HomeMy WebLinkAboutOrdinance No. 286 THE STATE OF TEXAS � ��. ��Z �b
COUNTY OF GALVESTON §
CITY OF FRIENDSWOOD �
The City Council of the City of Friendswood, Texas, convened
in a regular meeting, open to the public, on the 3rd day of October ,
1977, at the City Hall, and the roll was called of the duly consti-
tuted officers and members of the City Council and the City Secretary
of the City, to-wit:
Ralph L. Lowe Mayor
Edward t�. Zeithler Councilman
Thomas F. Lay Councilman
R. J. Blanken Councilman
Paul E, r�laaz Counci lman
Richard L. Haken Councilman
(Vacancy) Councilman
Bobbie C. Henry City Secretary
and all of said persons were present, except the following absentees :
thus constituting a quorum. Whereupon, among other business , the �
following was transacted at said meeting: a written ordinance entitled:
ORDINANCE AUTHORIZING ISSUANCE OF $1 , 350 , 000
CITY OF FRIENDSWOOD, TEXAS, STREET IMPROVEMENT
BONDS, SERIES 1977.
was duly introduced for the consideration of the City Council and
reviewed in full . It was then duly moved and seconded that the
Ordinance be passed and, after due consideration, the motion,
carrying with it the passage of the Ordinance, prevailed and carried
by the following vote :
AYES: All members of the City Council shown _
present above voted "Aye" '
NOES: None
The Mayor thereupon announced that the Ordinance had been duly and
lawfully adopted. The Ordinance thus adopted follows :
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ORDINANCE AUTHORIZING ISSUANCE OF $1, 350 , 000 ����. �v2��
CITY dF FRIENDSh'OOD, TEXAS, STREET IMPROVEMEPJT �
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 ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD, STATE
Or TEXAS :
Section 1. The City' s negotiable , serial , coupon bonds , to be
aesignated 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 constr.ucting permanent street improvements .
Section 2. The Bonds shall be dated October l, 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 2b0 , 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 FORr� OF BOND set forth in this ordinance.
Section 3. The Bonds shall bear interest per annum at the
following rates , respectively, to-wit:
Bonds maturing 1982 through 1992, 5. 500
Bonds maturing 1993 through 1996 , 5 . 750
Bonds maturing 1997 through 2000 , 6 . 00%
evidenced by interest coupons which shall appertain to the Bonds
and which shall be payable on the date5 indicated in the FORM OF
BOND set forth in this ordinance .
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
ordinance. _
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 printed and endorsed on each of the Bonds, and
the form of the aforesaid interest coupons which sha11 appertain
and be attached initially to the Bonds, shall be, respectively,
substantially as follows :
FORM OF BOND:
N0. $5 ,000
UNITED STATES 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
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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, 000 each, issued in the principal
amount of $1, 350,000 for the purpose of constructing permanent
street improvements , all in accordance with Chap�ers 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 PAYMEPIT 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 �he 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
least 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
purgose 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.
COUNTERSIGNED:
Mayor .
CITY OF FRIEr1DSWO0D, TEXAS
City Secretary
CITY OF FRIENDSWOOD, TEXAS
(SEAL)
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FORM OF REGISTRATION CERTIFICATE :
COMPTROLLER' S REGISTRATION CERTIFICATE NO..
I hereby certify that this Bond has been examined, certified as
to validity, and approved by the Attor�ey General of the State of
Texas, and that this Bond has been registered by the Comptroller
of Public Accounts of the State of Texas .
WITNESS my signature and seal this day of ,
1977.
(SEAL)
Comptroller of Public Accounts of the
State of Texas
FORM OF INTEREST COUPON:
NO. $
ON 1, 19 ,
the CITY OF FRIENDSWOOD, in the County of Galveston, State of Texas ,
promises to pay to bearer the amount shown on this interest coupon,
in lawful money of the United States of America, without exchange or
collection charges to the bearer, unless due provision has been made
for the redemption prior to maturity of the Bond to which this coupon
appertains, upon presentation and surrender of this coupon at the
FRIENDSWOOD BANK, Friendswood, Texas, said amount being interest due
that date on the Bond bearing the number hereinafter designated of
that issue of CITY OF FRIENDSFIOOD, TEXAS, STREET IMPROVEMENT BONDS,
SERIES 1977 . Bond No.
