HomeMy WebLinkAboutOrdinance No. 79-15 ORDINANCE NO. ,� �
AN ORDINANCE AMENDING RESOLUTION N0. 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 passed, adopted and approved,
authorized the issuance of $1, 750, 000 City of Friendswood, 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 by Ordinance duly passed, adopted
and approved on the 16th day of April, 1979 , sold $125,000 of the
remaininq $400 , 000 of said bonds; and
WHEREA5, the City Council has determined that it is now
necessary to sell an additional $25 ,000 of the $275 ,000 principal
amount of bonds presently remaining unsold in order to obtain funds
necessary to pay contractual obligations incurred for the construction
of improvements and extensions to the City' s sanitary sewer system;
NOW, THEREFORE,
BE IT bRDAINED BY THE CITY COUNCIL OF THE
CITY OF FRIENDS6VOOD, STATE OF TEXAS :
SECTION l: 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) BOND ORDINANCE - shall mean Resolution No. 1-79 passed,
adopted and approved by the City January 8 , 1979 authoriz-
ing 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 , and as amended by Ordinance dated
April 16 , 1979.
Section 2 : That Section 19 of the Bond Ordinance is hereby
amended to read as follows :
That the following bonds in the total principal amount of
$1, 350,000 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 lendinq rate of the Texas t^]ater Development
Board then prevailing:
Bond Nos. Principal Amount
1-60 $ 300, 000
71-80 50,000
91-100 50 ,000
111-120 50 , 000
131-140 50 ,000
151-160 50, 000
171-180 50,000
191-200 50,000
211-350 700 ,000
In compliance with the published rules and regulations of
the Texas Water Development Board, purchaser of the bonds herein
authorized, the City agrees and covenants that upon completion of
the projects 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 include 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
Granberry 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.
That Bonds Nos. 106 to 110, 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 hereby 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 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 18th day of
June, 1979 .
ayor, Cit f Friendswood, Texas
ATTEST•
t
City Secretary, Ci y of F endswood, Texas
(SEAL OF CITY)
: '
The form of the attached and foregoing Ordinance is hereby
approved.
.
Ci S �