, 1977 .
ON JUNE 1, 1992 , OR ON ANY INTEREST PAYMENT DATE THEREAFTER, the
outstanding Bonds of this series may be redeemed prior to their
scheduled maturities , at the option of the City, IN WHOLE, OR IN
PART IN INVERSE NUMERICAL ORDER, for the principal amount thereof
and accrued interest thereon to the date fixed for such redemption.
At least thirty days prior to the date fixed for such redemption,
the City shall cause a written notice of such redemption to be
mailed to the bank at which the Bonds are payable and published at
leaset once in a financial publication published in the City of New
York, New York. By the date fixed for any such redemption, due
provision shall be made with the paying agent for the payment of the
required redemption price. If such written notice of redemption is
published and if due provision, for such redemption payment is made ,
all as provided herein, the Bonds which are to be redeemed thereby
automatically shall be redeemed prior to their scheduled maturities;
and they shall not be regarded as being outstanding except for the
purpose of being paid by the paying agent with the funds provided
for such payment.
IT IS HEREBY certified, recited, and covenanted that this Bond
has been duly and validly voted, authorized, issued, and delivered;
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that all acts, conditions , and things required or proper to be
performed, exist, and be done precedent to or in the issuance and
delivery of this Bond have been performed, existed, and been done
in accordance with law, that this Bond is a general obligation of
the City, issued on the full faith and credit thereof; and that
annual ad valorem taxes sufficient to provide for the payment of
the interest on and principal of this Bond, as such interest comes
due and such principal matures , have been levied and ordered to be
levied against all taxable property in the City and have been pledged
irrevocably for such payment within the limits prescribed by law.
IN WITNESS WHEREOF, this Bond and the interest coupons appertain-
ing hereto have been signed with the facsimile signature of the Mayor
and countersigned with the facsimile signature of the City Secretary
of the City, respectively, and the official seal of the City has
been duly impressed, or placed in facsimile , on this Bond.
Val
COUNTERSIGNED: r �✓ A ✓^7 (/Z
/ Mayor V
2 CITY OF FRIENDSWOOD, TEXAS
City Secretary
CITY OF FRIENDSW TEXAS
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(SEAL)
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