HomeMy WebLinkAboutOrdinance No. 82-01 �''(_tii �^�/�
ORDINANCE AUTHORIZING ISSUANCE OF $1 , 500 , 000 ROAD,
BRIDCE AND STREET IMPROVEMENT BOyDS , SERIES 1982
THE STATE OF TEXAS §
COUNTIES OF GALVESTON AND HAP.RIS §
CITY OF FRIENDSWOOD §
WHEREAS , the bonds hereinafter authorized were duly and
favorably voted at an election held in the City of Friendswood
(the "City") on the 3rd day of April , 1981 ; and
WHEREAS , the City Council now deems it advisable to issue ,
sell, and deliver said bonds ; now therfore,
B� IT ORDAINED BY THE CITY COUNCIL OF 1HE CITY OF FRIENDSWOOD,
STATE OF TEXAS :
Section l. The City' s negotiable, serial , coupon bonds to
be designated CITY OF FRIENDSWOOD, TEXAS , ROAD, BRIDGE AND STREET
IMPROVEMENT BONDS, SERIES 1982 (hereinafter called the "Bonds") ,
are hereby authorized to be issued and delivered in the principal
amount of $l, 500 , 000 for the purpose of CONSTRUCTIOPI APdD IT�PROVE-
r1E:IT OF THE ROADS, BP.IDGES A�dD STF,EETS OF TI�E CITY.
Section 2 . The Bonds shall be dated February 1 , 1982 , shall �
�.�
be nurnbered consecutively from 1 through 300, shall be in the ��
denomination of $5 , 000 each, and shall mature serially on March '�
1 of each of the years , and in the amounts , respectively, as set
forth in the following schedule :
YEAR AMOUNT YEAR AMOUNT
1984 $25 ,000 1991 $100 ,000
1985 25 , 000 1992 120, 000
1986 50, 000 1993 140 ,000
1987 60 , 000 1994 150 , 000
1988 70, 000 1995 170 , 000
1989 80 , 000 1996 200 ,000
1990 90, 000 1997 220, 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
provided 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 :
preamble of this ordinance, ��as called and notice thereof was
given in accordance with law and tfie election was held in all
respects in conformity with law. Only qualified, resident
electors of the City voted in the election; returns of the
election have been lawfully made by the proper officials ; the
election has resulted favorably to the issuance of the bonds
described in the proposition submitted at the election and
to the levy and collection of the tax in payment thereof; and
more than a ma�ority of the qualif�ed voters voting at the
election have voted in favor of tfie proposition submitted at
such election.
Sect�on 3. The City Council of the City is hereby author-
ized to issue all of the bonds described in the aforesaid pro-
position, to levy taxes in payment thereof, and to do any and
all things necessary or convenient in connection therewith.
Section 4. Tt is hereby found and determined that the
NOTICE OF MEETING, relating to tfie regular meeting of the City
Council at which this Ordinance �as adopted, and heretofore
posted by the City Secreta.ry, and the postin� thereof, was pro-
per and said not�ce and postin� are hereby authorized, approved,
adopted, ratif�ed, and confirmed.
PASSED, APPROVED, AND ADOPTED this 16th day of November,
1981.
�
` Mayor
City of Friendswood, e as
ATTEST;
� ; �
I-- i � `-,t:-� `
ity Secretary
�'
�'
APPROVED AS TO FOR1�Z;
City Attorney
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