0186
AN ORDINANCE N0. 186
BY THE, CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS,
AUTHORIZING THE ISSUANCE Ol, X300.1000 OF CITY OF
SOUTHLAKE, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1972, AND LEVYING THE NECESSARY TAX SUFFICIENT TO
PAY THE INTEREST THEREON AS THE SAME BECOMES DUE
AND TO CREATE THE NECESSARY AND SUFFICIENT SINKING
FUND TO PAY THE PRINCIPAL THEREOF AS REQUIRED BY
LAW; SAID BONDS TO BE ISSUED FOR THE PURPOSE OF THE
CONSTRUCTION OF PERMANENT IMPROVEMENTS AND EXTEN-
SIONS TO THE WATERWORKS SYSTEM OF SAID CITY, AND
HAVING BEEN AUTHORIZED AT AN ELECTION HELD IN SAID
CITY ON THE 11TH DAY OF SEPTEMBER, 1971; PRESCRIBING
THE MATURITIES OF SAID BONDS AND THE INTEREST RATES;
PRESCRIBING THE FORM OF BOND AND INTEREST COUPONS;
CONFIRMING THE SALE OF SAID BONDS; AND ENACTING OTHER
PROVISIONS INCIDENT AND RELATING TO THE SUBJECT AND
PURPOSE OF THIS ORDINANCE.
r ,
THE STATE OF TEAS
COUNTY OF TARRANT
CITY OF SOUTHLAK 3
The City Council of the City of Southlake, Texas, con-
vened in regular session at 7:30 o'clock, P.M., on the 21st day
of December, 1971, at the City Hall within said City, which meeting
was at ail times open tc) the public, with the following members of
said City Council being present, namely:
Wade Booker Mayor
MaxXxym JMW M%XDW_tK
R. D. Drummond Councilman
Thurman Hearn Councilman
Ralph Polson, Jr, Councilman
Billy Joe Knox Councilman
and
Aliceanne Wallace City Secre-vary
and with the following members being absent:
W. 0. NUNN , thus constituting a quorL:r..
Whereupo.::, among other business, the following was transactet at
said meeting: A written ordinance authorizing the issuance of
$300.9000 City of Southlake, Texas, General Obligation. Bonds,
Series 1972, was duly introduced for the consideration of said
Cour.aii and read in full. It was then duly moved and seconded,
that said ordinance be adopted; and, after due discussion, said
motio:., carrying with it the adoption of said ordinance, pre-
vailed and carried by the following vote:
AYES: All members of said City Council
shown present above voted "Aye."
NOES: None.
WHEREAS, heretofore on the i7th day of August, 1971,
the City Council of the City of Southlake, Texas, by an ordi-
nance duly and legally passed, called an election in said City
to be held on the 11th day of September, 1971, for the purpose
of submitting to all resident, qualified electors of the City of
Southlake, Texas, who owned taxable property in said City and who
had duly rendered the same for taxation, and to all other resi-
dent qualified electors of said City, voting separately, for
their action thereupon, the following; proposition:
PROPOSITION
"SHALL THE CITY COUNCIL OF THE CITY OF SOUTHLAKE,
TEXAS, BE AUTHORIZED TO ISSUE BONDS OF SAID CITY IN
THE PRINCIPAL AMOUNT OF THREE HUNDRED THOUSAND DOL-
LARS ($300,000), FOR THE PURPOSE OF CONSTRUCTING
PERMANENT IMPROVEMENTS AND EXTENSIONS TO THE WATERWORKS
SYSTEM OF 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
THIRTY (30) YEARS FROM THEIR DATE, AND ANY ISSUE OR
SERIES OF SAID BONDS TO BEAR INTEREST PER ANNUM (PAY-
ABLE 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 PERMITTED
BY LAW AT THE TIME OF THE ISSUANCE OF ANY ISSUE OR
SERIES OF SAID BONDS; AND SHALL THE CITY COUNCIL OF
SAID CITY BE AUTHORIZED TO LEVY AN ANNUAL AD VALOREM TAX
ON ALL TAXABLE PROPERTY IN SAID CITY SUFFICIENT TO PAY
THE INTEREST ON SAID BONDS 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, this City Council affirmatively finds that
notice of said election was duly given by publication in the
GRAPEVINE SUN, a newspaper published in Tarrant County, Texas, and
of general circulation in the City of Southlake, Texas, which notice
was published in said newspaper on the following dates, to-wit:
August 26, 1971 and September 2, 1971, the date of the first publica-
tion being not less than fourteen (14) days prior to the date of
said election; and that in addition thereto, notice was posted at
the City Hall and three (3) other public places within the city
1i.,lits of the City of Southlake, Texas, and that all of said notices
were posted not less than fourteen (14) days prior to the date of
