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HomeMy WebLinkAboutOrdinance No. 79-20 . � �,,, • � � , . � ---- ' � , � . . �� 7�a � AN ORDINANCE AUTHORIZING THE ISSUANCE OF $385 ,000 GENERAL OBLIGATION BONDS * * * * * * * * * * * WHEREAS, heretofore on the 7th day of April, 1979 , an election was duly and legally held in the City of Friendswood, Texas , at which election the following propositions were submitted to the resident qualified electo�s of said City, to-wit: .—� � ) •� , �_._ , , ' . . ' '. PROPOSITION NO. 1 "Shall the City Council of the City of Friendswood, Texas, be authorized to issue bonds in the principal amount of $100,000, for the purpose of constructing permanent additions, extensions, and improvements to the City' s existinq Waterworks System, said bonds to mature serially or otherwise, as may be determined by the City Council of said City, the maximum maturity being not more than ' twenty (20) years from their date; and any issue or series of bonds to bear interest per annum (payable annually or semi-annually) at any rate or rates to be determined with- in the discretion of the City Council of said City, provided that sucli rate or rates shall not exceed the maximum rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council be authorized to levy an annual ad valorem tax on all taxable, property in said City sufficient ta pay the interest on said bonds as the same accrues and to create a sinking fund suffi- cient to pay the principal thereof as the same matures, ae authorized by the Constitution and laws of the State of Texas?" PROPOSITION NO. 2 "Shall the City Council of the City of Friendswood, Texas, be authorized to issue bonds in the principal amount of $100, 000, for the purpose of purchasing land to be used as a site to construct a municipal complex for said City; said bonds to mature serially or otherwise, as may be determined by the City Council of said City, the maximum maturity being not more than twenty (20) years from their date; and any issue or series of bonds to bear interest per annum (payable annually or semi-annually) at any rate or rates to be determined within the discretion of the City Council of said City, provided that such rate or rates shall not exceed the maximum rate per annum authorized by law at the time of the issu- ance of any issue or series of said bonds; and ghall the City Council be authorized to levy an annual ad valorem tax on all taxable property in said City sufficient to pay the interest on said bonds as the same accrues and to create a sinking fund sufficient to pay the principal thereof as the same matures, as authorized by the Cons''titution and laws of the State of Texas?" . , _.. . ,., ' . • ' ' . PROPOSITION NO. 3 "Shall the City Council of the City of Friendswood, Texas, be authorized to issue bonds in the principal amount of $50, 000, for the purpose of " purchasing land to be used as public parks in said City; said bonds to mature seria.Lly or otherwise, as may be determined by�•the City Council of said City, the maximum maturity being not more than twenty (20) years from their date; and any issue 'or series of bonds to bear interest per annum (payable annually or semi-annually) at any rate or rates to be determined within the discretion of the City Council of said City, provided that such rate or rates shall not exceed the maximum rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council be authorized to levy an annual ad valorem tax on all taxable property in said City sufficient to pay the interest on said bonds as the same accrues and to create a sinkin� fund sufficient to pay the principal thereof as the same matures, as authorized by the Co stitution and laws of the State of Texas?" , I, PROPOSITION NO. 4 "Shall the City Council of the City of Friendswood, Texas, be authorized to issue bonds in the principal amount of $50, 040, for the purpose of constructing permanent improvements to public parks in said City; said bonds to mature serially or otherwise, as may be determined by the City Council of said City, the maximum maturity being not more than twenty (20) years from their date; and any issue or series of bonds to bear interest per annum (payable annually or semi-annually) at any rate or rates to be determined within the discretion of the City Council of said City, provided that such rate or rates shall not exceed the maxi- mum rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council be authorized to levy an annual ad valorem tax on all taxable property in said City sufficient to pay the interest on said bonds as the same accrues and to create a sinking fund sufficient to pay the �,:r.incipal thereof as the same matures, as authorized by the Constitution and laws of the State of Texas?" PROPOSITION NU. 5 "Shall the City Council of the City of Friendswood, Texas, be authorized to issue bonds in the principal amount of $250, 000, for the purpose of � constructing permanent park improvements, to-wit: A swimming pool, £or said City; said