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HomeMy WebLinkAboutOrdinance No. 88-25 ORDINANCE 88-25 ORDINANCE AMENDING ORDINANCE AUTHORIZING THE ISSUANCE OF $4,400, 000 CITY OF FRIENDSWOOD, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1988 THE STATE OF TEXAS § COUNTIES OF GALVESTON § AND HARRIS § CITY OF FRIENDSWOOD § WHEREAS, on November 21, 1988, the City Council adopted an ORDINANCE AUTHORIZING THE ISSUANCE OF $4, 400, 000 CITY OF FRIENDSWOOD, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1988; LEVYING TAXES TO PROVIDE FOR PAYMENT THEREOF; AND CONTAINING OTHER PROVISIONS RELATING THERETO (the "Ordinance") ; and WHEREAS , the City Council desires to amend the Ordinance in certain respects; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD, STATE OF TEXAS: Section 1: Section 17 of the Ordinance is amended to read as follows: 17 . Forms. The form of the Certificates, including the form of the Registrar's Authentication Certificate, the form of Assignment, and the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas which shall be attached or affixed to the Certificates initially issued shall be, respectively, substantially as follows, with such additions, deletions and variations as may be necessary or desirable and not prohibited by this Ordinance: (Face of Certificate) UNITED STATES OF AMERICA STATE OF TEXAS COUNTIES OF GALVESTON AND HARRIS NUMBER DENOMINATION R- $ REGISTERED REGISTERED C'��y:�,�;�a�/� CITY OF FRIENDSWOOD, TEXAS Combination Tax and Revenue Certificate of Obligation, Series 1988 INTEREST RATE: MATURITY DATE: ISSUE DATE: CUSIP: December 1, 1988 REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS THE CITY OF FRIENDSWOOD, TEXAS (the "City") promises to pay to the registered owner identified above, or registered assigns, on the date specified above, upon presentation and surrender of this certificate at the corporate trust office of Texas Commerce Bank National Association, Houston, Texas, (the "Registrar") , the principal amount identified above, payable in any coin or currency of the United States of America which on the date of payment of such principal is legal tender for the payment of debts due the United States of America, and to pay interest thereon at the rate shown above, calculated on the basis of a 360-day year of twelve 30-day months, from the later of December 1, 1988, or the most recent interest payment date to which interest has been paid or duly provided for. Interest on this Certificate is payable by check on March 1, 1989, and semiannually thereafter on each September 1 and March 1, mailed to the registered owner as shown on the books of registration kept by the Registrar as of the 15th calendar day of the month next preceding each interest payment date. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS CERTIFICATE SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL HAVE THE SAME FORCE AND EFFECT AS IF SET FORTH AT THIS PLACE. IN WITNESS WHEREOF, this Certificate has been signed with the manual or facsimile signature of the Mayor of the City and countersigned with the manual or facsimile signature of the City Secretary of the City, and the official seal of the City has been duly impressed, or placed in facsimile, on this Certificate. - 2 - (AUTHENTICATION CERTIFICATE) (SEAL) CITY OF FRIENDSWOOD, TEXAS Mayor City Secretary (Back Panel of Certificate) THIS CERTIFICATE is one of a duly authorized issue of certificates of obligation, aggregating $4,400, 000 (the "Certificates") , issued in accordance with the Constitution and laws of the State of Texas, particularly Sections 271. 041, et seq. , Texas Local Government Code, as amended, for the purpose of evidencing the indebtedness of the City for the cost of construction of a water treatment plant; improvements to the City's waterworks and sewer system; the purchase of land and buildings for expansion of the City Hall; and the cost of professional services incurred in connection therewith, pursuant to an ordinance duly adopted by the City Council of the City (the "Ordinance") , which Ordinance is of record in the official minutes of the City Council. THE CITY RESERVES THE RIGHT to redeem certificates maturing in the years 1998 through 2004, both inclusive, prior to their scheduled maturities, in whole or from time to time in part, in integral multiples of $5, 000, on March l, 1997, or on any date thereafter at par plus accrued interest on the principal amounts called for redemption to the date fixed for redemption. Reference is made to the Ordinance for complete details concerning the manner of redeeming the Certificates. NOTICE OF ANY REDEMPTION shall be given at least 30 days prior to the date fixed for redemption by first class mail, postage prepaid, addressed to the registered owners of each Certificate to be redeemed in whole or in part at the address shown on the books of registration kept by the Registrar. When Certificates or portions thereof have been called for redemption, and due provision has been made to redeem the same, the principal amounts so redeemed shall be payable solely from the funds provided for redemption, and interest which would otherwise accrue on the amounts called - 3 - for redemption shall terminate on the date fixed for redemption. THIS CERTIFICATE is transferable only upon presentation and surrender at the corporate trust office of the Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his authorized representative, subject to the terms and conditions of the Ordinance. THE CERTIFICATES are exchangeable at the principal cor- porate trust office of the Registrar for Certificates in the principal amount of $5, 000 or any integral multiple thereof, subject to the terms and conditions of the Ordinance. NEITHER THE CITY NOR THE REGISTRAR shall be required to transfer or exchange any Certificate called for redemption, in whole or in part, within 45 days of the date fixed for redemption; provided, however, such limitation of transfer shall not be applicable to an exchange by the registered owner of the unredeemed balance of a Certificate called for redemption in part. THIS CERTIFICATE shall not be valid or obligatory for any purpose or be entitled to any benefit under the Ordinance unless this Certificate either (i) is registered by the Comp- troller of Public Accounts of the State of Texas by registra- tion