said election;
WHEREAS, this City Council affirmatively finds that
said election was duly and legally held on September 11, 1971, and
the results of said election were duly certified and returned to
the City Council of the City of Southlake by the Judges and Clerks
thereof; and
WHEREAS, on the 13th day of September, 1971, after the
holding of said election, the City Council of said City considered
the returns of said election and found that of the votes cast at
said election the following votes were cast "FOR" and "AGAINST"
said Proposition, to-wit:
TOTAL VOTES
CLASS OF VOTERS CAST FOR AGAINST
Votes cast by resident quali-
fied electors who owned taxa-
ble property and who had ren-
dered the same for taxation: 58 41
Votes cast by resident quali-
fied electors who do not own
taxable property which had
been rendered for taxation: 0
Votes cast by both classes of
voters: 107 66 41
And said City Council thereupon by ordinance duly passed and
approved declared that the aforesaid Proposition submitted at said
election was sustained and adopted by a majority of the resident
qualified electors of the City of Southlake, Texas, who owned tax-
able property in said City and who had duly rendered the same for
taxation, voting in said election (being both said classes of voters),
and that the City Council of said City was accordingly authorized to
issue the bonds in accordance with the authority granted in said
Proposition and with law; and
WHEREAS, this City Council now deems it advisable and to
the best interest of said City to authorize the issuance of $300,000
of said General Obligation Bonds of said City as authorized in the
aforesaid Proposition; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
SOUTHLAKE, TEXAS :
I
That bonds of said City to be known as "CITY OF SOUTH-
LAKE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1972" shall be
issued under and by virtue of the Constitution and laws of the
State of Texas in the total principal amount of THREE HUNDRED
THOUSAND DOLLARS ($300,000) for the purpose of the construction
of permanent improvements and extensions to the waterworks system
of said City.
II
That said bonds shall be numbered consecutively from
one (1) to sixty (60), both inclusive, and shall be in the denomi-
nation of Five Thousand Dollars ($5,000) each, aggregating the
principal sum of Three Hundred Thousand Dollars ($300,000).
III
That said bonds shall be dated January 1, 1972, and shall
become due and payable serially as follows:
BOND NOS.
(Both Inc.) DATE OF MATURITY AMOUNT
1 - 2 Janua-^y 1, 1973 $10.9000
- 4 January 1, 1974 103 000
5 - b January 15 1975 10 000
? - 6 January 1, 1976 10, 000
9 - 10 January 1, 1977 10 000
11 - 12 January 1, 1976 10, 000
13 - 14 January 1, 1979 10 000
15 - 17 January 1, 1980 15,000
16 - 20 January 1, 1961 15,000
21 - 23 January 1, 1962 15,000
24 - 26 January 1, 1963 15,000
27 - 29 January 19 1984 15,000
30 - 32 January 1, 1965 15,000
33 - 36 January 1, 1986 20J000
37 - 40 January 13 1967 203000
41 - 45 January 1, 1968 25,000
L-6 - 50 January 1, 1969 25,000
51 - 55 January 1, 1990 25,000
56 - 60 January 1, 1991 25,000
IV
That with the exception of Bonds numbered one(1) to
thirty-six (36), both inclusive, of this bond issue, which mature
on and prior to January 1, 1986, the City of Southlake, Texas ex-
pressly reserves the right to redeem before maturity all or any
of the remaining bonds of this ussue, to-wit: Bonds numbered
thirty-seven (37) to sixty (60), both inclusive, on any interest
payment date on and after January 1, 19861 by paying the principal
and accrued interest therefor; and in case any of said bonds num-
bered thirty-seven (37) to sixty (60), both inclusive, shall be
called for redemption before maturity, notice thereof, in writing,
shall be given to the FIRST NATIONAL BANK, GRAPEVINE, TEXAS, at
least thirty (30) days before the interest payment date fixed for
redemption, and should such bond or bonds, when so called, not be
presented for redemption, when so called, the same shall cease to
bear interest from and after the interest payment date so fixed for
redemption.