bonds to mature serially or otherwise, as may be deter- mined by the City Council of said City, the maximum maturity being not more than twenty (20) years from their date; and any issue or series of bonds to bear interest per annum (payable annually or semi-annually) at any rate or rates to be determined within the discretion of the City Council of said City, provided that such rate or rates shall not exceed the maximum rate per annum authorized by law at the time of the issu- ance of any issue or series of said bonds; and shall the City Council be autharized to levy an annual ad valorem tax on all taxable property in said City sufficient to pay the interest on said bonds as the same accrues and to create a sinking fund sufficient to pay the principal thereaf as the same matures, as authorized by the Constitution and laws of the State of Texas?" ,� . . , , _� . , . . PROPOSITION NO. 6 "Shall the City Council of the City of Friendswood, Texas, be authorized ; to issue bonds in the principal amount of $75,000, for the purpose of constructing a permanent public building to be uaed as a fire station in. said City;� said bonds� to mature serially or otherwise, as may be determinec3 by the City Council of said City, the maximum maturity being not more than twenty (20) years from their date; and any issue or series of bonds to bear interest per annum (payable annually or semi-annually) at any rate or rates to be determined within the dis- cretion of the City Council of said City, provided that such rate or rates shall not exceed the maximum rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council be authorized to levy an annual ad valorem tax on all taxable property in said City sufficient to pay the interest on said bonds as the same accrues and to create a sinking fund sufficient to pay the principal thereof as the same matures, as authorized by the Constitution and laws of the State of Texars?" PROPOSITION NO. 7 "Shall the City Council of the City of Friendswood, Texas, be authorized to issue bonds in the principal amount of $30, 000, for the purpose of constructing permanent street improvements in said City; said bonds to mature serially or otherwise, as may be determined by the City �ouncil of said City, the maximum maturity being not more than twenty (20) years from their date; and any issue or series of bonds to bear interest per annum (payable annually or semi-annually) at any rate or rates to be determined within the discretion of the City Council of said City, provided that such rate or rates shall not exceed the maximum rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council be authorized to levy an annual ad valorem tax on all taxable property in said City sufficient to pay the interest on said bonds as the same accrues and to create a sink- ing fund sufficient to pay the principal thereof as the same matures, as authorized by the Constitution and laws of the State of Texas?" PROPOSITION NO. 8 "Shall the City Council of the City of Friendswood, Texas, be authorized to 'issue bonds in the principal amount of $180, 000, for the purpose of • constructing improvements and additions to the present public Library; said bonds to mature serially or otherwise, as may be determined by the City Council of said City, the maximum maturity being not more than twenty (20) years from their date; and any issue or series of bonds to bear interest per annum (payable annually or semi-annually) at any rate or rates to be determined within the discretion of the City Council of said City, provided that such rate or rates shall not exceed the maximum � rate per annum authorized by law at the time of the issuance of any issue or series of said bonds; and shall the City Council be authorized to levy an annual ad valorem tax on all taxable property in said City sufficient to pay the interest on said bonds as the same accrues and to create a sinking fund sufficient to pay the principal thereof as the same matures, as authorized by the Constitution and laws of the State of Texas?° WHEREAS, the returns of said election were duly certified and returned to the City Council of said City by the judge and clerks of said election; and 6VHEREAS, the returns of said election were duly canvassed by the City Council of said City and said City Council did affirmatively find that a majority of the duly qualified electors of said City had cast their votes "FOR" Propositions Nos. 1,6, 7 and 8 and "AGAINST" Propositions Nos. 2, 3,4 and 5 , and said City Council thereupon by ordinance duly passed and approved, declared that said Propositions Nos. 1, 6, 7 and 8 were sustained and adopted and that the City Council of said City was accordingly authorized to issue the bonds pursuant to the authority granted by said propositions; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD, STATE OF TEXAS I. That the bonds of said City, to be known as $385 ,000 CITY OF FRIENDSWOOD, TEXAS GENERAL OBLIGATION BONDS, SERIES 1979 , shall be issued under and in strict