certificate attached or affixed hereto or (ii) is authenticated by the Registrar by due execution of the authentication certificate endorsed hereon. THE REGISTERED OWNER of this Certificate, by acceptance hereof, acknowledges and agrees to be bound by all the terms and conditions of the Ordinance. THE CITY has covenanted in the Ordinance that it will at all times provide a legally qualified registrar for the Certificates and will cause notice of any change of registrar to be mailed to each registered owner. IT IS HEREBY certified, recited and covenanted that this Certificate has been duly and validly issued and delivered; that all acts, conditions and things required or proper to be performed, to exist and to be done precedent to or in the issuance and delivery of this Certificate have been per- formed, exist and have been done in accordance with law; and - 4 - that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this Certificate, as such interest comes due and such principal matures, have been levied and ordered to be levied, within the limits prescribed by law, against all taxable property in the City. IT IS FURTHER certified, recited and covenanted that the Net Revenues to be derived from the operation of the City's waterworks and sewer system, after the payment of all operation and maintenance expenses thereof (the "Net Revenues") , are pledged to the payment of the principal of and interest on this Certificate and the series of Certificates of which it is a part to the extent that taxes may ever be insufficient or unavailable for said purpose; provided, however, that such pledge of Net Revenues is and shall be junior and subordinate in all respects to the pledge of the Net Revenues to the payment of any obligation of the City, whether authorized heretofore or hereafter, which the City designates as having a pledge senior to the pledge of such Net Revenues to the payment of this Certificate and the series of Certificates of which it is a part. Such pledge of the Net Revenues is intended to be and shall be [on a parity] junior and subordinate in all respects [with] to the pledge of such Net Revenues to the payment of the City's outstanding Waterworks and Sewer System Junior Lien Refunding and Improvement Bonds, Series 1979. THE CITY also reserves the right to issue, for any lawful purpose at any time, in one or more installments, bonds, certificates of obligation and other obligations of any kind payable in whole or in part from the Net Revenues of the waterworks and sewer system, secured by a pledge of the Net Revenues of such system that may be prior and superior in right to, on a parity with, or junior and subordinate to the pledge of Net Revenues securing this Certificate and the series of Certificates of which it is a part. Form of Registration Certificate of Comptroller of Public Accounts COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this certificate has been exam- ined, certified as to validity, and approved by the Attorney General of the State of Texas, and that this certificate has - 5 - �.. ' been registered by the Comptroller of Public Accounts of the State of Texas. WITNESS MY SIGNATURE AND SEAL this xxxxxxxxxx Comptroller of Public Accounts of the State of Texas (SEAL) Form of Registrar's Authentication Certificate AUTHENTICATION CERTIFICATE It is hereby certified that this Certificate has been delivered pursuant to the Ordinance described in the text of this Certificate, in exchange for or in replacement of a Certificate, Certifi- cates or a portion of a Certificate or Certificates of a Series which was originally approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas. Texas Commerce Bank National Association Houston, Texas Paying Agent/Registrar By Authorized Signature Date of Authentication Form of Assignment ASSIGNMENT For value received, the undersigned hereby sells, assigns, and transfers unto (Please print or type name, address, and zip code of Transferee) - 6 - � (Please insert Social Security or Taxpayer ldentification Number of Transferee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises. DATED: Signature Guaranteed: Registered Owner NOTICE: The signature above must correspond to the name of the registered owner as shown NOTICE: Signature must be on the face of this certifi- guaranteed by a member firm cate in every particular, of the New York Stock without any alteration, Exchange or a commercial enlargement or change bank or trust company. whatsoever. Section 2 : Section 20 of the Ordinance is hereby amended to read as follows: 20. Pledge of Revenues. The net revenues to be derived from the operation of the City's waterworks and sewer system, after the payment of all operation and maintenance expenses thereof (the "Net Revenues") , are hereby pledged to the payment of the principal of and interest on the Certificates as the same come due, to the extent that the taxes mentioned in Section 19 of this Ordinance may ever be insufficient or unavailable for said purpose; provided, however, that pledge of the Net Revenues is and shall be junior and subordinate in all respects to the pledge of the Net Revenues to the payment of any obligation of the City, whether authorized heretofore or hereafter, which the City designates as having a pledge senior to the pledge of the Net Revenues to the payment of the Certificates. Such pledge of the Net Revenues is intended to be and shall be [on a parity] junior and subordinate in all respects [with] to the pledge of such Net Revenues to the payment of the City's outstanding Waterworks and Sewer system Junior Lien Refunding and Improvement Bonds, Series 1979. - 7 - ,.�. � The City also reserves the right to issue, for any lawful purpose at any time, in one or more installments, bonds, certificates of obligation and other obligations of any kind payable in whole or in part from the Net Revenues of its waterworks and sewer system, secured by a pledge of the Net Revenues of such system that may be prior and superior in right to, on a parity with, or junior and subordinate to the pledge of Net Revenues securing this series of Certificates. Section 3 : Except as amended hereby the Ordinance shall remain in full force and effect. PASSED AND APPROVED this 19th day of December, 1988. .�.. Mayor CITY OF FRIENDSWOOD, TEXAS ATTES : . � City Secretar CITY OF FRIENDSWOOD, TEXAS (SEAL) - 8 -