V
That interest on said bonds ahll be evidenced by two (2)
sets of proper coupons attached to each of said bonds.
One set of coupons shall evidence interest on the bonds
from their date to maturity at the following rates per annum:
BOND NO. DATE OF MATURITY INT.
(both inc. ) (both inclusive) RATE
1 - 10 1973 through 1977 5-1/2J
11 - 36 1978 through 1986 6%
37 - 60 1987 through 1991 6-1/4%
Said interest shall be payable on Janury 1, 1973, and semi-annually
thereafter on July 1 and January 1 of each year while said bonds,
or any of them, are outstanding.
In addition, said bonds shall bear interest from their
date until January 1, 1976, at twenty-five hundredths of one per
cent (.025) per annum, which interest shall be evidenced by an
additional set of coupons designated "A" coupons. Said supplemental
"A" coupons shall be payable on January 1, 1973, and semi-annually
thereafter on July 1 and January 1 of each year until and includ-
ing January 1, 1976, as aforesaid.
All interest coupons representing interest on said re-
spective bonds shall be presented separately on the several inter-
est payment dates and shall be paid separately from each other.
VI
That the principal of and interst on said bonds shall
be payable, without exchange or collection charges to the holder,
at the FIRST NATIONAL BANK, GRAPEVINE, TEXAS, in lawful money of
the United States of America, upon presentation and surrender of
bonds or proper interest coupons.
VII
That in accordance with Article 717J-1, Vernon's Revised
Civil Statutes of Texas, as amended, each of said bonds shall be exe-
cuted by the imprinted facsimile signature of the Mayor, and counter-
signed by the imprinted facsimile signature of the City Secretary, of
the City of Southlake, Texas; and each of the interest coupons at-
tached to said bonds shall be executed by the imprinted facsimile
signatures of said Mayor and said City Secretary; and such imprinted
facsimile signatures of said Mayor and said City Secretary shall have
the same effect as if such bonds and interest coupons had been man-
ually signed by each of said officials; that the City Secretary is
hereby authorized to cause the Seal of said City to be imprinted in
facsimile upon each of said bonds; and the imprinting of the Seal of
said City in facsimile on each of said bonds shall have the same
legal effect as the 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 fack of each of said bonds as provided for herein-
after in Section XI of this ordinance) shall be manually signed by
said Col-pt-roller (or by a Deputy designated in writing to ace for
said Comptroller).
VIII
That the form of each of said bonds shall be substan-
tially as follows, to-wit;
NO. UNITED STATES OF AMERICA $5,000
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF SOUTHLAKE, TEXAS
GENERAL OBLIGATION BOND, SERIES 1972
KNOW ALL MEN BY THESE PRESENTS: That the City of
Southlake, Texas, in Tarrant County, Texas, a municipal
corporation duly incorporated and existing 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 lawful money of the United States of America,
on the lst day of January, 19_, with interest thereon
from date hereof at the rates hereinafter provided, such
interest being payable on January 1, 1973, and semi-
annually thereafter on July 1 and January 1 of each year,
upon presentation and surrender of bond or proper annexed
interest coupon as they severally mature. Said interest is
represented by two (2) sets of coupons attached hereto, one
such set of coupons evidencing interst equal to
per cent per annum from date hereof until final ma-
turity of this bond, the other set of coupons attached
hereto evidencing interest at the rate of twenty-five hun-
dredths of one per cent (,025%) per annum from date hereof
to and including January 1, 1976, both of which said sets
of interest coupons are payable on the dates aforesaid.