conformity with the Constitution and laws of the State of Texas , and particularly Article 823, Vernon 's Revised Civil Statutes of Texas, in the total principal amount of Three Hundred Eighty-Five Thousand Dollars ($385,000) , of whieh funds $100,000 shall be used for the purpose of constructing permanent additions , extensions and improvements to the City' s existing waterworks system, $75, 000 shall be used for the purpose of constructing a fire station, $30, 000 shall be used for making street improvements and $180, 000 shall be used for constructing improvements and additions to the City' s public library. " II That said bonds shall be numbered consecutively from One (1) to Seventy-Seven (77) , both inclusive, in the denomination of FIVE THOUSAND DOLLARS ($5,000) each, aggregating the principal sum of Three Hundred Eighty-Five Thousand Dollars ($385 ,000) . III That said bonds shall be dated August l, 1979, and shall become due and payable serially as follows, to-wit: BOND NOS. DATE OF ��,�i�l: (Both Incl. ) MATURITY AMOUNT 1 - 3 March l, 1980 $ 15 ,000 4 - 6 March l, 1981 15, 000 7 - 9 March 1, 1982 15, 000 10 - 12 March 1, 1983 15, 000 13 - 15 March l, 1984 15,000 16 - 19 March 1, 1985 20, 000 20 - 23 March 1 , 1986 20, 000 24 - 27 March 1, 1987 20, 000 28 - 31 March 1, 1988 20, 000 32 - 35 March 1, 1989 20,000 36 - 40 March 1, 1990 25, 000 41 - 45 March 1, 1991 25 , 000 46 - 50 March l, 1992 25,000 51 - 55 March l, 1993 25, 000 56 - 60 March l, 1994 25, 000 61 - 65 March 1, 1995 25, 000 66 - 71 March 1, 1996 30 ,000 72 - 77 March l, 1997 30,000 That with the exception of Bonds Nos. One (1) to Forty-Five (45) , both inclusive, which mature on or prior to March l, 1991, the • City of Friendswood, Texas, reserves the right to redeem before their stated maturity all or any of the remaining bonds of this issue , to-wit: Bonds Nos. Forty-Six (46) to Seventy-Seven (77) , both inclusive, on March 1, 1991, or any interest payment date thereafter, IN WHOLE OR IN PART, by paying the principal and accrued interest therefor, to the interest payment date fixed for redemption; and in case any of said Bonds Nos. Forty-Six (46) through Seventy-Seven (77) , both inclusive, shall be called for redemption prior to maturity, notice thereof IV That said bonds shall bear interest per annum from their date until paid at the following rates, respectively: Bonds No�. 1 to 3, both inclusive, maturing in the year 1980 at the rate of 5. 50% per annum; Bonds Nos. 4 to 28, both inclusive, maturing in the years 1981 to 1987, both inclusive, at the rate of 7.00% per annum; Bonds Nos. 29 to 31, both inclusive, maturing in the year 1988 at the rate of 6.30% per annum; Bonds Nos. 32 to 40, both inclusive, maturing in the years 1989 to 1990, both inclusive, at the rate of 5.55/ per annum; Bonds Nos. 41 to 45, both inclusive, maturing in the year 1991 at the rate of 5.60% per annum; Bonds Nos. 46 to 50, both inclusive, maturing in the year 1992 at the rate of 5.65/ per annum; Bonds Nos. 51 to 55, both inclusive, maturing in the year 1993 at the rate of 5.70/ per annum; Bonds Nos. 56 to 60, both inclusive, maturing in the year 1994 at the rate of 5.80% per annum; Bonds Nos. 61 to 65, both inclusive, maturing in the year 1995 at the rate of 5. 90% per annum; Bonds Nos. 66 to 77, both inclusive, maturing in the years 1996 to 1997, both inclusive, at the rate of 6.00/ per annum. said interest being payable on March 1, 1980, and semi-annually thereafter on September 1 and March 1 in each year while said bonds or any of them are outstanding, which interest shall be evidenced by coupons attached to each of said bonds. shall be given in writing to the Friendswood Bank, Friendswood, = Texas, at least thirty (30) days prior to the interest payment date fixed for redemption, and written notice of such redemption shall be published at least once in a financial journal of general circulation in the State of Texas, and should such bond or bonds not be presented for redemption after the same have been duly called and notice given, as aforesaid, and provisions for payment and redemption duly made, the same shall cease to bear interest from and after the interest payment date so fixed for redemption. IV That said bonds shall bear interest per annum from their date until paid at the following rates , respectively: Bonds Nos. 1 to , both inclusive, maturing in the years to , both inclusive, at the rate of $ per annum; Bonds Nos. to , both inclusive, maturing in the years to , both inclusive, at the rate of � per annum; Bonds Nos. to , both inclusive, maturing in the years to , both inclusive, at the rate of $ per annum; Bonds Nos. to , both inclusiv, maturing in the years to , both inclusive, at the rate of $ per annum. said interest being payable on March 1 , 1980, and semi-annually thereafter on September 1 and March 1 in each year while said bonds - or any of them are outstanding, which interest shall be evidenced by coupons attached to each of said bonds. V. That the principal