City Secretary Mayor
Section 6 . A special fund or account, to be designated the "City
of Friendswood, Texas , Street Improvement Bonds, Series 1977 , Interest
� and Sinking Fund" (hereinafter called the "Interest and Sinking Fund") ,
is hereby created and shall be established and maintained by the City
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at an official depository bank of the City. The Interest and Sink-
ing Fund shall be kept separate and apart from all other funds and
accounts of the City and shall be used only for paying the interest
on and principal of the Bonds . Al1 ad valorem taxes levied and
collected for and on account of the Bonds shall be deposited, as
collected, to the credit of the Interest and Sinking Fund. During
any year while any of the Bonds or interest coupons appertaining
thereto are outstanding and unpaid, the City Council of the City
shall compute and ascertain a rate and amount of ad valorem tax
which will be sufficient to raise and produce the money required to
pay the interest on the Bonds as such interest comes due and to
provide and maintain a sinking fund adequate to pay the principal
of the Bonds as such principal matures , but never less than 2%
of the original principal amount of the Bonds as a sinking fund
each year. Said tax shall be based on the latest approved tax rolls
of the City, with full allowance being made for tax delinquencies
and the cost of tax collection. Said rate and amount of ad valorem
tax are hereby levied and ordered to be levied against all taxable
property in the City for each year while any of the Bonds or interest
coupons appertaining thereto are outstanding and unpaid; and said tax
shall be assessed. and collected each such year and deposited to the
credit of the Interest and Sinking Fund. Said ad valorem taxes
sufficient to provide for the payment of the interest on and the
principal of the Bonds, as such interest comes due and such prin-
cipal matures, are hereby pledged irrevocably for such payment
within the limits prescribed by law.
Section 7 . The City certifies that based upon all facts,
estimates and circumstances now known or reasonably expected to be
in existence on the date the Bonds are delivered and paid for, the
City reasonably expects that the proceeds of the Bonds will not be.
used in a manner that would cause the Bonds or any portion of the
, Bonds to be an "arbitrage bond" under Section 103 (d) (2) of the
Internal Revenue Code of 1954 , as amended, and the temporary and
proposed regulations heretofore prescribed thereunder, including,
but not limited to, Sections 1 . 103-13 and 1. 103-14 of the proposed
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regulation� published in the Federal Register on May 3 , 1973 . Fur-
thermore, all officers , employees , and agents of the City are auth-
orized and directed to provide certifications of facts , estimates
and circumstances which are material to the reasonable expectations
of the City as of the date the Bonds are delivered and paid for,
and any such certifications may be relied upon by counsel, by the
owners or holders of the Bonds, or by any person interested in the
exemption of interest an the Bonds from Federal income taxation.
Further, the City covenants that it shall make such use of the pro-
ceeds of the Bonds , regulate investments of the proceeds of the
Bonds, and take such other and further action as may be required so
that the Bonds shall not be "arbitrage bonds" under Section 103 (d) (2)
of the Internal Revenue Code of 1954 , as amended, and regulations
prescribed from time to time thereunder.
Section 8 . The Mayor of the City is hereby authorized to have
control of the Bonds and all necessary records and proceedings per-
taining to the Bonds pending their delivery and their investigation,
examination, and approval by the Attorney General of the State of
Texas and their registration by the Comptroller of Public Accounts
of the State of Texas . Upon registration of the Bonds , the Comp-
troller of Public Accounts , or a deputy designated in writing to act
for the Comptroller, shall manually sign the Comptroller ' s Registra-
tion Certificate prescribed herein to be printed and endorsed on each
Bond; and the seal of the Comptroller shall be impressed, or placed
in facsimile, on each of the Bonds .
Section 9 . The Bonds are hereby sold and shall be delivered to
RAUSCHER PIERCE SECURITIES CORPORATION, San Antonio, Texas , for the
par value thereof and accrued interest thereon to date of delivery,
plus a premium of $ -0-, subject to the unqualified approving opinions,
as to the legality of the Bonds, of the Attorney General of the State
of Texas and of Olson & Olson, Houston, Texas , market attorneys .
� Section 10. The Mayor and all other appropriate officers of the
CITY OF FRIENDSWOOD are hereby authorized and directed to do any and
all things necessary or convenient to carry out the provisions of
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this ordinance.
Section 11. This ordinance shall be read once by the City
Council and shall take effect immediately.
Section 12. It is hereby officially found and determined that
the need, of the City for such financing creates an emergency and an
urgent pub�ic necessity for the holding, at the scheduied time, of
the meeting of the City Council at which this ordinance is adopted
and for the adoption of this ordinance; and the NOTICE OF MEETING
relating to said meeting and heretofore posted by the City Secretary,
and the posting thereof , is here�y authorized, approved, adopted,
ratified, and confirmed.
PASSED AND APPROVED this 3rd day of October, 1977 .
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��?���'
Mayor
CITY OF FRIENDSWOOD, T�XAS
ATTE�T: �
c,ti-� �� -„/
City Secretary
CITY OF FRIENDSWOOD TEXAS •
(SEAL)
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