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HomeMy WebLinkAboutOrdinance No. 79-12E ' ,..._. -...�.�_ � ', • ' « - . . . THE STATE OF ?EXA5 � � �JC� !� � / � COUNTY OF GALVESTON CITY OF FRIENDSWOOD On this, the 16thday of APril 1979, at ��30o'clock P.M., the City Council of the City of Friendswood, Texas, convened for a regular meeting in the City Hall within said City, which meeting was at all times open to the public, and the roll was �alled of the duly consituted officers and members of said City � Council, namely: RALPH L. LOWE Mayoc THOMAS F. LAY Councilman PAUL E . MAAZ Councilman VICKIE BLACK Councilman LOREN WOOD Councilman DALE WHITTENBURG Councilman EDWARD O. ZEITTER Councilman Bobbie C. Henry City Secretary and all of said persons were present with the exception of the following: none , thus constituting a quorum. Whereupon, among other business, the following was transacted at said meetin�• AMENDING RESOLUTION 1-79 (AS AMENDED BY ORDINANCE NO. 3 9 - E NO. 7 9/12E was introduced f or the consideration of the Council and read in f ull. It was then duly moved and seconded that said resolution be adopted; : and after due discussion, said motion, carrying with it the adoption of said ordinance prevailed and carried by the following vote: AYES: All members of said City Council shown present above "AY E" NOES: None �•,� � ORDINANCE NO. _ AN ORDINANCE AMENDING RESOLUTION NO . 1-79 , AS AMENDED BY ORDINANCE N0 . 329/79E SO AS TO PROVIDE FOR THE SALE AND DELIVERY OF REVENUE BONDS . * * * * * * * * * * . * WHEREAS, the City Council of the City of Friendswood, Texas, has heretofore by Ordinance duly adopted and approved authorized the issuance of $1, 750,000 City of Friendwood, Texas, Waterworks and Sanitary Sewer System Junior Lien Revenue Bonds, Series 1979 ; and � WHEREAS, said bonds were sold to the Texas Water Development Board; and WHEREAS, the Texas Water Development Board has determined to purchase only $1 , 350,000 of the bonds so authorized; and WHEREAS, the City Council has determined that it is now necessary to sell $1�5,OOOof the remaining $400,000 bonds so authorized in order to obtain funds necessary to pay contractual obligations in- curred for the construction of improvements and extensions to the City' s sanitary sewer system; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD, STATE OF TEXAS : Section 1: That the following definitions be adopted for purposes of this ordinance: (a) CITY - the term City shall mean the City of Friendswood, Texas and where appropriate the City Council of said City. (b) BOARD ORDINANCE - shall mean Resolution No . 1-79 passed, adopted and approved by the City January 8, 1979 authorizing the issuance of $1 , 750,000 City of Friendswood, Texas , Waterworks and Sanitary Sewer System Junior Lien Revenue Bonds, Series 1979 as confirmed, approved and readopted by Ordinance No . 329/79E as adopted and approved by the City January 29 , 1979 . Section 2: That Section 19 of the Bond Ordinance is hereby amended to read as follows: " That these Bonds Nos . 1 to 60 both inclusive, 71 to 80 both inclusive, 91 to 100 both inclusive, 106 to 350 both inclusive, are hereby sold and shall be delivered to the � • ' . Texas Water Development Fund for the price of par and accrued interest from date thereof to date of delivery of and payment for the bonds, plus the premium necessary to adjust the statutory lending rate of the Texas Water Development Board then prevailing. In compliance with the published rules and regulations of the Texas Wa ter Development Board, purchaser of the bonds herein authorized, the City agrees and� convenants that upon completion of the project to be financed with the proceeds of the bonds, the proper officials of the City will submit a copy of the "as-built" plans of the project and will render due and final accounting to the Board on the total cost of the project and on the total resources available or represented to be available in the original application to the Board. This final accounting shall in- clude all funds utilized or represented to be available in the City' s application, from whatever source derived, and shall include as project cost only those items as contained and approved in the City' s application to the Board, or approved in subsequent change orders . If the total cost of the project is less than the amount of project funds available , then the City shall return to the Board the amount of such excess to the nearest multiple of the denomination of the bonds herein sold to the Board and the Board shall return a like amount of the bonds in inverse numerical order. Any further amounts remaining shall be deposited into the Reserve Fund. That Bonds Nos . 61 to 70 both inclusive, and 81 to 88 both inclusive are hereby sold and shall be delivered to Mr. Harry Gran- berry for the price of par and accrued interest from date thereof to date of delivery of and the payment for said bonds . That Bonds Nos . 89 and 90 both inclusive, and 101 to 105 , both inclusive are hereby sold and shall be delivered to Texas Securities Corporation for the price of par and accrued interest from date thereof to date of delivery of and the payment for said bonds . " Section 3: That except as amended herein the bond ordinance is hercby confirmed, approved and readopted. Section 4 : That the public importance of this measure and the pressing need of the City to obtain funds for the purpose hereinabove specified for the immediate preservation of the public peace, health, and safety of the citizens of said City, constitute and create an urgent � . - . public necessity requiring that this ordinance be passed, and take effect as an emergency measure, and this resolution is accordingly passed as an emergency measure, and shall take effect and be in force immediately from and after its passage . PASSED, ADOPTED, AND APPROVED on this , the 16th day of April, 1979 . ayor, ty of Friendswood, Texas ' ATTEST: � . City Secre tary, City of riendswood, Texas (SEAL OF CITY) .