and interest on said bonds shall be payable without exchange or collection charges, to the holder at the Friendswood Bank, Friendswood, Texas , in lawful money of the IInited States of America, upon presentation and surrender of bonds ar properly annexed interest coupons as they severally mature. VI � That in accordance with the provisions of Article 717j-1, Vernon' s Revised Civil Statutes of Texas , as amended, each of said bonds shall be executed by the imprinted facsimile signature of the Mayor and countersigned by the imprinted facsimile signature of the City Secretary of the City of Friendswood, Texas; and each of the interest coupons annexed to such bonds shall be executed by the imprinted facs�mile signature of said Mayor and said City Secretary; that such imprinted facsimile signatures shall have the same effect as if each such bond and interest coupon had been manually signed by each of said officials; that the City Secretary of the City of� Friendswood, Texas, is hereby authorized to cause the seal of said City to be imprinted or impressed in facsimile on each of said bonds ; and that the imprinting or impression of the seal of the City in facsimile on each of said bonds shall have the same legal effect as the imprinting or impression of the seal of said City on each of said bonds. That the registration certificate of the Comptroller of Public Accounts of the State of Texas (which certificate is to be printed on the back of each of said bonds as provided for hereinafter in Section X of this ordinance) shall be manually signed by said Comptroller or by a Deputy designated in writing to act for said Comptroller. VII That the form of each of said bonds shall be substantially as follows , to-wit: NO. $5,000 UNITED STATES OF AAlERICA STATE OF TEXAS COUNTY OF GALVESTON • CITY OF FRIENDSWOOD GENERAL OBLIGATION BOND, SERIES 1979 * * * * * * * * * * * KNOW ALL MEN BY THESE PRESENTS : That the City of Friendswood, Texas, a municipal corporation duly incorporated under the laws of the State of Texas , FOR VALUE RECEIVED, acknowledges itself indebted to and hereby promises to pay to bearer FIVE THOUSAND DOLLARS ($5, 000) in lawtul money of the United States of America, on the lst day of March, , with interest thereon from date hereof at the rate of PERCENT ( $) per annum; interest payable on March 1 , 1980, and semi-annually thereafter on September 1 and March 1 of each year, upon presentation of bond or • proper annexed interest coupon as they severally mature. BOTH PRINCIPAL OF and INTEREST ON this bond are hereby made payable without exchange or collection charges to the holder at the Friendswood Bank, Friendswood, Texas , and for the prompt payment of the interest on this bond and the principal thereof at maturity, the full faith,credit and resources of the City of Friendswood, Texas, are hereby irrevocably pledged. (NOTE TO PRINTER: Insert here in Bonds Nos. 46 to 77 , both inclusive , the redemption paragraph which is 5ection VIII hereof. ) THIS B4ND is one of a series of Seventy-Seven (77) bonds of like tenar and effect (except as to number, maturity, interest rate, and right of prior redemption) , numbered consecutively from One (1) to i Seventy-Seven (77) , both inclusive, in the denomination of Five Thousand Dollars ($5,000) aggregating the principal sum of Three Hundred Eighty-Five Thousand Dollars ($385 ,000) , of which sum $100, 000 will be used to construct additions , extensions and improvements to the City' s existing waterworks system, $75 ,000 will be used to canstruct a fire sta�ion, $30 ,000 will be used to make street improvements and $180 ,000 will be used to construct improvements and additions to the City' s public library. THE DATE of this bond, in conformity with the ordinance above referred to is AOGUST 1, 1979 . IT IS HEREBY CERTIFIED and RECITED that the issuance of this bond and the series of which it is a part is duly authorized by law and by a majority vote of the resident qualified electors of the City of Friendswood, Texas, voting at an election duly held for that purpose within said City on April 7, 1979; that all acts, conditions, and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done, performed and have happened in regular and due time, foxm and manner, as required by law; tha� suf�icient a�d proper provision for the levy and collection of taxes has been made , which taxes, when collected, shall be appropriated exclusively to the payment of this bond, and to the series of which it is a part, and to the payment of the interest coupons thereto annexed as the same shall become due, and that the total indebtedness of said City including this bond and the entire series of which it is a part, does not exceed any Constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Friendswood, Texas, by its City Council , has caused its corporate seal to be imprinted or impressed hereon in facsimile and this bond to be executed by imprinting hereon the facsimile signature of the Mayor of the City of