Each coupon appertaining hereto shall be presented sep-
arately for payment on the interest payment date when due
and each such coupon shall be paid separately and apart
from the other.
Both principal of and interest on this bond are hereby made
payable, without exchange or collection charges to the holder, at
the FIRST NATIONAL BANK, GRAPEVINE, TEXAS, and for the prompt pay-
ment of the interest on this bond and the principal thereof at
maturity, the full faith, credit and resources of the City of
Southlake, Texas, are hereby irrevocably pledged,
(NOTE TO PRINTER: At this point, the following redemption
paragraph is to be inserted in Bonds 37 to 60, only)
The City of Southlake, Texas, hereby reserves the
right to redeem this bond before maturity on any interest
payment date on and after January 1, 1986, by paying the
principal and accrued interest therefor; and in case this
bond shall be called for redemption before maturity, notice
thereof in writing shall be given to FIRST NATIONAL BANK,
GRAPEVINE, TEXAS, at least thirty (30) days before the in-
terest payment date fixed for redemption, and should this
bond not be presented for redemption, when so called, the
same shall cease to bear interest from and after the inter-
est payment date so fixed for redemption.
This bond is one of a series of sixty (60) bonds, of like
tenor and effect (except as to number, maturity, interest rate,
and right of prior redemption), numbered consecutively from one
(1) to sixty (60), both inclusive, of the denomination of Five
Thousand Dollars ($5,000) each, aggregating the principal sum of
THREE HUNDRED THOUSAND DOLLARS ($300,000), for the purpose of the
construction of permanent improvements and extensions to the water-
works system of said City, under and in strict conformity with the
Constitution and laws of the State of Texas, and in pursuance of
an ordinance passed by the City Council of the City of Southlake,
Texas, which ordinance is of record in the Minutes of said City
Council.
The date of this bond, in conformity with the ordinance
above referred to, is January 1, 1972,
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 both the resident
qualified electors of the City of Southlake, Texas, who own
taxable property in said City and who had duly rendered
the same for taxation, and a majority vote of all resident
qualified electors of the City of South lake, Texas, voting
in an election duly held in said City September 11, 1971;
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 and performed and
have happened in due time, form and menner, as required by
law; that sufficient and 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 the series of which it is a part, and to the payment of
the interest coupons thereto annexed as the same shall be-
come due; and that the total indebtedness of said City, in-
cluding 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 Southlake, Texas, by its
City Council, has caused the corporate seal of said City to
be imprinted hereon in facsimile, and this bond to be execu-
ted by imprinting hereon the facsimile signature of the Mayor
of the City of Southlake, and countersigned by imprinting
hereon the facsimile signature of the City Secretary of the
City of Southlake, and the interest coupons hereto attached
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 1st day of January,
1972.
Mayor, City of Southlake, Texas
COUNTERSIGNED:
City Secretary, City of South-
lake, Texas
IX
That the form of the interest coupons shall be substan-
tially as follows, to-wit:
N0 , $
ON THE 1ST DAY OF 19
(unless the bond to which this coupon a-ppe rtains has
been properly called for prior redemption and provi-
sion for payment and redemption duly made in accord-
. ~
ance with its terms), the City of Southlake, Texas,
promises to pay to bearer, without exchange or collec-
tion charges, at the FIRST NATIONAL BANK, GRAPEVINE,
TEXAS, the sum of Dollars
in lawful money of the United States of
America, being the interest due that day on CITY OF
SOUTHLAKE, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1972, Bond No.