Friendswood, . Texas, and countersigned by imprinting hereon the facsimile signature of the City Secretary of the City of Friendswood, Texas, and the interest coupons attached hereto to be executed by the imprinted facsimile signatures of said Mayor and City Secretary (in accordance with the provisions of Article 717j-1, Revised Civil Statutes of , Texas , as amended) as of the date of this bond, the FIRST DAY OF AUGUST, 1979 . Mayor COUNTERSIGNED: City Secretary (SEAL OF CITY) VIII That each of said Bonds Nos. 46 to 77, both inclusive, shall contain on its face these words, being the redemption paragraph: THE CITY OF FRIENDSWOOD, TEXAS, hereby reserves the right to redeem this bond before maturity on any interest payment date on and after March l, 1991, by paying the principal and accrued interest therefor to the interest payment date fixed for redemption; and in case this bond shall be called for redemption before maturity, notice thereof shall be given to the Friendswood Bank, Friendswood, Texas, at least thirty (30) days before the interest payment date fixed for redemption, and notice of such redemption shall be published at least once in a financial journal of general circulation in the State of Texas; and should this bond not be presented for redemption after � the same is properly called and notice given as aforesaid and provisions for payment and redemption duly made, the same shall cease to bear interest from and after the interest payment date so fixed for redemption. IX That the form of the interest coupons shall be substantially as follows, to-wit: N0. $ ON THE FIRST DAY OF , , * (Unless the bond to which this coupon appertains has been properly called for prior redemption and provisions for payment and redemption duly made in accordance with its terms) the CITY OF FRIENDSWOOD, TEXAS, promises to pay to bearer, without exchange or collection charges to the holder at the Friendswood Bank, Friendswood, Texas, the sum of DOLLARS ($ ) , in lawful money of the United States of America, being the interest due that day on CITY OF FRIENDSWOOD, TEXAS, GENERAL O�LIGATION BONDS , SERIES 1979, dated August 1, 1979 , Bond No. City Secretary Mayor * (NOTE TO PRINTER: The expression in the first parenthesis of the above coupon is to be included ONLY in those coupons affixed to Bonds Nos. 46 to ?7, both incl.us vi e, which mature on and after September 1, 1991. ) X That the bonds authorized herein being a public security which, under the laws of the State of Texas , is required to be registered by the Comptroller of Public Accounts of the State of Texas, accordingly, there shall be printed on the back of each of said bonds substantially the following certificate, which as to the registration of each of �said bonds by the Comptroller of Public Accounts af the State of Texas , ' shall be manually signed by said Comptroller or by a Deputy designated in writing to act for said Comptroller : OFFICE OF THE COMPTROLLER REGISTER NO. STATE OF TEXAS I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas , to the effect that this bond has been examined by him as required by law, and that he finds this bond has been issued in conformity with the Constitution and laws of the State of Texas , and that it is a valid and binding obligation upon the City of Friendswood, Texas , and said bond has this day been registered by me . WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas, this Comptroller of Public Accounts , . State of Texas XI That a special fund, to be designated, "GENERAL OBLIGATION BONDS , SERIES 1979 , dated August l, 1979 , INTEREST AND SINKING FUND" , shall be and the same is hereby created, which fund when collected, shall be used to pay the interest on said bonds , and the principal thereof as the same matures , and for no other purpose; and that while said bonds, or any of them or any interest thereon are outstanding and unpaid, there shall be annually levied and collected a tax upon all taxable property in said City sufficient to pay the current interest thereon and to create a sinking fund sufficient to pay each installment of principal as the same becomes due, or a sinking fund of Two Percent (2$) , whichever is greater, as required by Article XI , Section 7 , of the Constitution of the State of Texas, said tax to be based upon the latest approved tax rolls of said City, with full allowance being made for delinquencies and costs of collection; and an ad valorem tax at said rate and amount is hereby levied, and is hereby ordered to be levied against all taxable property in said City, for each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid; and said tax shall each year be assessed and collected and applied to the payment of the principal of and interest on said bands. , That the City Council hereby declares its purpose and intent to hereby provide and levy a tax which is legal and which is fully sufficient to pay the interest on said bonds as it falls due and to pay the principal of said bonds at maturity, which tax will also fully comply each year with Article XI, 5ection 7 of the Constitution of the State of Texas; and it has determined that there exists available taxing power and authority in the City for said purpose which is adequate to permit the levy of a legally sufficient tax therefor, taking into consideration all other outstanding obligations of said City. XII That the City Council of said City hereby specially covenants and agrees with the owners and holders of the bonds authorized hereby and with all subsequent owners and holders from time �o time of said bonds that: 1. The City Council of said City will promptly utilize the proceeds from the sale of said bonds (other than accrued interest to date of delivery) for the purposes set forth in Section I of this ordinance; and 2. No portion of the bonds hereby authorized is issued as a part of an issue, all or a major portion of the proceeds of which are reasonably expected to be used directly or indirectly to a. acquire securities (within the meaning of 5ection 165 (g) (2) (A) of the Internal Revenue Code) or obligations other than obligations described in Section 103 (a) (1) of the Internal Revenue Code (except for a temporary period of time to the extent permitted by 103 (c) (4) (A) of the Internal R�venue Code) which may be expected at the time of the issuance of such issue to produce a yield over the term of the issue which is materially higher (taking into consideration any discount or premium) than the yield on obligations of ' such issue; or b. replace funds which were issued directly or indirectly to acquire securities or obligations described in subparagraph "a." ; and 3. The City Council will take such action in accordance with and as required by regulations prescribed from time to time by the Secretary of the Treasury or his delegate to carry out the purposes of Section 103 (c) of the Internal Revenue Code so that no portion of the bonds authorized hereby shall be classified as an "arbitrage bond" within the meaning of Section 103 (c) of the Internal Revenue Code. Specifically, but not by way of limitation, said City Council covenants that it will make no use of the proceeds of r such bonds so as to cause said bonds to be arbitrage bonds within the meaning of Section 103 (c) of the Code as interpreted by Sections 1. 103-13 and 1.103-14 of the Regulations promulgaged for such purpose by the United States Treasury Department interpreting such Code section; and 4 . Said City Council covenants that it will not permit to be deposited to the credit of the Interest and Sinking Fund or applied to the payment of the principal of or interest on the bonds authorized hereby, any proceed5 from any grant, donation, or income received from the United States Government, whether pursuant to agreement or otherwise, if such deposit or application would result in interest payable on said bonds being includable in whole or• in part in Gross Income, under Section 103 ot the Internal Revenue Code, for Federal income taxes. XIII . That the Mayor of the City of Friendswood, Texas, shall be and he is hereby authorized to take and have charge of all necessary records pending investigation by the Attorney General of the State of Texas , and shall take and have charge and control of the bonds herein authorized pending approval by said Attorney General and registration by the Comptroller of Public Accounts of the State of Texas. After the bonds have been approved by said Attorney General, the bonds shall be delivered to the Comptroller of Public Accounts for registration, and said Comptroller is hereby authorized to deliver the registered bonds to City rlational Bank, Austin, Texas, where they will be picked up and paid for by the purchaser. XIV That the bid of Rauscher Pier.ce Refsnes, Inc. for the bonds authorized at the price of par and accrued interest to date of delivery plus a cash premium of $ -�- , having been heretofore accepted, sale of said bonds to said purchaser shall be and the same is hereby confirmed; and the Mayor and City Secretary of the City of Friendswood, Texas , are hereby authorized, directed and instructed to do all things necessary to deliver said bonds to said • , � . , purchaser at and for the aforesaid price. i � That the purchaser above named, having purchased the bonds herein authorized subject to the final approving opinion of Messrs. Dobbins , Harris & Gonzalez , Attorneys at Law, San Antonio, Texas, approving the validity of said bonds, which approving opinion is to be dated as of the date of delivery of and payment for said bonds herein authorized, the printing of a true and correct copy of said approving opinion on the reverse side of each of said bonds with an appropriate certificate pertaining thereto, executed by the facsimile signature of the City Secretary of the City of Friendswood, Texas, is hereby approved and authorized. PASSED, ADOPTED AND APPROVED on this, the (�� day of August, �979. •, . ,;� � '- �' -� Mayor ATTEST: . City Secretary (SEAL OF CITY)