City Secretary, City of South- Mayor, City of Southla ke,
lake, Texas Texas
X
That the form of the supplemental interest coupons
shall be substantially as follows, to-wit:
NO. -A $
ON THE 1ST DAY OF 19
the City of Southla ke, Texas, promises to pay to bearer,
without exchange or collection charges, at the FIRST
NATIONAL BANK, GRAPEVINE, TEXAS, the sum of
Dollars ) in lawful money of the United States
of America, being the interest due that day on CITY OF
SOUTHLAKE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 19722
Bond No,
City Secretary, City of Southlake, Mayor, City of Southlake,
Texas Texas
*,NOTE TO PRINTER: The expression included within the parentheses
above set forth shall be included in coupons
affixed to bonds 37-60, which said coupons ma-
ture on July 1, 1986 and subsequently through
1991.
XI
That the bonds herein authorized being a public se=
curity which, under the laws of the Stateof 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 said Comp-
troller, shall be manually signed by said Comptroller or by a
Deputy designated in writing to act for said Comptroller:
OFFICE OF COMPTROLLER §
STATE OF TEXAS § REGISTER NO.
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 ex-
amined by him, as required by law, and that he finds that
it has been issued' in conformity with the Constitution and
laws of the State of Texas, and that it is a valid and bind-
ing obligation upon said City of Southlake, Texas, and said
bond has this day been registered by me,
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts
of the State of Texas
XII
That a special fund, to be designated "CITY OF SOUTHLAKE,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1972, DATED JANUARY 1, 1972,
INTEREST AND SINKING FUND," shall be, and the same is hereby created
and set aside, which fund, when collected, shall be used to pay the
interest on said bonds and the principal thereof at maturity, and
for no other purpose; and that while said bonds, or any of them,
are outstanding and unpaid, there shall be annually levied, as-
§essed and collected in due time, form and manner,.a tax upon all
of the 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 4,. whichever is greater, as required by Article 113
Section 7, of the Constitution of the State of Texas, said tax
to be based on the latest approved tax rolls of said City, with
full allowance being made for tax delinquencies and the cost of
tax 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 bonds. 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, and
which tax will also fully comply each year with Article 11, Sec-
tion 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 such purpose which is adequate to permit the levy
of a legally sufficient tax therefor, taking into consideration
all other outstanding obligations of said City,
XIII
That the Mayor of the City of Southlake, Texas, is
hereby authorized to take and have charge of all necessary rec-
ords 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 the said Attorney General,
and registration by the Comptroller of Public Accounts of the'
State of Texas. That when said bonds have been registered, the
said Comptroller is hereby authorized and instructed to deliver
the bonds to the FROST NATIONAL SANK, SAN ANTONIO, TEXAS, where
they will be taken up and paid for by the purchaser.
XIV
That the bid of TEXAS SECURITIES CORPORATION, San
Antonio, Texas, for the bonds herein authorized, at the price
of par and accrued interest to the date of delivery having been
heretofore accepted, sale of said bonds is hereby confirmed to
said purchaser, and the Mayor and the City Secretary of the
City are hereby authorized, directed and instructed to do all
things necessary to deliver said bonds to said purchaser at the
FROST NATIONAL BANK, SAN ANTONIO, TEXAS, at the aforesaid price.
XV
That the purchaser above named, having purchased the
bonds herein authorized subject to the final opinion of Messrs.
Dobbins, Howard & Harris, Attorneys at law., San Antonio, Texas,
approving the validity of such bonds, which approving opinion is
to be dated as of the date of delivery of and payment for the
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, exe-
cuted by the facsimile signature of the City Secretary of the
City of Southlake, Texas, is hereby approved and authorized,
XVI
That this ordinance shall take effect immediately and
be in full force and effect from and after its passage, AND IT
IS SO ORDAINED,
PASSED, ADOPTED AND APPROVED thisC214,4_ day of December,
-~;yor, City of Southlake, Texas
ACT' ;T
nT~ T /1i-
~ 13
AL O,lCITY